Exchange Traded Funds (ETFs) are booming, synthetic ETFs are re-surfacing and semi-transparent ETFs have recently emerged – but their structures hide entrenched deforestation risk from investors. Planet Tracker identifies the key decision makers for each instrument in the growing ETF universe and calls for specific actions from index providers, ETF sponsors and investors to eliminate hidden deforestation risk in their holdings or indices. Conclusions shown in the report are based on the analysis carried out to 26 public companies involved in the production, processing and trade of soybeans and with links to deforestation. This report identifies USD 9.3 billion held by equity- based ETFs in these companies. The top 10 asset managers with underlying funds identified as investors in these ETFs include Bank of Montreal, Bank of America, Morgan Stanley, BlackRock, Goldman Sachs, Wells Fargo, UBS, Envestnet and Northwestern Mutual.