ACES vs ICLN: Grades, Fees and Holdings Compared

ALPS Clean Energy ETF

ACESCNYSE Arca

iShares Global Clean Energy ETF

ICLNANasdaq

Overlap

22.6%by weight

Expense ratio

ICLN −0.17pt a year

ACES0.55%ICLN0.38%

Avg volume · 30D

ICLN 120.5×the volume

ACES51.9KICLN6.25M

5Y return · a year

ICLN +11.3pt

ACES−19.1%ICLN−7.8%

ACES vs ICLN Performance

Nov 2, 2021 – Nov 2, 2026

−65.3%ACES−33.5%ICLN

Expense ratio: ACES 0.55%; ICLN 0.38%, better
Fund size: ACES $87M; ICLN $1.94B
1Y total return: ACES −23.6%; ICLN −8.1%, better
Yield (12M): ACES 0.70%; ICLN 1.17%, better
Holdings: ACES 38; ICLN 124
Avg volume (30D): ACES 51.9K sh; ICLN 6.25M sh, better
NAV per share: ACES $25.98; ICLN $15.35
52W range

ETF.net Grade

Pillar letters and Scores for ACES, ICLN, with each pillar’s weight
Pillar	ACES	ICLN
Cost30% weight	B60	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D28	C48Higher
Tradability15% weight	B60	A84Higher
Holdings10% weight	B59	B59
Durability5% weight	C49	A92Higher

Rank among Clean Energy funds

How we build Categories ›

Same Category. ACES and ICLN are both graded against the same 16 Clean Energy funds, so their Grades compare head to head.

Clean Energy⁠

Category · 16 funds

See all 16 ›

ICLN ranks 1st and ACES 7th of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 80
Rank 2AFRNWFidelity Clean Energy ETFScore 77
Rank 6BQCLNFirst Trust NASDAQ Clean Edge Green Energy Index FundScore 55
Rank 7CACESALPS Clean Energy ETFScore 52
Rank 8CPBWInvesco WilderHill Clean Energy ETFScore 49

Our read on each fund

ETF.net Research

ACESCALPS Clean Energy ETF

ICLNAiShares Global Clean Energy ETF

In short

ACES Most clean energy funds cast a global net. This one stays on the continent: a passive, roughly 40-stock index of U.S. and Canadian renewables and clean tech, running since 2018.

ICLN The big, global way to own the energy transition: since 2008, ICLN has tracked roughly 100 clean-power companies across developed and emerging markets, charging 0.38% a year, below the typical clean-energy fee.

Stated mandate

ACES ACES seeks to track the CIBC Atlas Clean Energy Index before fees and expenses. It uses passive indexing to provide exposure to U.S. and Canadian companies involved in renewables and clean technology.

ICLN The fund seeks to track an index representing global equities in the clean energy sector.

Why people hold it

ACES North America only. The index holds U.S. and Canadian renewables and clean-tech names, so no Europe or Asia exposure sneaks in through the back door.alpsfunds.com
Fee sits below the median for clean energy ETFs at 0.55%, and undercuts narrower plays like FAN (0.61%).
Straightforward plumbing: a passive fund tracking the CIBC Atlas Clean Energy Index, live since 2018, with quarterly distributions.

ICLN At 0.38% with no waiver propping it up, it undercuts FRNW (0.39%) and CNRG (0.45%) and sits below the category median fee.
Global by design: the S&P index draws from developed and emerging markets, so you get Europe's wind and grid names, not just US solar.blackrock.com
Liquidity is built into the rules. Index entrants need $300M market cap and $3M median daily trading, and the fund itself trades very actively.blackrock.com
A multi-billion-dollar iShares fund running since 2008, and one of the strongest implementations in its peer group.

Worth knowing

ACES Roughly 40 stocks in one policy-sensitive theme. Concentration cuts both ways, and this has been one of the more volatile profiles in its clean energy peer group.
Cheaper doors into the theme exist: ICLN and FRNW both charge 0.39%, though both track global rather than North America indexes.
Moderately traded rather than a category heavyweight, so bid-ask spreads matter more here than in the most-traded clean energy funds.

ICLN One theme, about 100 stocks. Renewable developers and utilities are capital-intensive, so interest-rate moves land hard here.spglobal.com
Emerging-market listings come with the global reach, adding currency and local-market risk.blackrock.com
Weights blend float market cap with a clean-energy exposure score, so some holdings are partial players, not pure plays.spglobal.com blackrock.com

Full ACES profile⁠

Full ICLN profile⁠

ACES vs ICLN Holdings

How ACES and ICLN differ

Overlap by weight

22.6%

Shared holdings make up 36.0% of ACES and 28.9% of ICLN.

Level by level

Sector19 Sectors0.0%
Holdings12 in both22.6%
Countryby domicile38.2%
Asset classEquity100%

Sector

Sector weights in ACES and ICLN, widest gap first
Sector	More in ACESMore in ICLN	ACES	ICLN
Renewable Electricity	ICLN +27.6 points	0.0%	27.6%
Utilities	ACES +26.4 points	26.4%	0.0%
Energy	ACES +21.2 points	21.2%	0.0%
Electric Utilities	ICLN +21.0 points	0.0%	21.0%
Heavy Electrical Equipment	ICLN +15.6 points	0.0%	15.6%
Semiconductors	ICLN +14.5 points	0.0%	14.5%
Electrical Components & Equipment	ICLN +14.1 points	0.0%	14.1%
Industrials	ACES +13.5 points	13.5%	0.0%
Consumer Discretionary	ACES +11.5 points	11.5%	0.0%
Consumer Staples	ACES +8.6 points	8.6%	0.0%
Materials	ACES +8.1 points	8.1%	0.0%
Technology	ACES +5.4 points	5.4%	0.0%
Financials	ACES +5.4 points	5.4%	0.0%
Semiconductor Equipment	ICLN +4.6 points	0.0%	4.6%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.6 points	0.0%	1.6%
Steel	ICLN +0.3 points	0.0%	0.3%
Construction & Engineering	ICLN +0.3 points	0.0%	0.3%
Independent Power Producers & Energy Traders	ICLN +0.3 points	0.0%	0.3%
Industrial Machinery & Supplies & Components	ICLN +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in ACES and ICLN, widest gap first
Country	More in ACESMore in ICLN	ACES	ICLN
United States	ACES +49.3 points	87.5%	38.2%
China	ICLN +18.8 points	0.0%	18.8%
Canada	ACES +12.5 points	12.5%	0.0%
Brazil	ICLN +8.9 points	0.0%	8.9%
Spain	ICLN +8.4 points	0.0%	8.4%
India	ICLN +5.4 points	0.0%	5.4%
Denmark	ICLN +5.1 points	0.0%	5.1%
Israel	ICLN +4.0 points	0.0%	4.0%
Other countries (5)	ICLN +11.2 points	0.0%	11.2%

Outside the US: ICLN 36% developed, 64% emerging.

Concentration

Weight in the 10 largest Holdings

ACES54.9%
ICLN51.7%

Securities held

ACES37
ICLN102

Asset class

ACES: Equity
ICLN: Equity

Holdings

Only in ACES25
In both12
Only in ICLN90

Only in ACES

25 securities, 63.8% of ACES by weight

Tesla Inc.6.14%
Northland Power Inc.6.06%
Itron Inc.5.80%
HA Sustainable Infrastructure Capital Inc.5.40%
Brookfield Renewable Partners LP5.34%
Darling Ingredients Inc.4.90%
Rivian Automotive Inc.4.42%
Albemarle Corp.3.99%
Andersons Inc.3.41%
Sunrun Inc.2.85%
American Superconductor Corp.2.06%
Amprius Technologies Inc.1.90%
Willdan Group Inc.1.76%
Solv Energy Inc.1.73%
XPLR Infrastructure LP1.44%
Eos Energy Enterprises Inc.1.10%
Ameresco Inc.1.06%
Fluence Energy Inc.0.83%
Energy Vault Holdings Inc.0.79%
Ballard Power Systems Inc.0.77%
Lucid Group Inc.0.77%
Clean Energy Fuels Corp.0.38%
American Battery Technology Co.0.30%
Electrovaya Inc.0.29%
EVgo Inc.0.29%

Only in ICLN

90 securities, 70.8% of ICLN by weight

Iberdrola7.04%
Bloom Energy Class A6.20%
China Yangtze Power Ltd A5.84%
Axia Energia SA4.17%
Vestas Wind Systems3.32%
Chubu Electric Power Inc2.86%
Edp Energias De Portugal2.36%
Enlight Renewable Energy2.11%
Equatorial SA2.07%
Suzlon Energy1.76%
Orsted A/S1.56%
Nordex1.47%
Solaredge Technologies1.37%
Waaree Energies Ltd1.37%
Huadian New Energy Group Corp Ltd1.25%
Sungrow Power Supply Ltd A1.21%
Huaneng Lancang River Hydropower I1.11%
Solaria Energia Y Medio Ambiente’s0.92%
China Longyuan Power Group H0.91%
Energisa Units0.87%
China Three Gorges Renewables(Grou0.86%
Edp Renewables SA0.80%
Sichuan Chuantou Energy Ltd A0.78%
Longi Green Energy Technology A0.74%
Premier Energies Ltd0.73%
Doral Group Renewable Energy Resou0.73%
Doosan Fuel Cell Ltd0.69%
Engie Brasil Energia SA0.68%
Nhpc Ltd0.64%
Cpfl Energia0.61%
Brookfield Renewable Subordinate V0.58%
Verbund AG0.55%
Cs Wind0.53%
Xinjiang Goldwind Science and Tech0.50%
United Renewable Energy0.48%
Ceres Power Holdings PLC0.46%
O.y. Nofar Energy0.44%
Inox Wind0.42%
Renew Energy Global PLC Class A0.37%
Jinko Solar Ltd A0.35%
Tcl Zhonghuan Renewable Energy Tec0.34%
Sma Solar Technology AG0.33%
Canadian Solar0.33%
Energix Renewable Energies Ltd0.32%
China Southern Power Grid Energy’s0.31%
Guangxi Guiguan Electric Power Ltd0.31%
Central New Energy Holding Group L0.31%
Erg0.30%
Century Iron and Steel Industrial0.30%
Suzhou Maxwell Technologies Ltd A0.30%

Weight gaps

All 12 Holdings in both funds, largest gap first.

Holding weights in ACES and ICLN, widest gap first
Holding	More in ACESMore in ICLN	ACES	ICLN
First Solar Inc.FSLR	ICLN +3.74 points	4.86%	8.60%
Clearway Energy Inc.CWEN	ACES +3.73 points	5.89%	2.16%
Nextpower Inc.NXT	ICLN +2.54 points	5.50%	8.04%
Ormat Technologies Inc.ORA	ACES +1.91 points	4.98%	3.07%
Plug Power Inc.PLUG	ACES +1.67 points	3.09%	1.42%
Enphase Energy Inc.ENPH	ACES +1.56 points	4.08%	2.52%
REX American Resources Corp.REX	ACES +1.47 points	1.84%	0.37%
Shoals Technologies Group Inc.SHLS	ACES +1.03 points	1.93%	0.90%
Green Plains Inc.GPRE	ACES +0.82 points	1.56%	0.74%
T1 Energy Inc.TE	ACES +0.52 points	0.96%	0.44%
Array Technologies Inc.ARRY	ACES +0.45 points	0.84%	0.39%
Gevo Inc.GEVO	ACES +0.26 points	0.48%	0.22%

All 37 ACES holdings⁠All 103 ICLN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ACES vs ICLN Cost

Overpaying ACES vs ICLN

$3,198

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ACES 0.55%
$10,904
ICLN 0.38%
$7,706

Amount$10,000

Years30 years

Cost over time

ACES 0.55%
ICLN 0.38%
Overpaying

Year by year

Year	ACES	ICLN	Overpaying
10	$988	$688	$300
20	$3,790	$2,658	$1,132
30	$10,904	$7,706	$3,198

Expense ratio

0.55%ACES
0.38%ICLN, cheaper

ICLN0.38%ACES0.55%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

ACES 7th cheapest of 16 funds

ACES vs ICLN Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ACES 0.70%; ICLN 1.17%, better
Payout (12M): ACES $0.19; ICLN $0.18
Last payment: ACES $0.07; ICLN $0.06
Ex-dividend: ACES Sep 17, 2026; ICLN Jun 15, 2026
Paid on: ACES Sep 22, 2026; ICLN Jun 18, 2026
Frequency: ACES Quarterly; ICLN Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

ACESQuarterly · 31 paymentsAll ACES payments⁠

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

ACES vs ICLN Risk

Fall from peak · 5 years

ACES
ICLN

Risk facts

VolatilityStd dev, 3 years: ACES 30.5%ICLN 27.3%, better
Return per unit of riskSharpe ratio, 3 years: ACES −0.11ICLN 0.22, better
Worst fallMax drawdown, 5 years: ACES −74.2%ICLN −56.3%, better
Market sensitivityBeta, 5 years: ACES 1.46ICLN 1.49; Market = 1

ACES and ICLN in the news

All news⁠

Deep Dive
The grid fund is more than five times the clean-energy flagship, and they barely overlap
Oct 26, 2026ICLN
Deep Dive
Solar funds fall 3% after the Fed hike. The 1,137 MW of PPAs pay from 2029
Sep 20, 2026ICLN

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ACES vs ICLN

In short

Stated mandate

Why people hold it

Worth knowing

How ACES and ICLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ACES

Only in ICLN

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The grid fund is more than five times the clean-energy flagship, and they barely overlap

Solar funds fall 3% after the Fed hike. The 1,137 MW of PPAs pay from 2029

How ACES and ICLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ACES

Only in ICLN

Weight gaps