Updated: 14 October 2026. Holdings and industry weights are dated 12 October 2026; performance ends 30 September 2026. All returns and dollar examples are in US dollars.
ICLN offers global exposure to renewable-power producers and clean-energy equipment. QCLN combines clean-energy businesses with electric vehicles, semiconductors and related technologies listed in the US. They share a theme, but their portfolios can behave very differently.
ICLN vs QCLN: comparison at a glance
| Feature | ICLN | QCLN |
|---|---|---|
| Fund | iShares Global Clean Energy ETF | First Trust NASDAQ Clean Edge Green Energy Index Fund |
| Benchmark | S&P Global Clean Energy Transition Index (Net) | Nasdaq Clean Edge Green Energy Index |
| Investment approach | Index tracking | Index tracking |
| Investment universe | Global clean-energy companies | Eligible US-listed stocks and depositary receipts |
| Inception | 24 June 2008 | 8 February 2007 |
| Annual expense ratio | 0.38% | 0.59% |
| Holdings, excluding cash | 105 (12 Oct 2026) | 57 (13 Oct 2026) |
| Listing | Nasdaq | Nasdaq |
US-listed does not mean US-only business exposure: a company can trade in the US while operating internationally. ICLN’s global mandate also does not make it a broad global stock-market fund. Both concentrate on a particular investment theme.
What do the funds invest in?
Think of ICLN as a way to invest across the clean-electricity supply chain. QCLN reaches further into technologies that help generate, manage, store or use energy. Its index uses modified market-capitalisation weights, with quarterly rebalancing and semi-annual constituent reviews.
First Trust groups its eligible businesses into materials, energy management, renewable generation and fuels, and storage or conversion. These categories help explain why electric-vehicle manufacturers appear alongside solar and semiconductor companies. Source: QCLN factsheet.
Fees: how much does each ETF cost?
| Assumed investment | ICLN at 0.38% | QCLN at 0.59% | Annual difference |
|---|---|---|---|
| $10,000 | $38 | $59 | $21 |
| $50,000 | $190 | $295 | $105 |
| $100,000 | $380 | $590 | $210 |
Fund expenses are deducted within the ETF; these amounts are not a separate annual bill. Brokerage, bid–ask spreads, currency conversion and personal taxes are additional considerations. First Trust states that QCLN’s expenses are contractually capped at 0.60% through at least 30 April 2027; its currently reported ratio is 0.59%.
Top 10 holdings
| Rank | ICLN holding | Weight | QCLN holding | Weight |
|---|---|---|---|---|
| 1 | Bloom Energy | 9.14% | Bloom Energy | 10.54% |
| 2 | China Yangtze Power | 8.25% | Monolithic Power Systems | 8.63% |
| 3 | First Solar | 7.10% | Tesla | 8.52% |
| 4 | Nextpower | 6.85% | ON Semiconductor | 8.51% |
| 5 | Equatorial | 4.59% | Rivian Automotive | 6.32% |
| 6 | Enphase Energy | 3.98% | Nextpower | 4.29% |
| 7 | Vestas Wind Systems | 3.95% | Advanced Energy Industries | 3.93% |
| 8 | EDP | 2.95% | First Solar | 3.69% |
| 9 | Chubu Electric Power | 2.53% | Enlight Renewable Energy | 3.35% |
| 10 | Plug Power | 2.17% | Vicor | 3.11% |
| Top 10 total | 51.51% | Top 10 total | 60.89% |
QCLN’s ten largest positions account for a greater share of its portfolio in this snapshot. A fund with more holdings can still be concentrated if a few companies carry substantial weights.
Bloom Energy, First Solar and Nextpower appear in both top-ten lists. Owning both ETFs therefore increases exposure to some of the same businesses. These examples do not measure total portfolio overlap; that would require comparing both complete holdings lists and their weights.
Industry exposure
| ICLN industry | Weight | QCLN industry | Weight |
|---|---|---|---|
| Renewable electricity | 26.85% | Semiconductors | 25.66% |
| Heavy electrical equipment | 19.63% | Automobiles | 15.43% |
| Electric utilities | 15.33% | Renewable energy equipment | 14.83% |
| Semiconductors | 14.44% | Alternative electricity | 11.25% |
| Electrical components & equipment | 13.71% | Specialty machinery | 10.55% |
| Semiconductor equipment | 7.13% | Electrical components | 6.15% |
The holdings and industry mix explain more than the clean-energy label alone. QCLN’s vehicle exposure adds sensitivity to consumer demand and competition, while electricity producers face their own financing, regulation and project-execution risks.
Performance: matching periods
| Period ending 30 Sep 2026 | ICLN | QCLN |
|---|---|---|
| 2026 year to date | 4.12% | 8.41% |
| 1 year | 11.33% | 15.26% |
| 3 years, annualised | 6.79% | 4.71% |
| 5 years, annualised | −3.39% | −4.63% |
| 10 years, annualised | 8.26% | 12.93% |
QCLN led over ten years, while ICLN led over three years and lost less over five years. The ranking changes with the measurement period. Neither result establishes which fund will deliver better future returns.
What would $10,000 have grown to?
| Investment period ending 30 Sep 2026 | ICLN | QCLN |
|---|---|---|
| 3 years | $12,178 | $11,481 |
| 5 years | $8,416 | $7,890 |
| 10 years | $22,115 | $33,736 |
An annualised return is a compounded average, not a return earned steadily each year. Both five-year examples finish below the initial $10,000, showing why even a long holding period does not guarantee a gain in a thematic ETF.
Calendar-year returns
| Year | ICLN | QCLN |
|---|---|---|
| 2021 | −23.80% | −3.11% |
| 2022 | −5.29% | −30.37% |
| 2023 | −20.33% | −9.98% |
| 2024 | −25.78% | −18.82% |
| 2025 | 46.59% | 31.66% |
Both funds recorded losses in each of 2021–2024 before rebounding in 2025. A strong recovery year can still leave investors below an earlier purchase price: after a 50% loss, a 100% gain is needed to break even.
Which ETF fits your investment idea?
| Your priority | Closer fit | Reason |
|---|---|---|
| Global renewable-power and equipment exposure | ICLN | Broader international investment universe |
| Clean-energy technology with electric vehicles | QCLN | Includes vehicle makers and enabling technologies |
| Lower ongoing fund cost | ICLN | Lower current expense ratio |
| A diversified foundation for a portfolio | Neither on its own | Both focus on the same narrow theme |
| A guaranteed winner based on historical returns | Neither | Leadership varies by period |
Clean-energy adoption and investor returns are different things. Growing demand can coincide with falling selling prices, high borrowing costs, dilution or weak profits. Policy changes, subsidies, tariffs and technological competition can affect both portfolios.
For a Singapore-based investor, these USD results also differ from returns measured in SGD. Exchange-rate movements and conversion costs affect the outcome. Decide how much thematic risk you want before choosing the ticker.
ICLN is the closer match for global renewable-energy exposure at a lower fee. QCLN is the closer match for a wider clean-technology mix that includes electric vehicles. Choose based on the businesses you want to own and the losses you can tolerate, rather than the strongest past return.
This comparison is for general education. Past performance does not guarantee future results.
