GARP vs USCA: Grades, Fees and Holdings Compared

iShares MSCI USA Quality GARP ETF

GARPBCboe

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

44.8%by weight

Expense ratio

USCA −0.08pt a year

GARP0.15%USCA0.07%

Avg volume · 30D

GARP 4.1×the volume

GARP402KUSCA97.9K

3Y return · a year

GARP +8.0pt

GARP+28.5%USCA+20.5%

GARP vs USCA Performance

Oct 31, 2025 – Nov 2, 2026

+11.7%GARP+7.7%USCA

Expense ratio: GARP 0.15%; USCA 0.07%, better
Fund size: GARP $3.45B; USCA $3.42B
1Y total return: GARP +11.7%, better; USCA +7.7%
Yield (12M): GARP 0.27%; USCA 1.05%, better
Holdings: GARP 132; USCA 392
Avg volume (30D): GARP 402K sh, better; USCA 97.9K sh
NAV per share: GARP $77.61; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for GARP, USCA, with each pillar’s weight
Pillar	GARP	USCA
Cost30% weight	A81	A97Higher
Mission25% weight	A73	A91Higher
Risk15% weight	D36	C54Higher
Tradability15% weight	A73Higher	B61
Holdings10% weight	D28	D29Higher
Durability5% weight	B58Higher	C49

Rank among US Factor Index funds

How we build Categories ›

Same Category. GARP 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 GARP 11th 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 10BMMTMState Street SPDR S&P 1500 Momentum Tilt ETFScore 65
Rank 11BGARPiShares MSCI USA Quality GARP ETFScore 64
Rank 12BMTUMiShares MSCI USA Momentum Factor ETFScore 63

Our read on each fund

ETF.net Research

GARPBiShares MSCI USA Quality GARP ETF

USCAAXtrackers MSCI USA Climate Action Equity ETF

In short

GARP Growth at a reasonable price is usually a stock-picker's discipline. GARP hard-codes it: US large and mid caps screened for growth, then filtered for value and quality, roughly 130 names, at a fee under the factor-fund norm.

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

GARP The fund seeks to track an index of U.S. growth stocks that exhibit favorable value and quality characteristics.

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

GARP Fee of 0.15% runs at roughly half the 0.28% median for its US factor peer group, and undercuts iShares' own SUSA at 0.25%.
Three screens, one ticker: MSCI ranks US large and mid cap growth stocks, then keeps the ones with favorable value and quality marks.ishares.com
Rules first: holdings come from the MSCI USA Quality GARP Select Index, a disclosed rulebook rather than a manager's call on what counts as reasonably priced.ishares.com
A multi-billion-dollar iShares fund that pays quarterly, and one of the better-standing options in its US factor cohort.

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

GARP Roughly 130 names drawn from a growth universe: a concentrated slice of the US market, not a broad-market core.
Value and quality act as filters on a growth list, not the starting point, so it sits nearer growth funds than a deep value sleeve.
Launched in 2020 and moderately traded rather than a volume giant, so spreads are worth checking, especially on larger orders.

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 GARP profile⁠

Full USCA profile⁠

GARP vs USCA Holdings

How GARP and USCA differ

Overlap by weight

44.8%

Shared holdings make up 90.7% of GARP and 58.4% of USCA.

Level by level

Holdings89 in both44.8%
Sector11 Sectors82.1%
Countryby domicile98.2%
Asset classEquity100%

Sector

Sector weights in GARP and USCA, widest gap first
Sector	More in GARPMore in USCA	GARP	USCA
Technology	GARP +13.3 points	56.7%	43.4%
Health Care	USCA +6.5 points	3.6%	10.1%
Consumer Staples	USCA +3.8 points	0.0%	3.8%
Industrials	GARP +2.5 points	8.7%	6.2%
Financials	USCA +2.2 points	6.8%	9.0%
Consumer Discretionary	GARP +2.0 points	11.4%	9.4%
Communication	USCA +1.6 points	10.0%	11.6%
Energy	USCA +1.5 points	0.4%	1.9%
Real Estate	USCA +1.4 points	0.3%	1.7%
Utilities	USCA +0.9 points	0.6%	1.5%
Materials	GARP +0.1 points	1.5%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in GARP and USCA, widest gap first
Country	More in GARPMore in USCA	GARP	USCA
Brazil	GARP +1.7 points	1.8%	0.1%
United States	USCA +1.3 points	98.0%	99.3%
Other countries (7)	USCA +0.3 points	0.2%	0.5%

Concentration

Weight in the 10 largest Holdings

GARP44.1%
USCA44.6%

Securities held

GARP130
USCA391

Asset class

GARP: Equity
USCA: Equity

Holdings

Only in GARP41
In both89
Only in USCA302

Only in GARP

41 securities, 9.1% of GARP by weight

Royal Caribbean Group1.97%
Doordash Class A0.84%
Applovin Class A0.66%
Crowdstrike Holdings Class A0.57%
Carvana Class A0.56%
Freeport Mcmoran Inc0.49%
Emcor Group0.44%
Targa Resources0.36%
Coeur Mining0.34%
Flutter Entertainment PLC0.29%
Sharkninja0.22%
Heico Class A0.19%
Burlington Stores0.19%
Fabrinet0.16%
Space Exploration Technologies Cor0.15%
Block Class A0.14%
Carnival Corp Ltd0.13%
Centene Corp0.12%
Resmed0.12%
Rocket Lab Corp0.09%
Corpay0.09%
Carpenter Technology0.09%
United Therapeutics0.08%
Astera Labs0.08%
Alnylam Pharmaceuticals0.08%
Affirm Holdings Class A0.07%
Incyte Corp0.07%
Heico0.07%
Mongodb Class A0.06%
Bloom Energy Class A0.06%
Live Nation Entertainment0.05%
Neurocrine Biosciences0.05%
Ati0.05%
Rocket Companies Inc Class A0.04%
Fair Isaac0.04%
Axon Enterprise0.03%
Circle Internet Group Inc Class A0.03%
Mastec Inc0.02%
Ftai Aviation0.02%
Reddit Class A0.02%
Iren0.02%

Only in USCA

302 securities, 41.2% of USCA by weight

Tesla2.14%
JPMorgan Chase & Co1.26%
Johnson & Johnson1.23%
Wal-Mart Stores Inc1.01%
AbbVie Inc0.98%
Cisco Systems Inc0.77%
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%
Thermo Fisher Scientific Inc0.48%
Amgen Inc0.47%
Bank of America Corp0.46%
2226792D0.44%
Costco Wholesale Corp0.42%
Chevron Corp0.41%
Gilead Sciences Inc0.40%
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%
Union Pacific Corp0.34%
QUALCOMM Inc0.33%
Pfizer Inc0.33%
NextEra Energy Inc0.32%
American Express Co0.32%
Blackrock Inc0.31%
Deere & Co0.31%
Morgan Stanley0.31%
Accenture Ltd-Cl A0.29%
AT&T Inc0.28%
Danaher Corp0.28%
Charles Schwab Corp0.27%
Walt Disney Co0.27%
Eaton Corp PLC0.27%
S&P Global0.27%
Vertex Pharm0.26%
Abbott Laboratories0.26%
Wells Fargo & Co0.24%
Bristol-Myers Squibb Co0.24%
Prologis Inc0.22%
Starbucks Corp0.22%
Automatic Data Process0.22%
Intuitive Surgical Inc0.21%
Cme Group Inc0.20%

Weight gaps

All 89 Holdings in both funds, largest gap first.

Holding weights in GARP and USCA, widest gap first
Holding	More in GARPMore in USCA	GARP	USCA
Visa Class AV	GARP +4.20 points	5.49%	1.29%
Micron TechnologyMU	GARP +4.10 points	4.57%	0.47%
NVIDIANVDA	USCA +3.77 points	5.05%	8.82%
AppleAAPL	USCA +3.64 points	5.85%	9.49%
Lam ResearchLRCX	GARP +3.00 points	3.42%	0.42%
KlaKLAC	GARP +2.91 points	3.30%	0.39%
Caterpillar IncCAT	GARP +2.58 points	2.99%	0.41%
Meta Platforms Class AMETA	GARP +2.33 points	4.86%	2.53%
Amazon.com IncAMZN	USCA +2.26 points	2.10%	4.36%
Adobe IncADBE	GARP +2.08 points	2.27%	0.19%
Palantir Technologies Class APLTR	GARP +2.00 points	2.75%	0.75%
MercadolibreMELI	GARP +1.73 points	1.87%	0.14%
Applied Material IncAMAT	GARP +1.68 points	2.12%	0.44%
Western Digital CorpWDC	GARP +1.55 points	1.73%	0.18%
FortinetFTNT	GARP +1.20 points	1.36%	0.16%
Amphenol Corp Class AAPH	GARP +1.16 points	1.34%	0.18%
MicrosoftMSFT	USCA +1.11 points	5.79%	6.90%
AutodeskADSK	GARP +1.10 points	1.20%	0.10%
Broadcom IncAVGO	USCA +1.08 points	1.68%	2.76%
Intel CorporationINTC	GARP +1.05 points	1.32%	0.27%
Alphabet Class AGOOGL	USCA +1.04 points	2.04%	3.08%
Arista NetworksANET	GARP +0.90 points	1.24%	0.34%
Expedia GroupEXPE	GARP +0.77 points	0.83%	0.06%
Airbnb Class AABNB	GARP +0.74 points	0.87%	0.13%
OracleORCL	GARP +0.71 points	1.03%	0.32%
JabilJBL	GARP +0.64 points	0.65%	0.01%
Comfort Systems UsaFIX	GARP +0.55 points	0.63%	0.08%
TapestryTPR	GARP +0.54 points	0.59%	0.05%
Ge AerospaceGE	GARP +0.54 points	0.98%	0.44%
Uber TechnologiesUBER	GARP +0.51 points	0.73%	0.22%
Howmet AerospaceHWM	GARP +0.51 points	0.58%	0.07%
Alphabet Class CGOOG	USCA +0.50 points	1.94%	2.44%
Idexx LaboratoriesIDXX	GARP +0.47 points	0.55%	0.08%
Cadence Design SystemsCDNS	GARP +0.45 points	0.62%	0.17%
Chipotle Mexican GrillCMG	GARP +0.44 points	0.52%	0.08%
Quanta Services IncPWR	GARP +0.41 points	0.58%	0.17%
Dell Technologies Inc Class CDELL	GARP +0.40 points	0.58%	0.18%
Steel Dynamics IncSTLD	GARP +0.38 points	0.43%	0.05%
Vertiv Holdings Class AVRT	GARP +0.37 points	0.53%	0.16%
VistraVST	GARP +0.35 points	0.42%	0.07%
Advanced Micro DevicesAMD	GARP +0.34 points	1.88%	1.54%
ServicenowNOW	GARP +0.30 points	0.50%	0.20%
Mckesson CorpMCK	GARP +0.26 points	0.42%	0.16%
Las Vegas SandsLVS	GARP +0.24 points	0.26%	0.02%
TeradyneTER	GARP +0.24 points	0.29%	0.06%
Everpure Inc Class AP	GARP +0.20 points	0.28%	0.08%
CoherentCOHR	GARP +0.16 points	0.18%	0.02%
Jacobs Solutions IncJ	GARP +0.16 points	0.19%	0.03%
Seagate Technology Holdings PLCSTX	GARP +0.13 points	0.33%	0.20%
Palo Alto NetworksPANW	GARP +0.12 points	0.68%	0.56%
Microchip Technology IncMCHP	GARP +0.11 points	0.19%	0.08%
Workday Class AWDAY	GARP +0.10 points	0.18%	0.08%
Flex LtdFLEX	GARP +0.10 points	0.14%	0.04%
Dexcom IncDXCM	GARP +0.09 points	0.11%	0.02%
Okta Class AOKTA	GARP +0.09 points	0.16%	0.07%
On Semiconductor CorpON	GARP +0.09 points	0.13%	0.04%
Atlassian Corp Class ATEAM	GARP +0.08 points	0.14%	0.06%
Eli LillyLLY	USCA +0.09 points	2.04%	2.13%
Twilio Class ATWLO	GARP +0.09 points	0.14%	0.05%
Marvell TechnologyMRVL	GARP +0.07 points	0.38%	0.31%
Delta Air LinesDAL	GARP +0.06 points	0.08%	0.02%
Lpl Financial HoldingsLPLA	GARP +0.06 points	0.08%	0.02%
Super Micro Computer IncSMCI	GARP +0.05 points	0.08%	0.03%
First SolarFSLR	GARP +0.05 points	0.08%	0.03%
Technipfmc PLCFTI	GARP +0.05 points	0.10%	0.05%
SnowflakeSNOW	GARP +0.04 points	0.23%	0.19%
Sofi TechnologiesSOFI	GARP +0.04 points	0.08%	0.04%
Cloudflare Class ANET	GARP +0.04 points	0.20%	0.16%
Mastercard Class AMA	USCA +0.04 points	0.93%	0.97%
Datadog Inc Class ADDOG	GARP +0.03 points	0.17%	0.14%
Lumentum HoldingsLITE	GARP +0.03 points	0.15%	0.12%
Ge VernovaGEV	GARP +0.02 points	0.24%	0.22%
Credo Technology Group Holding LtdCRDO	GARP +0.02 points	0.06%	0.04%
Monolithic Power Systems IncMPWR	GARP +0.02 points	0.13%	0.11%
NetflixNFLX	USCA +0.01 points	0.47%	0.48%
XpoXPO	GARP +0.02 points	0.04%	0.03%
WelltowerWELL	USCA +0.01 points	0.30%	0.31%
ZscalerZS	GARP +0.01 points	0.06%	0.05%
NewmontNEM	USCA +0.01 points	0.20%	0.21%
Booking HoldingsBKNG	USCA +0.01 points	0.21%	0.22%
Toast Class ATOST	GARP +0.01 points	0.03%	0.02%
Transdigm GroupTDG	GARP +0.01 points	0.07%	0.06%
Samsara Class AIOT	Same weight	0.03%	0.03%
Marriott International Class AMAR	Same weight	0.16%	0.16%
United Airlines HoldingsUAL	GARP +0.01 points	0.02%	0.01%
Constellation Energy CorpCEG	Same weight	0.15%	0.15%
Hilton Worldwide HoldingsHLT	Same weight	0.15%	0.15%
NateraNTRA	Same weight	0.10%	0.10%
Robinhood Markets Class AHOOD	Same weight	0.12%	0.12%

All 130 GARP 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.

GARP vs USCA Cost

Overpaying GARP vs USCA

$1,657

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

GARP 0.15%
$3,137
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

GARP 0.15%
USCA 0.07%
Overpaying

Year by year

Year	GARP	USCA	Overpaying
10	$274	$128	$146
20	$1,071	$503	$568
30	$3,137	$1,480	$1,657

Expense ratio

0.15%GARP
0.07%USCA, cheaper

USCA0.07%GARP0.15%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

GARP 5th cheapest of 30 funds

GARP vs USCA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GARP 0.27%; USCA 1.05%, better
Payout (12M): GARP $0.21; USCA $0.47
Last payment: GARP $0.05; USCA $0.10
Ex-dividend: GARP Sep 15, 2026; USCA Sep 18, 2026
Paid on: GARP Sep 18, 2026; USCA Sep 25, 2026
Frequency: GARP Quarterly; USCA Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

GARPQuarterly · 28 paymentsAll GARP payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

GARP vs USCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GARP 19.0%USCA 12.5%, better
Return per unit of riskSharpe ratio, 3 years: GARP 1.27USCA 1.27
Worst fallMax drawdown, 5 years: GARP −30.6%USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: GARP 1.18USCA 1.00; Market = 1

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