This is an exchange-traded fund that wants to go green in more ways than one.

Managed by the DWS Group, the ETF (EMCR) invests in public companies that reduce their carbon footprint. This is a global strategy that seems to be paying off. It has grown by 57% in the last two years.

There is a lot of demand for this style of zero-net carbon reduction strategy, according to Arne Noak, head of systemic investment solutions.

“EMCR is a broadly diversified index of emerging markets that really seeks to track the market-weighted index,” he told CNBC’s ETF Edge last week.

Noak, who runs the ETF, wants to help reduce the carbon footprint by 60%, although urgency is changing.

Carbon credit prices have plummeted in the wake of the Russia-Ukraine war.

“The agenda has changed somewhat understandably,” Noak said Monday. “But in the long run, the issue of climate change and carbon reduction will be back on the broader agenda.”

Despite the strong performance of the ETF, it ran into problems. EMCR has fallen by 3% since Russia invaded Ukraine last month. In addition, this year is a 5% discount.