IQSZ vs RCGE: Grades, Fees and Holdings Compared

Invesco Global Equity Net Zero ETF

IQSZBNYSE Arca

RockCreek Global Equality ETF

RCGEDNasdaq

Overlap

12.5%by weight

Expense ratio

IQSZ −0.76pt a year

IQSZ0.19%RCGE0.95%

Avg volume · 30D

IQSZ 5.2×the volume

IQSZ1.5KRCGE290

IQSZ vs RCGE Performance

Nov 7, 2025 – Nov 9, 2026

+17.2%IQSZ+15.5%RCGE

Expense ratio: IQSZ 0.19%, better; RCGE 0.95%
Fund size: IQSZ $161M; RCGE $101M
1Y total return: IQSZ +17.2%, better; RCGE +15.5%
Yield (12M): IQSZ 1.94%; RCGE No data
Holdings: IQSZ 472; RCGE 202
Avg volume (30D): IQSZ 1.5K sh, better; RCGE 290 sh
NAV per share: IQSZ $30.44; RCGE $31.23
52W range

ETF.net Grade

Pillar letters and Scores for IQSZ, RCGE, with each pillar’s weight
Pillar	IQSZ	RCGE
Cost30% weight	A83Higher	F7
Mission25% weight	Not scored	Not scored
Risk15% weight	A77	A79Higher
Tradability15% weight	D31	D35Higher
Holdings10% weight	A75	A80Higher
Durability5% weight	B63Higher	D35

Rank among Climate & Sustainability funds

How we build Categories ›

Same Category. IQSZ and RCGE are both graded against the same 8 Climate & Sustainability funds, so their Grades compare head to head.

Climate & Sustainability⁠

Category · 8 funds

See all 8 ›

IQSZ ranks 2nd and RCGE 7th of 8 funds in the Climate & Sustainability Category.

Rank 1AKLMTInvesco MSCI Global Climate 500 ETFScore 72
Rank 2BIQSZInvesco Global Equity Net Zero ETFScore 68
Rank 3BCCSOCarbon Collective Climate Solutions U.S. Equity ETFScore 58
Rank 6CETECiShares Breakthrough Environmental Solutions ETFScore 40
Rank 7DRCGERockCreek Global Equality ETFScore 38
Rank 8DPCLNPictet Cleaner Planet ETFScore 35

Our read on each fund

ETF.net Research

IQSZBInvesco Global Equity Net Zero ETF

RCGEDRockCreek Global Equality ETF

In short

IQSZ Active net-zero investing priced like an index fund: 0.19% for a global, roughly 500-stock portfolio where a quant process weighs momentum, quality and value alongside a company's emissions plans.

RCGE Gender-lens investing, taken global and active: RockCreek scores developed and emerging market companies on Equileap's gender-equality data, adds ethical screens, and holds the names that clear the bar.

Stated mandate

IQSZ Seeks long-term total return. It actively invests at least 80% of assets in equity securities of companies judged to support the transition to a net-zero economy through current or planned greenhouse-gas reductions, primarily among large- and mid-cap companies in developed and emerging markets.

RCGE The Fund seeks long-term capital appreciation through an actively managed portfolio of companies selected for demonstrated gender-balance practices and strong gender-equality scores, subject to additional ethical, gender-related, and financial screens.

Why people hold it

IQSZ 0.19% expense ratio against a peer-group median near 0.56%. Active management, index-fund pricing.
Roughly 500 large- and mid-cap names across developed and emerging markets, so the climate tilt rides on a broad base rather than a handful of pure plays.
At least 80% of assets go to companies judged to be cutting greenhouse gases now or under a stated plan, run through a momentum, quality and value quant screen.

RCGE The theme is measured, not asserted: companies are ranked on Equileap's Gender Equality Scorecard, covering gender balance, pay gap and related policies.rockcreeketfs.com
Wide net, diversified result: roughly 3,000 developed and 1,000 emerging market stocks get screened down to a 150-250 name portfolio spread across regions.rockcreeketfs.com
Actively managed, so the portfolio can respond to fresh gender data and financial screens instead of waiting on an index reconstitution calendar.rockcreeketfs.com

Worth knowing

IQSZ Launched in 2025 and thinly traded, so spreads can run wider than in a mega-fund and there is little history to judge the process on.
Net-zero alignment is a manager judgment that counts planned cuts, so the book can look closer to a broad global fund than a clean-energy basket.
Emerging-market holdings add currency moves and local political risk to the mix.

RCGE Fee is 0.95% a year against a 0.56% median for global thematic peers. That gap buys active management and licensed gender data, and it compounds.
Launched in 2025, so the live record is short and the stock picking has not yet been tested across a full market cycle.
Thinly traded next to the index heavyweights in its category, so spreads can widen. Limit orders are the standard tool with funds like this.

Full IQSZ profile⁠

Full RCGE profile⁠

IQSZ vs RCGE Holdings

How IQSZ and RCGE differ

Overlap by weight

12.5%

Shared holdings make up 31.8% of RCGE and 16.1% of IQSZ.

Level by level

Holdings65 in both12.5%
Countryby domicile59.9%
Sector11 Sectors70.4%
Asset classStocks100%

Sector

Sector weights in IQSZ and RCGE, widest gap first
Sector	Gap	IQSZ	RCGE
Technology	IQSZ +22.2 points	29.8%	7.6%
Consumer Staples	RCGE +8.5 points	4.0%	12.5%
Financials	RCGE +7.8 points	18.9%	26.6%
Real Estate	RCGE +5.7 points	0.7%	6.4%
Energy	IQSZ +4.9 points	4.9%	0.0%
Utilities	RCGE +4.2 points	1.9%	6.1%
Health Care	RCGE +2.2 points	8.6%	10.8%
Industrials	IQSZ +1.8 points	10.9%	9.1%
Materials	RCGE +1.4 points	3.1%	4.5%
Consumer Discretionary	IQSZ +0.5 points	9.7%	9.2%
Communication	IQSZ +0.1 points	7.4%	7.3%

Country, concentration and asset class

Country by domicile

Country weights in IQSZ and RCGE, widest gap first
Country	Gap	IQSZ	RCGE
United States	IQSZ +27.2 points	63.7%	36.5%
Australia	RCGE +8.9 points	1.7%	10.6%
France	RCGE +5.8 points	2.4%	8.2%
Japan	IQSZ +5.0 points	6.0%	1.0%
United Kingdom	RCGE +4.7 points	2.8%	7.5%
Sweden	RCGE +3.9 points	0.6%	4.5%
Germany	RCGE +2.9 points	1.6%	4.5%
Norway	RCGE +2.4 points	0.5%	2.9%
Other countries (27)	RCGE +3.6 points	20.6%	24.2%

Outside the US: IQSZ 71% developed, 29% emerging. RCGE 91% developed, 9% emerging.

Concentration

Weight in the 10 largest Holdings

IQSZ24.0%
RCGE6.4%

Securities held

IQSZ466
RCGE200

Asset class

IQSZ: Stocks
RCGE: Stocks

Holdings

Only in IQSZ401
In both65
Only in RCGE135

Only in IQSZ

401 securities, 83.8% of IQSZ by weight

Apple Inc5.33%
NVIDIA Corp3.49%
Amazon.com Inc2.59%
Taiwan Semiconductor Manufacturing Co Ltd1.87%
Alphabet Inc1.81%
Meta Platforms Inc1.39%
Alphabet Inc1.36%
Broadcom Inc1.35%
Tesla Inc0.99%
Micron Technology Inc0.98%
Eli Lilly & Co0.95%
Toronto-Dominion Bank/The0.77%
Johnson & Johnson0.73%
JPMorgan Chase & Co0.73%
Samsung Electronics Co Ltd0.72%
Berkshire Hathaway Inc0.71%
ASML Holding NV0.69%
ExxonMobil Holdings Corp0.66%
Visa Inc0.64%
Chevron Corp0.58%
Morgan Stanley0.55%
SK hynix Inc0.52%
UnitedHealth Group Inc0.49%
EOG Resources Inc0.47%
Cisco Systems Inc0.46%
Travelers Cos Inc/The0.44%
Bank of New York Mellon Corp/The0.43%
Lam Research Corp0.41%
Walmart Inc0.41%
Shell PLC0.40%
TJX Cos Inc/The0.39%
Host Hotels & Resorts Inc0.39%
Valero Energy Corp0.38%
Roche Holding AG0.38%
Vinci SA0.37%
Dhl AG0.36%
Canadian National Railway Co0.36%
Amgen Inc0.35%
Petroleo Brasileiro SA - Petrobras0.34%
Parker-Hannifin Corp0.34%
BHP Group Ltd0.33%
Canadian Imperial Bank of Commerce0.33%
Colgate-Palmolive Co0.33%
Applied Materials Inc0.33%
Crown Holdings Inc0.33%
Wells Fargo & Co0.31%
Booking Holdings Inc0.31%
ING Groep NV0.31%
Ross Stores Inc0.31%
Royal Bank of Canada0.30%

Only in RCGE

135 securities, 68.0% of RCGE by weight

VF Corp0.69%
Gen Digital Inc0.66%
Etsy Inc0.65%
Ucb SA0.63%
Wendy's Co/The0.62%
Wolters Kluwer NV0.61%
H&R Block Inc0.60%
Zalando SE0.59%
Campbell's Company/The0.58%
Koninklijke Philips NV0.58%
Lyft Inc0.57%
Experian PLC0.57%
Xero Ltd0.57%
MONY Group PLC0.56%
Kinnevik AB0.56%
HUB24 Ltd0.56%
Puma SE0.56%
Pernod Ricard SA0.56%
Deckers Outdoor Corp0.56%
Vail Resorts Inc0.56%
Challenger Ltd0.56%
Temenos AG0.56%
CAR Group Ltd0.56%
S&P Global Inc0.55%
L'Oreal SA0.55%
Diageo PLC0.55%
Vivendi SE0.54%
ASX Ltd0.54%
Coca-Cola Co/The0.54%
Arch Capital Group Ltd0.54%
Kimberly-Clark Corp0.53%
J M Smucker Co/The0.53%
Wal-Mart de Mexico SAB de CV0.53%
AstraZeneca PLC0.53%
Stockland0.53%
Baxter International Inc0.53%
Orkla ASA0.53%
Danone SA0.53%
Hershey Co/The0.53%
Science Applications International Corp0.53%
Essity AB0.53%
Woolworths Holdings Ltd/South Africa0.53%
Castellum AB0.52%
Super Retail Group Ltd0.52%
Swire Properties Ltd0.52%
Holcim AG0.52%
General Mills Inc0.52%
Mirvac Group0.52%
Severn Trent PLC0.52%
Ecolab Inc0.52%

Weight gaps

All 65 Holdings in both funds, largest gap first.

Holding weights in IQSZ and RCGE, widest gap first
Holding	Gap	IQSZ	RCGE
Microsoft CorpMSFT	IQSZ +3.37 points	3.86%	0.49%
Accenture PLCACN	RCGE +0.54 points	0.16%	0.70%
Yum! Brands IncYUM	RCGE +0.48 points	0.09%	0.57%
Dow IncDOW	RCGE +0.48 points	0.06%	0.54%
Autodesk IncADSK	RCGE +0.47 points	0.13%	0.60%
National Grid PLCNG.L	RCGE +0.46 points	0.07%	0.53%
First Solar IncFSLR	RCGE +0.45 points	0.09%	0.54%
New York Times Co/TheNYT	RCGE +0.44 points	0.07%	0.51%
Allianz SE	RCGE +0.44 points	0.07%	0.51%
Bayer AG	RCGE +0.44 points	0.08%	0.52%
Basf SE	RCGE +0.43 points	0.08%	0.51%
Woolworths Group Ltd	RCGE +0.43 points	0.08%	0.51%
MTN Group Ltd	RCGE +0.43 points	0.09%	0.52%
Biogen IncBIIB	RCGE +0.42 points	0.10%	0.52%
Exelon CorpEXC	RCGE +0.41 points	0.13%	0.54%
Storebrand ASA	RCGE +0.41 points	0.08%	0.49%
ASR Nederland NV	RCGE +0.40 points	0.09%	0.49%
Orange SA	RCGE +0.40 points	0.10%	0.50%
Novo Nordisk A/S	RCGE +0.39 points	0.11%	0.50%
Ralph Lauren CorpRL	RCGE +0.39 points	0.11%	0.50%
Xylem Inc/NYXYL	RCGE +0.39 points	0.07%	0.46%
Danske Bank A/S	RCGE +0.39 points	0.05%	0.44%
ANZ Group Holdings Ltd	RCGE +0.38 points	0.12%	0.50%
Ford Motor CoF	RCGE +0.38 points	0.11%	0.49%
Westpac Banking Corp	RCGE +0.38 points	0.11%	0.49%
Gsk PLCGSK.L	RCGE +0.38 points	0.11%	0.49%
PayPal Holdings IncPYPL	RCGE +0.37 points	0.14%	0.51%
Societe Generale SA	RCGE +0.36 points	0.06%	0.42%
UniCredit SpA	RCGE +0.36 points	0.07%	0.43%
Commonwealth Bank of Australia	RCGE +0.36 points	0.16%	0.52%
DNB Bank ASA	RCGE +0.35 points	0.14%	0.49%
QBE Insurance Group Ltd	RCGE +0.35 points	0.19%	0.54%
Enel SpA	RCGE +0.34 points	0.17%	0.51%
NatWest Group PLCNWG.L	RCGE +0.34 points	0.07%	0.41%
CaixaBank SA	RCGE +0.34 points	0.07%	0.41%
Sanofi SA	RCGE +0.33 points	0.21%	0.54%
NN Group NV	RCGE +0.33 points	0.13%	0.46%
Adobe IncADBE	RCGE +0.32 points	0.19%	0.51%
Standard Chartered PLCSTAN.L	RCGE +0.32 points	0.12%	0.44%
Marriott International Inc/MDMAR	RCGE +0.31 points	0.25%	0.56%
Siemens Energy AG	RCGE +0.29 points	0.09%	0.38%
Iberdrola SA	RCGE +0.28 points	0.24%	0.52%
Principal Financial Group IncPFG	RCGE +0.27 points	0.20%	0.47%
Trane Technologies PLCTT	RCGE +0.26 points	0.16%	0.42%
Lloyds Banking Group PLCLLOY.L	RCGE +0.25 points	0.17%	0.42%
Target CorpTGT	RCGE +0.25 points	0.24%	0.49%
Verizon Communications IncVZ	RCGE +0.25 points	0.22%	0.47%
Cummins IncCMI	RCGE +0.24 points	0.17%	0.41%
Procter & Gamble Co/ThePG	RCGE +0.24 points	0.31%	0.55%
Expedia Group IncEXPE	RCGE +0.24 points	0.24%	0.48%
Schneider Electric SE	RCGE +0.21 points	0.17%	0.38%
Keysight Technologies IncKEYS	RCGE +0.17 points	0.18%	0.36%
BNP Paribas SA	RCGE +0.15 points	0.28%	0.43%
Axa SA	RCGE +0.12 points	0.36%	0.48%
Novartis AG	RCGE +0.12 points	0.42%	0.54%
Edison InternationalEIX	RCGE +0.11 points	0.43%	0.54%
Merck & Co IncMRK	RCGE +0.11 points	0.36%	0.47%
Goldman Sachs Group Inc/TheGS	IQSZ +0.10 points	0.54%	0.44%
Mastercard IncMA	RCGE +0.09 points	0.46%	0.55%
AbbVie IncABBV	IQSZ +0.07 points	0.60%	0.53%
Bank of America CorpBAC	RCGE +0.06 points	0.35%	0.41%
HSBC Holdings PLCHSBA.L	RCGE +0.05 points	0.38%	0.43%
Gilead Sciences IncGILD	RCGE +0.03 points	0.45%	0.48%
Bristol-Myers Squibb CoBMY	RCGE +0.02 points	0.47%	0.49%
Citigroup IncC	RCGE +0.02 points	0.41%	0.43%

All 466 IQSZ holdings⁠All RCGE 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.

IQSZ vs RCGE Cost

Overpaying RCGE vs IQSZ

$13,917

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

IQSZ 0.19%
$3,952
RCGE 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

IQSZ 0.19%
RCGE 0.95%
Overpaying

Year by year

Year	IQSZ	RCGE	Overpaying
10	$347	$1,678	$1,331
20	$1,351	$6,322	$4,971
30	$3,952	$17,869	$13,917

Expense ratio

0.19%IQSZ, cheaper
0.95%RCGE

IQSZ0.19%RCGE0.95%

0.10%0.95%

Middle half of Climate & Sustainability funds
Median 0.48%

IQSZ 2nd cheapest of 8 funds

RCGE 8th cheapest of 8 funds

IQSZ vs RCGE Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IQSZ 1.94%; RCGE No data
Payout (12M): IQSZ $0.60; RCGE No data
Last payment: IQSZ $0.13; RCGE $0.51
Ex-dividend: IQSZ Sep 21, 2026; RCGE Dec 23, 2025
Paid on: IQSZ Sep 25, 2026; RCGE Dec 26, 2025
Frequency: IQSZ Quarterly; RCGE Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IQSZQuarterly · 5 paymentsAll IQSZ payments⁠

RCGEIrregular · 1 paymentAll RCGE payments⁠

IQSZ vs RCGE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IQSZ 11.5%since Aug 2025RCGE 11.3%since Mar 2025
Return per unit of riskSharpe ratio, 3 years: IQSZ 1.41since Aug 2025RCGE 0.94since Mar 2025
Worst fallMax drawdown, 5 years: IQSZ −9.1%since Jul 2025RCGE −12.4%since Feb 2025
Market sensitivityBeta, 5 years: IQSZ 0.93RCGE 0.38; Market = 1

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