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ISE Clean Edge Global Wind Energy Index (GWE)

GWE Index Logo

The ISE Clean Edge Global Wind Energy Index  (GWE) is a float-adjusted modified market capitalization-weighted index designed to track the performance of companies that are primarily engaged and involved in the wind energy industry based on analysis of the products and services offered by those companies (including both pure play companies focused on the wind energy sector and diversified multinationals with wind energy sector exposure).

An exchange traded fund, FAN , is based on the Nasdaq Clean Edge ISE Global Wind Energy Index and is sponsored by First Trust Advisors L.P. See index components and learn more about our methodologies, up-to-date performance, and licensed products below.

ISE Clean Edge Global Wind Energy Index Components  (Last updated April 2020)

ANAAcciona SA
ASXAGL Energy Ltd
AMSCAmerican Superconductor
LNTAlliant Energy Corporation
658China High Speed Trnsmsn Eqpt Grp Co Ltd
916China Longyuan Power Group Corp Ltd
956China Suntien Green Energy Corp
112610CS Wind Power
100130Dongkuk Structures & Construction
DUKDuke Energy Corp
EDPEDP - Energias de Portugal SA
ELEEndesa SA
ENELEnel S.p.A.
EOLU BEolus Vind AB
GEGeneral Electric Company
GURGurit Holding AG
IBEIberdrola SA
INEInnergex Renewable Energy Inc.
8031Mitsui & Co Ltd
7011 Mitsubishi Heavy Industries
NEENextEra Energy Inc
NPINorthland Power Inc
PRYPrysmian SpA
SIESiemens AG
SGRESiemens Gamesa Renewable Energy
SIFGSif Group
TENERGYTerna Energy
3402Toray Industries
TPICTPI Composites
RNWTransAlta Renewables, Inc.
TRNTrinity Industries Inc
VWSVestas Wind Systems A/S
WWDWoodward Inc
2208Xinjiang Goldwind Science & Tech Co Ltd

ISE Clean Edge Global Wind Energy Index Changes

As a result of the March 2020 evaluation (applied in April due to the Covid-19 pandemic) and/or intra-quarterly changes, the following securities were most recently added or removed from the Index:

Additions: CS Wind Power (KOSDAQ: 112610), Dongkuk Structures & Construction (KOSDAQ: 100130), Innergex Renewable Energy Inc. (TSE: INE), Neoen (EPA: NEOEN), and PNE Wind (ETR: PNE3)

Deletions: Nordex SE (ETR: NDX1), Pattern Energy (NASDAQ: PEGI), and The Renewables Infrastructure Group (LON: TRIG)

Historical changes are available  here .

ISE Clean Edge Global Wind Energy Index Performance

Historical index performance is available here .

ISE Clean Edge Global Wind Energy Index Methodologies

Index Calculation

The ISE Clean Edge Global Wind Energy Index (GWE) (formerly the ISE Global Wind Energy Index) began on December 16, 2005 with a base value of 100.00.  Click here  to learn more.


Index eligibility is limited to specific security types only.  The security type eligible for the Index include common stocks, ordinary shares and depositary shares. Security types not eligible for the index include closed-end funds, exchange-traded funds (ETF), investment vehicles or Real Estate Investment Trusts (REIT).

Eligibility  Criteria

To be eligible for inclusion in the Index, a security must meet the following criteria:

  • the issuer of the security must be primarily engaged and involved actively engaged in some aspect of the wind energy industry such as the development or management of a wind farm, the production or distribution of electricity generated by wind power, involvement in the design, manufacture or distribution of machinery or materials designed specifically for the Industry, as according to Clean Edge;
  • be listed on an index-eligible global stock exchange;
  • one security per issuer is permitted;
  • a minimum worldwide market capitalization of $100 million;
  • a minimum free float of 25%;
  • a minimum three-month average daily dollar trading volume (ADDTV) of $500 thousand;
  • have “seasoned” for at least three months on an index-eligible global exchange;
  • the issuer of the security may not have entered into a definitive agreement or other arrangement which would likely result in the security no longer being Index eligible; 
  • may not be issued by an issuer currently in bankruptcy proceedings; and
  • the issuer of the security may not have annual financial statements with an audit opinion that is currently withdrawn.  

For detailed methodology information visit here .

Financial Products Based on the ISE Clean Edge Global Wind Energy Index  

The  First Trust Global Wind Energy ETF (FAN)  is based on the ISE Clean Edge Global Wind Energy Index (GWE) and is sponsored by First Trust Advisors L.P.


The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. Clean Edge, Inc., does not make any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund.