CALF vs USCA: Grades, Fees and Holdings Compared

Pacer US Small Cap Cash Cows ETF

CALFDCboe

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

0.3%by weight

Expense ratio

USCA −0.52pt a year

CALF0.59%USCA0.07%

Avg volume · 30D

CALF 5.3×the volume

CALF523KUSCA97.9K

3Y return · a year

USCA +6.1pt

CALF+15.2%USCA+21.3%

CALF vs USCA Performance

Oct 31, 2025 – Oct 30, 2026

+36.6%CALF+6.8%USCA

Expense ratio: CALF 0.59%; USCA 0.07%, better
Fund size: CALF $3.84B; USCA $3.42B
1Y total return: CALF +36.6%, better; USCA +6.8%
Yield (12M): CALF 1.09%, better; USCA 1.06%
Holdings: CALF 201; USCA 392
Avg volume (30D): CALF 523K sh, better; USCA 97.9K sh
NAV per share: CALF $58.47; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for CALF, USCA, with each pillar’s weight
Pillar	CALF	USCA
Cost30% weight	F14	A97Higher
Mission25% weight	D34	A91Higher
Risk15% weight	C47	C54Higher
Tradability15% weight	B62Higher	B61
Holdings10% weight	A79Higher	D29
Durability5% weight	C46	C49Higher

Rank among US Factor Index funds

How we build Categories ›

Same Category. CALF and USCA are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

USCA ranks 2nd and CALF 21st of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 20CPOWAInvesco Bloomberg Pricing Power ETFScore 42
Rank 21DCALFPacer US Small Cap Cash Cows ETFScore 39
Rank 22DHAPSHarbor Human Capital Factor US Small Cap ETFScore 37

Our read on each fund

ETF.net Research

CALFDPacer US Small Cap Cash Cows ETF

USCAAXtrackers MSCI USA Climate Action Equity ETF

In short

CALF Small caps, one filter: cash. CALF ranks the S&P US small-cap universe by free cash flow yield and keeps the top 200, a cash-first alternative to the usual book-value screens. Running since 2017.

USCA The largest US ETF debut on record when it launched in 2023, seeded by a Finnish pension fund. It owns roughly 400 US large- and mid-caps, keeping only the top half of each sector on MSCI's climate-transition scoring, for 0.07% a year.

Stated mandate

CALF The fund seeks long-term capital appreciation by screening the S&P US SmallCap universe and selecting the top 200 small-cap companies based on free cash flow yield.

USCA The fund seeks to track the MSCI USA Climate Action Index before fees and expenses through a passive indexing strategy. The index selects U.S. large- and mid-capitalization companies assessed as leading sector peers in climate-transition positioning and actions.

Why people hold it

CALF The screen is blunt in a good way: rank the S&P US small-cap universe on free cash flow yield, own the top 200. The filter rewards businesses generating cash, not just cheap-looking balance sheets.
Easy to get in and out of. It is an actively traded fund with over a billion in assets, and one of the smoother names to trade in its small-cap peer group.
Not a science project. Live since 2017, roughly 200 holdings, distributions paid quarterly, and it sits in the upper half of a crowded field of 35 small-cap strategy funds.

USCA Costs 0.07% a year against a typical screened US equity peer near 0.28%, and undercuts bigger ESG names like SUSA at 0.25%.
No blanket sector bans: the index keeps the top 50% of companies in each GICS sector, so energy and industrials stay in, represented by their climate-transition leaders.dws.com msci.com
Rules do the picking. MSCI's climate metrics, ESG ratings and controversy screens set the roster; no manager discretion, no stock-by-stock calls.dws.com
A multi-billion-dollar fund with an institutional anchor investor from day one, and it pays quarterly.businesswire.com

Worth knowing

CALF 0.59% a year is real money next to the systematic small-cap crowd, where AVUV and AVSC charge 0.25% and DUHP 0.20%. The cash flow screen is what you are paying up for.
One factor drives the whole portfolio. A free cash flow screen can pile into whichever sectors are throwing off cash, so the sector mix can look nothing like a plain small-cap index.
Small caps move harder than large caps, and this one holds only a slice of the universe (about 200 names), so choppy stretches come with the design.

USCA Half of each sector is screened out, so results can drift from a plain MSCI USA index fund in either direction.dws.com
Market-cap weighted and filed as non-diversified, so America's largest companies carry heavy weight at the top.dws.com
Moderately traded next to the giants of US equity, so spreads can be a bigger part of the cost of getting in and out.

Full CALF profile⁠

Full USCA profile⁠

CALF vs USCA Holdings

As of Oct 23, 2026

How CALF and USCA differ

Overlap by weight

0.3%

Shared holdings make up 16.1% of CALF and 0.3% of USCA.

Level by level

Holdings9 in both0.3%
Sector11 Sectors66.3%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in CALF and USCA, widest gap first
Sector	More in CALFMore in USCA	CALF	USCA
Technology	USCA +19.5 points	23.9%	43.4%
Consumer Discretionary	CALF +13.2 points	22.6%	9.4%
Energy	CALF +10.6 points	12.5%	1.9%
Financials	USCA +8.8 points	0.2%	9.0%
Industrials	CALF +5.0 points	11.2%	6.2%
Consumer Staples	CALF +3.5 points	7.3%	3.8%
Communication	USCA +3.4 points	8.2%	11.6%
Utilities	USCA +1.5 points	0.0%	1.5%
Materials	CALF +1.3 points	2.7%	1.4%
Health Care	USCA +0.4 points	9.7%	10.1%
Real Estate	CALF +0.1 points	1.8%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in CALF and USCA, widest gap first
Country	More in CALFMore in USCA	CALF	USCA
United States	USCA +0.1 points	99.2%	99.3%
India	CALF +0.5 points	0.5%	0.0%
Israel	CALF +0.3 points	0.3%	0.0%
Switzerland	USCA +0.2 points	0.0%	0.2%
Brazil	USCA +0.1 points	0.0%	0.1%
China	USCA +0.1 points	0.0%	0.1%
Mexico	USCA +0.1 points	0.0%	0.1%
Canada	Same weight	0.0%	0.0%
Other countries (2)	USCA +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

CALF20.4%
USCA44.6%

Securities held

CALF199
USCA391

Asset class

CALF: Equity
USCA: Equity

Holdings

Only in CALF190
In both9
Only in USCA382

Only in CALF

190 securities, 83.8% of CALF by weight

HF Sinclair Corp2.21%
Sunbelt Rentals Holdings Inc2.12%
Ovintiv Inc2.03%
Tenet Healthcare Corp2.00%
Aptiv PLC1.91%
APA Corp1.91%
Zoom Communications Inc1.64%
GoDaddy Inc1.54%
Incyte Corp1.45%
J M Smucker Co/The1.38%
CF Industries Holdings Inc1.37%
Gartner Inc1.29%
Pinterest Inc1.27%
Docusign Inc1.22%
Sirius XM Holdings Inc1.18%
Exelixis Inc1.11%
Molson Coors Beverage Co1.10%
Versant Media Group Inc1.09%
Lululemon Athletica Inc1.08%
Jazz Pharmaceuticals PLC1.07%
Match Group Inc1.02%
Lyft Inc1.00%
Maplebear Inc1.00%
Chord Energy Corp0.97%
ADT Inc0.94%
Bath & Body Works Inc0.93%
Macy's Inc0.91%
Booz Allen Hamilton Holding Corp0.91%
Toll Brothers Inc0.90%
Albemarle Corp0.89%
Millrose Properties Inc0.87%
BorgWarner Inc0.86%
Oshkosh Corp0.84%
Gap Inc/The0.83%
Dropbox Inc0.81%
Transocean Ltd0.79%
Teradata Corp0.72%
PVH Corp0.69%
H&R Block Inc0.66%
Globus Medical Inc0.66%
Toro Co/The0.65%
Crescent Energy Co0.63%
Lear Corp0.63%
Mohawk Industries Inc0.62%
DXC Technology Co0.62%
Trade Desk Inc/The0.61%
Kohl's Corp0.61%
Crocs Inc0.61%
EnerSys0.58%
Delek US Holdings Inc0.58%

Only in USCA

382 securities, 99.3% of USCA by weight

Apple Inc9.49%
NVIDIA Corp8.82%
Microsoft Corp6.90%
Amazon.com Inc4.36%
Alphabet Class A3.08%
Broadcom2.76%
Meta Platform Inc Class A2.53%
Alphabet Class C2.44%
Tesla2.14%
Lilly (Eli) & Co2.13%
Advanced Micro Dev1.54%
Visa Inc-Class A Shares1.29%
JPMorgan Chase & Co1.26%
Johnson & Johnson1.23%
Wal-Mart Stores Inc1.01%
AbbVie Inc0.98%
Mastercard Inc-Class A0.97%
Cisco Systems Inc0.77%
Palantir Technologies Inc Class A0.75%
Exxonmobil Hldgs Corp Npv0.73%
Procter & Gamble Co0.71%
UnitedHealth Group Inc0.69%
Merck & Co Inc0.69%
Coca-Cola Co0.68%
Home Depot Inc0.62%
Palo Alto Networks0.56%
Netflix Inc0.48%
Thermo Fisher Scientific Inc0.48%
Amgen Inc0.47%
Micron Technology0.47%
Bank of America Corp0.46%
2226792D0.44%
General Electric Co0.44%
Applied Materials Inc0.44%
Costco Wholesale Corp0.42%
Lam Research Corp0.42%
Chevron Corp0.41%
Caterpillar Inc0.41%
Gilead Sciences Inc0.40%
Kla-Tencor Corp0.39%
Analog Devices Inc0.38%
Goldman Sachs Group Inc0.37%
Verizon Communications Inc0.35%
Pepsico0.35%
salesforce.com Inc0.34%
McDonald's Corp0.34%
International Business Machine Corp0.34%
Arista Networks Inc0.34%
Union Pacific Corp0.34%
QUALCOMM Inc0.33%

Weight gaps

All 9 Holdings in both funds, largest gap first.

Holding weights in CALF and USCA, widest gap first
Holding	More in CALFMore in USCA	CALF	USCA
Cognizant Technology Solutions CorpCTSH	CALF +2.22 points	2.28%	0.06%
Omnicom Group IncOMC	CALF +1.97 points	2.00%	0.03%
Expedia Group IncEXPE	CALF +1.94 points	2.00%	0.06%
Expand Energy CorpEXE	CALF +1.90 points	1.92%	0.02%
Kraft Heinz Co/TheKHC	CALF +1.85 points	1.88%	0.03%
Leidos Holdings IncLDOS	CALF +1.75 points	1.78%	0.03%
HP IncHPQ	CALF +1.69 points	1.73%	0.04%
Best Buy Co IncBBY	CALF +1.47 points	1.50%	0.03%
Deckers Outdoor CorpDECK	CALF +0.95 points	0.97%	0.02%

All 200 CALF holdings⁠All 394 USCA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CALF vs USCA Cost

Overpaying CALF vs USCA

$10,155

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CALF 0.59%
$11,635
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

CALF 0.59%
USCA 0.07%
Overpaying

Year by year

Year	CALF	USCA	Overpaying
10	$1,058	$128	$930
20	$4,051	$503	$3,548
30	$11,635	$1,480	$10,155

Expense ratio

0.59%CALF
0.07%USCA, cheaper

USCA0.07%CALF0.59%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

CALF 26th cheapest of 30 funds

CALF vs USCA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CALF 1.09%, better; USCA 1.06%
Payout (12M): CALF $0.64; USCA $0.47
Last payment: CALF $0.19; USCA $0.10
Ex-dividend: CALF Sep 3, 2026; USCA Sep 18, 2026
Paid on: CALF Sep 8, 2026; USCA Sep 25, 2026
Frequency: CALF Quarterly; USCA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CALFQuarterly · 35 paymentsAll CALF payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

CALF vs USCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CALF 20.1%USCA 12.5%, better
Return per unit of riskSharpe ratio, 3 years: CALF 0.58USCA 1.27, better
Worst fallMax drawdown, 5 years: CALF −34.2%USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: CALF 1.03USCA 1.00; Market = 1

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