Performance data is updated to 31 May 2026.
Global X Hydrogen ETF (HGEN) — Review & Analysis
HGEN is the ASX's only dedicated hydrogen economy ETF, tracking the Solactive Global Hydrogen ESG Index. Holdings include hydrogen producers, fuel cell makers, electrolyser manufacturers and infrastructure plays — names like Plug Power, Bloom Energy, Linde, Air Products and Ballard. AUM is $41.77 million with a 0.69% p.a. fee. Compare HGEN across the energy transition universe on our commodities and resources ETF page.
Hydrogen has been one of the most volatile clean-energy themes — large rallies during peak enthusiasm phases (2020-2021) followed by deep drawdowns as commercialisation timelines pushed out.
The thesis remains real: hydrogen is critical for decarbonising heavy industry, long-haul transport and grid-scale storage. The cash-burn profile of pure-play hydrogen names makes HGEN materially more speculative than diversified energy transition funds like XMET.
HGEN works for investors with a specific high-conviction hydrogen thesis rather than as a broad clean-energy proxy. The fund is unhedged. Our every theme ETF on the ASX guide covers how hydrogen sits in the broader thematic universe.
Performance (% return)
Investment Focus
Themes
Exposure Regions
Portfolio Breakdown
| Company Name | % assets |
|---|---|
| BLOOM ENERGY C-A | 17.05% |
| PLUG POWER INC | 9.20% |
| DOOSAN FUEL CELL | 8.39% |
| KAORI HEAT | 7.77% |
| HYUNDAI ENG&CONS | 4.57% |
| CERES POWER HOLD | 4.15% |
| SCREEN HOLDINGS | 4.12% |
| BALLARD POWER | 3.49% |
| DONGJIN SEMICHEM | 3.31% |
| UMICORE | 3.16% |
| Sector | % assets |
|---|---|
| Electrical Equipment | 62.43% |
| Chemicals | 13.05% |
| Machinery | 11.45% |
| Semiconductors & Semiconductor | 6.01% |
| Metals & Mining | 3.83% |
| Industrial Conglomerates | 3.13% |
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Last updated: January 2026
