KWH vs ZAP: Grades, Fees and Holdings Compared

GMO Power Infrastructure ETF

KWHCNYSE Arca

Global X U.S. Electrification ETF

ZAPBNasdaq

Overlap

27.8%by weight

Expense ratio

ZAP −0.10pt a year

KWH0.60%ZAP0.50%

Avg volume · 30D

ZAP 3.2×the volume

KWH38.2KZAP122K

KWH vs ZAP Performance

Jul 31, 2026 – Oct 30, 2026

−6.0%KWH−2.4%ZAP

Expense ratio: KWH 0.60%; ZAP 0.50%, better
Fund size: KWH $54M; ZAP $450M
1Y total return: KWH No data; ZAP +4.9%
Yield (12M): KWH No data; ZAP 1.88%
Holdings: KWH 82; ZAP 47
Avg volume (30D): KWH 38.2K sh; ZAP 122K sh, better
NAV per share: KWH $23.18; ZAP $31.56
52W range

ETF.net Grade

Pillar letters and Scores for KWH, ZAP, with each pillar’s weight
Pillar	KWH	ZAP
Cost30% weight	D36	B61Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B62	A71Higher
Tradability15% weight	C41	A75Higher
Holdings10% weight	B66	B67Higher
Durability5% weight	C47	A76Higher

Rank among Grid & Electrification funds

How we build Categories ›

Same Category. KWH 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 KWH 6th of 10 funds in the Grid & Electrification Category.

Rank 1BZAPGlobal X U.S. Electrification ETFScore 67
Rank 2BELFYALPS Electrification Infrastructure ETFScore 66
Rank 5CJOULCorgi High Voltage Grid Equipment ETFScore 51
Rank 6CKWHGMO Power Infrastructure ETFScore 46
Rank 6CVOLTTema Electrification ETFScore 46

Our read on each fund

ETF.net Research

KWHCGMO Power Infrastructure ETF

ZAPBGlobal X U.S. Electrification ETF

In short

KWH No data

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

KWH No data

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

KWH No data

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

KWH No data

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 KWH profile⁠

Full ZAP profile⁠

KWH vs ZAP Holdings

As of Oct 13, 2026

How KWH and ZAP differ

Overlap by weight

27.8%

Shared holdings make up 59.1% of ZAP and 28.5% of KWH.

Level by level

Holdings18 in both27.8%
Countryby domicile57.3%
Asset classEquity100%

Sector

No Sector split for KWH and ZAP.

Country, concentration and asset class

Country by domicile

Country weights in KWH and ZAP, widest gap first
Country	More in KWHMore in ZAP	KWH	ZAP
United States	ZAP +42.7 points	51.6%	94.3%
Germany	KWH +8.4 points	8.4%	0.0%
France	KWH +6.4 points	6.4%	0.0%
South Korea	KWH +4.4 points	4.4%	0.0%
Italy	KWH +3.7 points	3.7%	0.0%
Switzerland	KWH +3.1 points	3.1%	0.0%
Spain	KWH +3.0 points	3.0%	0.0%
United Kingdom	KWH +2.8 points	6.8%	4.1%
Other countries (9)	KWH +11.1 points	12.7%	1.6%

Outside the US: KWH 84% developed, 16% emerging.

Concentration

Weight in the 10 largest Holdings

KWH29.6%
ZAP43.8%

Securities held

KWH79
ZAP46

Asset class

KWH: Equity
ZAP: Equity

Holdings

Only in KWH61
In both18
Only in ZAP28

Only in KWH

61 securities, 71.5% of KWH by weight

Siemens AG Reg4.32%
Schneider Electric SE4.21%
Iberdrola SA2.80%
Trane Technologies PLC2.68%
Enel Spa2.53%
Vestas Wind Systems A/S2.25%
E.on SE2.07%
Abb Ltd Reg2.02%
Cheniere Energy Inc1.93%
Eqt Corp1.85%
Expand Energy Corp1.75%
Johnson Controls Internation1.67%
Itron Inc1.58%
Contemporary Amperex Techn H1.56%
Samsung Sdi Co Ltd1.55%
Sse PLC Spn Adr1.54%
Targa Resources Corp1.52%
Nextpower Inc1.52%
Lg Energy Solution1.48%
Kinder Morgan Inc1.39%
Nvent Electric PLC1.28%
Nexans SA1.25%
First Solar Inc1.22%
Rwe AG1.22%
Mitsubishi Heavy Industries1.21%
Fortis Inc1.19%
Ppl Corp1.15%
Freeport Mcmoran Inc1.14%
Anglo American PLC Spons Adr1.13%
Prysmian Spa1.12%
Carrier Global Corp1.09%
Nexgen Energy Ltd0.90%
Archrock Inc0.89%
Darling Ingredients Inc0.88%
Edp SA0.88%
Neste Oyj0.87%
Sika AG Reg0.85%
Nrg Energy Inc0.80%
Siemens Energy AG0.74%
Ge Vernova Inc0.66%
Myr Group Inc/Delaware0.64%
Aes Corp0.59%
Quimica Y Minera Chil Sp Adr0.59%
Albemarle Corp0.58%
State Str Instl Invt Tr0.57%
Clp Holdings Ltd0.52%
Sunrun Inc0.49%
Cadeler A/S Adr0.48%
Hd Hyundai Electric Co Ltd0.47%
Primoris Services Corp0.46%

Only in ZAP

28 securities, 40.9% of ZAP by weight

Bloom Energy Corp- A5.36%
Ametek Inc4.49%
Dominion Energy Inc4.25%
Constellation Energy4.21%
Public Service Enterprise Gp3.68%
Ameren Corporation3.07%
Eversource Energy2.69%
Edison International2.45%
Talen Energy Corp1.61%
Emera Inc1.50%
Pinnacle West Capital1.29%
Oge Energy Corp1.06%
Idacorp Inc0.81%
Txnm Energy Inc0.68%
Enersys0.67%
Ormat Technologies Inc0.58%
Portland General Electric Co0.57%
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%
Other Payable & Receivables0.07%
Eos Energy Enterprises Inc0.07%
Evgo Inc0.01%

Weight gaps

All 18 Holdings in both funds, largest gap first.

Holding weights in KWH and ZAP, widest gap first
Holding	More in KWHMore in ZAP	KWH	ZAP
Quanta Services IncPWR	ZAP +4.03 points	0.87%	4.90%
Vistra CorpVST	ZAP +2.92 points	1.19%	4.11%
Southern Co/TheSO	ZAP +2.55 points	1.36%	3.91%
Xcel Energy IncXEL	ZAP +2.45 points	1.43%	3.88%
Entergy CorpETR	ZAP +2.30 points	1.52%	3.82%
American Electric PowerAEP	ZAP +2.13 points	1.82%	3.95%
Consolidated Edison IncED	ZAP +2.11 points	2.02%	4.13%
Duke Energy CorpDUK	ZAP +1.86 points	2.04%	3.90%
Firstenergy CorpFE	ZAP +1.76 points	1.12%	2.88%
Exelon CorpEXC	ZAP +1.76 points	2.04%	3.80%
Hubbell IncHUBB	ZAP +1.19 points	1.49%	2.68%
Eaton Corp PLCETN	ZAP +1.11 points	3.35%	4.46%
Mastec IncMTZ	ZAP +1.05 points	0.26%	1.31%
Evergy IncEVRG	ZAP +1.03 points	0.98%	2.01%
National Grid PLC Sp AdrNGG	ZAP +1.03 points	2.74%	3.77%
Nextera Energy IncNEE	ZAP +0.97 points	2.65%	3.62%
Alliant Energy CorpLNT	ZAP +0.93 points	0.91%	1.84%
Ameresco Inc Class AAMRC	KWH +0.67 points	0.74%	0.07%

All KWH 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.

KWH vs ZAP Cost

Overpaying KWH vs ZAP

$1,838

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

KWH 0.60%
$11,817
ZAP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

KWH 0.60%
ZAP 0.50%
Overpaying

Year by year

Year	KWH	ZAP	Overpaying
10	$1,076	$900	$176
20	$4,116	$3,460	$656
30	$11,817	$9,979	$1,838

Expense ratio

0.60%KWH
0.50%ZAP, cheaper

ZAP0.50%KWH0.60%

0.35%0.96%

Middle half of Grid & Electrification funds
Median 0.53%

ZAP 4th cheapest of 10 funds

KWH 7th cheapest of 10 funds

KWH vs ZAP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): KWH No data; ZAP 1.88%
Payout (12M): KWH None; ZAP $0.59
Last payment: KWH No data; ZAP $0.15
Ex-dividend: KWH No data; ZAP Oct 5, 2026
Paid on: KWH No data; ZAP Oct 8, 2026
Frequency: KWH No data; ZAP Quarterly

Distribution history

Per share, 2024 to 2026, same scale for both

KWHAll KWH payments⁠

No distribution history available.

ZAPQuarterly · 8 paymentsAll ZAP payments⁠

KWH vs ZAP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: KWH No dataZAP 15.2%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: KWH No dataZAP 0.87since Jan 2025
Worst fallMax drawdown, 5 years: KWH No dataZAP −13.0%since Dec 2024
Market sensitivityBeta, 5 years: KWH 0.00ZAP 0.55; Market = 1

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