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 March 2019)

Ticker Name
ANA Acciona SA
ASX AGL Energy Ltd
AMSC American Superconductor
LNT Alliant Energy Corporation
BLX Boralex
658 China High Speed Trnsmsn Eqpt Grp Co Ltd
916 China Longyuan Power Group Corp Ltd
956 China Suntien Green Energy Corp
DUK Duke Energy Corp
EDP EDP - Energias de Portugal SA
ELE Endesa SA
ENEL Enel S.p.A.
EOLU B Eolus Vind AB
GE General Electric Company
GUR Gurit Holding AG
IBE Iberdrola SA
Ticker Name
8031 Mitsui & Co Ltd
7011 Mitsubishi Heavy Industries
NEE NextEra Energy Inc
NDX1 Nordex SE
NPI Northland Power Inc
PEGI Pattern Energy Group Inc.
PRY Prysmian SpA
TRIG The Renewables Infrastructure Group Limited
SIE Siemens AG
SGRE Siemens Gamesa Renewable Energy
SIFG Sif Group
TENERGY Terna Energy
3402 Toray Industries
TPIC TPI Composites
RNW TransAlta Renewables, Inc.
TRN Trinity Industries Inc
VWS Vestas Wind Systems A/S
WWD Woodward Inc
2208 Xinjiang Goldwind Science & Tech Co Ltd

ISE Clean Edge Global Wind Energy Index Changes

As a result of the September 2019 evaluation and intra-quarterly updates, the following securities were most recently added or removed from the Index:       

Additions:  Eolus Vind AB (STO: EOLU B), Mitsubishi Heavy Industries (TYO: 7011), Sif Group (AMS: SIFG).

Removals: Audax Renovables SA (BME: ADX), Dongkuk Structures & Construction Co Ltd (KOSDAQ: 100130), Infigen Energy (ASX: IFN), Unison Co Ltd (KOSDAQ: 018000)

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.