Best International ETFs: Why Iceland Should Be on Your List

Many investors considering international exposure reach for the same handful of funds. As a result, many skip over investing in Iceland in favor of larger and more diverse economies. However, they miss Iceland's unique combination of renewable energy leadership, geopolitical stability, and an increasingly strategic geographic position, all of which are now accessible to U.S. investors through a single listed product.  

Why Iceland

For investors who want Northern Europe exposure, the available single-country options are limited. However, in March of 2025, Iceland’s first single-country ETF emerged: the GlacierShares Iceland ETF (Ticker: GLCR)

Renewable Energy

Iceland generates over 99% of its electricity from renewable sources,  approximately 70% hydropower, 30% geothermal. In terms of total primary energy supply, 85% comes from domestically produced renewables. Iceland is the world's largest green energy producer per capita at approximately 55,000 kWh per person per year, versus an EU average of under 6,000 kWh.

Iceland isn’t in the transition to renewable energy like the rest of the world. Since the 1970s, Iceland has used its geography to build one of the cleanest energy systems in the world. Iceland is one of seven to generate nearly 100% of its electricity from renewable sources. 

Geopolitical Stability

Iceland has ranked #1 on the Global Peace Index every year since the index launched in 2008 and topped the 2026 rankings as well. It is the only NATO member with no standing army and police officers generally do not carry firearms on their person. In an environment where 59 active state-based conflicts are currently recorded globally, Iceland's profile represents a different environment from most of the world.

Economic Profile

Iceland's nominal GDP reached $35 billion in 2025, with GDP per capita among the top five globally at roughly $91,000. The OECD projects GDP growth rising from 1.3% in 2025 to 1.6% in 2026 and 2.2% in 2027, driven by private consumption and export recovery.

Iceland's economy spans fishing and aquaculture, aluminum smelting powered by cheap renewable electricity, tourism, financial services, and a growing pharmaceutical and technology sector. Companies like Alvotech (biosimilars) and JBT Marel Corporation (food processing equipment) demonstrate Iceland’s broad array of industries.

Iceland as an Arctic Gateway

Iceland sits between the North Atlantic and the Arctic, directly between North America and Northern Europe. The U.S. State Department formally identifies Iceland as "a gateway to the Arctic" and a hub for Arctic policy and research.

Iceland's position as a hub for Arctic activity is gaining traction. The east coast of Iceland has been flagged as a prime candidate for trans-shipment operations, potentially handling over 100,000 TEUs annually as Arctic routes increase. Additionally, The ECFR notes that Iceland's Keflavik base serves as a NATO outpost for monitoring Russian Arctic activity, and that Iceland's strategic importance will grow as new shipping routes open. In May 2025, the UK announced an AI vessel-tracking initiative with Iceland specifically to monitor Arctic waters, demonstrating how Iceland's role in North Atlantic security is becoming more active.

The GlacierShares Nasdaq Iceland ETF (GLCR)

GLCR launched in March 2025 as the first U.S.-listed ETF providing direct access to Iceland's stock market. Trading on Nasdaq, GLCR is seeks to track the MarketVector Iceland Global Total Return Index. Of its holdings, at least 80% of the fund's assets are invested in Iceland's equity market.

A Breakdown of GLCR

As of May 2026, GLCR holds 34 securities, with the top 10 accounting for approximately 70% of assets. These top ten holdings include Íslandsbanki, Arion Bank (Greenland-exposure), Oculis, Amaroq Minerals (Greenland-exposure), Bakkafrost, SalMar, Embla Medical, Mowi, JBT Marel and Alvotech.

Of all the companies within the Iceland ETF, the primary industries include financials, consumer staples, healthcare, consumer discretionary, communications, energy and industrials. GLCR trades on the Nasdaq stock exchange and is accessible through major U.S. brokerages.

In Summary

As investors look for international exposure, GLCR fills a gap none of them address: direct Iceland equity exposure built on a renewable energy foundation, consistent top-ranked geopolitical stability, and a small economy with internationally relevant companies across financial services, healthcare, aquaculture, and industrials.

For investors building international equity exposure with an emphasis in ESG alignment, geographic differentiation, or the Arctic investment thesis, Iceland deserves a place on the list.