At a glance
BGRN charges 0.2% a year, above the 0.1% average of the 7 funds most like it (the 7th cheapest of 8). It has $500.6M in assets, the 8th largest of that group; it paid 4.44% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.7% with distributions reinvested, 7th of those 8 funds; over three years it returned +5.5% a year. At its worst it fell 6.6% in the 2020 crash (S&P 500: 33.7%) and 15.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 34 months after the lows. Its ten largest positions make up 11.4% of the fund, out of 316 in all.
The short version
iShares USD Green Bond ETF (BGRN) is a BlackRock index fund that tracks the Bloomberg MSCI USD Green Bond Select Index. The index holds investment-grade (higher-rated) U.S.-dollar bonds whose proceeds fund environmental projects, issued by companies and governments around the world. Its 0.20% expense ratio is about double the 0.10% average of similar bond funds. With about $501 million in net assets as of July 31, 2026, it is small next to mainstream bond ETFs.
Price history
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BGRN -0.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BGRN official prospectus, to Dec 31, 2025 | — | +7.16% | — | -0.07% | — | +2.35% |
| Bloomberg US Universal Index index, same period | — | +7.58% | — | +0.06% | — | +2.61% |
| BGRN price data to Oct 27, 2026 | -0.6% | -0.7% | +5.5% | +0.2% | — | +2.0% |
- Over the year to Oct 27, 2026, BGRN returned -0.7%, 7th of 8 among similar funds.
- Its 5-year annualized return was +0.2%.
- In the 2020 COVID crash it fell 6.6% and regained its old high 4.1 months after the low.
- Its worst full calendar year was 2022 (-13.1%); its best was 2019 (+9.7%).
- The deepest fall in its price history was 19.1% (Dec 11, 2020 to Oct 20, 2022), recovered by Feb 13, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.6% | — |
| 2025 | +7.3% | +7.16% |
| 2024 | +2.7% | +2.96% |
| 2023 | +6.5% | +6.52% |
| 2022 | -13.1% | -12.99% |
| 2021 | -2.7% | -2.54% |
| 2020 | +7.0% | +6.53% |
| 2019 | +9.7% | +9.35% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 3.4% over that stretch · deepest drop along the way 6.6%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.9% over that stretch · deepest drop along the way 15.2%, back to its old high 34.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5400 | |
| 2025 | $2.0400 | +8.5% |
| 2024 | $1.8800 | +13.3% |
| 2023 | $1.6600 | +36.1% |
| 2022 | $1.2200 | +163.8% |
| 2021 | $0.4624 | -57.2% |
| 2020 | $1.0807 | -44.9% |
| 2019 | $1.9600 |
What's inside
As of Jul 31, 2026, the fund held 316 securities; the ten largest made up 11.41% of assets, and 9.02% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| EUROPEAN INVESTMENT BANK Bonds and notes | 2.01% | |
| EUROPEAN INVESTMENT BANK Bonds and notes | 2.00% | |
| KFW Bonds and notes | 1.14% | |
| FORD MOTOR COMPANY Bonds and notes | 1.00% | |
| KFW Bonds and notes | 0.93% | |
| JPMORGAN CHASE & CO Bonds and notes | 0.91% | |
| Gaci First Investment Co. Bonds and notes | 0.89% | |
| STATE OF ISRAEL Bonds and notes | 0.87% | |
| KFW Bonds and notes | 0.83% | |
| FORD MOTOR COMPANY Bonds and notes | 0.81% | |
| Gaci First Investment Co. Bonds and notes | 0.80% | |
| KFW Bonds and notes | 0.79% | |
| Gaci First Investment Co. Bonds and notes | 0.78% | |
| EUROPEAN INVESTMENT BANK Bonds and notes | 0.74% | |
| Chile Government International Bonds Bonds and notes | 0.71% |
By country
United States 38.93%XX 8.55%Cayman Islands 8.41%Hong Kong 6.2%United Arab Emirates 5.46%By issuer
Companies 64.85%Foreign governments 22.11%Other 9.56%Municipalities 0.38%The bonds mature in 7.2 years on average (weighted by size), with an average coupon of 3.96%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $37.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.41%, +0.21%, -0.94%.
How it works
BlackRock runs BGRN as an index fund that tracks the Bloomberg MSCI USD Green Bond Select Index. The index holds investment-grade U.S.-dollar bonds whose money goes only to environmental projects. MSCI Solutions checks each self-labeled green bond against four tests taken from the industry's Green Bond Principles. First, the money must fund at least one of six areas: alternative energy, energy efficiency, pollution prevention and control, sustainable water, green building or climate adaptation. Second, the issuer needs a process for choosing projects. Third, it must track the money. Fourth, it must report on environmental impact. Bonds issued before 2014 only have to pass the first test.
The index mixes corporate, government-related and securitized bonds from developed and emerging markets. It excludes convertibles, preferreds, inflation-linked bonds and floating-rate bonds. Bonds are weighted by market value, with caps. No smaller issuer can go above 4.75%, and the largest issuers together are held to 23.75%. The index rebalances on the last business day of each month and keeps bonds until they mature.
The fund does not try to beat the index or move to cash when markets fall. As of October 31, 2025, the index's duration was 5.01 years. Duration measures how sensitive bond prices are to interest rates: a one-point rise in rates would cut prices by roughly 5%. As of July 31, 2026, the largest issuers were the European Investment Bank, KfW, Ford and JPMorgan Chase.
What it really costs
- BGRN charges 0.2% a year, versus an average of 0.1% for the similar funds below (7th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BGRN | $20 | $64 | $113 | $255 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It is a global, mostly corporate investment-grade bond fund with a green-bond screen, and it has moved very little with stocks (its one-year beta was 0.09 as of October 27, 2026).
BGRN could fill a bond slot for investors who want their bonds tied to environmental projects. Its trailing 12-month yield was 4.44% as of October 27, 2026, and it pays monthly. In the SEC's standard example, it costs $20 on $10,000 in the first year.
Bonds can still lose value. The fund launched in November 2018, so it has no record from 2008. In the 2020 COVID crash it fell 6.6% and recovered in about four months. Rising rates did more damage. It lost 12.99% in 2022, its worst calendar year. Its deepest drop, 19.1% from December 2020 to October 2022, took about 40 months to recover. Anyone selling shares for income during that stretch would have sold at a loss. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Bond investors who want their money to fund environmental projects, with each bond checked by MSCI Solutions against the Green Bond Principles.
- Income seekers who like monthly payments; the trailing 12-month yield was 4.44% as of October 27, 2026.
- Investors who want worldwide issuers, such as the European Investment Bank, KfW and Chile, with every bond priced in U.S. dollars.
Look elsewhere if
- Cost-focused investors: the 0.20% fee compares with 0.03% for Vanguard Intermediate-Term Bond ETF and 0.06% for iShares Core Total USD Bond Market ETF.
- Anyone needing steady value: the fund fell 19.1% from December 2020 to October 2022 and took about 40 months to recover.
- Investors who want mostly government bonds: as of July 31, 2026, about 65% was in corporate bonds, including Ford, and 22% in foreign governments.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BGRN this fund | 7.2 yrs | 0.2% | $500.6M | -0.7% | +5.5% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 6.3 yrs | 0.35% | $16.43B | +3.9% | +4.9% |
| PULS PGIM Ultra Short Bond ETF | 8.8 yrs | 0.15% | $18.71B | +4.1% | +5.2% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| BNDX Vanguard Total International Bond ETF | 8.7 yrs | 0.07% | $122.53B | -0.6% | +4.1% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| BSV Vanguard Short-Term Bond ETF | 2.9 yrs | 0.03% | $69.75B | +1.7% | +4.5% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
Questions investors ask
Is BGRN good for retirement?
It depends on the goal. BGRN gives a retirement portfolio investment-grade bonds whose money funds environmental projects, and it pays monthly. Its long-term returns have been modest. As of December 31, 2025, it returned an average of -0.07% a year over five years and 2.35% a year since launch, slightly behind the Bloomberg US Universal Index at 0.06% and 2.61%. Its 0.20% fee is also higher than broad bond funds charge.
Does BGRN pay monthly dividends?
Yes. BGRN pays income monthly. Over the 12 months through October 27, 2026, it paid about $2.05 per share, a trailing yield of 4.44%. That income comes from interest on its bonds, which had an average coupon of 3.96% as of July 31, 2026. Payments can rise or fall as bonds mature or are called and the fund reinvests at different rates.
BGRN vs BIV: what's the difference?
The main differences are the green screen and the cost. Vanguard Intermediate-Term Bond ETF (BIV) is a broad bond fund with no green-bond rule and an average maturity of about 7.5 years, close to BGRN's 7.2. BIV charges 0.03% a year, compared with 0.20% for BGRN. Their returns have been close: BIV returned -0.8% over one year and 5.7% a year over three years as of October 30, 2026. BGRN returned -0.7% and 5.5% as of October 27, 2026.
What is a green bond and how does BGRN pick them?
A green bond is a loan to an issuer whose money goes only to environmental projects. BGRN follows an index that uses MSCI Solutions to check each bond on four points. The money must fund an approved area, such as alternative energy or sustainable water. The issuer must have a process for choosing projects. It must track how the money is spent. And it must report on environmental impact. Bonds are capped by issuer and rebalanced monthly.
Why did BGRN lose money in 2022?
Interest rates rose sharply, and bond prices fall when rates rise. BGRN lost 12.99% in 2022, and its worst quarter was a 6.68% drop in the quarter ended March 31, 2022. The fund's prices react to rates partly because its index had a duration of 5.01 years as of October 31, 2025. It did not get back to its January 2022 peak until August 2025.