At a glance
GRNB charges 0.2% a year, above the 0.1% average of the 7 funds most like it (the 7th cheapest of 8). It has $184.2M in assets, the 8th largest of that group; it paid 4.52% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.4% with distributions reinvested, 5th of those 8 funds; over three years it returned +5.7% a year. At its worst it fell 7.3% in the 2020 crash (S&P 500: 33.7%) and 14.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 23 months after the lows. Its ten largest positions make up 8.7% of the fund, out of 467 in all.
The short version
The VanEck Green Bond ETF (GRNB) is an index fund that tracks the S&P Green Bond U.S. Dollar Select Index. That index holds U.S. dollar bonds issued around the world to pay for climate and environmental projects. Each bond must carry its issuer's "green" label and also be flagged as green by the Climate Bonds Initiative. The fund costs 0.20% a year, more than broad bond index funds such as Vanguard Intermediate-Term Bond ETF (BIV) at 0.03%.
Price history
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GRNB -0.4% 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 | |
|---|---|---|---|---|---|---|
| GRNB official prospectus, to Dec 31, 2025 | — | +6.91% | — | +0.50% | — | +2.33% |
| GRNB price data to Oct 27, 2026 | -0.4% | -0.4% | +5.7% | +0.7% | — | +2.1% |
- Over the year to Oct 27, 2026, GRNB returned -0.4%, 5th of 8 among similar funds.
- Its 5-year annualized return was +0.7%.
- In the 2020 COVID crash it fell 7.3% and regained its old high 3 months after the low.
- Its worst full calendar year was 2022 (-12.0%); its best was 2020 (+8.1%).
- The deepest fall in its price history was 18.1% (Dec 31, 2020 to Oct 20, 2022), recovered by Aug 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.4% | — |
| 2025 | +7.0% | +6.91% |
| 2024 | +3.4% | +3.63% |
| 2023 | +7.0% | +6.93% |
| 2022 | -12.0% | -11.85% |
| 2021 | -2.3% | -1.82% |
| 2020 | +8.1% | +7.62% |
| 2019 | +5.5% | +5.43% |
| 2018 | -4.1% | -4.07% |
| 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 4% over that stretch · deepest drop along the way 7.3%, back to its old high 3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.4% over that stretch · deepest drop along the way 14.6%, back to its old high 23.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8000 | |
| 2025 | $1.0100 | +9.8% |
| 2024 | $0.9200 | +22.7% |
| 2023 | $0.7500 | +27.1% |
| 2022 | $0.5900 | +9.3% |
| 2021 | $0.5400 | -15.6% |
| 2020 | $0.6400 | +30.6% |
| 2019 | $0.4900 | +58.1% |
| 2018 | $0.3100 |
What's inside
As of Jul 31, 2026, the fund held 467 securities; the ten largest made up 8.69% of assets.
| Holding | Weight | |
|---|---|---|
| EUROPEAN INVESTMENT BANK Bonds and notes | 1.47% | |
| EUROPEAN INVESTMENT BANK Bonds and notes | 1.23% | |
| WULF COMPUTE LLC Bonds and notes | 1.06% | |
| KFW Bonds and notes | 0.93% | |
| Turkiye Government International Bonds Bonds and notes | 0.83% | |
| FORD MOTOR COMPANY Bonds and notes | 0.69% | |
| JPMORGAN CHASE & CO Bonds and notes | 0.64% | |
| STATE OF ISRAEL Bonds and notes | 0.63% | |
| KFW Bonds and notes | 0.62% | |
| KFW Bonds and notes | 0.59% | |
| Gaci First Investment Co. Bonds and notes | 0.57% | |
| Gaci First Investment Co. Bonds and notes | 0.56% | |
| FORD MOTOR COMPANY Bonds and notes | 0.56% | |
| KFW Bonds and notes | 0.54% | |
| Fanniemae-Aces Mortgage-backed securities | 0.54% |
By country
United States 36.25%XX 7.64%Cayman Islands 6.3%South Korea 5.7%Hong Kong 5.59%By issuer
Companies 71.06%Foreign governments 18.02%Other 5.73%US government-sponsored enterprises 2.86%Municipalities 0.25%The bonds mature in 7 years on average (weighted by size), with an average coupon of 4.37%.
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 $9.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.45%, +0.23%, -0.82%.
How it works
GRNB follows the S&P Green Bond U.S. Dollar Select Index from S&P Dow Jones Indices. A bond can join only if its issuer labels it "green" and explains how the money will be used, such as renewable energy, energy efficiency or conservation. The Climate Bonds Initiative, an international nonprofit, must also flag it as green. The index holds bonds from companies, governments, development banks and pools of loans, including issuers in emerging markets.
The index weights each bond by its market value, so larger bond issues count for more. Bonds below investment grade ("junk bonds") can make up no more than 20%, and no single issuer can top 10%. The index rebalances monthly. As of June 30, 2026, it held 488 bonds from 270 issuers. Its effective duration was 4.66 years, which means prices tend to fall about 4.7% for each one-point rise in interest rates.
VanEck does not buy every bond in the index. It buys a sample built to match the index's risk and return, which came to 467 holdings as of July 31, 2026. As of June 30, 2026, about 52% of the index was Rule 144A or Regulation S bonds. These bonds are sold under exemptions from standard SEC registration, so they may trade less often.
What it really costs
- GRNB 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 |
|---|---|---|---|---|
| GRNB | $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, climate-focused bond fund that has moved little with stocks, though rising interest rates have hurt it.
GRNB could add a bond holding that moves largely apart from stocks. Its beta, a measure of how much it moves with the stock market, was 0.12 over the year to October 27, 2026. But rising interest rates can hurt it. In the 2020 COVID crash it fell 7.3% in under two weeks and recovered within three months. Rising rates did more damage: it lost 11.85% in 2022, its worst calendar year. Its deepest drop was 18.1%, from December 2020 to October 2022, and it took nearly 34 months to recover. Anyone selling shares for spending money during that stretch would have locked in losses. The fund launched in 2017, so it has no 2008 record.
It pays income monthly. Its trailing 12-month yield was 4.52% as of October 27, 2026. Its 0.20% expense ratio is double the 0.10% average for similar funds. 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
- Bond investors who want their money tied to climate and environmental projects, with each bond checked by the Climate Bonds Initiative.
- Investors who want monthly income: the trailing 12-month yield was 4.52% as of October 27, 2026.
- Investors comfortable going global: as of July 31, 2026, about 36% was U.S. issuers, alongside the European Investment Bank, KfW, Turkey and Israel.
Look elsewhere if
- Cost-focused investors: the 0.20% expense ratio compares with 0.03% for BIV and 0.07% for BNDX.
- Investors who need steady prices when rates rise: it fell 18.1% from December 2020 to October 2022 and took nearly 34 months to recover.
- Investors who want only high-quality bonds: the index can hold up to 20% junk bonds, plus emerging-market issuers such as Turkey.
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 |
|---|---|---|---|---|---|
| GRNB this fund | 7 yrs | 0.2% | $184.2M | -0.4% | +5.7% |
| 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
Does GRNB pay monthly dividends?
Yes. GRNB pays income every month. Over the 12 months to October 27, 2026, it paid about $1.06 per share, a trailing yield of 4.52%. The money comes from interest on its bonds, which had an average coupon of 4.37% as of July 31, 2026. Payments can change from month to month as holdings and interest rates change, so past payouts don't guarantee future ones.
What makes a bond green in GRNB?
A bond qualifies when its issuer labels it "green" and explains how the money will be used, such as clean energy, energy efficiency or conservation. The Climate Bonds Initiative, an international nonprofit, must also flag it as green. The label covers how the borrowed money is spent, not the issuer's whole business. That's why the fund holds JPMorgan Chase and Ford alongside development banks like KfW and the European Investment Bank.
GRNB vs BIV: what's the difference?
Both hold bonds that mature in about seven years on average. Beyond that they differ a lot. Vanguard Intermediate-Term Bond ETF (BIV) is not a green-bond fund. It costs 0.03% a year, against 0.20% for GRNB. BIV is also far larger: $52.4 billion as of June 30, 2026, against $184 million for GRNB as of July 31, 2026. Their three-year returns were similar, about 5.7% a year each, as of late October 2026. GRNB also holds foreign and emerging-market issuers and may hold some junk bonds.
How much did GRNB lose in 2022?
GRNB lost 11.85% in 2022, its worst calendar year since it launched in 2017, as rising interest rates pushed bond prices down. Its worst quarter was the first quarter of 2022, at -6.01%. From its December 31, 2020 peak to its October 20, 2022 low, it fell 18.1%. It didn't regain that peak until August 13, 2025, about 34 months later.
What are GRNB's long-term returns?
They have been modest. As of December 31, 2025, GRNB returned 6.91% over one year, 0.50% a year over five years and 2.33% a year since its March 2017 launch. The 2022 bond slump drags down the five-year figure. In the SEC's standard example, a $10,000 investment earning 5% a year would pay about $113 in fees over five years and $255 over ten.