Ultime notizie per VanEck Green Bond ETF (ARCA:GRNB)

VanEck Green Bond ETF

VanEck Vectors Green Bond ETF

The fund normally invests at least 80% of its total assets in securities that comprise the funds benchmark index. The index is comprised of bonds issued for qualified green purposes and seeks to measure the performance of U.S. dollar denominated green-labeled bonds issued globally. The fund is non-diversified.

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U.S. regulators proposed stringent requirements for publicly traded companies to report information on greenhouse-gas emissions and risks related to climate change.&nbsp;
The&nbsp;Securities and Exchange Commission&nbsp;formally offered a 534-page proposal Monday that would force publicly traded companies to report greenhouse-gas emissions,&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/sec-to-float-mandatory-disclosure-of-climate-change-risks-emissions-11647874814" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported The Wall Street Journal</a>.
SEC members voted 3-1 to issue the proposal, which will be open for public comment for at least two months before the agency begins working on a final rule.&nbsp;
What happened:&nbsp;The proposal would require public companies to provide estimates of direct and indirect greenhouse gas emissions. The companies will have to report greenhouse gas emissions from their own operations and the energy they consume and obtain independent certification of their estimates.
This is referred to as the Biden administration&rsquo;s potentially most significant environmental actions to date, WSJ notes.
Companies might also be required to report the greenhouse-gas output of both their supply chains and consumers, known as Scope 3 emissions. As per an SEC official, most companies in the S&amp;P 500 would likely have to report Scope 3 emissions. Companies to include the information in SEC filings.
SEC Chairman Gary Gensler mentioned that investors and asset managers representing tens of trillions of dollars have called for companies&rsquo; climate-related disclosures to be more standardized.&nbsp;
Republicans and some industry groups noted that the proposed rules would increase compliance costs and go far beyond a strict interpretation of the SEC&rsquo;s mandate to protect investors by requiring disclosure of information relevant to companies&rsquo; financial performance.
&ldquo;Investors and businesses have for years asked for reliable information that can be used to assess climate-related risks and opportunities,&rdquo; stated Treasury Secretary Janet Yellen in a statement. She added that the rule would protect investors and make the financial system more resilient.&nbsp;
Why It&rsquo;s Important:&nbsp;This will provide reliable information that can be used to assess climate-related risks and opportunities.&nbsp;
The rules proposed allow companies a degree of flexibility. Disclosure of Scope 3 emissions would be mandatory only if the output of those greenhouse gasses is material or significant to investors or if companies outline specific targets for them.
The SEC&rsquo;s proposal would require publicly traded companies to include estimates of the impact of both physical risks and transition risks in their financial statements.
The energy and transportation firms have opposed far-reaching disclosure requirements around climate; other industries and investor groups have been supportive.

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SEC Proposes Mandatory Disclosure Of Climate-Change Risks, Emissions: WSJ

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
Within his first hours in office, President Biden signed executive orders rejoining the Paris Climate Agreement, canceling the Keystone pipeline, and reinstating more than 100 environmental regulations. And so began what many have predicted will be a new era of investment in clean energy in the fight against climate change.&nbsp;
The flurry of activity certainly has investors&rsquo; attention. ESG ETFs&mdash;that is, funds with a focus on companies with good environmental, social, and governance practices&mdash;are surging in popularity.
Inflows into these funds are growing at an exponential rate. In 2018, the group took in roughly $5.5 billion. In 2019, that figure grew to $21.4 billion. Last year, it took just nine months for investors to pour more than $30 billion into ESG funds.
<h3>Survey Says?</h3>
And the surveys around ESG investing are just as enthusiastic as those flows would indicate.&nbsp;
A 2019 survey from the Morgan Stanley Institute for Sustainable Investing found that 95% of millennials and 52% of the overall population have an interest in sustainable investing. The CFA Institute found that 85% of members now take ESG into consideration when making an investment decision. More recently, a survey from Institutional Investor Services found that the COVID-19 pandemic only seemed to increase the importance of ESG in the eyes of investors.
Surveys tell one story&mdash;prices tell another. And if we are to learn anything from the past few weeks it&rsquo;s that investors are running, not walking, to one facet of ESG in particular&mdash;the &lsquo;E&rsquo;. This covers anything from energy use, climate change impact, greenhouse gas emissions, waste, pollution, and renewable energy.&nbsp;
<h3>Clean Energy Funds Catch Fire</h3>
Environmentally friendly funds have surged as a result. The <a href="https://www.vaneck.com/etf/equity/smog/overview/?utm_source=benzinga&amp;utm_medium=article">VanEck Vectors Low Carbon Energy ETF (NYSE: </a><a class="ticker" href="https://www.benzinga.com/stock/smog#NYSE">SMOG</a>) returned 118% in 2020, while the <a href="https://www.vaneck.com/etf/income/grnb/overview/?utm_source=benzinga&amp;utm_medium=article">VanEck Vectors Green Bond ETF (NYSE: </a><a class="ticker" href="https://www.benzinga.com/stock/grnb#NYSE">GRNB</a>) is yielding 1.55% compared to the Bloomberg Barclays U.S. Aggregate Bond Index yield of 1.16%, as of December 14, 2020.
&ldquo;Clean energy has been a story for a long time, but now it&#39;s really taking hold,&rdquo; said Brandon Rakszawski, senior ETF product manager at VanEck. &ldquo;The federal election results here in the U.S. appear to have been a catalyst for further price appreciation of clean energy companies, but the segment has been benefiting from increasing investor expectations for some time now.&rdquo;
Since the start of 2020, shares of four stocks held by the SMOG ETF, Plug Power (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/plug#NASDAQ">PLUG</a>) (5.07% of SMOG as of Jan. 31), Nio Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) (8.94%), Bloom Energy Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/be#NYSE">BE</a>) (1.49%), and Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) (10.09%) have risen dramatically.
<img alt="capture_634.png" src="https://www.benzinga.com/files/u91860/capture_634.png" style="height:320px; width:600px" /> 
Source: Benzinga Pro; Data as of Feb 9, 2021
<h3>&lsquo;Know What You&rsquo;re Owning&rsquo;</h3>
One of the main criticisms of ESG has always been the lack of uniformity among the ESG fund universe. Because there is no standard definition, index providers are free to make their own interpretations on the ESG theme.&nbsp;
Some indexes will choose to simply screen out bad actors, such as big oil companies, or will exclusively target companies that score well on their proprietary ESG scoring systems. Others choose to provide targeted exposure to a specific sub-sector of the ESG universe.&nbsp;
SMOG is one such example of the latter. The fund tracks the Ardour Global Index Extra Liquid, which includes companies engaged in the production, use, or storage of alternative energy from sources like bio-fuels, wind, solar, and hydro. It also includes the various technologies that support the production, use, and storage of these sources.&nbsp;
Discrepancies in the ESG universe make it especially important for investors to look under the hood of an ESG fund they&rsquo;re buying, Rakszawski said. The strategy of an ESG fund will not only affect its mission, but could dramatically alter its long-term performance.&nbsp;
&ldquo;Every index provider and issuer, may have a different take,&rdquo; he said. &ldquo;Understanding if an ETF is concentrated in certain companies or clean energy sub-themes such as solar, wind, or electronic vehicles is important when aligning your investment with your desired outcome. It comes down to knowing what you own.&rdquo;&nbsp;
&nbsp;
Important Disclosures:&nbsp;
All portfolio percentages shown are as of 1/31/20.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are valid as of the date of this communication and subject to change without notice. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. The information herein represents the opinion of the author(s), but not necessarily those of VanEck.&nbsp;
An investment in the Fund may be subject to risks which include, among others, investing in low carbon energy companies, investing in European issuers, foreign securities, foreign currency, depository receipts, industrials sector, information technology sector, utilities sector, small- and medium-capitalization companies, equity securities, market, operational, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified and concentration risks, all of which may adversely affect the Fund. Foreign investments are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, and changes in currency exchange rates which may negatively impact the Fund&#39;s return. Small- and medium-capitalization companies may be subject to elevated risks.&nbsp;
Past performance is not a guarantee of future results. Performance may be lower or higher than performance data quoted. Please visit <a href="https://www.vaneck.com">vaneck.com</a> for performance current to the most recent month end.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus , which contains this and other information, call 800.826.2333 or visit&nbsp; vaneck.com/etfs. Please read the prospectus and summary prospectus carefully before investing
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Interest in Clean Energy ETFs Is Soaring With Joe Biden In Office

In the exchange traded funds industry, records are seemingly always being shattered and that&#39;s the case again in 2021.
As of Dec. 17, $509.4 billion flowed into ETFs this year, topping the previous annual record of $476.1 billion notched in 2017.
Record flows of fixed income ETFs in 2020? Check. Record <a href="https://www.etftrends.com/multi-asset-channel/catalysts-abound-for-esg-etf-adoption-in-2020/">adoption of environmental</a>, social and governance&nbsp;ETFs? Check.
Two more fun facts: The rates of ETF closures and&nbsp;new product launches this year are also new highs.
All of that is to say <a href="https://www.benzinga.com/trading-ideas/long-ideas/20/12/18920867/3-etfs-affected-by-tesla-s-p-500-addition">a lot is happening</a> with ETFs this year, and it&#39;s not a stretch to say investors can expect more of the same in 2021.
On that note, here is an admittedly small group of ETFs investors should keep up with in 2021. The group addresses some of the trends that could take center stage in the new year, including enthusiasm for bonds, ongoing affinity for ESG strategies and the growth/value chasm.
SPDR S&amp;P 500 Value ETF (SPYV)
For years, there&#39;s been talk of a value resurgence and more often than not, it proved to be just idle chatter as growth stocks are dominating for the better part of a decade.
This time could be different: President-Elect Joe Biden is seen <a href="https://www.benzinga.com/trading-ideas/long-ideas/20/09/17522675/3-sector-etfs-to-play-for-a-biden-harris-win">as a positive catalyst</a> for value stocks.
The SPDR S&amp;P 500 Value ETF (NYSEARCA: SPYV) is up more than 14% in the fourth quarter, indicating the fund is getting some love from Election Day results.
SPYV, which tracks the S&amp;P 500 Value Index, is a bet on a post-pandemic economic recovery <a href="https://www.ssga.com/us/en/intermediary/etfs/funds/spdr-portfolio-sp-500-value-etf-spyv">due to its cyclical leanings</a>. Financial services and industrial stocks combine for 31% of the ETF&#39;s roster.
Part of thesis here revolves around the oft-cited anecdote that the valuation gap between growth and value is as wide as it&#39;s ever been, but it remains to be seen if that&#39;s a credible spark for SPYV in 2021.
Note there are dozens of large-cap value ETFs for investors to consider. SPYV is highlighted here because it tracks a well-known index. With its annual fee of just 0.04%, or $4 on a $10,000 investment, it&#39;s one of the cheapest funds in this category.
Invesco QQQ (QQQ)
Speaking of the growth/value rivalry, one of the premier avenues for playing the mega-cap growth side of the equation is the Invesco QQQ (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>). QQQ, famed for tracking the Nasdaq-100 Index, garnered $17.23 billion of inflows this year as of Dec. 24. Just two ETFs top that total.
Helped by above-average weights to the likes of Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), Microsoft (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) and Amazon (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), QQQ has a long track record of topping competing S&amp;P 500 ETFs and crushing value ETFs in the process. An overlooked benefit of QQQ is that it provides significant exposure to companies behind some of the world&#39;s most valuable brands, and that&#39;s meaningful for investors.
&ldquo;Brand management can hold the key to financial performance in many respects. After all, consumers will go with what they trust and know; brands with such recognition and pull are in a constant position to succeed,&rdquo; <a href="https://www.nasdaq.com/articles/the-worlds-best-brands-live-on-the-nasdaq-100-2020-12-11">according to Nasdaq research</a>.
&ldquo;As such, a bevy of Nasdaq-100 companies were recognized as among BrandZ&#39;s&nbsp;<a href="https://online.pubhtml5.com/bydd/yeib/#p=66">Top 100 Most Valuable Global Brands 2020</a>.&rdquo;
ARK Genomic Revolution ETF (ARKG)
The ARK Genomic Revolution ETF (CBOE: ARKG) is the thematic inclusion on this list and a worthy one at that. Obviously, ARKG hails from the famed stable of ARK actively managed ETFs, and it&#39;s one of just two that doesn&#39;t feature a substantial allocation to Tesla (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).&nbsp;
By <a href="https://www.benzinga.com/general/biotech/20/12/18917610/are-genomic-stocks-the-next-fang-stocks">some accounts</a>, companies engaged in DNA sequencing, artificial intelligence and gene therapies have the potential to be the next generation of FANG stocks. That&#39;s an audacious thesis, but ARKG has myriad long-term catalysts, including the evolution of precision medicine and declining genomics costs.
ARKG has outperformed the S&amp;P 500 Health Care Index in three of the past four years and by substantial margins.
VanEck Vectors Green Bond ETF (GRNB)
The smallest of the funds highlighted here, the VanEck Vectors Green Bond ETF (NYSEARCA: GRNB) is important because it represents a growing intersection between ESG and the bond market. Specifically, the &ldquo;E&rdquo; because green bonds are debt issued to fund environmentally friendly projects.
Consider GRNB as ESG bond play with growth benefits and some positive leverage to the incoming Biden administration.
&ldquo;The U.S. green bond market is far from where it should be based on the size of its bond market, and even further from where it needs to be to finance a transition to a low carbon economy,&rdquo; <a href="https://www.vaneck.com/blogs/income-investing/vaneck-what-does-a-biden-administration-mean-for-us-green-bonds/" target="_blank">writes William Sokol</a>, senior ETF product manager at VanEck. &ldquo;There is hope that President-elect Biden&rsquo;s administration could help spur U.S. green finance and investment, including green bonds.&rdquo;
Todd Shriber owns shares of ARKG.

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4 ETFs To Watch In 2021

Environmental impact research by the&nbsp;<a class="editor-rtfLink" href="https://www.globalcarbonproject.org/carbonbudget/20/highlights.htm" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Global Carbon Project</a>&nbsp;suggests that global carbon emissions from greenhouse gas could fall by 2.4 billion tonnes in 2020, 7% less than in 2019, the largest decline on record. On an absolute basis, the research puts the figure of CO2 emissions at 34 billion tonnes this year.
According to&nbsp;<a class="editor-rtfLink" href="https://www.cnbc.com/2020/12/11/covid-record-drop-global-carbon-emissions-2020.html" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">CNBC</a>, the research was also supported by the University of East Anglia and the University of Exeter.
What Happened: The climate change study attributes the fall in greenhouse gas primarily to the COVID-19 lockdown restrictions.
Although international travel restrictions might have negatively impacted the airline industry, the drop in aircraft emissions positively influenced the climate.
Across the globe, governments forced people to stay indoors and even work remotely, which eventually led to controlled emissions from road transport.
With many factories being shut, a decline in industrial emission also contributed to the overall emission reduction. The U.S. recorded a 12% drop in gas emissions, the European Union, excluding the United Kingdom, recorded an 11% fall, and India clocked a 9% drop. However, China, the leader in carbon emissions, reported a 1.7% drop this year.
Why Does It Matter:&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2020-12-11/global-emissions-were-slowing-even-before-the-pandemic?sref=TBDibEcD" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Bloomberg</a>&nbsp;quoted Executive Director of Global Carbon Project, Pep Canadell, saying, &ldquo;there is indeed an unprecedented opportunity that could curve down the future trajectory of emissions if we actively choose to do so.&rdquo;
According to the report, emissions drop should be in the range of 25% to 50% by 2030 to control global warming to the extent of 2&deg; to 1.5&deg; Celsius over the preindustrial threshold, based on data generated from scientific models.
Bloomberg also cited CarbonMonitor&rsquo;s research, which hinted that industrial emissions from China and Brazil are resurging since October.
The environment research expects levels to rise in 2021. Professor of climate change science at the University of East Anglia, Corinne Le Qu&eacute;r&eacute;, said in a press conference that &ldquo;it&rsquo;s a little bit early to say how big the rebound will be in 2021&rdquo;, cites Bloomberg.

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COVID-19 Led To Biggest Drop In Global Carbon Emissions

Fixed income investors looking to apply some environmental virtue to bonds have a friend in the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grnb#NYSE">GRNB</a>). Moreover, the green bond market is meeting and surpassing prior growth forecasts.
GRNB debuted more than two and a half years ago as the first exchange traded fund dedicated to green bonds, or debt issued to finance environmentally friendly projects. The fund tracks the S&amp;P Green Bond U.S. Dollar Select Index.
That index &ldquo;is comprised of U.S. dollar-denominated green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government, and corporate issuers globally,&rdquo; <a href="https://www.vaneck.com/etf/income/grnb/overview/">according to VanEck</a>.
Why It&#39;s Important 
A recent Federal Reserve estimates that, over the years, wildfires have cost the U.S. economy $500 billion. That&#39;s just one environmental anecdote, but it underscores the point that on a global basis, more companies, central banks and international monetary agencies are becoming wise to detrimental effects of climate change.
That increased awareness could carve a niche for green bonds and funds such as GRNB. Data suggest that&#39;s already happening.
&ldquo;In June 2019, Reuters published that green bond issuance for the year had surpassed USD 100 billion,which extolled a milestone of the first time the green bond issuance pace had reached the USD 100 billion mark by the first half of the year,&rdquo; <a href="https://www.indexologyblog.com/2019/11/11/green-bond-issuance-setting-records/">S&amp;P Dow Jones Indices said in a recent note</a>. &ldquo;Issuance could be on track to double by the end of the year. Since the end of June, USD 90 billion more has been issued, bringing the 2019 total to USD 212 billion in issuance as of October 2019.&rdquo;
GRNB has an effective duration of 4.84 years. Nearly 78% of its holdings are rated investment-grade with over 58% residing somewhere between AAA and A, so its fair to say the fund&#39;s primary source of risk is rate-, not credit-driven.
What&#39;s Next
Today, the green bond market is just a sliver of the overall fixed income universe, but that&#39;s poised to change and that growth could benefit GRNB.
&ldquo;Currently, the green bond market is small when compared to the overall fixed income market. Issuance continues to increase along with the diversity of issuers,&rdquo; said S&amp;P Dow Jones. &ldquo;The existence of the green bond market and the S&amp;P Green Bond Index is a start, but if capital markets are to meet the needs of the environment and reversing the damages of climate change, the scale of investment capital would have to be exponentially larger in order to meet the challenge.&rdquo;
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/11/14775137/minding-mid-cap-stocks-and-etfs-for-dividends">How To Get Mid-Cap Compensation</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/11/14775133/a-whole-lot-of-themes-in-one-new-etf">Lots Of Themes In A Nifty New ETF</a>

Long Ideas

Going Green Is Worth It In Bond ETFs

The landscape of environmental, social and governance (ESG) exchange traded funds continues growing in terms of population. These days, there are about 90 such funds or those with the &ldquo;socially responsible&rdquo; designation available on U.S. exchanges.
More importantly, data suggest investors, particularly younger generations, are embracing ESG funds. Currently, six U.S.-listed ESG ETFs have <a href="https://www.etf.com/channels/socially-responsible">more than $1 billion</a> in assets under management and some of those are funds that came <a href="https://www.benzinga.com/trading-ideas/long-ideas/19/06/13990499/another-cheap-esg-etf-is-here">to market just this year</a>.
With this fund category expanding at such rapid rate, investors evaluating ESG funds should consider exactly what they&#39;re looking at and what their objectives. Some funds in this category are specifically <a href="https://www.benzinga.com/trading-ideas/long-ideas/19/06/13990499/another-cheap-esg-etf-is-here">dedicated to clean energy themes</a> while others are backed by religious values while others take broader approaches.
Let&#39;s have a look at three under-the-radar ESG funds here.
<h3>Xtrackers SP 500 ESG ETF (SNPE)</h3>
The Xtrackers SP 500 ESG ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snpe#NYSE">SNPE</a>) is the only U.S.-listed ESG ETF that tracks the S&amp;P 500 ESG Index, the ESG offshoot of the famous S&amp;P 500. SNPE is also a stabelmate of the Xtrackers MSCI USA ESG Leaders Equity ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ussg#NYSE">USSG</a>), which debuted earlier this year and is already one of the six ESG ETFs with over $1 billion in assets.
Don&#39;t sleep on SNPE, though. That fund is just a few months old and is already closing in on $100 million in assets. Importantly, there are some perks for long-term investors that come along with SNPE&#39;s underlying index.
&ldquo;The annualized volatility of the S&amp;P 500 ESG Index was slightly lower than the S&amp;P 500, at 14.63% and 14.86%, respectively. The annualized return was 0.02% higher for the S&amp;P 500 ESG Index than the S&amp;P 500,&rdquo; <a href="https://www.indexologyblog.com/2019/10/21/esg-why-not-insignificant-alpha-observed-between-the-sp-500-esg-index-and-the-sp-500/">according to S&amp;P Dow Jones Indices</a>.
<h3>Inspire Global Hope ETF (BLES)</h3>
With nearly $151 million in assets under management, the Inspire Global Hope ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bles#NYSE">BLES</a>) is the second-largest ETF backed by religious investing principles.
BLES tracks Inspire Global Hope Large Cap Index, which is comprised of emerging and developed market large-cap stocks taken from the Russell 1000 Index, MSCI EAFE Index and MSCI Emerging Markets Index,
Adding U.S. stocks to the mix helps as highlighted by BLES year-to-date return of almost 18%. That&#39;s better than either the MSCI EAFE Index or the MSCI Emerging Markets Index.
<h3>VanEck Vectors Green Bond ETF (GRNB)</h3>
The original ETF dedicated to green bonds, or debt issued to finance environmentally friendly projects, the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grnb#NYSE">GRNB</a>) is at the forefront of an epic growth trend in the fixed income universe.
The fund, which holds 115 bonds, follows the S&amp;P Green Bond Select Index, which is &ldquo;comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by the supranational, government, and corporate issuers globally in multiple currencies,&rdquo; <a href="https://www.vaneck.com/etf/income/grnb/overview/">according to VanEck</a>.
Data confirm the green bond market is booming.
&ldquo;The Climate Bonds Initiative (CBI) published an update yesterday detailing how green bond and loan issuance for 2019 has just passed $200bn, marking an all-time high for the market and setting the stage for annual issuance reaching between $230 and $250bn by year end,&rdquo; <a href="https://www.businessgreen.com/bg/news/3083011/green-bond-market-showing-buoyant-growth-through-2019-report-shows">reports Green Business</a>.
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/10/14650953/a-dynamo-among-dividend-etfs">A Dandy Dividend ETF</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/10/14650820/a-new-etf-brings-trend-following-to-fixed-income">Follow The Trends With This New Bond ETF</a>

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3 Nifty ESG ETFs To Consider

Environmentally conscious investors have long had plenty of equity-based exchange traded funds to consider. More recently, the number of fixed income ETFs dedicated to environmental investing principles has been increasing.
Green bonds, or debt issued to finance environmentally friendly projects, are a growing corner of the fixed income market and increasingly accessible to investors thanks to ETFs such as the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grnb#NYSE">GRNB</a>).
<h3>What Happened</h3>
GRNB, which recently celebrated its second birthday, holds 184 green bonds and follows the S&amp;P Green Bond Select Index. That index &ldquo;is comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government, and corporate issuers globally in multiple currencies,&rdquo; <a href="https://www.vaneck.com/etf/income/grnb/overview/">according to VanEck</a>.
GRNB has an effective duration of 6.48 years, making it an intermediate-term bond fund. Importantly, data suggest the global green bond market is growing.
<h3>Why It&#39;s Important</h3>
&ldquo;The first quarter of 2019 saw a welcome boost in green bond supply, totaling over $40 billion, which is up approximately 46% versus the same period one year ago,&rdquo; <a href="https://www.vaneck.com/blogs/etfs/green-bonds-and-the-pathway-to-sustainability">said VanEck in a recent note</a>. &ldquo;North American issuance was up approximately 30%, with green bonds from first time corporate issuers including Verizon and Citigroup as well as repeat issuance from companies such as Duke Energy and MidAmerican Energy.&rdquo;
GRNB reflects the global nature of the green bond market. France, Germany, the Netherlands and the U.S. combine for about 44 percent of the fund&#39;s geographic exposure. Global green bond issuance could approach $250 billion this year, up from $167 billion last year, according to VanEck data.
&ldquo;The green bond market showed resilience through extremely volatile periods last year,&rdquo; said VanEck. &ldquo;For example, as stock markets globally were reeling on October 11, more green bonds were being issued in the primary market than traditional bonds.&rdquo;
<h3>What&#39;s Next</h3>
While green bonds are new to many fixed income investors, that doesn&#39;t imply a higher level of risk. In fact, GRNB features little credit risk as about two-thirds of its holdings are rated AAA, AA or A.
&ldquo;In addition to growing interest in building portfolios aligned with values and causes investors believe in, there is greater recognition that environmental, social and governance factors such as climate risk can impact asset prices significantly,&rdquo; according to VanEck. &ldquo;Green bonds provide a way for investors to build environmentally aware portfolios without having to compromise on risk and return objectives, that may fit nicely into a core bond allocation.&rdquo;
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Printing Green With A Green Bond ETF

Investors looking for socially responsible takes on fixed income investing have an increasing number of options in the world of exchange traded funds.
That includes funds providing access to green bonds, or those bonds issued by corporate and sovereign issuers used to fund environmentally friendly projects.
<h3>What Happened</h3>
The VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grnb#NYSE">GRNB</a>) debuted nearly two years ago as the first ETF dedicated to green bonds.
GRNB tracks the S&amp;P Green Bond Select Index, which is &ldquo;comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government, and corporate issuers globally in multiple currencies,&rdquo; <a href="https://www.vaneck.com/etf/income/grnb/overview/">according to VanEck</a>.
<h3>Why It&#39;s Important</h3>
There are important differences between green bonds and traditional corporate debt.
&ldquo;They are backed by the full balance sheet of the issuer, rather than the cash flow of the underlying projects, so the risk/return profile is the same as a conventional bond, all else equal,&rdquo; s<a href="https://www.vaneck.com/blogs/etfs/incorporating-green-into-a-portfolio">aid VanEck in a recent note</a>. &ldquo;For example, a green bond issued by Apple should provide a similar yield and return as a non-green Apple bond, after adjusting for factors like differences in maturity or liquidity.&rdquo;
GRNB holds 180 green bonds, including an issue from Apple Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>). The fund has a 30-day SEC yield of 1.52 percent and an effective duration of 6.43 years. That low yield is reflective of GRNB&#39;s high credit quality. At the end of last year, about two-thirds of the fund&#39;s holdings were rated AAA, AA or A.
&ldquo;Green bonds are defined by what they finance, rather than the issuer, and investors can get data on specific projects funded by an individual bond,&rdquo; said VanEck. &ldquo;That helps investors quantify the impact their investment is making, with metrics such as carbon emissions reduced and water saved.&rdquo;
<h3>What&#39;s Next</h3>
In a word, growth. The green bond market is just a decade old, but 2019 is expected to see an exponential increase in issuance of these bonds.
Moody&#39;s Investors Services expects green bond issuance to swell 20 percent to $200 billion <a href="https://www.investmentexecutive.com/news/research-and-markets/global-green-bond-issuance-set-to-surge-in-2019/">this year.</a>
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Get Some Green With This Bond ETF

The universe of fixed income exchange traded funds following socially responsible investing principles gained another member Thursday when BlackRock Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) launched an ETF dedicated to green bonds.
The iShares Global Green Bond ETF (NASDAQ: BGRN) is the latest bond ETF to tap into environmental, social and governance (ESG) principles.
<h3>What Happened</h3>
Fixed income ETFs tilting toward sustainable investment themes are not new territory for BlackRock&#39;s iShares, the world&#39;s largest ETF issuer. Prior to the debut of BGRN, iShares had three fixed income ETF focusing on various sustainable investing themes.
Last month, iShares launched the iShares ESG U.S. Aggregate Bond ETF (NYSE:EAGG), the ESG answer to the popular iShares Core Bond ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/agg#NYSE">AGG</a>). In less than a month on the market, EAGG already has over $55 million in assets under management.
<h3>Why It&#39;s Important</h3>
The new BGRN tracks the Bloomberg Barclays MSCI Green Bond Select (USD Hedged) Index and holds nearly 180 green bonds. Green bonds can be issued by corporations, governments and super-national issues. Bonds in this category are deemed to have positive environmental impacts and are used to fund environmentally friendly projects.
&ldquo;This fund simplifies access to green bonds, enabling investors to more precisely match their values to their investment portfolios,&rdquo; Carolyn Weinberg, iShares Global Head of Product at BlackRock, <a href="https://www.ishares.com/us/products/305296/">said in a statement</a>. &ldquo;Issuers of green bonds disclose how their projects are achieving the promised environmental outcome, which will allow us to provide our clients with fund level impact reporting. BGRN can be positioned in the core of a global bond allocation or as a satellite in a diversified fixed income portfolio to achieve greater environmental impact.&rdquo;
BGRN has an effective duration of 6.96 years and an average yield to maturity of 3.65 percent. The new green bond fund is heavily investment-grade as about 78 percent of its holdings are rated AAA, AA or A.
<h3>What&#39;s Next</h3>
BGRN isn&#39;t the first green bond ETF on the market. Rather, the new iShares fund will compete directly with the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grnb#NYSE">GRNB</a>), which debuted in March 2017.
BGRN charges 0.20 percent per year, or $20 on a $10,000 investment compared with GRNB&#39;s annual fee of 0.30 percent.
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New ETFs

Another Green Bond ETF Is Here

Fixed income investors looking to diversify away from traditional corporate debt, municipal bonds and Treasuries have interesting options to consider in the world of exchange traded funds. Those looking to apply an environmental screen to their bond investments could consider green bonds and the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="/stock/grnb#NYSE">GRNB</a>).
GRNB, which celebrated its first anniversary earlier this month, follows the S&amp;P Green Bond Select Index. That index &ldquo;is comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government and corporate issuers globally in multiple currencies,&rdquo; <a href="https://www.vaneck.com/etf/income/grnb/overview/">according to VanEck</a>.
With many investors looking to apply environmental, social and governance principles to asset classes beyond equities, green bonds are one of the fastest-growing segments of the bond market. That could benefit GRNB going forward.
<h3>
	Massive Growth</h3>
&ldquo;Gross issuance of green bonds reached $157 billion in 2017, nearly double that of the previous year,&rdquo; said <a href="http://www.indexologyblog.com/2018/03/12/green-bond-issuance-doubled-in-2017/">S&amp;P Dow Jones Indices</a>. &ldquo;Fourth-quarter issuance was the fastest quarterly pace on record, adding $48 billion, 30 percent more than seen in each of the previous three quarters.&rdquo;
GRNB holds 110 bonds, over 57 percent of which are denominated in euros. Over one-third of the ETF&#39;s holdings are dollar-denominated issues. GRNB is a global fund with over 20 countries represented, six of which are emerging markets. U.S. issues account for just 7.6 percent of the fund&#39;s weight. A green bond maturing in February 2023 issued by Apple Inc. (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) is GRNB&#39;s largest U.S. holding.
Sovereign issuance of green bonds is also surging.
&ldquo;Sovereign issuance, which began with Poland in December 2016, has grown to $14 billion as of March 2018, with French Treasury, Fijian, Nigerian, Belgium and Indonesian sovereign bonds,&rdquo; according to S&amp;P Dow Jones. &ldquo;Hong Kong outlined a grant for first-time green corporate bond issuers and plans to issue the largest amount of green sovereign bonds this year.&rdquo;
<h3>
	High-Quality Fare</h3>
With many green bonds issued by developed market governments or highly rated corporate issuers, credit risk is not a major issue with a fund such as GRNB. Approximately 65 percent of GRNB&#39;s holdings are rated AAA, AA or A.
The ETF has a 30-day SEC yield of 1.40 percent and an effective duration of 6.41 years; duration gauges a bond&#39;s sensitivity to changes in interest rates. GRNB has added $2.7 million of its $16.2 million in assets under management since the start of 2018.
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An Increasingly Relevant Bond ETF

Green bonds &mdash; issued by companies and governments to finance environmentally friendly projects &mdash; are one of the fastest-growing parts of the fixed income universe. Investors can access the theme with the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="/stock/grnb#NYSE">GRNB</a>), which is a few weeks shy of its first birthday.
GRNB tracks the S&amp;P Green Bond Select Index, which is comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government and corporate issuers globally in multiple currencies,&rdquo; <a href="https://www.vaneck.com/etf/income/grnb/overview/">according to VanEck</a>.&nbsp;
Data confirm green bond issuance is surging, a scenario that could increase awareness of not only these bonds, but GRNB as well. In just over 11 months on the market, GRNB has nearly $15 million in assets under management.
<h3>
	Important Data Points</h3>
&ldquo;Green bond issuance in 2017 shattered the record from 2016, with both new and repeat issuers helping to satisfy the increasing demand for sustainable bond investments,&rdquo; VanEck said in a <a href="https://www.vaneck.com/blogs/etfs/green-bond-market-look-billion-trillion/">recent research piece</a>. &ldquo;Approximately $155 billion was issued by 242 issuers, including 156 first-time green bond issuers. Total issuance was 84-percent higher than in 2016, an illustration of the spectacular growth that the market continues to experience.&rdquo;
For its part, GRNB holds 102 bonds. The ETF&#39;s roster is mix of green sovereign debt and green bonds courtesy of corporate issuers. For example, one of GRNB&#39;s largest holdings from a U.S. corporate issuer is a green bond issue from Apple Inc. (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) maturing in 2023. Rated AA+, the Apple green bond is just over 1 percent of GRNB&#39;s weight.
GRNB&#39;s top 10 holdings combine for just under one-quarter of the fund&#39;s weight. The largest issue, a French sovereign bond, commands 7 percent of the ETF&#39;s roster.
<h3>
	A Global Approach</h3>
&ldquo;France was the second-largest issuer in 2017 with its benchmark sovereign green bond issuance,&rdquo; said VanEck. &ldquo;Although not the first ever sovereign green bond, it was by far the largest with over $10 billion issued in total, and helped pave the way for Fiji and Nigeria to come to market with sovereign green bonds later in the year.&rdquo;
GRNB reflects the global nature of the green bond market, as U.S. issues account for just 8.8 percent of the fund&#39;s roster. Over 54 percent of GRNB&#39;s holdings are denominated in euros and almost 35 percent are dollar-denominated bonds.
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A Fast-Growing, Earth-Friendly Corner Of The Bond Market

If past is precedent, it is reasonable to expect more issuers of exchange traded funds to launch funds aimed at environmental, social and governance principles. It is also reasonable to expect that some of those new ESG funds will be aimed at the fixed income space.
There are some existing ESG bond ETFs, including the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="/stock/grnb#NYSE">GRNB</a>). The VanEck Vectors Green Bond ETF debuted in March and has $13.3 million in assets under management. GRNB is a first-of-its-kind ETF, delivering exposure to green bonds. Green bonds are issued by companies and governments for environmentally beneficial projects.
GRNB tracks the S&amp;P Green Bond Select Index and holds 98 green bonds.
<h3>
	Bringing Diversity To Bond Investing</h3>
While GRNB is not necessarily a yield play &mdash; the ETF has a 30-day SEC yield of 1.14 percent &mdash; the fund can add diversity to traditional fixed income portfolios along with upside potential. Additionally, GRNB is lightly allocated to sovereign debt.
&ldquo;As of Dec. 15, 2017, there were just two central government bonds issued in the green market, and they both qualified for the S&amp;P Green Bond Select Index&mdash;a local government bond (treasury) issued by France, which accounted for about 6.2 percent of the investable index, and a sovereign bond issued by Poland in Euros. In contrast, the treasury and sovereign components of the Bloomberg Barclays Global Aggregate Bond Index totaled 55 percent,&rdquo; <a href="http://www.indexologyblog.com/2017/12/21/a-look-inside-the-sp-green-bond-select-index/">according to S&amp;P Dow Jones Indices</a>.&nbsp;
Over 90 percent of GRNB&#39;s holdings are denominated in euros or U.S. dollars. Five of the ETF&#39;s 17 geographic weights are emerging markets.
<h3>
	An Infrastructure Idea</h3>
GRNB can also be a play on the expected boom in environmentally friendly infrastructure spending around the world, a theme that could prove durable in the coming years.
&ldquo;By nature, green bonds are issued to provide financing to help with the transition to a low-carbon economy,&rdquo; said S&amp;P Dow Jones Indices. &ldquo;The use of proceeds can range from financing consumer auto loans and leases for electric cars to large national infrastructure projects. One recent example of a large-scale infrastructure investment opportunity is the bonds issued by the Mexico City Airport. The new international airport is one of the largest public infrastructure works in a century.&rdquo;
GRNB features exposure to Mexican green bonds. The ETF is up more than 11 percent this year.
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Go Green With This Bond ETF

With so many investors applying environmental, social and governance principles to equity investments, it was only a matter of time before the bond universe got in on the act. A new fixed income exchange-traded fund, the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="/stock/grnb#NYSE">GRNB</a>), allows bond investors to emphasize ESG virtues in the bond market.
The VanEck Vectors Green Bond ETF debuted in March and could serve to illuminate investors to the potential of green bonds, a still small but rapidly growing part of the bond market. GRNB, the first ETF in the U.S. dedicated to green bonds, follows the S&amp;P Green Bond Select Index.
GRNB&#39;s &ldquo;index is comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government, and corporate issuers globally in multiple currencies,&rdquo; <a href="https://www.vaneck.com/etf/income/grnb/overview/">according to VanEck</a>.
<h3>Green Bonds Are For Real</h3>
&ldquo;The total amount of green-labeled bond issuances amounted to USD 93.4 billion at the end of 2016 and reflected strong China-based issuances and momentum from the Paris Agreement,&rdquo; said <a href="http://www.indexologyblog.com/">S&amp;P Dow Jones Indices</a>. &ldquo;Leveraging its &lsquo;AAA&rsquo;/&lsquo;Aaa&rsquo; credit rating, the World Bank has issued over USD 9.7 billion in green bonds through more than 125 transactions in 18 currencies.&rdquo;
GRNB reflects the global nature of the green bond market. The ETF&#39;s US dollar-denominated holdings represent just 38 percent of its currency composition. Likewise, U.S. green bond issuers are just 10.6 percent of the ETF&#39;s weight, placing the country fourth among GRNB&#39;s geographic holdings behind the likes of France, Germany and the Netherlands.
Overall, GRNB holds 58 bonds, the bulk of which are highly rated. Nearly 75 percent of the ETF&#39;s holdings are rated AAA, AA or A. As such, the ETF&#39;s yield is about 1.1 percent.
<h3>A Growing Market</h3>
Data suggest the global green bond market is growing in significant fashion.
&ldquo;According to a research report by Moody&rsquo;s (2017), 8 green bond issuance increased every year by an annual average of 163% between 2011 and 2015, and it set consecutive issuance records during 2013-2015,&rdquo; said S&amp;P Dow Jones. &ldquo;In 2017, labeled green bond issuances could reach up to USD 200 billion, according to the report.&rdquo;
China is driving growth of the green bond market this year as the country boosts issuance of bonds that fit its own and international standards for green bond investing.
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Futures

Topics

Green Bonds Gain Momentum

There are over 300 fixed-income exchange-traded funds trading in the United States. As is the case with equity-based ETFs, some critics may be apt to say many of the good ideas are already taken in the world of bond funds.
<h3>Bond ETFs</h3>
ETF issuers remain intrepid to say the least and there are arguably some nifty ideas within the bond universe that have yet to be addressed. One idea that recently came to life was making green bonds accessible with the ETF wrapper thanks to <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/03/9161625/going-green-with-a-bond-etf">last month&#39;s debut of</a> the VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="/stock/grnb#NYSE">GRNB</a>).
GRNB follows the S&amp;P Green Bond Select Index, which is &ldquo;is comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government, and corporate issuers globally in multiple currencies,&rdquo; according to VanEck.
<h3>Got Green?</h3>
&ldquo;Green bonds, in short, are simply conventional bonds with an environmentally friendly use of proceeds,&rdquo; <a href="https://www.vaneck.com/blogs/etfs/green-bonds-investment-case/">said VanEck in a recent note</a>. &ldquo;Today, the overall market resembles a core global fixed income benchmark, with similar yield, duration and credit quality. Investors can, therefore, allocate a portion of their global bond allocation to green bonds without significantly altering the risk and return profile of their portfolio. In other words, bond investors can structure a more environmentally aware portfolio without having to compromise on their investment goals.&rdquo;
GRNB holds 41 bonds, more than 88 percent of which are denominated in euros or dollars. U.S. bonds account for just over 10 percent of the new ETF&#39;s weight while emerging markets issuers account for 16 percent.
Investors concerned about credit quality could find a possible destination in GRNB. Over 48 percent of the ETF&#39;s holdings are rated AAA or AA.
&ldquo;With over 50 percent of its holdings rated AA and above, and nearly 40 percent U.S. dollar-denominated, as well as a yield and duration profile similar to the Bloomberg Barclays Global Aggregate Bond Index, the green bond market has risk and return characteristics comparable with the broad global bond market,&rdquo; according to VanEck. &ldquo;As a result, replacing a portion of a core global bond allocation with green bonds may have minimal impact to an investor&#39;s portfolio. Because of the differences in sector exposures, adding green bonds may also increase the diversification of a global bond allocation. For example, supranational issuers represent approximately 20 percent of the green bond universe versus only 2 percent of the Bloomberg Barclays Global Aggregate Bond Index.&rdquo;
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The Case For The New Green Bond ETF

When it comes to the environmental, social and governance (ESG) investing theme, investors have a growing number of options among equity-based exchange traded funds.
The &ldquo;E&rdquo; in ESG is particularly easy to access as investors can find ETFs that do everything from exclude the energy sector to focusing on companies with low carbon footprints. Until now, green investing via ETFs for fixed income investors has been more difficult. The newly minted VanEck Vectors Green Bond ETF (NYSE: <a class="ticker" href="/stock/grnb#NYSE">GRNB</a>) changes that.
GRNB debuted almost two weeks ago as the first ETF dedicated to green bonds. GRNB follows the S&amp;P Green Bond Select Index, which is &ldquo;is comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government, and corporate issuers globally in multiple currencies,&rdquo; according to VanEck.
While GRNB is new, its index is a little more seasoned, having debuted in 2014. And while green bonds may sound like a niche segment of the massive overall bond market, there&#39;s no denying the growth in issuance of these bonds. Last year, $82 billion in green bonds were issued and that number is expected to jump to $150 billion this year, <a href="https://www.vaneck.com/etf/income/grnb/overview/">according to VanEck</a>.&nbsp;
&ldquo;However, the speed and momentum at which the green bond market can develop in 2017 and beyond depends on multiple variables, including policy and regulatory factors, market conditions, and financing trend,&rdquo; said <a href="http://www.indexologyblog.com/2017/03/10/the-rise-of-green-bonds/">S&amp;P Dow Jones Indices</a>. &ldquo;It faces a range of specific challenges and barriers, such as underdeveloped domestic bond markets, issuers&rsquo; views on costs versus benefits, a mismatch between projects, bonds, and institutional investors, and a lack of commonly accepted green standards and definitions.&rdquo;&nbsp;
GRNB has an effective duration of 6.3 years and a yield to worst of 1.66 percent. The new ETF holds 41 bonds, including issues from Apple Inc. (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) and Bank of America Corp. (NYSE: <a class="ticker" href="/stock/bac#NYSE">BAC</a>) as well as green debt issued by European companies and governments.
&ldquo;Increasingly, market participants are calling for more alignment and single metrics for green bond assessments to speed up market growth,&rdquo; said S&amp;P Dow Jones. &ldquo;Over the course of 2017, we can expect to see further standardization and alignment of green bond assessment frameworks.&rdquo;

Going Green With A Bond ETF

Insiders may sell shares for any number of reasons, but there is really only one reason insiders buy shares of a company -- they believe the stock price will move higher and they want to profit from it. Pullbacks and sell-offs provide a perfect opportunity for investors who have faith in a company to snap up shares. Below are some stocks that have seen insider buying recently:

Cheesecake Factory (NASDAQ: <a class="ticker" href="/stock/cake#NASDAQ">CAKE</a>): A director purchased 25,000 shares of this restaurant operator last week. That was worth more than $820,000. The company has a market capitalization near $1.4 billion and a long-term earnings per share (EPS) growth forecast of 14.3 percent. Its dividend yield is 1.4 percent. Shares are trading near the 52-week high, and the stock has outperformed competitor Darden Restaurants (NYSE: <a class="ticker" href="/stock/dri#NYSE">DRI</a>) and the S&amp;P 500 over the past year.

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E*TRADE Financial (NASDAQ: <a class="ticker" href="/stock/etfc#NASDAQ">ETFC</a>): Chairman Frank Petrilli and one other director purchased more than more than 126,000 shares of this financial services company last week. That was worth more than $1 million. The board of this New York-based company recently ousted the CEO. The company's market cap is about $2.4 billion and its long-term EPS growth forecast is 12.2 percent. Short interest is less than 2 percent of the float. Over the past six months, the stock has underperformed rival TD Ameritrade (NYSE: <a class="ticker" href="/stock/amtd#NYSE">AMTD</a>) as well as the broader markets.

IberiaBank (NASDAQ: <a class="ticker" href="/stock/ibkc#NASDAQ">IBKC</a>): A pair of directors from this Lafayette, Louisiana-based lender have bought up more than 22,000 shares, worth over $951,000, so far this month. The regional bank has a market cap near $1.4 billion. The company's price-to-earnings P/E ratio is greater than the industry average and the dividend yield is about 2.9 percent. The share price has risen about 5 percent in the past two weeks, but that is still down about 6 percent year to date.

IMAX (NYSE: <a class="ticker" href="/stock/imax#NYSE">IMAX</a>): A 13(d)(3) group owner purchased more than 299,000 more shares in the past week for more than $6.2 million. This owner has purchased more than a million shares since July 9. This leading entertainment technology company has a market cap of about $1.4 billion. Its long-term EPS growth forecast is a healthy 21.3 percent. But the share price has dropped more than 14 percent in the past month, and the stock has underperformed the broader markets during that time.

See also: <a href="http://www.benzinga.com/news/12/07/2787591/warner-bros-the-dark-knight-rises-generates-strongest-ever-second-weekend-results">The Dark Knight Rises Generates Strongest-Ever Second-Weekend Results In IMAX Theatres</a>

Opko Health (NYSE: <a class="ticker" href="/stock/opk#NYSE">OPK</a>): The chairman, Dr. Frost, continues to periodically buy batches of shares, as he has done since last November. He acquired more than 200,000 shares in the past week, which was worth more than $862,000. This Miami-based health care company has a market cap of near $1.2 billion. Short interest is a hefty 23 percent of the float. Shares have fallen more than 7 percent in the past month and are now down more than 12 percent year-to-date. Over the past six months, the stock has underperformed competitors such as Allergan (NYSE: <a class="ticker" href="/stock/agn#NYSE">AGN</a>).

Ruby Tuesday (NYSE: <a class="ticker" href="/stock/rt#NYSE">RT</a>): So far in August, two directors have bought 497,000 shares, worth about $3.2 million, in this operator of casual dining restaurants. The company appointed two new board members last week. The market cap is around $430 million. Short interest is more than 7 percent of the float. The share price dropped in July following a disappoint earnings report, but it has risen almost 5 percent in the past week. The stock has underperformed competitor Red Robin Gourmet Burgers (NASDAQ: <a class="ticker" href="/stock/rrgb#NASDAQ">RRGB</a>) over the past six months.

See also: <a href="http://www.benzinga.com/intraday-update/12/07/2779198/ruby-tuesday-falls-after-poor-earnings-and-outlook">Ruby Tuesday Falls After Poor Earnings and Outlook</a>

Short Ideas

Insider Trades

AMTD

CAKE

ETFC

IBKC

IMAX

KNOW

RRGB

SCHW

E*Trade, Cheesecake Factory and Other Stocks Insiders are Buying

Perfumania Holdings Inc (NASDAQ: <a class="ticker" href="/stock/perf#NASDAQ">PERF</a>) dropped 22.54% to $15.26 at 10:10 am. Perfumania announced its plans to acquire Parlux Fragrances Inc (NASDAQ: <a class="ticker" href="/stock/parl#NASDAQ">PARL</a>) for $170 million.

Sears Holdings Inc (NASDAQ: <a class="ticker" href="/stock/shld#NASDAQ">SHLD</a>) fell 19.45% to $36.93. Sears announced its plans to close 100 to 120 Sears and Kmart stores. 

Optical Cable Corporation (NASDAQ: OCC) shares dropped 11.61% to $2.74. OCC's trailing-twelve-month ROE is 6.07%.

Green Bankshares Inc (NASDAQ: <a class="ticker" href="/stock/grnb#NASDAQ">GRNB</a>) shares moved down 8.33% to $1.32. GRNB's trailing-twelve-month profit margin is -237.07%.

Movers & Shakers

Intraday Update

PARL

PERF

SHLD

Morning Market Losers 

Below are the top small-cap regional-southeast banks stocks on the NYSE and the NASDAQ in terms of cash.

First Horizon National Corp (NYSE: <a class="ticker" href="/stock/fhn#NYSE">FHN</a>) had $2.64 billion in total cash and $5.74 billion in total debt for the latest quarter. 

Simmons First National Corp (NasdaqGS: <a class="ticker" href="/stock/sfnc#NasdaqGS">SFNC</a>) had $528.94 million in total cash and $221.27 million in total debt for the latest quarter.

BancorpSouth Inc (NYSE: <a class="ticker" href="/stock/bxs#NYSE">BXS</a>) had $500.13 million in total cash and $644.81 million in total debt for the latest quarter.

Green Bankshares Inc (NASDAQ: <a class="ticker" href="/stock/grnb#NASDAQ">GRNB</a>) had $344.27 million in total cash and $265.23 million in total debt for the latest quarter. 

<a href="http://www.benzinga.com/trading-ideas">Trading Ideas.</a>

SFNC

Top 4 Small-Cap Stocks In The Regional-Southeast Banks Industry With The Highest Cash

North American Financial Holdings and Green Bankshares (NASDAQ: <a class="ticker" href="/stock/grnb#NASDAQ">GRNB</a>) announced today the closing of the previously announced investment in the Company by NAFH of approximately $217 million through the purchase of the Company's common stock. In addition, the Company's shareholders as of the close of business on September 6, 2011, received contingent value rights that entitle such shareholders to receive up to $0.75 in cash per CVR at the end of a five-year period based on the credit performance of GreenBank's loan portfolio as of May 5, 2011. As a result of the consummation of the investment, NAFH owns approximately 90% of the Company's common stock.

"We are pleased to be completing this investment and to begin what we believe will be a great partnership with the GreenBank franchise," said Gene Taylor, NAFH Chairman and Chief Executive Officer. "We believe that GreenBank has a long history of providing value to its customers and we want to continue this tradition alongside our other operations in the Southeast."

Steve Rownd, former Chairman and Chief Executive Officer of GreenBank and now Tennessee Market President for Capital Bank, said, "We are excited to become a part of the NAFH family. The significant investment by NAFH will allow GreenBank to build on its tradition of service to our customers, while providing new opportunities for our team members."

In connection with the closing of NAFH's investment, GreenBank was merged with NAFH's banking subsidiary, Capital Bank, National Association. In addition, Mr. Taylor was appointed Chairman of the Board, President and Chief Executive Officer of the Company, Mr. Christopher G. Marshall was appointed Executive Vice President and Chief Financial Officer of the Company, Mr. R. Bruce Singletary was appointed Executive Vice President and Chief Risk Officer of the Company. In addition, Mr. Taylor, Mr. Marshall, Mr. Singletary, Mr. Peter N. Foss and Mr. William A. Hodges were appointed to the Board of Directors of the Company. Ms. Martha M. Bachman and Dr. Samuel E. Lynch will remain on the Board of Directors of the Company and have been appointed to the Board of Directors of Capital Bank. The other existing directors of the Company resigned their positions as directors effective upon the closing of NAFH's investment in the Company.

In connection with the closing of the investment, NAFH today completed the purchase of all 72,278 shares of preferred stock issued to the United States Department of the Treasury under the TARP Capital Purchase Program and the related warrant to purchase shares of the Company's common stock for total cash consideration of approximately $68.7 million.

Management

North American Financial Holdings Completes $217M Investment in Green Bankshares

The law firm of Brower Piven today announced that a class action has been commenced in the United States District Court for the Eastern District of Tennessee, on behalf of all persons who held shares of the common stock of Green Bankshares, Inc. (NASDAQ: <a class="ticker" href="/stock/grnb#NASDAQ">GRNB</a>) on June 16, 2011, against GRNB and members of its Board of Directors for violating Section 14 (a) of the Securities Exchange Act of 1934 and for breaching its fiduciary duties to GRNB shareholders in connection with a merger agreement with North American Financial Holdings, Inc. to acquire a 90.1 percent stake in GRNB for $217 million.

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