Share-split context: A forward split was recorded on Jun 4, 2021 with coefficient 5. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

ETF Education Report: iPath Series B Carbon ETN (GRN)

What this ETF is trying to do

The iPath Series B Carbon ETN (ticker: GRN) is an exchange-traded product listed on the NYSE. Based on its name, it is designed to track carbon-related markets.

What the numbers show

The current price of this ETF is $34.26. Because this fund has a history of "forward splits," we look at split-adjusted returns to understand its performance. In a forward split, one old share becomes multiple new shares. This makes the price per share look lower, but it does not change how much of the fund you own.

Here is how the price has moved:

• Year-to-Date (YTD) Price Return: Approximately 13.68%

• One-Year Price Return: Approximately 9.82%

• Three-Year Price Return: Approximately 7.15%

• Five-Year Total Return: Approximately 43.63%

In this specific case, the price return and the total return numbers provided are the same. This means the price movement reflects the overall change in value for this period.

Income and distribution explanation

Some investors look at ETFs to receive regular cash payments, known as distributions. For GRN, the distribution yield is 0%. No distributions were detected over the last 12 months. This means the fund does not currently provide regular cash income to investors.

NAV erosion explanation

"NAV erosion" is a term used to describe when the underlying value of an ETF's assets decreases significantly over time. It is important to note that a falling share price is not the same thing as NAV erosion.

For this ETF, the erosion-risk score is 100, and the label indicates "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.

Pros

• The fund has shown positive price returns over the one-year, three-year, and five-year periods.

• The erosion-risk measurements suggest the price trend is currently stable according to the supplied data.

Cons

• The fund does not provide cash distributions or income.

• There is no data available regarding specific top holdings or portfolio exposure.

Beginner takeaway

When looking at an ETF like GRN, it is important to distinguish between price returns (how much the share price moves) and total returns (which include distributions). Since this fund has no distributions, investors are looking strictly at the change in share price. Additionally, while some funds focus on high income, this fund focuses on price movement related to carbon markets.