What Is ICLN? iShares Global Clean Energy ETF

ICLN is the iShares Global Clean Energy ETF, launched in June 2008 by BlackRock's iShares unit. It tracks the S&P Global Clean Energy Index and holds roughly 100 companies across solar, wind, hydrogen, and clean utilities worldwide. It charges a 0.39% expense ratio.

As the largest and oldest clean-energy ETF, ICLN is widely treated as the benchmark for the theme. It offers diversified, global access to the energy transition rather than a bet on any single technology or company.

Approximate weights as of mid-2026; refresh quarterly from BlackRock (iShares)'s fund page. Each ticker links to its individual stock guide in Walnut.

ICLN's portfolio mixes equipment makers, project developers, and regulated utilities. Top holdings include Bloom Energy near 14%, First Solar around 8.6%, NextEra Energy near 7%, China Yangtze Power around 6.3%, and Enphase Energy near 4.5%.

The fund is genuinely global, with large weights in European names like Iberdrola, Vestas Wind Systems, and Orsted, plus Chinese hydropower. That geographic spread diversifies single-country policy risk but adds currency exposure to the mix.

ICLN's main advantage over funds like the hydrogen ETF HYDR or a solar-only ETF is breadth. By holding about 100 companies across multiple clean-energy sub-sectors, it avoids the boom-or-bust concentration of a single-technology bet.

The trade-off is that ICLN will not capture the full upside of a niche that runs hot, since any one theme is diluted. Investors who want targeted exposure sometimes pair ICLN as a core clean-energy holding with a smaller single-theme satellite.

ICLN soared during the 2020 to 2021 clean-energy boom, then fell hard as interest rates rose and policy support became less certain. Its performance is closely tied to rate cycles, government incentives, and the economics of solar and wind projects.

The long-term case rests on the global energy transition, electrification, and continued cost declines in renewables. That trend is durable but cyclical, so ICLN can trade in wide ranges and requires patience through multi-year swings.

Whether ICLN fits depends on your goals, risk tolerance, and time horizon, and Walnut is not an investment adviser. ICLN gives broad, liquid, global clean-energy exposure, but it is a cyclical single-sector fund, so it is usually held as a thematic satellite rather than a core position.

Investors who believe in the energy transition and can tolerate large swings may find ICLN a straightforward way to own the theme. Consider how much sector concentration and international exposure you are comfortable adding before you buy.

ICLN trades on the Nasdaq and can be purchased in any standard brokerage account, including Robinhood, Fidelity, Schwab, and Public. Many of these brokers offer fractional shares, so you can add ICLN in small dollar amounts.

You can also connect your existing broker to Walnut to track ICLN alongside your other holdings and target weights, and see how a clean-energy sleeve fits your overall plan before adding to it.

ICLN is the default core holding for broad, global clean-energy exposure at a reasonable 0.39%. It spreads risk across solar, wind, and utilities rather than betting on one niche. It remains cyclical and rate-sensitive, so most investors size it as a thematic satellite rather than a core position.

Whether ICLN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is ICLN a buy?

ICLN yields ~1.2% as of mid-2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see ICLN dividend: yield and schedule.