At a glance
CTEX charges 0.58% a year, above the 0.53% average of the 8 funds most like it (the 6th cheapest of 9). It has $4.8M in assets, the 9th largest of that group; it paid 2.37% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −15.8% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +14.4% a year. At its worst it fell 35.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months after the low. Its ten largest positions make up 42.4% of the fund, out of 30 in all.
The short version
ProShares S&P Kensho Cleantech ETF (CTEX) tracks the S&P Kensho Cleantech Index, offering a targeted bet on 30 U.S.-listed companies whose products help generate solar, wind, hydrogen, geothermal and other clean energy. It is far smaller than eight similar clean-energy funds, with $4.75 million in net assets as of August 31, 2026, and its 0.58% expense ratio tops their 0.53% average. Its swings are sharp: it lost about 70% from November 2021 to April 2025.
Price history
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CTEX -15.8% 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 | |
|---|---|---|---|---|---|---|
| CTEX official prospectus, to Dec 31, 2025 | — | +68.00% | — | — | — | -2.25% |
| CTEX price data to Oct 27, 2026 | -14.7% | -15.8% | +14.4% | -7.8% | — | -5.5% |
- Over the year to Oct 27, 2026, CTEX returned -15.8%, 6th of 9 among similar funds.
- Its 5-year annualized return was -7.8%.
- Its worst full calendar year was 2022 (-20.4%); its best was 2025 (+67.8%).
- The deepest fall in its price history was 70.3% (Nov 1, 2021 to Apr 8, 2025), recovered by Jun 2, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.7% | — |
| 2025 | +67.8% | — |
| 2024 | -20.4% | +68.00% |
| 2023 | -10.3% | -20.31% |
| 2022 | -20.4% | -10.32% |
| 2021 | — | -20.38% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.9% over that stretch · deepest drop along the way 35.3%, back to its old high 3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0500 | |
| 2025 | $0.7700 | +541.7% |
| 2024 | $0.1200 | +300.0% |
| 2023 | $0.0300 |
What's inside
As of Aug 31, 2026, the fund held 30 securities; the ten largest made up 42.42% of assets. It also reported 11.9% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Arcosa, Inc. | 5.92% | |
| FuelCell Energy, Inc. | 4.74% | |
| ReNew Energy Global plc | 4.45% | |
| First Solar, Inc. | 4.34% | |
| GE Vernova, Inc. | 4.22% | |
| Hyster-Yale, Inc. | 3.83% | |
| Bloom Energy Corp. | 3.76% | |
| Ormat Technologies, Inc. | 3.73% | |
| Enphase Energy, Inc. | 3.72% | |
| Canadian Solar, Inc. | 3.72% | |
| Generac Holdings, Inc. | 3.62% | |
| Daqo New Energy Corp. | 3.61% | |
| Shoals Technologies Group, Inc. | 3.56% | |
| Energy Vault Holdings, Inc. | 3.36% | |
| Valmont Industries, Inc. | 3.34% |
By country
United States 79.46%Canada 6.36%Cayman Islands 6.31%United Kingdom 4.45%Luxembourg 3.22%By asset type
Stocks 99.8%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -10.06%, -23.93%, -5.81%.
How it works
CTEX aims to match, before fees and expenses, the performance of the S&P Kensho Cleantech Index, which S&P Dow Jones Indices builds and maintains. The index targets U.S.-listed companies making technology for solar, wind, geothermal, hydrogen and hydroelectric power. An automated scan of company filings with securities regulators flags firms that describe themselves in clean energy terms, and the index provider then checks the scan's work.
The index labels a company "core" if a significant part of its business is clean energy technology and "non-core" otherwise. Companies start equally weighted within each group, then core companies get a bigger weight. The index resets members and weights every May and adjusts weights again in November. As of August 31, 2026, the fund held 30 stocks, and the top 10 made up about 42% of assets.
ProShare Advisors generally uses replication, owning every index stock in roughly its index weight. It may hold a representative sample when owning every stock is impractical or a stock becomes hard to trade. Under normal conditions, at least 80% of assets go into index stocks or similar instruments. The fund uses no leverage. It is non-diversified, meaning it can concentrate money in a few companies, and the prospectus warns that some members may earn much of their revenue or profit outside cleantech.
What it really costs
- CTEX charges 0.58% a year, versus an average of 0.53% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CTEX | $59 | $186 | $324 | $726 |
In a retirement portfolio
Its narrow focus on 30 clean-energy stocks and a past 70% drop make it a candidate only for a small side position beside broader core funds.
CTEX could add a focused clean-energy stake, but its swings are hard on anyone who may need cash in a bad year. Launched in September 2021, it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 35% between January and May, then regained that level by August 2022. Its deepest drop, 70% from November 2021 to April 2025, took nearly 14 months from the low to recover, by June 2026. Its worst calendar year was 2022, down about 20%. Withdrawals during such slumps lock in losses.
Income is modest: the yield over the 12 months to October 27, 2026, was 2.37%, paid twice a year. Its 0.58% yearly expense ratio means $59 in costs in year one on $10,000, under the SEC's standard example. Past results don't predict the future, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a fairly evenly weighted stake in 30 clean-energy stocks, led by Arcosa, FuelCell Energy, ReNew Energy Global and First Solar.
- Those who like a rules-based index that scans company filings for clean-energy terms and gives extra weight to "core" cleantech companies.
- People who want a small, high-risk side holding and can sit through drops like its 70% fall from November 2021 to April 2025.
Look elsewhere if
- Cost-conscious investors: its 0.58% expense ratio tops the 0.53% peer average, and SPDR's CNRG, with 74% holdings overlap, charges 0.45%.
- Investors wary of tiny funds, which face a higher risk of closing: CTEX held $4.75 million in net assets as of August 31, 2026.
- People who need steady value or dependable income: CTEX had three straight losing calendar years before a 68% gain in 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CTEX this fund | — | 0.58% | $4.8M | -15.8% | +14.4% |
| CNRG SPDR S&P Kensho Clean Power ETF | 74% | 0.45% | $249.7M | -18.9% | +11.7% |
| ACES ALPS Clean Energy ETF | 34% | 0.55% | $109.2M | -25.3% | -2.8% |
| FRNW Fidelity Clean Energy ETF | 31% | 0.4% | $153.8M | -3.2% | +14.9% |
| TAN Invesco Solar ETF | 29% | 0.71% | $1.05B | -14.1% | +1.1% |
| QCLN First Trust NASDAQ Clean Edge Green Energy … | 26% | 0.59% | $836.7M | -2.0% | +9.8% |
| CTEC Global X CleanTech ETF | 26% | 0.5% | $25.2M | -10.0% | +6.1% |
| PBW Invesco WilderHill Clean Energy ETF | 26% | 0.65% | $420.0M | -20.5% | +3.3% |
Questions investors ask
Is CTEX a good long-term investment?
Its long-term record has been weak and uneven. From its September 2021 launch through December 31, 2025, the fund lost 2.25% a year on average, according to its prospectus, even including a 68% gain in 2025. As of October 27, 2026, it returned 14.4% a year over three years, second among nine similar funds, but lost 7.8% a year over five years and 15.8% over one year.
What's the difference between CTEX and CNRG?
The main differences are cost and size. CNRG, the SPDR S&P Kensho Clean Power ETF, shares 74% of CTEX's holdings but charges 0.45% a year versus 0.58%, and it had about $250 million in net assets as of June 30, 2026, against CTEX's $4.75 million as of August 31, 2026. Performance has been close: as of October 27, 2026, CTEX returned 14.4% a year over three years versus 11.7%, and lost 15.8% over one year versus 18.9%.
Does CTEX pay dividends?
Yes. CTEX pays dividends twice a year. Over the 12 months to October 27, 2026, it paid $0.71 per share, a yield of 2.37%. Payments can vary from one period to the next. Income isn't the fund's aim, though: it seeks to track the S&P Kensho Cleantech Index, and price moves have dwarfed its payouts. Over the same 12 months, the fund lost 15.8%.
What stocks does CTEX hold?
CTEX held 30 stocks as of August 31, 2026, led by Arcosa (5.9%), FuelCell Energy (4.7%), ReNew Energy Global (4.5%), First Solar (4.3%) and GE Vernova (4.2%). Hyster-Yale, Bloom Energy, Ormat Technologies, Enphase Energy and Canadian Solar rounded out the top 10, which made up about 42% of assets. About 79% of assets sat in U.S.-based companies, with the rest in firms based in Canada, the Cayman Islands, the UK and Luxembourg.
How risky is CTEX ETF?
CTEX is a high-risk fund. Its volatility, a measure of how widely returns swing, was 45.5% over the year to October 27, 2026, and its one-year beta of 2.45 means it has tended to move far more than the broad stock market. It fell about 70% from November 2021 to April 2025, and its worst quarter, ending September 30, 2023, lost 25.63%. Because it is non-diversified and holds 30 stocks in one theme, a few companies can move it sharply.