At a glance
CRBN charges 0.2% a year, above the 0.06% average of the 8 funds most like it (the 8th cheapest of 9). It has $1.15B in assets, the 9th largest of that group; it paid 2.0% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +12.0% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +23.6% a year. At its worst it fell 33.0% in the 2020 crash (S&P 500: 33.7%) and 27.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 16 months after the lows. Its ten largest positions make up 24.3% of the fund, out of 1,110 in all.
The short version
iShares MSCI ACWI Low Carbon Target ETF (CRBN) is a BlackRock index fund. It tracks the MSCI ACWI Low Carbon Target Index, a version of the global MSCI ACWI stock index that gives more weight to companies with lower carbon emissions and smaller fossil fuel reserves. It is built to stay close to the broad global market rather than drop whole sectors. Its 0.20% expense ratio is above the 0.06% average of similar funds.
Price history
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CRBN +12.0% 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 | |
|---|---|---|---|---|---|---|
| CRBN official prospectus, to Dec 31, 2024 | — | +19.20% | — | +10.38% | +9.57% | — |
| MSCI All Country World Index index, same period | — | +17.49% | — | +10.06% | +9.23% | — |
| CRBN price data to Oct 27, 2026 | +11.6% | +12.0% | +23.6% | +10.4% | +12.6% | +11.1% |
- Over the year to Oct 27, 2026, CRBN returned +12.0%, 5th of 9 among similar funds.
- Its 5-year annualized return was +10.4% and its 10-year +12.6%.
- In the 2020 COVID crash it fell 33% and regained its old high 4.9 months after the low.
- Its worst full calendar year was 2022 (-19.1%); its best was 2019 (+28.6%).
- The deepest fall in its price history was 33.1% (Feb 12, 2020 to Mar 23, 2020), recovered by Aug 24, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.6% | — |
| 2025 | +21.9% | — |
| 2024 | +19.3% | +19.20% |
| 2023 | +22.3% | +22.34% |
| 2022 | -19.1% | -18.89% |
| 2021 | +18.8% | +18.38% |
| 2020 | +16.8% | +17.02% |
| 2019 | +28.6% | +27.90% |
| 2018 | -9.8% | -9.39% |
| 2017 | +23.5% | +23.71% |
| 2016 | +6.4% | +7.64% |
| 2015 | -1.3% | -1.34% |
| 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 33% over that stretch · deepest drop along the way 33%, back to its old high 4.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27% over that stretch · deepest drop along the way 27%, back to its old high 15.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7300 | |
| 2025 | $5.0900 | +35.7% |
| 2024 | $3.7500 | +12.3% |
| 2023 | $3.3400 | +24.2% |
| 2022 | $2.6900 | -1.8% |
| 2021 | $2.7400 | +29.9% |
| 2020 | $2.1100 | -28.0% |
| 2019 | $2.9300 | +13.1% |
| 2018 | $2.5900 | +7.9% |
| 2017 | $2.4000 | +9.6% |
| 2016 | $2.1900 | +17.1% |
| 2015 | $1.8700 |
What's inside
As of Jul 31, 2026, the fund held 1,110 securities; the ten largest made up 24.33% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 4.56% | |
| APPLE INC. | 4.50% | |
| MICROSOFT CORPORATION | 3.24% | |
| AMAZON.COM, INC. | 2.61% | |
| ALPHABET INC. Class A | 2.18% | |
| Taiwan Semiconductor Manufacturing Company Limited | 1.83% | |
| BROADCOM INC. | 1.73% | |
| ALPHABET INC. | 1.51% | |
| META PLATFORMS, INC. | 1.20% | |
| JPMORGAN CHASE & CO. | 0.97% | |
| MICRON TECHNOLOGY, INC. | 0.94% | |
| TESLA, INC. | 0.90% | |
| ELI LILLY AND COMPANY | 0.90% | |
| Samsung Electronics Co., Ltd. | 0.80% | |
| ADVANCED MICRO DEVICES, INC. | 0.78% |
By country
United States 61.3%Japan 5.21%Canada 3.38%Taiwan 3.2%United Kingdom 2.63%By asset type
Stocks 98.85%Other 0.86%By sector
Sectors of the companies held, for the 55.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. 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 $38.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.61%, -0.30%, -0.53%.
How it works
The fund tracks an index built by MSCI. It starts from the MSCI ACWI Index, which holds large and mid-sized companies in developed and emerging markets. MSCI first removes companies tied to controversial weapons and companies in very severe environmental, social and governance (ESG) controversies. It also removes thermal coal miners and oil sands producers, using revenue cutoffs such as 1% or 5%. Each remaining company gets a carbon score. The score is based on its greenhouse gas emissions compared with its enterprise value including cash (EVIC, a measure of company size that counts both debt and equity) and on the possible emissions from fossil fuel reserves it owns. When a company doesn't report this data, MSCI estimates it.
MSCI then reweights the index to cut carbon exposure by at least 30%. Its returns are only allowed to drift about 0.50 percentage point from the parent index (this drift is called tracking error). Country and sector weights must stay within 2 percentage points of the parent index's weights, except energy, which has no limit. Because of these limits, large companies with higher emissions can still carry big weights. Carbon scores are updated at a review held twice a year.
The fund's adviser holds a representative sample of the index rather than every stock, with at least 80% of assets in index stocks or their equivalents. As of July 31, 2026, it also held small stock-index futures positions and about 1.08% in cash.
What it really costs
- CRBN charges 0.2% a year, versus an average of 0.06% for the similar funds below (8th of 9, 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 |
|---|---|---|---|---|
| CRBN | $20 | $64 | $113 | $255 |
In a retirement portfolio
It holds about 1,110 large and mid-sized companies around the world and is designed to track the global stock market closely, with a tilt toward lower carbon.
CRBN can give one-fund exposure to global stocks. As of July 31, 2026, 61.3% was in US companies and the rest was spread across Japan, Canada, Taiwan, the UK and other markets. It falls when stocks fall. It launched in December 2014, so it has no 2008 record. In the 2020 COVID crash it lost 33% and recovered in about five months. In the 2022 bear market it fell 27% and didn't recover until January 2024, about 15.6 months later. Its worst calendar year was 2022, a loss of 18.89%. Selling shares for income in a stretch like that would lock in losses. Its trailing yield was about 2% as of October 27, 2026, paid twice a year. In the SEC's standard example, $10,000 would cost $255 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund holding about 1,110 global stocks, with a carbon tilt and returns designed to stay close to the MSCI ACWI Index.
- People who want less exposure to thermal coal, oil sands and owners of large fossil fuel reserves without dropping whole sectors or countries.
- Long-term holders who can live with stock-market swings, such as the 33% drop in early 2020, and modest income paid twice a year.
Look elsewhere if
- Cost-focused investors: the 0.20% expense ratio ranks 8th of 9 among similar funds, which average 0.06%.
- Anyone who wants a fully fossil-fuel-free fund: it removes coal miners and oil sands producers, but large higher-emitting firms can keep big weights.
- Investors trying to limit big-tech exposure: NVIDIA, Apple and Microsoft alone made up about 12.3% of assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CRBN this fund | — | 0.2% | $1.15B | +12.0% | +23.6% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 57% | 0% | $5.47B | +13.4% | +25.4% |
| USPX Franklin U.S. Equity Index ETF | 57% | 0.03% | $1.98B | +12.9% | +24.9% |
| VV Vanguard Large Cap ETF | 56% | 0.04% | $73.83B | +12.0% | +23.8% |
| VTHR Vanguard Russell 3000 ETF | 56% | 0.07% | $6.41B | +13.1% | +24.5% |
| ITOT iShares Core S&P Total U.S. Stock Market ETF | 56% | 0.03% | $94.14B | +11.4% | +21.8% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 56% | 0.2% | $2.74B | +12.6% | +24.8% |
| SPY SPDR S&P 500 ETF Trust | 56% | 0.0945% | $781.19B | +11.5% | +21.9% |
Questions investors ask
What does CRBN invest in?
CRBN holds stocks of large and mid-sized companies in developed and emerging markets. It tracks the MSCI ACWI Low Carbon Target Index. That index starts with the broad MSCI ACWI Index and tilts toward companies with lower carbon emissions. As of July 31, 2026, the BlackRock iShares fund held 1,110 stocks, with 61.3% in the US and 5.2% in Japan. The largest positions were NVIDIA (4.6%), Apple (4.5%), Microsoft (3.2%), Amazon (2.6%) and Taiwan Semiconductor (1.8%). The top 10 made up 24.3% of assets.
Does CRBN exclude oil and gas companies?
Not entirely. The index removes companies tied to controversial weapons and very severe ESG (environmental, social and governance) controversies. It also removes companies above set revenue limits in thermal coal mining or oil sands extraction. It then underweights big emitters and owners of fossil fuel reserves, aiming to cut carbon exposure by at least 30%. Sector weights must stay within 2% of the MSCI ACWI Index, except energy, which has no limit. The prospectus warns the fund may still hold large companies with relatively high carbon exposure.
What is CRBN's expense ratio?
CRBN charges 0.20% a year, according to its prospectus filed November 21, 2025. In the SEC's standard example, a $10,000 investment earning 5% a year would pay about $20 in costs after one year, $113 after five years and $255 after ten. That is more than many broad index funds with overlapping holdings. The similar funds in our comparison average 0.06%, and iShares Core S&P 500 ETF (IVV) charges 0.03%. CRBN ranked 8th of 9 on cost in that group.
What's the difference between CRBN and SPYX?
Both charge 0.20% and aim to reduce fossil fuel exposure, but they reach different markets. SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) sticks to S&P 500 companies and, as its name says, removes owners of fossil fuel reserves. CRBN is global, with 61.3% in US stocks as of July 31, 2026. For most carbon-heavy firms, it cuts their weight instead of dropping them. The two funds' holdings overlap by 56%. As of October 27, 2026, SPYX returned 12.6% over one year and 24.8% a year over three years. CRBN returned 12% and 23.6%.
Is CRBN good for retirement income?
It is built more for growth than for income. CRBN pays dividends twice a year, and its yield over the past 12 months was 2% ($5.11 per share) as of October 27, 2026. Because it holds only stocks, it can fall hard. It dropped 33% in the 2020 COVID crash. It also fell 27% in the 2022 bear market and took 15.6 months to recover. Over the 10 years through December 31, 2024, it returned 9.57% a year, compared with 9.23% for the MSCI ACWI Index.