GRN has traded since 2008 , tracking the futures market for the EU compliance market. For more than a decade, it was largely a losing investment.
Yet the ETN, which is a debt instrument versus a fund structure like an ETF, has declined about 16 per cent, year to date. The decline is the result of two drawdowns, according to Ms. Ma. The first came at the start of the war in Ukraine “driven by many factors including investors’ profit taking and repositioning towards safe-haven assets,” she says.
KRBN is the largest carbon credit ETF, with more than US$676-million in assets under management , covering markets for the EU, California, the U.K., and the Regional Greenhouse Gas Initiative, another U.S. market, and has had a similar performance arc. “There is a lot of volatility short-term,” Mr. Rasmussen says. “We’re seeing that in the EU right now with natural gas from Russia being largely turned off, meaning more energy generation will come from coal… which is worse for the environment.”
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