ETF Evaluator:
iPath® Series B Carbon ETN (GRN)
Follow This ETF
(as of Jul 30)
Best Performing in Commodities Focused Over the Last Year
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Risk
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Risk
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ETF Details
iPath® Series B Carbon ETN Overview
iPath® Series B Carbon ETN (GRN) is a passively managed Commodities Commodities Focused exchange-traded fund (ETF). iPath launched the ETF in 2019.
The investment seeks to link the return of the ETNs to the performance of the Barclays Global Carbon II TR USD Index.
The index has the objective of providing exposure to the price of carbon as measured by the return of futures contracts on carbon emissions credits from two of the world’s major emissions-related mechanisms. The components currently included in the index are futures contracts that trade on the ICE Futures Europe exchange.
About iPath® Series B Carbon ETN (GRN)
There are 1 members of the management team with an average tenure of 6.81 years: No Manager (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Barclays Gbl Carbon TR USD index with a weighting of 100%. iPath® Series B Carbon ETN has securities in its portfolio. The top 10 holdings constitute 0.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
iPath® Series B Carbon ETN is part of the Real Assets global asset class and is within the Commodities ETF group. iPath® Series B Carbon ETN has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iPath® Series B Carbon ETN has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $11 million in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GRN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iPath® Series B Carbon ETN expense ratio is above average compared to funds in the Commodities Focused category. iPath® Series B Carbon ETN has an expense ratio of 0.75%, which is 1% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iPath® Series B Carbon ETN has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of June 2026, iPath® Series B Carbon ETN returned -0.3%, which earned it a grade of A, as the Commodities Focused category had an average return of -10.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iPath® Series B Carbon ETN has a trailing yield of 0.00%, which is below the 6.89% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iPath® Series B Carbon ETN Grades
Year to date, the ETF has returned -6.8%, 22.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 16.9% over the past year (grade of C), -3.1% over the past three years (grade of F) and 7.4% per year over the past five years (grade of D).
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GRN Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GRN Return (NAV) | -0.3% | 11.5% | 16.9% | -3.1% | 7.4% | na |
| GRN Return (Price) | 1.5% | 12.0% | 17.7% | -3.0% | 7.3% | na |
| NAV +/- Price Return | -1.791% | -0.529% | -0.782% | -0.101% | 0.085% | na |
| Commodities Focused Avg | -10.3% | -8.3% | 43.7% | 14.0% | 8.9% | 5.2% |
| GRN Grade (NAV) | A | A | C | F | D | na |
| +/- Category (NAV) | 10.0% | 19.8% | -26.8% | -17.2% | -1.4% | na |
| GRN Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
GRN Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GRN Return (NAV) | -6.8% | 20.5% | -7.9% | -4.6% | 2.3% | 144.0% | 31.9% | na | na | na | na |
| GRN Return (Price) | -6.0% | 20.3% | -7.3% | -3.0% | -0.1% | 147.2% | 30.5% | na | na | na | na |
| NAV +/- Price Ret | -0.118% | -0.008% | -0.075% | -0.350% | -1.032% | 0.022% | -0.044% | na | na | na | na |
| Commodities Focused Avg | 15.5% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| GRN Grade (NAV) | D | C | D | D | C | A | A | na | na | na | na |
| +/- Category | -22.4% | -15.1% | -14.2% | -3.5% | -6.9% | 116.2% | 30.4% | na | na | na | na |
| Risk Measures | |
| Beta: | 0.13 |
| R-Squared: | 0% |
| Standard Deviation: | 27.6% |
| Category Risk Index: | 1.09 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 2.27 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 11 Mil |
| Share Class Assets: | $ 11 Mil |
| Turnover: | na |
| Expense Ratio: | 0.75% |
| Index Fund: | Yes |
| Index Tracked: | Barclays Gbl Carbon TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 6.8 years | |||
| Average Tenure: 6.8 years | |||
| Managers (Year): Manager No (2019) | |||
Portfolio Composition (as of )
| # of Holdings: | |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | iPath |
| Phone Number: | 011-442-0711 |
| Website: | www.barclaysinvestments.co.uk |
| Inception Date: | September 10, 2019 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.76% |
