What Is ICLN? iShares Global Clean Energy ETF

ICLN is the iShares Global Clean Energy ETF, launched by BlackRock in June 2008. It tracks the S&P Global Clean Energy Index and holds companies involved in solar, wind, hydrogen, and clean-power generation worldwide, making it the largest and most-traded clean-energy ETF on the market.

A concentrated global portfolio of clean-energy names. Top holdings have included Bloom Energy, First Solar, Enphase Energy, Vestas Wind Systems, Plug Power, SolarEdge, and utilities like China Yangtze Power. See the table above for current weights. The fund holds roughly 100 stocks but the largest handful drive most of its movement.

0.39% per year, or $39 annually on a $10,000 position. That is higher than a broad index fund but typical for a specialized thematic ETF that holds international and small-cap holdings requiring more active index management.

Clean-energy stocks are highly sensitive to interest rates (higher rates raise financing costs for capital-intensive solar and wind projects), to government subsidies and tax credits, and to the solar industry's boom-bust cycle. ICLN surged in 2020 and 2021, then fell sharply as rates rose, illustrating how policy- and rate-driven the theme is.

Yes, with a trailing yield around 0.90% as of mid-2026, paid semi-annually. The yield comes largely from the utility and established-manufacturer holdings; many of the growth-stage solar and hydrogen names pay little or nothing.

ICLN is a concentrated, policy-sensitive thematic fund, not a diversified core, and it has been through severe drawdowns. It offers focused exposure to the energy transition for investors who believe in that long-term shift and can tolerate volatility. Walnut is not an investment adviser; ICLN is generally sized as a small satellite rather than a foundation holding.

ICLN is a broad global clean-energy fund spanning solar, wind, hydrogen, and clean utilities. TAN (Invesco Solar) is a narrower, solar-only fund. ICLN is more diversified across clean-energy subsectors and geographies; TAN is a purer, more concentrated bet on the solar supply chain specifically.

ICLN trades like any stock during US market hours through brokers such as Robinhood, Fidelity, Schwab, Public, and Vanguard, with fractional shares available at most. If you hold clean-energy exposure alongside other themes, you can connect your broker to Walnut and see how ICLN overlaps with what you already own.

Global. ICLN holds companies across developed and emerging markets, including large positions in European wind (Vestas), Chinese hydropower, Brazilian utilities, and Indian wind, alongside US solar names. That international spread differentiates it from US-only clean-energy funds and adds currency and country risk.

Approximately $2.91 billion as of mid-2026. It remains the largest clean-energy ETF by assets, though it is well below its 2021 peak after the sector's multi-year drawdown pulled both prices and inflows lower.

Poorly when rates rise. Clean-energy projects are capital-intensive and financed with debt, so higher interest rates increase project costs and compress valuations of growth-stage renewable companies. ICLN's steep 2022 to 2023 decline coincided with the rate-hiking cycle, and the fund tends to rally when rate-cut expectations build.

The S&P Global Clean Energy Index, which selects and weights companies worldwide whose business is clean-energy production and the technology and equipment that enable it. The index was broadened in 2021 to include more constituents after concerns that its earlier, narrower version was too concentrated and illiquid.

Yes. Alongside solar and wind manufacturers, ICLN holds clean-power utilities and independent producers such as China Yangtze Power and Equatorial. These utility holdings are generally less volatile than the equipment makers and provide most of the fund's modest dividend income.

Yes, more than a broad-market fund. Concentration in a handful of clean-energy names, high sensitivity to rates and subsidies, international and currency exposure, and a history of large drawdowns make ICLN a higher-risk thematic position. It suits investors with conviction in the energy transition who can accept sharp swings.

Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. ICLN's figures are above; the full method is in Walnut's guide on how to compare ETFs.