ICLN vs QCLN: Grades, Fees and Holdings Compared

iShares Global Clean Energy ETF

ICLNANasdaq

First Trust NASDAQ Clean Edge Green Energy Index Fund

QCLNBNasdaq

Overlap

22.1%by weight

Expense ratio

ICLN −0.21pt a year

ICLN0.38%QCLN0.59%

Avg volume · 30D

ICLN 38.1×the volume

ICLN6.25MQCLN164K

10Y return · a year

QCLN +4.5pt

ICLN+8.0%QCLN+12.5%

ICLN vs QCLN Performance

Nov 2, 2021 – Nov 2, 2026

−33.5%ICLN−43.7%QCLN

Expense ratio: ICLN 0.38%, better; QCLN 0.59%
Fund size: ICLN $1.94B; QCLN $468M
1Y total return: ICLN −8.1%; QCLN −5.2%, better
Yield (12M): ICLN 1.17%, better; QCLN 0.12%
Holdings: ICLN 124; QCLN 58
Avg volume (30D): ICLN 6.25M sh, better; QCLN 164K sh
NAV per share: ICLN $15.35; QCLN $43.34
52W range

ETF.net Grade

Pillar letters and Scores for ICLN, QCLN, with each pillar’s weight
Pillar	ICLN	QCLN
Cost30% weight	A100Higher	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	C48Higher	C43
Tradability15% weight	A84	A88Higher
Holdings10% weight	B59Higher	D32
Durability5% weight	A92Higher	A76

Rank among Clean Energy funds

How we build Categories ›

Same Category. ICLN and QCLN 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 QCLN 6th of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 80
Rank 2AFRNWFidelity Clean Energy ETFScore 77
Rank 5BFANFirst Trust Global Wind Energy ETFScore 57
Rank 6BQCLNFirst Trust NASDAQ Clean Edge Green Energy Index FundScore 55
Rank 7CACESALPS Clean Energy ETFScore 52

Our read on each fund

ETF.net Research

ICLNAiShares Global Clean Energy ETF

QCLNBFirst Trust NASDAQ Clean Edge Green Energy Index Fund

In short

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.

QCLN Launched in 2007, an early arrival in clean energy that still runs the theme the old-fashioned way: a concentrated book of about 40 stocks tracking the Nasdaq Clean Edge Green Energy Index.

Stated mandate

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

QCLN The Fund seeks investment results that generally correspond to the price and yield of its designated clean-energy index, before fees and expenses.

Why people hold it

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.

QCLN A 2007 launch date means a long, public record across multiple clean-energy cycles, not a fund built for last year's headlines.
Straightforward job: track a published Nasdaq clean-energy index. No manager hunches, no derivative sleeve, no structural quirks flagged in our review.
Getting in and out is one of its stronger suits: among the more tradable funds in the clean-energy group.
The 0.59% fee sits right on the clean-energy category median, and income is paid on a quarterly schedule.

Worth knowing

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

QCLN About 40 holdings is a narrow bench. Single names carry real weight, and portfolio construction is the weakest part of the package.
The ride is demanding even by thematic standards; volatility is the biggest trade-off here.
Cost-first shoppers have cheaper doors into the theme: ICLN and FRNW both charge 0.39%.

Full ICLN profile⁠

Full QCLN profile⁠

ICLN vs QCLN Holdings

How ICLN and QCLN differ

Overlap by weight

22.1%

Shared holdings make up 35.7% of ICLN and 25.1% of QCLN.

Level by level

Sector18 Sectors0.0%
Holdings13 in both22.1%
Countryby domicile42.4%
Asset classEquity100%

Sector

Sector weights in ICLN and QCLN, widest gap first
Sector	More in ICLNMore in QCLN	ICLN	QCLN
Technology	QCLN +31.2 points	0.0%	31.2%
Renewable Electricity	ICLN +27.6 points	27.6%	0.0%
Electric Utilities	ICLN +21.0 points	21.0%	0.0%
Industrials	QCLN +19.3 points	0.0%	19.3%
Consumer Discretionary	QCLN +16.0 points	0.0%	16.0%
Heavy Electrical Equipment	ICLN +15.6 points	15.6%	0.0%
Semiconductors	ICLN +14.5 points	14.5%	0.0%
Electrical Components & Equipment	ICLN +14.1 points	14.1%	0.0%
Utilities	QCLN +12.7 points	0.0%	12.7%
Energy	QCLN +11.5 points	0.0%	11.5%
Materials	QCLN +7.5 points	0.0%	7.5%
Semiconductor Equipment	ICLN +4.6 points	4.6%	0.0%
Financials	QCLN +1.7 points	0.0%	1.7%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.6 points	1.6%	0.0%
Steel	ICLN +0.3 points	0.3%	0.0%
Construction & Engineering	ICLN +0.3 points	0.3%	0.0%
Independent Power Producers & Energy Traders	ICLN +0.3 points	0.3%	0.0%
Industrial Machinery & Supplies & Components	ICLN +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in ICLN and QCLN, widest gap first
Country	More in ICLNMore in QCLN	ICLN	QCLN
United States	QCLN +52.7 points	38.2%	90.9%
China	ICLN +18.8 points	18.8%	0.0%
Brazil	ICLN +8.9 points	8.9%	0.0%
Spain	ICLN +8.4 points	8.4%	0.0%
Denmark	ICLN +5.1 points	5.1%	0.0%
India	ICLN +4.8 points	5.4%	0.6%
Canada	QCLN +3.8 points	0.0%	3.8%
Portugal	ICLN +3.2 points	3.2%	0.0%
Other countries (8)	ICLN +7.2 points	11.9%	4.7%

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

Concentration

Weight in the 10 largest Holdings

ICLN51.7%
QCLN60.9%

Securities held

ICLN102
QCLN57

Asset class

ICLN: Equity
QCLN: Equity

Holdings

Only in ICLN89
In both13
Only in QCLN44

Only in ICLN

89 securities, 63.9% of ICLN by weight

Iberdrola7.04%
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%
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%
Green Plains0.74%
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%
Rex American Resources0.37%
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%
Verbio0.29%

Only in QCLN

44 securities, 74.7% of QCLN by weight

Tesla, Inc.9.78%
ON Semiconductor Corporation8.71%
Monolithic Power Systems, Inc.8.60%
Rivian Automotive, Inc. (Class A)6.16%
Acuity Inc.3.61%
Enlight Renewable Energy Ltd.3.51%
Advanced Energy Industries, Inc.3.37%
Brookfield Renewable Partners LP3.26%
Albemarle Corporation3.04%
MP Materials Corp.2.67%
Vicor Corporation2.49%
EnerSys2.19%
Allegro Microsystems, Inc.2.16%
HA Sustainable Infrastructure Capital, Inc.1.81%
Itron, Inc.1.59%
Universal Display Corporation1.46%
SOLV Energy, Inc. (Class A)1.09%
Sociedad Quimica y Minera de Chile S.A. (ADR)0.99%
Power Integrations, Inc.0.93%
Navitas Semiconductor Corp. (Class A)0.84%
Sunrun Inc.0.68%
American Superconductor Corporation0.50%
Amprius Technologies, Inc.0.48%
Lucid Group, Inc. (Class A)0.45%
Wolfspeed, Inc.0.44%
Willdan Group, Inc.0.42%
FuelCell Energy, Inc.0.34%
XPLR Infrastructure LP0.34%
Fluence Energy, Inc. (Class A)0.31%
Sigma Lithium Corporation0.30%
LSI Industries Inc.0.28%
Ameresco, Inc. (Class A)0.27%
Enovix Corporation0.26%
Eos Energy Enterprises, Inc.0.26%
Energy Vault Holdings, Inc.0.21%
Ballard Power Systems Inc.0.18%
Aspen Aerogels, Inc.0.16%
Clean Energy Fuels Corp.0.12%
Montauk Renewables, Inc.0.12%
Polestar Automotive Holding UK Plc (Class A) (ADR)0.10%
Electrovaya Inc.0.10%
EVgo Inc.0.07%
NeoVolta, Inc.0.05%
Elevra Lithium Limited (ADR)0.03%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in ICLN and QCLN, widest gap first
Holding	More in ICLNMore in QCLN	ICLN	QCLN
First SolarFSLR	ICLN +4.71 points	8.60%	3.89%
Nextpower IncNXT	ICLN +3.69 points	8.04%	4.35%
Bloom Energy Class ABE	QCLN +2.67 points	6.20%	8.87%
Enphase EnergyENPH	ICLN +1.24 points	2.52%	1.28%
Ormat Tech IncORA	ICLN +0.98 points	3.07%	2.09%
Plug PowerPLUG	ICLN +0.70 points	1.42%	0.72%
Clearway Energy Inc Class CCWEN	ICLN +0.69 points	2.16%	1.47%
Solaredge TechnologiesSEDG	ICLN +0.67 points	1.37%	0.70%
Shoals Technologies Group Class ASHLS	ICLN +0.44 points	0.90%	0.46%
Renew Energy Global PLC Class ARNW	QCLN +0.27 points	0.37%	0.64%
Array Technologies IncARRY	ICLN +0.19 points	0.39%	0.20%
T1 EnergyTE	ICLN +0.14 points	0.44%	0.30%
GevoGEVO	ICLN +0.10 points	0.22%	0.12%

All 103 ICLN holdings⁠All 57 QCLN 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.

ICLN vs QCLN Cost

Overpaying QCLN vs ICLN

$3,929

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

ICLN 0.38%
$7,706
QCLN 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

ICLN 0.38%
QCLN 0.59%
Overpaying

Year by year

Year	ICLN	QCLN	Overpaying
10	$688	$1,058	$370
20	$2,658	$4,051	$1,393
30	$7,706	$11,635	$3,929

Expense ratio

0.38%ICLN, cheaper
0.59%QCLN

ICLN0.38%QCLN0.59%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

QCLN 8th cheapest of 16 funds

ICLN vs QCLN Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ICLN 1.17%, better; QCLN 0.12%
Payout (12M): ICLN $0.18; QCLN $0.05
Last payment: ICLN $0.06; QCLN $0.0068
Ex-dividend: ICLN Jun 15, 2026; QCLN Mar 26, 2026
Paid on: ICLN Jun 18, 2026; QCLN Mar 31, 2026
Frequency: ICLN Twice a year; QCLN Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

QCLNQuarterly · 32 paymentsAll QCLN payments⁠

ICLN vs QCLN Risk

Fall from peak · 5 years

ICLN
QCLN

Risk facts

VolatilityStd dev, 3 years: ICLN 27.3%, betterQCLN 34.1%
Return per unit of riskSharpe ratio, 3 years: ICLN 0.22QCLN 0.30, better
Worst fallMax drawdown, 5 years: ICLN −56.3%, betterQCLN −69.5%
Market sensitivityBeta, 5 years: ICLN 1.49QCLN 2.11; Market = 1

ICLN and QCLN 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, 2026ICLNQCLN
Deep Dive
Solar funds fall 3% after the Fed hike. The 1,137 MW of PPAs pay from 2029
Sep 20, 2026ICLNQCLN

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ICLN vs QCLN

In short

Stated mandate

Why people hold it

Worth knowing

How ICLN and QCLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in QCLN

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 ICLN and QCLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in QCLN

Weight gaps