If you want the broader ETF framework before adding a clean-energy tilt, start with our ETFs and index funds hub.
Clean Energy ETFs Listed on the TSX
| ETF | Ticker | MER | Holdings | Distribution | Strategy |
|---|---|---|---|---|---|
| Harvest Clean Energy | HCLN | 0.69% | 40 | Annually, if any | The 40 largest clean energy issuers from its global investable universe |
| BMO Clean Energy Index | ZCLN | 0.39% | 100 | Annually | S&P Global Clean Energy Index |
HCLN’s MER is as of June 30, 2026 (management fee 0.40%); ZCLN’s is from its ETF Facts. Holdings: HCLN’s target number of issuers and ZCLN’s total number of investments.
US-Listed Clean Energy ETFs (Accessible from Canada)
| ETF | Ticker | Expense ratio | Focus |
|---|---|---|---|
| iShares Global Clean Energy | ICLN | 0.38% | Solar, wind and other clean energy companies globally (105 holdings) |
| First Trust Global Wind Energy | FAN | 0.60% | Wind energy |
| Global X Hydrogen | HYDR | 0.50% | Hydrogen economy |
| First Trust NASDAQ Clean Edge Green Energy | QCLN | 0.59% | Clean energy technology |
Expense ratios from each issuer’s site, September 2026. US-listed funds trade in US dollars, so buying them usually involves a currency conversion; US-listed vs Canadian-listed ETFs compares the costs and the tax treatment.
Clean Energy Sub-Sectors
| Sub-Sector | Example companies (held by HCLN) | Growth Driver |
|---|---|---|
| Solar | First Solar, Enphase, SolarEdge | Declining costs, rooftop adoption |
| Wind | Vestas, Nordex, Ørsted | Onshore and offshore wind expansion |
| Utilities (renewable) | Brookfield Renewable, Northland Power, Meridian Energy | Utility-scale clean generation |
| Hydrogen and fuel cells | Plug Power, FuelCell Energy | Hydrogen for heavy industry and transport |
| Energy storage | Fluence Energy, EnerSys, Eos Energy | Battery storage for grid stability |
Example Holdings in a Global Clean Energy ETF
HCLN (Harvest Clean Energy ETF), as at August 31, 2026
| Company | Ticker | Country | Sub-Sector |
|---|---|---|---|
| Vestas Wind Systems | VWS | Denmark | Wind equipment |
| First Solar | FSLR | US | Solar equipment |
| Enphase Energy | ENPH | US | Solar equipment |
| SolarEdge Technologies | SEDG | US | Solar equipment |
| Ørsted | ORSTED | Denmark | Renewable power generation |
| EDP Renováveis | EDPR | Portugal | Renewable power generation |
| Plug Power | PLUG | US | Hydrogen fuel cells |
| Brookfield Renewable Corporation | BEPC | Canada | Hydro, wind, solar |
| Northland Power | NPI | Canada | Renewable power generation |
| Fluence Energy | FLNC | US | Battery and energy storage |
Each of HCLN’s holdings was between 1.7% and 3.3% of the fund on that date; holdings change at each semi-annual rebalance.
Canadian Clean Energy Stocks
| Company | Ticker | Focus |
|---|---|---|
| Brookfield Renewable | BEP.UN / BEPC | Hydro, wind, solar, storage (global) |
| Northland Power | NPI | Offshore and onshore wind, solar |
| Ballard Power Systems | BLDP | Hydrogen fuel cells |
Clean Energy ETF Performance
HCLN’s calendar-year NAV returns, as at August 31, 2026:
| Year | HCLN return |
|---|---|
| 2021 | -25.69% |
| 2022 | -15.03% |
| 2023 | -22.24% |
| 2024 | -21.33% |
| 2025 | 30.17% |
Its annualized return was 6.81% over one year, -3.07% over three years and -9.27% over five years. For a US-listed fund such as ICLN, the issuer’s own page shows current returns.
Past performance does not guarantee future results. Clean energy has been volatile.
Clean Energy vs Traditional Energy
For the non-renewable side of that tradeoff, see best energy ETFs in Canada.
| Factor | Clean Energy ETFs | Traditional Energy ETFs (XEG) |
|---|---|---|
| Recent performance | HCLN lost money each year from 2021 to 2024, then rose in 2025 | See the energy ETFs guide |
| Yield | Low (ICLN: 1.06% trailing 12-month yield) | Higher (XEG: 2.13% distribution yield) |
| Government support | Subsidies, tax credits, mandates | Carbon pricing on industrial emitters, ESG pressure |
| Interest rate sensitivity | High (capital-intensive projects) | Moderate |
| Long-term demand outlook | Structural growth | Uncertain (peak oil debate) |
| Volatility | Very high | High |
| ESG alignment | ✅ Full | ❌ Excluded by many ESG screens |
ICLN’s yield is as of August 31, 2026 and XEG’s as of September 23, 2026; both change with prices and distributions.
Clean Energy vs ESG ETFs
| Feature | Clean Energy ETF (ICLN, HCLN) | ESG ETF (XESG, ESGA) |
|---|---|---|
| Focus | Renewable energy companies only | All sectors, ESG-screened |
| Holds oil companies? | No | Sometimes (if they score well against peers) |
| Holds banks? | No | Yes (if ESG-compliant) |
| Diversification | Low (one sector) | High (all sectors) |
| Risk | Sector concentration | Similar to broad market |
| Best for | Sector conviction | Values-aligned broad investing |
If you want a values-based whole-portfolio approach instead of a renewables sector bet, compare best ESG ETFs in Canada.
Risks
| Risk | Detail |
|---|---|
| Interest rate sensitivity | Clean energy projects rely on borrowing, so higher rates weigh on valuations |
| Policy dependence | Relies on government subsidies and mandates |
| Technology risk | Rapid innovation can make current tech obsolete |
| Profitability challenges | Some pure-play clean energy companies are not yet consistently profitable |
| Volatility | HCLN lost money in each calendar year from 2021 to 2024 |
| Concentration | Heavy weighting in solar and wind: limited diversification |
| Competition | China’s share of every main solar panel manufacturing stage exceeds 80% (IEA, 2022), which compresses margins elsewhere |
| Greenwashing risk | Some ETFs include companies with questionable green credentials |
Portfolio Allocation
The approaches below are illustrations of how investors size a sector position, not recommendations.
| Approach | Clean Energy Weight | Implementation |
|---|---|---|
| Small satellite | 3–5% | ICLN or HCLN alongside core portfolio |
| ESG tilt | 5–10% | Clean energy + ESG-screened core |
| Green conviction | 10–15% max | Multiple clean energy plays + Canadian renewables |
| Via utility ETFs | Indirect | Utility ETFs hold utilities, some of which own renewable power |
| Via broad market | Indirect | XEQT’s total-market ETFs already hold large clean energy companies |
That higher-level sizing decision should come after you set your core allocation with asset allocation by age.
Related Resources
Sources
The figures and rules on this page come from these sources, last checked against them on September 25, 2026. How we check facts.
- BlackRock iShares: iShares Global Clean Energy ETF | ICLN
- BlackRock iShares: iShares S&P/TSX Capped Energy Index ETF | XEG
- BMO: ETF FACTS
- First Trust: First Trust Global Wind Energy ETF (FAN)
- First Trust: First Trust NASDAQ® Clean Edge® Green Energy Index Fund (QCLN)
- Global X ETFs (U.S.): Hydrogen ETF (HYDR)
- Harvest ETFs: HCLN | Harvest Clean Energy ETF | Harvest ETFs
- Harvest ETFs: Harvest ETFs: management fees and MERs