9 Energy Transition ETFs With Over $1bn in Assets
Energy transition ETFs provide diversified exposure to themes ranging from uranium and critical minerals to solar energy and grid infrastructure.
Introduction
The energy transition represents one of the largest structural investment themes of the coming decades. As governments worldwide commit to decarbonization targets and energy security becomes a geopolitical priority, capital is flowing into the companies building the infrastructure for a lower-carbon future.
Exchange-Traded Funds (ETFs) have become one of the most popular vehicles for investors seeking diversified exposure to this shift. Rather than picking individual stocks, ETFs offer a basket of companies operating across specific energy transition themes, from uranium mining and solar manufacturing to copper production and grid modernization.
However, not all Energy Transition ETFs are created equal. One factor that many investors overlook is fund size, measured by Assets Under Management (AUM). Fund size has a direct impact on trading costs, liquidity, and long-term viability, costs that don’t appear in the headline expense ratio.
For a broader overview of energy transition investment options, see our Energy Transition ETFs list. This article examines 9 Energy Transition ETFs that have each accumulated over $1 billion in AUM, spanning nuclear energy, clean energy, solar power, critical minerals, and grid infrastructure. For each fund, we examine the investment strategy, its relevance to the energy transition, and top holdings.
Why fund size matters for ETF investors
When evaluating ETFs, investors naturally focus on expense ratios, holdings, and past performance. But Assets Under Management (AUM) plays a critical role in determining the true cost of owning an ETF, a cost that doesn’t show up in the headline expense ratio. Larger ETFs attract more trading volume, which brings more market makers competing to provide liquidity. This results in tighter bid-ask spreads, the difference between the price a buyer will pay and a seller will accept. For a $1 billion+ ETF, the bid-ask spread might be just $0.01–$0.02 per share, while a smaller fund could have spreads of $0.05–$0.15 or more. On a $10,000 trade, a tight spread of 0.02% costs just $2, while a wider spread of 0.50% costs $50. Over multiple trades, these costs compound significantly.
Fund size also affects pricing accuracy and fund stability. Larger ETFs attract more Authorized Participants (APs), the financial institutions that create and redeem shares to keep prices aligned with Net Asset Value (NAV). More AP activity means the ETF rarely trades at a meaningful premium or discount to its underlying holdings.
Overview: 9 Energy Transition ETFs Compared
The table below provides a snapshot comparison of the 9 ETFs featured in this article, ordered by AUM. Fund facts come from fund providers and financial data providers; returns are calculated by GSR from adjusted closing prices, as of July 2026.
| Fund | Theme | AUM | Expense | 1-Year | 3-Year | 5-Year |
|---|---|---|---|---|---|---|
 GRIDFirst Trust Clean Edge® Smart Grid Infra ETF |
Grid Infrastructure | $12.1B | 0.56% | +23.9% | +19.5% | +14.7% |
 COPXGlobal X Copper Miners ETF |
Copper Mining | $7.15B | 0.65% | +74.6% | +26.1% | +19.3% |
| URAGlobal X Uranium ETF |
Uranium / Nuclear | $6.00B | 0.69% | -0.9% | +26.8% | +20.2% |
 NLRVanEck Uranium and Nuclear ETF |
Nuclear Utilities & Fuel Cycle | $4.21B | 0.56% | -8.1% | +24% | +18.4% |
 ICLNiShares Global Clean Energy ETF |
Clean Energy | $2.91B | 0.39% | +29.1% | -0.2% | -3.4% |
| REMXVanEck Rare Earth and Strategic Metals ETF |
Rare Earths / Strategic Metals | $2.69B | 0.58% | +25.3% | -5.3% | -5.9% |
 URNMSprott Uranium Miners ETF |
Uranium Mining | $1.90B | 0.75% | +0.8% | +16.6% | +15.3% |
| LITGlobal X Lithium & Battery Tech ETF |
Lithium / Batteries | $1.77B | 0.75% | +53.5% | +1.9% | -2.5% |
 TANInvesco Solar ETF |
Solar Energy | $1.72B | 0.70% | +31.1% | -10.1% | -9.2% |
AUM from the GSR ETF database, as of July 2026. 1-Year, 3-Year and 5-Year returns are total returns with distributions reinvested, calculated by GSR from adjusted closing prices as of July 24, 2026. The 3-Year and 5-Year figures are annualised.
Expense ratios range from 0.39% (ICLN) to 0.75% (URNM and LIT).
Global X Uranium ETF (URA)
Global X Uranium ETF URA
URA seeks to track the Global X Uranium Index, investing in companies involved across the uranium value chain. The fund provides exposure to uranium miners, developers, explorers, and companies that produce nuclear components. At least 80% of assets are invested in index securities.
The fund is market-cap weighted with a tilt toward larger producers, resulting in a relatively concentrated portfolio. Cameco, the world’s largest publicly traded uranium company, accounts for roughly 23% of assets.
Nuclear energy is increasingly recognized as a critical component of the energy transition. Nuclear provides reliable, baseload, zero-emission electricity that can complement intermittent renewable sources like wind and solar. With uranium spot prices rising above $100 per pound in recent quarters, driven by utility contracting and supply constraints, the economic case for investment in Uranium production has strengthened.
Government support has also expanded. The United States, United Kingdom, France, and several Asian nations have announced policies to extend existing reactor lifetimes and invest in new capacity, including small modular reactors (SMRs).
| Company | Weight |
|---|---|
| Cameco Corp | 24.5% |
| Oklo Inc Class A Shares | 6.72% |
| NexGen Energy Ltd | 6% |
| Uranium Energy Corp | 5.29% |
| National Atomic Co Kazatomprom JSC ADR | 4.8% |
Source: Global X. Holdings as of July 24, 2026.
As the largest uranium ETF by AUM, URA benefits from significant liquidity and tight bid-ask spreads. Investors should note the concentrated position in Cameco, which means performance is heavily influenced by a single company.
First Trust Clean Edge® Smart Grid Infra ETF (GRID)
First Trust Clean Edge® Smart Grid Infra ETF GRID
GRID tracks the NASDAQ Clean Edge Smart Grid Infrastructure Index, targeting companies engaged in upgrading electricity grid infrastructure with modern technologies. The fund invests in companies involved in maintaining and operating the electric grid, smart meters, energy storage systems, power management software, and related equipment.
GRID is the most diversified fund in this list by number of holdings. The portfolio is spread across electrical equipment manufacturers, industrial conglomerates, and utility companies, with no single holding exceeding 9% of assets.
Grid modernization is foundational to the energy transition. Integrating intermittent renewable generation, managing distributed energy resources, deploying electric vehicle charging infrastructure, and building resilience against extreme weather events all require substantial upgrades to existing grid infrastructure.
The International Energy Agency (IEA) estimates that global investment in electricity grids needs to roughly double from current levels to meet climate targets. In the United States alone, billions of dollars in federal funding have been allocated to grid modernization through the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.
| Company | Weight |
|---|---|
| Eaton Corp PLC | 8.54% |
| Schneider Electric SE | 8.31% |
| ABB Ltd | 8.13% |
| Quanta Services Inc | 8.12% |
| Johnson Controls International PLC Registered Shares | 8% |
Source: First Trust. Holdings as of July 24, 2026.
GRID also distributes quarterly, which adds an income component that most thematic energy transition ETFs do not provide.
Global X Copper Miners ETF (COPX)
Global X Copper Miners ETF COPX
COPX tracks the Solactive Global Copper Miners Total Return Index, providing exposure to companies primarily engaged in copper mining operations worldwide. The fund is passively managed and holds a globally diversified basket of copper producers.
Unlike some commodity ETFs that hold futures contracts, COPX invests in equity securities of mining companies. This means investors are exposed to both copper price movements and company-specific operational factors such as production costs, mine development, and management execution.
Copper is often called the “metal of electrification.” It is essential for electric vehicles, renewable energy systems, grid infrastructure, and energy storage. An electric vehicle uses approximately 2.5 to 4 times more copper than a conventional internal combustion engine vehicle.
Solar panels, wind turbines, and battery storage systems are all copper-intensive. As global electrification accelerates, copper demand is projected to grow substantially, while new supply development faces long lead times and permitting challenges.
| Company | Weight |
|---|---|
| Hudbay Minerals Inc | 5.62% |
| Teck Resources Ltd Class B (Sub Voting) | 5.46% |
| BHP Group Ltd | 5.46% |
| Antofagasta PLC | 5.28% |
| KGHM Polska Miedz SA | 5.22% |
Source: Global X. Holdings as of July 24, 2026.
COPX has delivered exceptional recent performance, returning approximately +93.0% in 2025. COPX distributes semi-annually, in June and December.
The strong performance reflects rising copper prices driven by energy transition demand, supply constraints, and data center construction. However, copper miners are cyclical, and performance is closely tied to commodity prices, which can be volatile.
VanEck Uranium and Nuclear ETF (NLR)
VanEck Uranium and Nuclear ETF NLR
NLR tracks the MVIS Global Uranium & Nuclear Energy Index, holding companies drawn from the full nuclear value chain. Where the other two nuclear funds in this list are weighted toward miners, NLR’s largest positions combine uranium producers with the utilities that operate reactor fleets and the engineering firms that build and service them.
Launched in August 2007, it is the longest-running fund in this article. That utility weighting gives it a different return profile from the pure mining funds: less direct sensitivity to the uranium spot price, and more to regulated electricity generation.
Nuclear supplies firm, zero-carbon baseload power, and NLR is the broadest way in this list to hold that theme across the whole chain rather than only at the mining end.
The portfolio pairs uranium producers such as Cameco with operators of existing reactor fleets, including Constellation Energy, Public Service Enterprise Group and Fortum, alongside reactor-component engineering through BWX Technologies. That spread captures both ends of the nuclear economy, fuel supply and electricity generation, in a single holding.
| Company | Weight |
|---|---|
| Cameco Corp | 8.46% |
| Constellation Energy Corp | 8.31% |
| Public Service Enterprise Group Inc | 7.13% |
| BWX Technologies Inc | 6.53% |
| Fortum Oyj | 5.62% |
Source: VanEck. Holdings as of July 24, 2026.
At 0.56%, NLR is the cheapest of the three nuclear funds covered here, and its blend of miners and utilities makes it the least concentrated in uranium price risk.
VanEck Rare Earth and Strategic Metals ETF (REMX)
VanEck Rare Earth and Strategic Metals ETF REMX
REMX tracks the MVIS Global Rare Earth/Strategic Metals Index, investing in companies involved in the production, refining, and recycling of rare earth elements and strategic metals. The fund provides broad exposure to a group of minerals that are essential for advanced technologies but have concentrated supply chains.
Holdings span lithium producers, rare earth miners, titanium and molybdenum companies, and other specialty metal operations. The top 10 holdings account for roughly 60% of assets, creating moderate concentration.
Rare earth elements and strategic metals are indispensable for the energy transition. Permanent magnets used in wind turbine generators and electric vehicle motors rely on neodymium, praseodymium, and dysprosium. Battery cathodes require lithium, cobalt, and nickel. Solar cells and power electronics use gallium and germanium.
Geopolitical supply chain concerns have elevated the strategic importance of these materials. Governments in the United States, European Union, and allied nations have launched critical mineral strategies to diversify supply away from concentrated sources.
| Company | Weight |
|---|---|
| Xiamen Tungsten Co Ltd Class A | 6.93% |
| China Northern Rare Earth (Group) High-Tech Co Ltd Class A | 6.83% |
| Albemarle Corp | 6.82% |
| Lynas Rare Earths Ltd | 6.75% |
| PLS Group Ltd | 6.7% |
Source: VanEck. Holdings as of July 24, 2026.
While REMX returned +92% in 2025 amid geopolitical tensions, longer-term performance has been more uneven. The fund’s since-inception annualized return is approximately -3.5%, reflecting the highly cyclical nature of specialty metals markets. Investors should consider the sector’s volatility when evaluating REMX as a portfolio holding.
Sprott Uranium Miners ETF (URNM)
Sprott Uranium Miners ETF URNM
URNM tracks the North Shore Global Uranium Mining Index, providing focused exposure to pure-play uranium mining companies. Unlike URA, which includes broader nuclear industry participants, URNM concentrates specifically on companies engaged in uranium mining, exploration, development, and production.
A distinctive feature of URNM is its holding of physical uranium through the Sprott Physical Uranium Trust (SPUT), which accounts for roughly 12% of assets. This gives investors indirect exposure to uranium spot prices in addition to mining equities.
URNM offers more concentrated exposure to the uranium supply thesis than URA. As nuclear power gains recognition as a reliable zero-emission energy source, uranium miners stand to benefit from rising prices and growing contract volumes with utilities. The fund’s pure-play focus means its performance is more directly tied to uranium market dynamics.
The inclusion of the Sprott Physical Uranium Trust adds a unique dimension, providing price exposure without the operational risks associated with mining companies. This structure is particularly relevant as uranium markets tighten and utilities secure long-term supply contracts.
| Company | Weight |
|---|---|
| Cameco Corp | 18.12% |
| Sprott Physical Uranium Trust | 13.96% |
| NexGen Energy Ltd | 11.97% |
| Energy Fuels Inc | 5.15% |
| Denison Mines Corp | 5.12% |
Source: Sprott. Holdings as of July 24, 2026.
While URNM’s one-year return is lower than URA’s, this reflects its different index composition and the timing of specific holdings’ performance. The fund’s higher expense ratio of 0.75% is the joint-highest among the 8 ETFs in this article, a factor investors should weigh against its more concentrated exposure.
iShares Global Clean Energy ETF (ICLN)
iShares Global Clean Energy ETF ICLN
ICLN tracks the S&P Global Clean Energy Transition Index, providing broad exposure to approximately 100–125 global equities in the clean energy sector. The fund invests across renewable energy producers, energy efficiency companies, smart grid technology firms, and clean energy equipment manufacturers.
At 0.39%, ICLN offers the lowest expense ratio of any ETF in this article, making it the most cost-efficient option for broad clean energy exposure. The fund’s top 10 holdings account for roughly 52% of assets, providing a balance between diversification and meaningful exposure to sector leaders.
ICLN serves as a broad-based play on the overall clean energy transition. Rather than targeting a single commodity or technology, it provides exposure across the renewable energy value chain, from solar and wind equipment manufacturers to hydrogen producers and utility-scale renewable operators.
This breadth makes ICLN suitable for investors seeking general energy transition exposure without concentrating in a single sub-sector. The fund captures both established renewable energy companies and emerging technology providers.
| Company | Weight |
|---|---|
| Bloom Energy Corp Class A | 14.75% |
| First Solar Inc | 8.41% |
| Nextpower Inc Class A | 7.32% |
| China Yangtze Power Co Ltd Class A | 5.78% |
| Enphase Energy Inc | 4.87% |
Source: iShares. Holdings as of July 24, 2026.
The negative longer-term returns reflect the sharp drawdown in clean energy stocks during 2022–2024, driven by rising interest rates, supply chain disruptions, and policy uncertainty. The strong 2025 recovery of approximately 47% has improved the picture, but the fund has not yet recaptured its 2021 highs. Investors should be aware of the sector’s sensitivity to interest rate and policy environments.
Global X Lithium & Battery Tech ETF (LIT)
Global X Lithium & Battery Tech ETF LIT
LIT tracks the Global X Lithium & Battery Tech Index, investing across the full lithium cycle, from mining and refining to battery production and technology. The fund captures companies involved in lithium extraction, battery cell manufacturing, battery materials production, and related technologies.
The portfolio spans the entire battery value chain, giving investors exposure to both upstream mineral producers and downstream technology manufacturers. This integrated approach means LIT’s performance reflects both commodity price dynamics and manufacturing sector trends.
Lithium is the foundational element of the rechargeable battery revolution. Lithium-ion batteries power electric vehicles, grid-scale energy storage, consumer electronics, and an expanding range of industrial applications. The global shift toward electrified transportation alone is projected to drive significant growth in lithium demand through the end of this decade.
Battery technology is also a critical enabler for renewable energy integration, providing the storage capacity needed to balance intermittent solar and wind generation with electricity demand patterns.
| Company | Weight |
|---|---|
| Rio Tinto PLC ADR | 20.01% |
| NAURA Technology Group Co Ltd Class A | 7.89% |
| Panasonic Holdings Corp | 6.19% |
| TDK Corp | 5.79% |
| Albemarle Corp | 4.64% |
Source: Global X. Holdings as of July 24, 2026.
Investors should note the heavy concentration in Rio Tinto, which accounts for over 22% of assets. This means the fund’s performance is significantly influenced by a diversified mining conglomerate rather than a pure-play lithium company. The 0.75% expense ratio is also at the higher end of this peer group.
Invesco Solar ETF (TAN)
Invesco Solar ETF TAN
TAN tracks the MAC Global Solar Energy Index, providing targeted exposure to the global solar energy industry. The fund invests in companies across the solar value chain, including solar cell and module manufacturers, polysilicon producers, solar installation companies, and downstream solar power generators.
TAN is one of the more concentrated funds in this list. Three to four major holdings typically account for roughly one-third of assets, making it a high-conviction bet on the solar sector.
Solar energy has become the lowest-cost source of new electricity generation in many parts of the world. Global solar installations continue to set annual records, with deployment accelerating across both utility-scale projects and distributed rooftop systems.
As manufacturing costs decline and efficiency improves, solar is capturing an increasing share of new electricity generation capacity. Policy support in major markets, including the Inflation Reduction Act in the United States and the European Green Deal, continues to provide tailwinds for deployment.
| Company | Weight |
|---|---|
| Nextpower Inc Class A | 10.33% |
| First Solar Inc | 9.33% |
| Enphase Energy Inc | 7.15% |
| Enlight Renewable Energy Ltd | 6.6% |
| SolarEdge Technologies Inc | 5.13% |
Source: Invesco. Holdings as of July 24, 2026.
TAN has historically exhibited significant volatility. The fund experienced a sharp drawdown alongside the broader clean energy sector during 2022–2024 as rising interest rates and supply chain disruptions weighed on solar stocks. The sector has recovered in 2025, with TAN returning 47% for the year.
The concentrated portfolio means individual stock performance can have an outsized impact on fund returns.
Conclusion
These 9 ETFs span the major themes of the energy transition, from uranium and critical minerals to solar power and grid infrastructure. Each provides a different angle on the structural shift toward cleaner energy systems, and fund sizes above $1 billion offer investors meaningful advantages in terms of liquidity, trading costs, and fund stability.
Several patterns stand out in the July 2026 return data. Copper mining (COPX) leads over twelve months, while the uranium miners (URA and URNM) have given back most of their early-2026 gains and now sit close to flat on a one-year basis, a reminder of how sharply commodity-linked funds can swing. Grid infrastructure (GRID) is the most consistent performer across all three horizons, positive on one, three and five years. The clean energy funds (ICLN and TAN) have recovered over the past year but remain negative on a five-year annualised basis, reflecting the 2022 to 2024 drawdown.
Investors considering these ETFs should evaluate how each fund fits within their broader portfolio, taking into account expense ratios, concentration risk, sector cyclicality, and the liquidity advantages that come with fund sizes above $1 billion. As always, past performance is not indicative of future results, and all investments carry risk.
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