How to Separate Real ESG Funds From the Not-So-Real This is now a question for the U.S. Securities and Exchange Commission, as the regulatory watchdog wanders into a thicket of inconsistent standards. Tim Quinson | Jun 23, 2021 (Bloomberg) -- Worldwide, there are more than 600 exchange-traded funds that claim to follow the principles of environmental, social and governance investing—in one way or another. But how many of them really do? This is now a question for the U.S. Securities and Exchange Commission, as the formidable securities watchdog wanders into a thicket of inconsistent standards and yardsticks. In a recent examination, the regulator found both gaps in compliance and a lack of policies among such ETFs to ensure the funds actually match their publicized strategy.