ICLN vs SMOG: Grades, Fees and Holdings Compared

iShares Global Clean Energy ETF

ICLNANasdaq

VanEck Low Carbon Energy ETF

SMOGCNYSE Arca

Overlap

29.2%by weight

Expense ratio

ICLN −0.26pt a year

ICLN0.38%SMOG0.64%

Avg volume · 30D

ICLN 4042.7×the volume

ICLN6.38MSMOG1.58K

10Y return · a year

SMOG +2.5pt

ICLN+9.1%SMOG+11.6%

ICLN vs SMOG Performance

Nov 9, 2021 – Nov 9, 2026

−27.8%ICLN−17.4%SMOG

Expense ratio: ICLN 0.38%, better; SMOG 0.64%
Fund size: ICLN $2.12B; SMOG $126M
1Y total return: ICLN −5.0%; SMOG +0.3%, better
Yield (12M): ICLN 1.11%; SMOG 1.52%, better
Holdings: ICLN 118; SMOG 60
Avg volume (30D): ICLN 6.38M sh, better; SMOG 1.58K sh
NAV per share: ICLN $16.47; SMOG $131.82
52W range

ETF.net Grade

Pillar letters and Scores for ICLN, SMOG, with each pillar’s weight
Pillar	ICLN	SMOG
Cost30% weight	A100Higher	D30
Mission25% weight	Not scored	Not scored
Risk15% weight	C52	A77Higher
Tradability15% weight	A84Higher	D31
Holdings10% weight	B63Higher	B56
Durability5% weight	A92Higher	B62

Rank among Clean Energy funds

How we build Categories ›

Same Category. ICLN and SMOG 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 SMOG 10th of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 81
Rank 2AFRNWFidelity Clean Energy ETFScore 76
Rank 9CVCLNVirtus Duff & Phelps Clean Energy ETFScore 46
Rank 10CSMOGVanEck Low Carbon Energy ETFScore 45
Rank 11CCTECGlobal X CleanTech ETFScore 44

Our read on each fund

ETF.net Research

ICLNAiShares Global Clean Energy ETF

SMOGCVanEck Low Carbon Energy ETF

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.

SMOG Clean energy from before it was a crowded shelf. SMOG has traded since 2007, and its global index reaches past wind and solar into the batteries, EVs, hydrogen and smart grids that move the electrons.

Stated mandate

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

SMOG The fund seeks to track, before fees and expenses, the price and yield performance of the MVIS Global Low Carbon Energy Index. The rules-based index targets renewable-energy companies and related low-carbon technologies, including wind, solar, hydro, hydrogen, biofuels, batteries, electric vehicles, smart grids, and efficiency materials.

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.

SMOG Launched in 2007, one of the original clean energy ETFs, on the market long before the theme filled up with copycats.
Not just power plants. The index rules pull in wind, solar, hydro, hydrogen, biofuels, batteries, EVs, smart grids and efficiency materials.vaneck.com
Global and rules-based: roughly 60 names picked by a published index method, not a manager's hunches.

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

SMOG Costs 0.64% a year, the pricier end of the aisle. ICLN and FRNW run global clean energy mandates for 0.39%.
One of the thinner traders in its group, so the gap between buy and sell prices can run wider than at the category's giants.
Distributions land once or twice a year at most. Income is a side effect here, not the point.

Full ICLN profile⁠

Full SMOG profile⁠

ICLN vs SMOG Holdings

How ICLN and SMOG differ

Overlap by weight

29.2%

Shared holdings make up 49.9% of ICLN and 34.8% of SMOG.

Level by level

Sector17 Sectors0.0%
Holdings16 in both29.2%
Countryby domicile66.3%
Asset classStocks100%

Sector

Sector weights in ICLN and SMOG, widest gap first
Sector	Gap	ICLN	SMOG
Utilities	SMOG +40.3 points	0.0%	40.3%
Industrials	SMOG +27.5 points	0.0%	27.5%
Renewable Electricity	ICLN +27.3 points	27.3%	0.0%
Consumer Discretionary	SMOG +22.5 points	0.0%	22.5%
Electric Utilities	ICLN +20.3 points	20.3%	0.0%
Electrical Components & Equipment	ICLN +15.9 points	15.9%	0.0%
Semiconductors	ICLN +15.3 points	15.3%	0.0%
Heavy Electrical Equipment	ICLN +14.0 points	14.0%	0.0%
Technology	SMOG +8.3 points	0.0%	8.3%
Semiconductor Equipment	ICLN +4.7 points	4.7%	0.0%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.5 points	1.5%	0.0%
Materials	SMOG +0.7 points	0.0%	0.7%
Financials	SMOG +0.7 points	0.0%	0.7%
Independent Power Producers & Energy Traders	ICLN +0.3 points	0.3%	0.0%
Construction & Engineering	ICLN +0.3 points	0.3%	0.0%
Steel	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 SMOG, widest gap first
Country	Gap	ICLN	SMOG
China	ICLN +13.0 points	18.9%	5.9%
Italy	SMOG +7.5 points	0.0%	7.5%
South Korea	SMOG +6.1 points	1.5%	7.6%
Hong Kong	SMOG +5.4 points	0.0%	5.4%
India	ICLN +5.3 points	5.3%	0.0%
Brazil	ICLN +3.8 points	8.4%	4.6%
Spain	SMOG +3.4 points	8.3%	11.7%
Portugal	ICLN +3.2 points	3.2%	0.0%
Other countries (14)	SMOG +3.0 points	54.4%	57.4%

Outside the US: ICLN 36% developed, 64% emerging. SMOG 68% developed, 32% emerging.

Concentration

Weight in the 10 largest Holdings

ICLN51.6%
SMOG57.1%

Securities held

ICLN101
SMOG55

Asset class

ICLN: Stocks
SMOG: Stocks

Holdings

Only in ICLN85
In both16
Only in SMOG39

Only in ICLN

85 securities, 49.7% of ICLN by weight

China Yangtze Power Ltd A5.47%
Chubu Electric Power Inc2.47%
Edp Energias De Portugal2.25%
Clearway Energy Inc Class C2.14%
Equatorial SA1.99%
Enlight Renewable Energy1.96%
Suzlon Energy1.90%
Sungrow Power Supply Ltd A1.41%
Plug Power1.41%
Waaree Energies Ltd1.37%
Huadian New Energy Group Corp Ltd1.20%
Shoals Technologies Group Class A1.18%
Solaredge Technologies1.17%
Huaneng Lancang River Hydropower I1.06%
Solaria Energia Y Medio Ambiente’s0.94%
Energisa Units0.83%
China Three Gorges Renewables(Grou0.81%
Longi Green Energy Technology A0.78%
Doral Group Renewable Energy Resou0.73%
Sichuan Chuantou Energy Ltd A0.72%
Premier Energies Ltd0.70%
Engie Brasil Energia SA0.65%
Green Plains0.64%
Nhpc Ltd0.63%
Array Technologies Inc0.63%
Cs Wind0.62%
Brookfield Renewable Subordinate V0.59%
Cpfl Energia0.58%
Doosan Fuel Cell Ltd0.58%
Xinjiang Goldwind Science and Tech0.53%
United Renewable Energy0.49%
Inox Wind0.46%
Ceres Power Holdings PLC0.43%
O.y. Nofar Energy0.40%
Suzhou Maxwell Technologies Ltd A0.37%
Jinko Solar Ltd A0.37%
Canadian Solar0.37%
T1 Energy0.36%
Renew Energy Global PLC Class A0.34%
Rex American Resources0.34%
Sma Solar Technology AG0.33%
Tcl Zhonghuan Renewable Energy Tec0.31%
China Southern Power Grid Energy’s0.30%
Energix Renewable Energies Ltd0.30%
Guangxi Guiguan Electric Power Ltd0.30%
Central New Energy Holding Group L0.29%
Tsec Corp0.28%
Century Iron and Steel Industrial0.26%
Verbio0.25%
Barito Renewables Energy0.25%

Only in SMOG

39 securities, 65.2% of SMOG by weight

Tesla Inc8.31%
Nextera Energy Inc7.85%
Enel Spa7.21%
Byd Co Ltd5.33%
Samsung Sdi Co Ltd3.87%
Kingspan Group Plc2.90%
Rivian Automotive Inc2.80%
Lg Energy Solution Ltd1.71%
Contemporary Amperex Technology Co Ltd1.66%
Owens Corning1.57%
Nibe Industrier Ab1.56%
Xpeng Inc1.50%
Li Auto Inc1.45%
Nio Inc1.37%
Acciona Sa1.22%
Enlight Renewable Energy Ltd1.16%
Companhia Paranaense De Energia0.99%
Contact Energy Ltd0.88%
Northland Power Inc0.83%
Enersys0.82%
Brookfield Renewable Corp0.81%
Ecopro Bm Co Ltd0.81%
Horiba Ltd0.79%
Johnson Matthey Plc0.69%
Drax Group Plc0.68%
Hannon Armstrong Sustainable Infrastruc0.62%
Installed Building Products Inc0.61%
Cia Energetica De Minas Gerais0.59%
Hanwha Solutions Corp0.58%
Mercury Nz Ltd0.54%
Rockwool International A/S0.51%
Quantumscape Corp0.43%
China Everbright Environment Group Ltd0.42%
Gcl-Poly Energy Holdings Ltd0.39%
Simplo Technology Co Ltd0.39%
Sunrun Inc0.34%
Landis+gyr Group Ag0.33%
Xinyi Solar Holdings Ltd0.32%
Zhejiang Leapmotor Technology Co Ltd0.30%

Weight gaps

All 16 Holdings in both funds, largest gap first.

Holding weights in ICLN and SMOG, widest gap first
Holding	Gap	ICLN	SMOG
Nextpower IncNXT	ICLN +7.86 points	9.90%	2.04%
First SolarFSLR	ICLN +6.12 points	9.25%	3.13%
Iberdrola	SMOG +2.58 points	6.69%	9.27%
Enphase EnergyENPH	ICLN +2.05 points	2.61%	0.56%
Ormat Tech IncORA	ICLN +2.04 points	2.93%	0.89%
Vestas Wind Systems	SMOG +1.54 points	3.43%	4.97%
Axia Energia SA	ICLN +0.88 points	3.91%	3.03%
Bloom Energy Class ABE	ICLN +0.81 points	4.93%	4.12%
Meridian Energy Ltd	SMOG +0.65 points	0.21%	0.86%
China Longyuan Power Group H	ICLN +0.64 points	0.95%	0.31%
Orsted A/S	SMOG +0.52 points	1.63%	2.15%
Nordex	ICLN +0.31 points	1.56%	1.25%
Edp Renewables SA	SMOG +0.18 points	0.86%	1.04%
Enel Americas SA	SMOG +0.13 points	0.21%	0.34%
Verbund AG	SMOG +0.01 points	0.54%	0.55%
Erg	Same weight	0.29%	0.29%

All 102 ICLN holdings⁠All 63 SMOG 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 SMOG Cost

Overpaying SMOG vs ICLN

$4,832

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

ICLN 0.38%
$7,706
SMOG 0.64%
$12,538

Amount$10,000

Years30 years

Cost over time

ICLN 0.38%
SMOG 0.64%
Overpaying

Year by year

Year	ICLN	SMOG	Overpaying
10	$688	$1,145	$457
20	$2,658	$4,375	$1,717
30	$7,706	$12,538	$4,832

Expense ratio

0.38%ICLN, cheaper
0.64%SMOG

ICLN0.38%SMOG0.64%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

SMOG 12th cheapest of 16 funds

ICLN vs SMOG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): ICLN 1.11%; SMOG 1.52%, better
Payout (12M): ICLN $0.18; SMOG $2.03
Last payment: ICLN $0.06; SMOG $2.03
Ex-dividend: ICLN Jun 15, 2026; SMOG Dec 22, 2025
Paid on: ICLN Jun 18, 2026; SMOG Dec 26, 2025
Frequency: ICLN Twice a year; SMOG Annual

Distribution history

Per share, 2017 to 2026, same scale for both

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

SMOGAnnual · 8 paymentsAll SMOG payments⁠

ICLN vs SMOG Risk

Fall from peak · 5 years

ICLN
SMOG

Risk facts

VolatilityStd dev, 3 years: ICLN 27.3%SMOG 20.2%, better
Return per unit of riskSharpe ratio, 3 years: ICLN 0.22SMOG 0.47, better
Worst fallMax drawdown, 5 years: ICLN −55.9%SMOG −46.7%, better
Market sensitivityBeta, 5 years: ICLN 1.49SMOG 1.20; Market = 1

ICLN and SMOG 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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ICLN vs SMOG

In short

Stated mandate

Why people hold it

Worth knowing

How ICLN and SMOG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in SMOG

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 SMOG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in SMOG

Weight gaps