Invesco Global Clean Energy ETF

Invesco Global Clean Energy ETF (PBD) is an index fund that tracks the WilderHill New Energy Global Innovation Index. The index holds clean energy companies in developed and emerging markets, from the US and Taiwan to China and South Korea. The fund spreads its money thinly: as of July 31, 2026, no stock topped 1.5%, and the top 10 made up only 12.5%. Its fee is 0.75% a year, the highest of seven similar clean energy funds.

• Over the year to Oct 27, 2026, PBD returned -5.1%, 3rd of 7 among similar funds.
• Its 5-year annualized return was -10.4%.
• Its worst full calendar year was 2022 (-29.7%); its best was 2025 (+43.6%).
• The deepest fall in its price history was 75.4% (Jan 22, 2021 to Apr 8, 2025), not yet recovered.

As of Jul 31, 2026, the fund held 110 securities; the ten largest made up 12.48% of assets. It also reported 23.7% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors added a net $11.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +6.88%, -11.36%, -11.52%.

PBD aims to match the WilderHill New Energy Global Innovation Index, before fees. WilderHill New Energy Finance LLC builds and maintains the index. It picks companies whose technologies focus on cleaner energy, conservation, decarbonization and efficiency. That includes wind, solar, biofuels, hydro, geothermal, energy storage, pollution control, hydrogen and fuel cells. As of December 31, 2025, the index held 109 stocks. Their market values ranged from $157.1 million to $79.6 billion.

Invesco uses "full replication." This means the fund buys nearly every stock in the index, in the same proportions as the index. At least 90% of its assets must be in index stocks or depositary receipts (ADRs and GDRs). These are certificates that trade in place of foreign shares. The fund doesn't try to beat the index, so it keeps a lagging stock until the index drops it. Portfolio turnover, the share of holdings replaced in a year, was 49%.

As of July 31, 2026, the fund held 110 stocks. Voltronic Power Technology of Taiwan was the largest at 1.5%, followed by Itron, Lucid Group, NFI Group and Rivian Automotive. US companies made up 23.9% of the fund, Taiwan 13.7% and China 7.2%. Many holdings are small or mid-size companies. Because many stocks trade in foreign currencies, changes in exchange rates also affect returns. The fund does not use leverage, options or derivatives.

• PBD charges 0.75% a year, versus an average of 0.59% for the similar funds below (7th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).

PBD is a narrow, volatile theme fund that once lost about 75% of its value, so it fits as a small add-on rather than a foundation.

PBD adds global clean energy stocks, a theme that broad index funds hold little of. The ride has been rough. The fund's price history starts June 2, 2020, so it doesn't cover 2008 or the COVID crash. In the 2022 bear market it fell 34.1%. Its worst calendar year in the prospectus was 2022, at −29.5%. From January 22, 2021 to April 8, 2025 it dropped 75.4%, and it had not recovered as of October 27, 2026. Anyone forced to sell in a slump could lock in deep losses. The yield was 1.68% as of October 27, 2026, paid quarterly. The fund costs 0.75% a year, about $77 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).