At a glance
PBW charges 0.63% a year, above the 0.51% average of the 5 funds most like it (the most expensive of 6). It has $420.0M in assets, the 2nd largest of that group; it paid 2.6% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −20.5% with distributions reinvested (S&P 500: +11.5%), 5th of those 6 funds; over three years it returned +3.3% a year. At its worst it fell 41.9% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 20.0% of the fund, out of 72 in all.
The short version
Invesco WilderHill Clean Energy ETF (PBW) is an index fund that owns all 72 stocks in the WilderHill Clean Energy Index, a list of US-listed companies expected to benefit from a shift to cleaner energy. Its largest holding was only about 2.4% of assets as of July 31, 2026, and many holdings are small companies. At 0.63% a year, it costs more than five similar funds, and it has fallen as much as 89% from its 2021 peak.
Price history
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PBW -20.5% 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 | |
|---|---|---|---|---|---|---|
| PBW official prospectus, to Dec 31, 2025 | — | +53.83% | — | -19.76% | +4.63% | — |
| PBW price data to Oct 27, 2026 | -14.1% | -20.5% | +3.3% | -18.9% | — | -3.1% |
- Over the year to Oct 27, 2026, PBW returned -20.5%, 5th of 6 among similar funds.
- Its 5-year annualized return was -18.9%.
- Its worst full calendar year was 2022 (-44.5%); its best was 2025 (+53.9%).
- The deepest fall in its price history was 89% (Feb 9, 2021 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.2% | — |
| 2025 | +53.9% | +53.83% |
| 2024 | -30.8% | -30.62% |
| 2023 | -20.0% | -20.07% |
| 2022 | -44.5% | -44.43% |
| 2021 | -29.8% | -29.82% |
| 2020 | — | +205.57% |
| 2019 | — | +61.85% |
| 2018 | — | -13.71% |
| 2017 | — | +39.79% |
| 2016 | — | -20.74% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.4% over that stretch · deepest drop along the way 41.9%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5500 | |
| 2025 | $0.2400 | -57.9% |
| 2024 | $0.5700 | -47.7% |
| 2023 | $1.0900 | -32.7% |
| 2022 | $1.6200 | +32.8% |
| 2021 | $1.2200 |
What's inside
As of Jul 31, 2026, the fund held 72 securities; the ten largest made up 19.97% of assets. It also reported 22.92% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| OPAL Fuels Inc. | 2.37% | |
| BETA Technologies, Inc. | 2.16% | |
| Itron, Inc. | 2.13% | |
| Gentherm Inc. | 2.07% | |
| Darling Ingredients Inc. | 2.04% | |
| Axia Energia S.A. | 1.91% | |
| Cadeler A/S | 1.88% | |
| Gevo, Inc. | 1.87% | |
| Canadian Solar Inc. | 1.77% | |
| Rivian Automotive, Inc. | 1.76% | |
| REX American Resources Corp. | 1.76% | |
| XPeng Inc. | 1.70% | |
| NIO Inc. | 1.69% | |
| Monolithic Power Systems, Inc. | 1.63% | |
| Ioneer Ltd. | 1.62% |
By country
United States 74.07%Canada 7.96%Cayman Islands 6.6%Brazil 1.91%Denmark 1.88%By asset type
Stocks 98.2%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $56.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +18.58%, -13.32%, -17.70%.
How it works
WilderShares, LLC builds and maintains the WilderHill Clean Energy Index. The index holds companies listed on a major US exchange that work on cleaner energy and conservation, or that matter to how clean energy develops. A company gets in when the index provider judges it will benefit substantially from a move toward cleaner energy. Foreign companies, including some from emerging markets, can qualify. As of June 30, 2026, the index had 72 stocks worth between $66.8 million and $1.6 trillion each.
Invesco uses "full replication." That means the fund buys every stock in the index, in the same proportions. It must keep at least 80% of its net assets in index stocks or close equivalents. It doesn't try to beat the index, so it keeps a lagging stock until the index drops it. As of July 31, 2026, the largest holdings were OPAL Fuels (2.4%), BETA Technologies (2.2%), Itron (2.1%), Gentherm (2.1%) and Darling Ingredients (2.0%). The top 10 made up about 20% of assets. About 74% was in US companies, 8% in Canadian ones, and 6.6% in Cayman Islands-registered firms such as XPeng and NIO.
The fund changes its holdings when the index rebalances. Portfolio turnover was 65%, and those trading costs come on top of the expense ratio. The fund uses no leverage, options or derivatives. As of April 30, 2026, it was heavily weighted toward the clean energy industry and the industrials sector.
What it really costs
- PBW charges 0.63% a year, versus an average of 0.51% for the similar funds below (6th of 6, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $64 in the first year and $786 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PBW | $64 | $202 | $351 | $786 |
In a retirement portfolio
PBW is a narrow, very volatile clean-energy fund, so it could at most be a small add-on to a broader core portfolio.
PBW adds focused exposure to clean-energy stocks, but the swings have been severe. Its worst calendar year was 2022, when it lost 44.4%. In the 2022 bear market, it fell 41.9% between January 3 and May 11. Measured from its February 9, 2021 peak, it dropped 89% by April 8, 2025, and it had not recovered as of October 27, 2026. The price history here starts in June 2020, so it does not show the 2008 crisis or the 2020 COVID crash. Anyone who had to sell shares during a slump like these would have locked in deep losses.
As of October 27, 2026, the fund's trailing 12-month yield was 2.6%, paid quarterly, which is small next to its price swings. In the SEC's standard $10,000 example, costs come to $64 after one year and $786 after ten. Past results don't predict future returns, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small clean-energy position spread across 72 stocks, where no stock was above about 2.4% of assets as of July 31, 2026.
- People who can stomach extreme swings, like the 205.57% gain in 2020 followed by four straight losing years from 2021 through 2024.
- Holders who want small-company and some foreign exposure, including US-listed shares of companies from Canada, Brazil, Denmark and Australia, in one index fund.
Look elsewhere if
- Cost-conscious investors: at 0.63% a year, PBW cost more than QCLN, CNRG, ACES, CTEX and FRNW, which charge 0.40% to 0.59%.
- Retirees who may need to sell in a downturn: the fund fell 89% from February 2021 to April 2025 and hadn't recovered by October 27, 2026.
- Investors who want steady income: the 2.6% trailing yield as of October 27, 2026 is small next to losses like the 44% drop in 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PBW this fund | — | 0.63% | $420.0M | -20.5% | +3.3% |
| QCLN First Trust NASDAQ Clean Edge Green Energy … | 29% | 0.59% | $836.7M | -2.0% | +9.8% |
| CNRG SPDR S&P Kensho Clean Power ETF | 29% | 0.45% | $249.7M | -18.9% | +11.7% |
| ACES ALPS Clean Energy ETF | 28% | 0.55% | $109.2M | -25.3% | -2.8% |
| CTEX ProShares S&P Kensho Cleantech ETF | 26% | 0.58% | $4.8M | -15.8% | +14.4% |
| FRNW Fidelity Clean Energy ETF | 20% | 0.4% | $153.8M | -3.2% | +14.9% |
Questions investors ask
Is PBW good for retirement?
PBW is a high-risk, single-theme fund, so it may fit only as a small slice of a retirement portfolio. It lost money in every calendar year from 2021 through 2024, including a 44.43% drop in 2022. From its February 2021 peak, it fell 89% by April 2025 and had not recovered as of October 27, 2026. Anyone who may need to sell shares or draw income in a bad year would have faced steep losses.
What's the difference between PBW and QCLN?
Both are clean-energy index funds, but they own fairly different stocks. Only about 29% of their holdings overlap. QCLN, from First Trust, tracks a NASDAQ Clean Edge index and charges 0.59% a year, compared with 0.63% for PBW. QCLN is also larger, with about $837 million in net assets as of June 30, 2026, against PBW's $420 million as of July 31, 2026. Over the year to October 27, 2026, QCLN returned -2% and PBW returned -20.5%.
Does PBW pay dividends?
Yes. PBW pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.67 per share, a trailing yield of 2.6%. Those payouts come from the dividends of the companies it holds, so the amount can change from quarter to quarter. For a fund that moves this much, the dividend is small next to the price swings. In 2022, for example, the fund lost 44.43%.
What is PBW's expense ratio?
PBW's expense ratio is 0.63% a year, according to the prospectus filed August 27, 2026. That includes a 0.50% management fee. It is the highest of the six similar clean-energy funds compared here, where the average is 0.51%. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs total $64 after one year, $351 after five years and $786 after ten years.
What is PBW's 10-year return?
As of December 31, 2025, PBW's average annual return was 4.63% over 10 years and -19.76% over five years, according to its prospectus. The one-year return to that date was 53.83%. Those averages hide huge swings: a 205.57% gain in 2020, then losses every year from 2021 through 2024. Based on prices as of October 27, 2026, the fund was down 14.1% year to date.