ELFY vs ZAP: Grades, Fees and Holdings Compared

ALPS Electrification Infrastructure ETF

ELFYBNasdaq

Global X U.S. Electrification ETF

ZAPBNasdaq

Overlap

29.8%by weight

Expense ratio

ELFY0.50%ZAP0.50%

Avg volume · 30D

ZAP 3.2×the volume

ELFY38.1KZAP122K

ELFY vs ZAP Performance

Oct 31, 2025 – Oct 30, 2026

+4.2%ELFY+4.9%ZAP

Expense ratio: ELFY 0.50%; ZAP 0.50%
Fund size: ELFY $166M; ZAP $450M
1Y total return: ELFY +4.2%; ZAP +4.9%, better
Yield (12M): ELFY 1.17%; ZAP 1.88%, better
Holdings: ELFY 113; ZAP 47
Avg volume (30D): ELFY 38.1K sh; ZAP 122K sh, better
NAV per share: ELFY $37.76; ZAP $31.56
52W range

ETF.net Grade

Pillar letters and Scores for ELFY, ZAP, with each pillar’s weight
Pillar	ELFY	ZAP
Cost30% weight	B61	B61
Mission25% weight	Not scored	Not scored
Risk15% weight	B58	A71Higher
Tradability15% weight	A73	A75Higher
Holdings10% weight	A89Higher	B67
Durability5% weight	B61	A76Higher

Rank among Grid & Electrification funds

How we build Categories ›

Same Category. ELFY and ZAP are both graded against the same 10 Grid & Electrification funds, so their Grades compare head to head.

Grid & Electrification⁠

Category · 10 funds

See all 10 ›

ZAP ranks 1st and ELFY 2nd of 10 funds in the Grid & Electrification Category.

Rank 1BZAPGlobal X U.S. Electrification ETFScore 67
Rank 2BELFYALPS Electrification Infrastructure ETFScore 66
Rank 3BGRIDFirst Trust NASDAQ Clean Edge Smart Grid Infrastructure Index FundScore 57

Our read on each fund

ETF.net Research

ELFYBALPS Electrification Infrastructure ETF

ZAPBGlobal X U.S. Electrification ETF

In short

ELFY Cap-weighted theme funds let one winner run the show. ELFY equal-weights roughly 80 US generation, transmission, distribution and smart-grid names, so the grid-gear companies stay the story. Live since 2025 at 0.50%.

ZAP Most electrification funds buy the picks and shovels. ZAP also buys the power company: a US-focused index spanning conventional generation and delivery, alternative power, and grid hardware, priced at the low end of its peer group.

Stated mandate

ELFY ELFY seeks pre-fee, pre-expense results that generally track the Ladenburg Thalmann Electrification Infrastructure Index. Its investment objective is non-fundamental and may be changed by the Board without shareholder approval.

ZAP The Fund seeks to track, before fees and expenses, the price and yield performance of the Global X U.S. Electrification Index. It invests at least 80% of net assets in securities of that index, including common stocks and ADRs.

Why people hold it

ELFY Equal weighting is the design, not a footnote: every holding gets the same slot, so no single winner can balloon and crowd out the transformer and grid-gear names.hubspotusercontent-na1.net
Costs 0.50% a year, below the median for its electrification peers and well under VOLT (0.75%) and FPWR (0.96%).
Roughly 80 mid- and large-cap US names spanning generation, transmission, distribution and smart grid, one of the broader, better-spread builds in a small peer group.hubspotusercontent-na1.net
Passive and rules-based: it follows the Ladenburg Thalmann Electrification Infrastructure Index, so the sector mix comes from published rules, not a manager's hunch.

ZAP 0.50% expense ratio, tied for cheapest in its electrification cohort and comfortably under the 0.75% cohort median.
Three lanes in one basket: conventional electricity generation, transmission and distribution; alternative power; and grid and smart-grid technology. Pays quarterly.globalxetfs.com
Revenue screens keep the theme tight: grid and alternative names need 50%+ of revenue from the theme, conventional utilities 75% to get in.globalxetfs.com
Deliberately domestic. The index sticks to US-listed electrification names, while a peer like GRID tracks a global smart-grid benchmark.sec.gov sec.gov 2

Worth knowing

ELFY Launched in April 2025, so how it behaves through a full market cycle isn't on the tape yet.
Trading is moderate rather than heavy and the asset base is mid-size, so spreads can widen when markets move fast.
One theme, utility and industrial heavy, and equal weight gives smaller names as much pull as giants, so swings can run wider than a broad-market fund's.hubspotusercontent-na1.net

ZAP Launched December 2024, so the track record is short and there is little history to judge it against.
About 40 holdings, and the prospectus says the fund concentrates its investments. Moves in power and grid names land with full force.sec.gov
Self-indexed: Global X owns the index its own fund tracks, and an affiliate administers it. Common in thematics, still worth knowing.sec.gov

Full ELFY profile⁠

Full ZAP profile⁠

ELFY vs ZAP Holdings

As of Oct 13, 2026

How ELFY and ZAP differ

Overlap by weight

29.8%

Shared holdings make up 94.2% of ZAP and 31.1% of ELFY.

Level by level

Holdings33 in both29.8%
Countryby domicile90.1%
Asset classEquity100%

Sector

No Sector split for ZAP.

Country, concentration and asset class

Country by domicile

Country weights in ELFY and ZAP, widest gap first
Country	More in ELFYMore in ZAP	ELFY	ZAP
Canada	ELFY +8.9 points	10.5%	1.6%
United States	ZAP +6.6 points	87.7%	94.3%
United Kingdom	ZAP +3.3 points	0.8%	4.1%
China	ELFY +1.0 points	1.0%	0.0%

Concentration

Weight in the 10 largest Holdings

ELFY10.5%
ZAP43.8%

Securities held

ELFY112
ZAP46

Asset class

ELFY: Equity
ZAP: Equity

Holdings

Only in ELFY79
In both33
Only in ZAP13

Only in ELFY

79 securities, 68.8% of ELFY by weight

Cheniere Energy Inc.1.11%
Trimble Inc.1.07%
Black Hills Corp.1.06%
Emerson Electric Co.1.04%
Jacobs Solutions Inc.1.03%
WEC Energy Group Inc.1.03%
Kinder Morgan Inc.1.02%
CenterPoint Energy Inc.1.02%
Targa Resources Corp.1.01%
Generac Holdings Inc.1.01%
Tetra Tech Inc.1.01%
Fortis Inc.1.01%
NiSource Inc.1.01%
Vicor Corp.1.00%
Pembina Pipeline Corp.1.00%
Zebra Technologies Corp.0.98%
TE Connectivity PLC0.98%
TC Energy Corp.0.98%
Rockwell Automation Inc.0.98%
CMS Energy Corp.0.97%
PPL Corp.0.97%
Enbridge Inc.0.96%
Sempra0.96%
Williams Cos. Inc.0.96%
ONEOK Inc.0.95%
DTE Energy Co.0.95%
Aecom0.95%
Acuity Inc.0.95%
Regal Rexnord Corp.0.94%
Algonquin Power & Utilities Corp.0.94%
AES Corp.0.94%
MYR Group Inc.0.94%
Amphenol Corp.0.93%
South Bow Corp.0.92%
Nextpower Inc.0.91%
DT Midstream Inc.0.90%
Antero Midstream Corp.0.90%
Sensata Technologies Holding PLC0.90%
Venture Global Inc.0.89%
Littelfuse Inc.0.89%
Qnity Electronics Inc.0.89%
Brookfield Renewable Corp.0.88%
Vertiv Holdings Co.0.88%
Keysight Technologies Inc.0.88%
PG&E Corp.0.88%
GE Vernova Inc.0.87%
Teck Resources Ltd.0.86%
Belden Inc.0.86%
Cognex Corp.0.85%
EMCOR Group Inc.0.85%

Only in ZAP

13 securities, 5.8% of ZAP by weight

National Grid Plc-Sp Adr3.77%
Northwestern Energy Group0.47%
Avista Corp0.31%
Clearway Energy Inc-C0.29%
Plug Power Inc0.23%
Hawaiian Electric Inds0.16%
Nuscale Power Corp0.14%
American Superconductor Corp0.14%
Fuelcell Energy Inc0.09%
Ameresco Inc-Cl A0.07%
Other Payable & Receivables0.07%
Eos Energy Enterprises Inc0.07%
Evgo Inc0.01%

Weight gaps

All 33 Holdings in both funds, largest gap first.

Holding weights in ELFY and ZAP, widest gap first
Holding	More in ELFYMore in ZAP	ELFY	ZAP
Bloom Energy Corp.BE	ZAP +4.63 points	0.73%	5.36%
Quanta Services Inc.PWR	ZAP +3.96 points	0.94%	4.90%
Eaton Corp. PLCETN	ZAP +3.62 points	0.84%	4.46%
AMETEK Inc.AME	ZAP +3.53 points	0.96%	4.49%
Constellation Energy Corp.CEG	ZAP +3.35 points	0.86%	4.21%
Dominion Energy Inc.D	ZAP +3.29 points	0.96%	4.25%
Vistra Corp.VST	ZAP +3.23 points	0.88%	4.11%
Consolidated Edison Inc.ED	ZAP +3.10 points	1.03%	4.13%
American Electric Power Co. Inc.AEP	ZAP +2.96 points	0.99%	3.95%
Southern Co.SO	ZAP +2.91 points	1.00%	3.91%
Duke Energy Corp.DUK	ZAP +2.90 points	1.00%	3.90%
Xcel Energy Inc.XEL	ZAP +2.89 points	0.99%	3.88%
Entergy Corp.ETR	ZAP +2.84 points	0.98%	3.82%
Exelon Corp.EXC	ZAP +2.80 points	1.00%	3.80%
Public Service Enterprise Group Inc.PEG	ZAP +2.72 points	0.96%	3.68%
NextEra Energy Inc.NEE	ZAP +2.67 points	0.95%	3.62%
Ameren Corp.AEE	ZAP +2.08 points	0.99%	3.07%
FirstEnergy Corp.FE	ZAP +1.93 points	0.95%	2.88%
Hubbell Inc.HUBB	ZAP +1.81 points	0.87%	2.68%
Eversource EnergyES	ZAP +1.76 points	0.93%	2.69%
Edison InternationalEIX	ZAP +1.48 points	0.97%	2.45%
Evergy Inc.EVRG	ZAP +1.02 points	0.99%	2.01%
Alliant Energy Corp.LNT	ZAP +0.84 points	1.00%	1.84%
Talen Energy Corp.TLN	ZAP +0.57 points	1.04%	1.61%
Emera Inc.EMA	ZAP +0.57 points	0.93%	1.50%
MasTec Inc.MTZ	ZAP +0.56 points	0.75%	1.31%
Ormat Technologies Inc.ORA	ELFY +0.29 points	0.87%	0.58%
Portland General Electric Co.POR	ELFY +0.29 points	0.86%	0.57%
TXNM Energy Inc.TXNM	ELFY +0.27 points	0.95%	0.68%
Pinnacle West Capital Corp.PNW	ZAP +0.26 points	1.03%	1.29%
IDACORP Inc.IDA	ELFY +0.20 points	1.01%	0.81%
EnerSysENS	ELFY +0.17 points	0.84%	0.67%
OGE Energy Corp.OGE	ZAP +0.06 points	1.00%	1.06%

All 79 ELFY holdings⁠All 48 ZAP 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.

ELFY vs ZAP Cost

Same expense ratio

$9,979

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

ELFY 0.50%
$9,979
ZAP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

ELFY 0.50%
ZAP 0.50%

Year by year

Year	ELFY	ZAP
10	$900	$900
20	$3,460	$3,460
30	$9,979	$9,979

Expense ratio

0.50%ELFY
0.50%ZAP

ELFY0.50%ZAP0.50%

0.35%0.96%

Middle half of Grid & Electrification funds
Median 0.53%

ELFY 4th cheapest of 10 funds

ZAP 4th cheapest of 10 funds

ELFY vs ZAP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ELFY 1.17%; ZAP 1.88%, better
Payout (12M): ELFY $0.44; ZAP $0.59
Last payment: ELFY $0.11; ZAP $0.15
Ex-dividend: ELFY Sep 17, 2026; ZAP Oct 5, 2026
Paid on: ELFY Sep 22, 2026; ZAP Oct 8, 2026
Frequency: ELFY Quarterly; ZAP Quarterly

Distribution history

Per share, 2024 to 2026, same scale for both

ELFYQuarterly · 6 paymentsAll ELFY payments⁠

ZAPQuarterly · 8 paymentsAll ZAP payments⁠

ELFY vs ZAP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ELFY 19.7%since May 2025ZAP 15.2%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: ELFY 0.96since May 2025ZAP 0.87since Jan 2025
Worst fallMax drawdown, 5 years: ELFY −18.7%since Apr 2025ZAP −13.0%since Dec 2024
Market sensitivityBeta, 5 years: ELFY 1.06ZAP 0.55; Market = 1

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