At a glance
ICLN charges 0.38% a year, below the 0.57% average of the 8 funds most like it (the cheapest of 9). It has $2.31B in assets, the largest of that group; it paid 1.2% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −4.3% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +8.8% a year. At its worst it fell 41.5% in the 2020 crash (S&P 500: 33.7%) and 25.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 43 months after the lows. Its ten largest positions make up 49.2% of the fund, out of 123 in all.
The short version
iShares Global Clean Energy ETF (ICLN) is a BlackRock index fund that tracks the S&P Global Clean Energy Transition Index. The index holds about 100 clean energy companies and renewable utilities from the US, China, Brazil and other markets. Its yearly expense ratio of 0.38% was the lowest of nine similar funds compared, where the average was 0.57%, and it was also the largest. Its price swings are big: it fell 87.1% from June 2008 to July 2012.
Price history
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ICLN -4.3% 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 | |
|---|---|---|---|---|---|---|
| ICLN official prospectus, to Dec 31, 2025 | — | +46.59% | — | -8.95% | +7.23% | — |
| S And P Global Broad Market Index Net index, same period | — | +21.96% | — | +10.50% | +11.28% | — |
| S And P Global Clean Energy Transition Index Net index, same period | — | +46.81% | — | -8.79% | +7.13% | — |
| ICLN price data to Oct 27, 2026 | -3.2% | -4.3% | +8.8% | -7.1% | +7.7% | -4.4% |
- Over the year to Oct 27, 2026, ICLN returned -4.3%, 5th of 9 among similar funds.
- Its 5-year annualized return was -7.1% and its 10-year +7.7%.
- In the 2020 COVID crash it fell 41.5% and regained its old high 3.8 months after the low.
- Its worst full calendar year was 2011 (-44.0%); its best was 2020 (+141.7%).
- The deepest fall in its price history was 87.1% (Jun 25, 2008 to Jul 25, 2012), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.2% | — |
| 2025 | +47.1% | +46.59% |
| 2024 | -25.7% | -25.78% |
| 2023 | -20.4% | -20.33% |
| 2022 | -5.4% | -5.29% |
| 2021 | -24.2% | -23.80% |
| 2020 | +141.7% | +141.31% |
| 2019 | +44.4% | +43.81% |
| 2018 | -9.0% | -8.62% |
| 2017 | +21.4% | +20.48% |
| 2016 | -16.9% | -15.95% |
| 2015 | +3.9% | — |
| 2014 | -4.7% | — |
| 2013 | +49.1% | — |
| 2012 | -12.8% | — |
| 2011 | -44.0% | — |
| 2010 | -27.5% | — |
| 2009 | +5.4% | — |
| 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 | Lost 41.1% over that stretch · deepest drop along the way 41.5%, back to its old high 3.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.5% over that stretch · deepest drop along the way 25%, back to its old high 43.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0600 | |
| 2025 | $0.2700 | +28.6% |
| 2024 | $0.2100 | -12.5% |
| 2023 | $0.2400 | +33.3% |
| 2022 | $0.1800 | -25.0% |
| 2021 | $0.2400 | +166.7% |
| 2020 | $0.0900 | -43.8% |
| 2019 | $0.1600 | -30.4% |
| 2018 | $0.2300 | 0.0% |
| 2017 | $0.2300 | -25.8% |
| 2016 | $0.3100 | +29.2% |
| 2015 | $0.2400 | -14.3% |
| 2014 | $0.2800 | +27.3% |
| 2013 | $0.2200 | -21.4% |
| 2012 | $0.2800 | -30.0% |
| 2011 | $0.4000 | +33.3% |
| 2010 | $0.3000 | +3.4% |
| 2009 | $0.2900 |
What's inside
As of Jul 31, 2026, the fund held 123 securities; the ten largest made up 49.24% of assets. It also reported 8.79% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| FIRST SOLAR, INC. | 8.06% | |
| China Yangtze Power Co., Ltd. | 7.83% | |
| NEXTPOWER INC. | 7.01% | |
| BLOOM ENERGY CORPORATION | 6.93% | |
| ENPHASE ENERGY, INC. | 4.59% | |
| VESTAS WIND SYSTEMS A/S | 3.63% | |
| EQUATORIAL S.A. | 3.30% | |
| EDP, S.A. | 2.70% | |
| PLUG POWER INC. | 2.67% | |
| Chubu Electric Power Company, Incorporated | 2.52% | |
| SOLAREDGE TECHNOLOGIES, INC. | 2.33% | |
| ENLIGHT RENEWABLE ENERGY LTD | 2.20% | |
| SUZLON ENERGY LIMITED | 2.03% | |
| CLEARWAY ENERGY, INC. | 1.92% | |
| Oersted A/S | 1.63% |
By country
United States 37.7%China 21.99%Brazil 6.69%India 5.42%Denmark 5.26%By asset type
Stocks 97.25%Other 2.18%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $257.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.68%, -12.42%, -14.22%.
How it works
The fund tracks the S&P Global Clean Energy Transition Index, run by S&P Dow Jones Indices. Stocks come from developed and emerging markets. A company can qualify in three ways: it earns at least 25% of its revenue from clean energy businesses, it is a utility that makes at least 20% of its power from renewable sources, or it is classed as a renewable utility. Stocks must also meet size and trading minimums, such as $300 million in total market value. The index removes companies tied to controversial weapons, tobacco or thermal coal. It also removes companies that break United Nations Global Compact principles or that produce a lot of carbon for each dollar of revenue.
Each company gets a clean energy "exposure score" based on its main business. The index aims for about 100 stocks and had 103 as of April 30, 2026. A stock's weight is its float-adjusted market value (the value of shares available to trade) multiplied by its exposure score, with caps. All stocks weighing more than 4.5% each cannot add up to more than 40% of the index.
BlackRock Fund Advisors uses "representative sampling." That means the fund may not hold every stock in the index, but it aims for a similar overall profile. The fund can also use derivatives and hold cash. The prospectus reports portfolio turnover of 68%.
What it really costs
- ICLN charges 0.38% a year, versus an average of 0.57% for the similar funds below (1st of 9, cheapest first).
- Of that, 0.37% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ICLN | $39 | $122 | $213 | $480 |
In a retirement portfolio
ICLN is a narrow, volatile bet on one theme, with deep losses that have sometimes taken years to recover, so it fits better as a small side holding than as a core one.
ICLN can add focused exposure to clean energy, but its swings are big. In the 2020 COVID crash it fell 41.5% and then recovered in 3.8 months. In the 2022 bear market it dropped 25% and took 43.4 months to recover, until May 26, 2026. Its worst calendar year was 2011, a 44% loss. Its deepest drop was 87.1%, from June 2008 to July 2012, and it had not regained that peak as of October 27, 2026. Anyone who must sell shares during a slump could lock in heavy losses.
Income is modest. The trailing yield was 1.2% as of October 27, 2026, paid twice a year. Costs are low for this theme at 0.38% a year. In the SEC's standard example, that comes to about $480 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want low-cost clean energy exposure. At 0.38% a year, it was the cheapest of nine similar funds compared, where the average was 0.57%.
- People who want clean energy stocks from around the world. As of July 31, 2026, about 38% was in US stocks and 22% in Chinese stocks.
- Long-term holders who can keep a small position through steep losses, such as 23.8% in 2021 and 25.78% in 2024.
Look elsewhere if
- Retirees who may need to sell in a downturn. The fund fell 87.1% from 2008 to 2012 and had not regained that peak by October 27, 2026.
- Income seekers. The trailing yield was 1.2% as of October 27, 2026, paid only twice a year.
- Investors who want broad diversification. The top 10 holdings made up about 49% of assets as of July 31, 2026, all within one theme.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ICLN this fund | — | 0.38% | $2.31B | -4.3% | +8.8% |
| VCLN Virtus Duff & Phelps Clean Energy ETF | 53% | 0.59% | $5.5M | +1.8% | +19.9% |
| FRNW Fidelity Clean Energy ETF | 43% | 0.4% | $153.8M | -3.2% | +14.9% |
| CTEC Global X CleanTech ETF | 37% | 0.5% | $25.2M | -10.0% | +6.1% |
| TAN Invesco Solar ETF | 34% | 0.71% | $1.05B | -14.1% | +1.1% |
| SMOG VanEck Low Carbon Energy ETF | 24% | 0.61% | $143.7M | -1.1% | +13.4% |
| QCLN First Trust NASDAQ Clean Edge Green Energy … | 24% | 0.59% | $836.7M | -2.0% | +9.8% |
| CTEX ProShares S&P Kensho Cleantech ETF | 24% | 0.58% | $4.8M | -15.8% | +14.4% |
Questions investors ask
Is ICLN good for retirement?
ICLN is more likely to fit as a small, higher-risk part of a retirement portfolio than as a core holding. As of December 31, 2025, its 10-year average annual return was 7.23%, compared with 11.28% for the broad S&P Global Broad Market Index. Its five-year figure was −8.95% a year. Its one-year beta of 1.65 means it has tended to move about 1.65 times as much as the broader market, both up and down.
What's the difference between ICLN and VCLN?
About 53% of the holdings in ICLN and VCLN (Virtus Duff & Phelps Clean Energy ETF) overlap, but ICLN costs less and is much larger. ICLN charges 0.38% a year, while VCLN charges 0.59%. As of July 31, 2026, ICLN held about $2.3 billion and VCLN about $5.5 million. VCLN had stronger returns as of October 27, 2026: 1.8% over one year and 19.9% a year over three years. ICLN's figures were −4.3% and 8.8%.
Does ICLN pay dividends?
Yes, ICLN pays dividends twice a year, but the income is small. As of October 27, 2026, it paid about $0.19 per share over the previous 12 months, for a trailing yield of 1.2%. Many of its holdings are growth-focused clean energy companies, so most of the fund's return, or loss, has come from price changes rather than income.
What are ICLN's top holdings?
As of July 31, 2026, ICLN's largest holdings were First Solar (8.1%), China Yangtze Power (7.8%), Nextpower (7.0%), Bloom Energy (6.9%) and Enphase Energy (4.6%). The top 10 made up about 49% of the fund. The fund held 123 issuers. By country, the US accounted for 37.7%, China 22.0%, Brazil 6.7%, India 5.4% and Denmark 5.3%.
Why did ICLN go down so much?
ICLN has gone through long, deep slumps. After gaining 141.31% in 2020, it lost money four years in a row: 23.8% in 2021, 5.29% in 2022, 20.33% in 2023 and 25.78% in 2024. It then rebounded 46.59% in 2025. The prospectus warns that clean energy companies may depend heavily on government subsidies and new technologies. It also says energy prices and political events can move these stocks sharply. As of October 27, 2026, the fund was down 20.9% over six months.