NACP vs USCL: Grades, Fees and Holdings Compared

Impact Shares NAACP Minority Empowerment ETF

NACPCNYSE Arca

iShares Climate Conscious & Transition MSCI USA ETF

USCLANasdaq

Overlap

54.8%by weight

Expense ratio

USCL −0.41pt a year

NACP0.49%USCL0.08%

Avg volume · 30D

USCL 5.4×the volume

NACP2.43KUSCL13.1K

3Y return · a year

NACP +5.7pt

NACP+25.8%USCL+20.1%

NACP vs USCL Performance

Oct 31, 2025 – Nov 2, 2026

+19.2%NACP+6.7%USCL

Expense ratio: NACP 0.49%; USCL 0.08%, better
Fund size: NACP $74M; USCL $2.77B
1Y total return: NACP +19.2%, better; USCL +6.7%
Yield (12M): NACP 0.57%; USCL 1.07%, better
Holdings: NACP 201; USCL 394
Avg volume (30D): NACP 2.43K sh; USCL 13.1K sh, better
NAV per share: NACP $59.25; USCL $85.14
52W range

ETF.net Grade

Pillar letters and Scores for NACP, USCL, with each pillar’s weight
Pillar	NACP	USCL
Cost30% weight	F17	A99Higher
Mission25% weight	A86	Not scored
Risk15% weight	C53Higher	C52
Tradability15% weight	F15	A70Higher
Holdings10% weight	B58Higher	D35
Durability5% weight	C42	A70Higher

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. NACP and USCL are both graded against the same 47 US ESG & Values Index funds, so their Grades compare head to head.

US ESG & Values Index⁠

Category · 47 funds

See all 47 ›

USCL ranks 8th and NACP 39th of 47 funds in the US ESG & Values Index Category.

Rank 8AEVUSiShares ESG Aware MSCI USA Value ETFScore 73
Rank 8AUSCLiShares Climate Conscious & Transition MSCI USA ETFScore 73
Rank 8AUSXFiShares ESG Advanced MSCI USA ETFScore 73
Rank 39CISMDInspire Small/Mid Cap ETFScore 44
Rank 39CNACPImpact Shares NAACP Minority Empowerment ETFScore 44
Rank 39CNUMGNuveen ESG Mid-Cap GrowthScore 44

Our read on each fund

ETF.net Research

NACPCImpact Shares NAACP Minority Empowerment ETF

USCLAiShares Climate Conscious & Transition MSCI USA ETF

In short

NACP The NAACP's name is on the door. NACP tracks the Morningstar Minority Empowerment Index and holds about 50 US stocks, a much narrower cut than the broad ESG index funds it sits beside.

USCL Most ESG index funds work by exclusion. USCL scores roughly 400 US large and mid caps on where they're heading instead: emissions intensity, reduction targets, green revenue. And it charges 0.08% a year to do it.

Stated mandate

NACP Before fees and expenses, the Fund seeks to track the Morningstar Minority Empowerment Index. It normally invests at least 80% of assets plus investment borrowings in securities included in that index.

USCL The Fund seeks to track an index of U.S. large- and mid-capitalization companies selected for their relative positioning on the transition to a low-carbon economy, using climate-related measures such as emissions intensity, reduction targets, green-business revenue, and climate-risk management.

Why people hold it

NACP One screen, stated up front: the Morningstar Minority Empowerment Index. Not a general-purpose ESG blend with a theme bolted on.
Does what the label says. At least 80% of assets sit in index securities, run passively, and the holdings line up closely with the mission it advertises.
About 50 US names, so the screen actually shows up in the portfolio instead of getting diluted across a whole market-cap index.
Trading since 2018 and paying quarterly, so there's a multi-year operating record behind the theme.

USCL At 0.08% a year, it matches the cheapest fund in its ESG cohort (XVV) and undercuts ESGV, SNPE, EFIV and ESGU.ishares.com
The index doesn't just screen out offenders. It selects on transition evidence: emissions intensity, reduction targets, green-business revenue, climate-risk management.ishares.com
About 400 US large and mid caps, so it reads as core equity exposure with a climate tilt, not a narrow clean-energy sector bet.
A multi-billion-dollar iShares fund that sticks tightly to the MSCI USA Extended Climate Action Index, one of the cleaner implementations in its peer group.

Worth knowing

NACP Costs 0.49% a year, roughly double the ESG cohort median of 0.25% and well above broad screens like ESGV (0.09%) or ESGU (0.15%).
Thinly traded. Spreads can run wider than in the category's heavyweights, and bigger orders take more care to fill.
A roughly 50-stock portfolio swings with individual names and sectors more than a broad ESG index fund holding the whole market.

USCL Trading is thin for a fund this size, so spreads can widen. Limit orders are the standard tool here.
Climate scoring reshapes the sector and name mix, so results can diverge from a plain US large-cap index in either direction.
Launched in 2023, so its history is short next to the older ESG funds it competes with.

Full NACP profile⁠

Full USCL profile⁠

NACP vs USCL Holdings

How NACP and USCL differ

Overlap by weight

54.8%

Shared holdings make up 94.8% of NACP and 61.1% of USCL.

Level by level

Holdings168 in both54.8%
Sector11 Sectors92.1%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in NACP and USCL, widest gap first
Sector	More in NACPMore in USCL	NACP	USCL
Energy	NACP +3.5 points	5.6%	2.1%
Technology	USCL +3.2 points	38.6%	41.8%
Communication	USCL +2.4 points	8.1%	10.5%
Consumer Discretionary	NACP +1.5 points	11.2%	9.7%
Utilities	NACP +1.2 points	2.8%	1.6%
Consumer Staples	USCL +0.9 points	3.3%	4.2%
Financials	NACP +0.9 points	10.5%	9.6%
Industrials	NACP +0.8 points	7.6%	6.8%
Real Estate	USCL +0.6 points	1.1%	1.7%
Health Care	USCL +0.6 points	10.0%	10.6%
Materials	USCL +0.3 points	1.3%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in NACP and USCL, widest gap first
Country	More in NACPMore in USCL	NACP	USCL
United States	NACP +0.5 points	99.8%	99.3%
Switzerland	USCL +0.2 points	0.0%	0.2%
Mexico	NACP +0.1 points	0.2%	0.1%
Brazil	USCL +0.1 points	0.0%	0.1%
China	USCL +0.1 points	0.0%	0.1%
United Kingdom	NACP +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

NACP37.6%
USCL44.8%

Securities held

NACP200
USCL391

Asset class

NACP: Equity
USCL: Equity

Holdings

Only in NACP32
In both168
Only in USCL223

Only in NACP

32 securities, 5.2% of NACP by weight

Texas Instruments Inc1.44%
Boeing Co/The0.35%
Marathon Petroleum Corp0.32%
Valero Energy Corp0.29%
Phillips 660.29%
Royal Caribbean Cruises Ltd0.29%
Freeport-McMoRan Inc0.25%
First American Government Obligations Fund 12/01/20310.21%
Cheniere Energy Inc0.18%
Kinder Morgan Inc0.18%
Devon Energy Corp0.15%
Entergy Corp0.13%
Xcel Energy Inc0.13%
Kroger Co/The0.10%
ResMed Inc0.09%
Gartner Inc0.08%
PPL Corp0.07%
Synchrony Financial0.06%
HubSpot Inc0.06%
US Foods Holding Corp0.06%
CMS Energy Corp0.06%
Edison International0.05%
nVent Electric PLC0.05%
Incyte Corp0.05%
Southwest Airlines Co0.05%
Southern Copper Corp0.05%
Textron Inc0.04%
Clorox Co/The0.03%
Carlisle Cos Inc0.02%
Aecom0.02%
Zillow Group Inc0.01%
Zillow Group Inc<0.01%

Only in USCL

223 securities, 38.8% of USCL by weight

Apple9.51%
Broadcom Inc2.77%
Alphabet Class C2.44%
Eli Lilly2.13%
Palantir Technologies Class A0.75%
Procter & Gamble0.71%
Home Depot0.62%
Netflix0.49%
Amgen Inc0.47%
Linde PLC0.45%
Costco Wholesale Corp0.42%
Caterpillar Inc0.40%
Goldman Sachs Group0.37%
Mcdonalds Corp0.35%
Arista Networks0.34%
American Express0.32%
BlackRock0.32%
Marvell Technology0.32%
Walt Disney0.27%
Vertex Pharmaceuticals0.27%
Wells Fargo0.24%
Starbucks Corp0.22%
Automatic Data Processing Inc0.22%
Booking Holdings0.22%
Intuitive Surgical0.22%
Cme Group Class A0.21%
Servicenow0.20%
Seagate Technology Holdings PLC0.20%
Snowflake0.19%
Adobe Inc0.19%
Amphenol Corp Class A0.18%
Marsh0.18%
Chubb0.18%
Dell Technologies Inc Class C0.18%
Intercontinental Exchange Inc0.18%
Western Digital Corp0.18%
Waste Management Inc0.18%
Intuit0.18%
Quanta Services Inc0.17%
Cadence Design Systems0.17%
Capital One Financial Corp0.17%
Blackstone0.17%
Cloudflare Class A0.17%
American Tower Reit0.16%
Mckesson Corp0.16%
Synopsys0.16%
Vertiv Holdings Class A0.16%
Fortinet0.16%
Parker-Hannifin0.16%
Constellation Energy Corp0.15%

Weight gaps

The 100 widest of 168 Holdings in both funds.

Holding weights in NACP and USCL, widest gap first
Holding	More in NACPMore in USCL	NACP	USCL
NVIDIA CorpNVDA	USCL +4.32 points	4.52%	8.84%
Micron Technology IncMU	NACP +3.07 points	3.54%	0.47%
Advanced Micro Devices IncAMD	NACP +2.67 points	4.22%	1.55%
Tesla IncTSLA	NACP +2.18 points	4.33%	2.15%
Microsoft CorpMSFT	USCL +1.97 points	4.95%	6.92%
Cisco Systems IncCSCO	NACP +1.40 points	2.17%	0.77%
ExxonMobil Holdings CorpXOM	NACP +1.32 points	2.05%	0.73%
Palo Alto Networks IncPANW	NACP +1.22 points	1.78%	0.56%
Intel CorpINTC	NACP +1.21 points	1.48%	0.27%
Applied Materials IncAMAT	NACP +1.18 points	1.62%	0.44%
Lam Research CorpLRCX	NACP +1.10 points	1.52%	0.42%
JPMorgan Chase & Co.JPM	NACP +1.08 points	2.34%	1.26%
International Business Machines CorpIBM	NACP +0.92 points	1.26%	0.34%
Meta Platforms IncMETA	NACP +0.78 points	3.32%	2.54%
Oracle CorpORCL	NACP +0.77 points	1.09%	0.32%
Chevron CorpCVX	NACP +0.74 points	1.15%	0.41%
Analog Devices IncADI	NACP +0.68 points	1.06%	0.38%
Kla CorpKLAC	NACP +0.62 points	1.01%	0.39%
Salesforce IncCRM	NACP +0.60 points	0.94%	0.34%
QUALCOMM IncQCOM	NACP +0.59 points	0.92%	0.33%
Visa IncV	NACP +0.59 points	1.88%	1.29%
Accenture PLCACN	NACP +0.54 points	0.84%	0.30%
Uber Technologies IncUBER	NACP +0.45 points	0.67%	0.22%
Johnson & JohnsonJNJ	NACP +0.44 points	1.68%	1.24%
Alphabet IncGOOGL	NACP +0.43 points	3.52%	3.08%
Mastercard IncMA	NACP +0.41 points	1.38%	0.97%
AbbVie IncABBV	NACP +0.39 points	1.37%	0.98%
Bank of America CorpBAC	NACP +0.38 points	0.84%	0.46%
Walmart IncWMT	NACP +0.38 points	1.40%	1.02%
Ge AerospaceGE	NACP +0.38 points	0.82%	0.44%
GE Vernova IncGEV	NACP +0.36 points	0.58%	0.22%
Amazon.com IncAMZN	NACP +0.36 points	4.73%	4.37%
Lowe's Cos IncLOW	NACP +0.32 points	0.43%	0.11%
Citigroup IncC	NACP +0.32 points	0.52%	0.20%
ConocoPhillipsCOP	NACP +0.30 points	0.48%	0.18%
Coca-Cola Co/TheKO	NACP +0.30 points	0.98%	0.68%
Hewlett Packard Enterprise CoHPE	NACP +0.28 points	0.38%	0.10%
Merck & Co IncMRK	NACP +0.27 points	0.96%	0.69%
Morgan StanleyMS	NACP +0.26 points	0.57%	0.31%
UnitedHealth Group IncUNH	NACP +0.25 points	0.94%	0.69%
Abbott LaboratoriesABT	NACP +0.23 points	0.49%	0.26%
Progressive Corp/ThePGR	NACP +0.22 points	0.35%	0.13%
Stryker CorpSYK	NACP +0.21 points	0.30%	0.09%
Thermo Fisher Scientific IncTMO	NACP +0.19 points	0.68%	0.49%
Ciena CorpCIEN	NACP +0.19 points	0.28%	0.09%
NXP Semiconductors NVNXPI	NACP +0.19 points	0.32%	0.13%
PNC Financial Services Group Inc/ThePNC	NACP +0.19 points	0.23%	0.04%
Southern Co/TheSO	NACP +0.18 points	0.28%	0.10%
Northrop Grumman CorpNOC	NACP +0.18 points	0.22%	0.04%
Keysight Technologies IncKEYS	NACP +0.17 points	0.27%	0.10%
Duke Energy CorpDUK	NACP +0.17 points	0.26%	0.09%
General Motors CoGM	NACP +0.17 points	0.28%	0.11%
Marriott International Inc/MDMAR	NACP +0.16 points	0.32%	0.16%
Union Pacific CorpUNP	NACP +0.15 points	0.49%	0.34%
PepsiCo IncPEP	NACP +0.15 points	0.50%	0.35%
Gilead Sciences IncGILD	NACP +0.14 points	0.54%	0.40%
United Parcel Service IncUPS	NACP +0.14 points	0.22%	0.08%
Hilton Worldwide Holdings IncHLT	NACP +0.14 points	0.29%	0.15%
Illinois Tool Works IncITW	NACP +0.14 points	0.21%	0.07%
Medtronic PLCMDT	NACP +0.14 points	0.31%	0.17%
Verizon Communications IncVZ	NACP +0.14 points	0.49%	0.35%
Travelers Cos Inc/TheTRV	NACP +0.14 points	0.22%	0.08%
Microchip Technology IncMCHP	NACP +0.14 points	0.22%	0.08%
Welltower IncWELL	NACP +0.14 points	0.45%	0.31%
CVS Health CorpCVS	NACP +0.14 points	0.30%	0.16%
Pfizer IncPFE	NACP +0.13 points	0.46%	0.33%
Equinix IncEQIX	NACP +0.13 points	0.27%	0.14%
Danaher CorpDHR	NACP +0.12 points	0.40%	0.28%
NextEra Energy IncNEE	NACP +0.12 points	0.45%	0.33%
Truist Financial CorpTFC	NACP +0.12 points	0.15%	0.03%
Cigna Group/TheCI	NACP +0.13 points	0.20%	0.07%
Howmet Aerospace IncHWM	NACP +0.12 points	0.20%	0.08%
FedEx CorpFDX	NACP +0.12 points	0.19%	0.07%
American Electric Power Co IncAEP	NACP +0.11 points	0.18%	0.07%
Bank of New York Mellon Corp/TheBNY	NACP +0.12 points	0.26%	0.14%
Delta Air Lines IncDAL	NACP +0.11 points	0.13%	0.02%
eBay IncEBAY	NACP +0.11 points	0.20%	0.09%
Williams Cos Inc/TheWMB	NACP +0.11 points	0.24%	0.13%
Flex LtdFLEX	NACP +0.12 points	0.16%	0.04%
AT&T IncT	NACP +0.11 points	0.39%	0.28%
Deere & CoDE	NACP +0.11 points	0.42%	0.31%
Charles Schwab Corp/TheSCHW	NACP +0.11 points	0.38%	0.27%
NIKE IncNKE	NACP +0.10 points	0.17%	0.07%
Fifth Third BancorpFITB	NACP +0.11 points	0.13%	0.02%
Prologis IncPLD	NACP +0.11 points	0.33%	0.22%
Eaton Corp PLCETN	NACP +0.10 points	0.37%	0.27%
Ford Motor CoF	NACP +0.10 points	0.17%	0.07%
Cognizant Technology Solutions CorpCTSH	NACP +0.10 points	0.16%	0.06%
Bristol-Myers Squibb CoBMY	NACP +0.10 points	0.34%	0.24%
L3Harris Technologies IncLHX	NACP +0.09 points	0.14%	0.05%
S&P Global IncSPGI	NACP +0.09 points	0.36%	0.27%
Honeywell International IncHON	NACP +0.09 points	0.19%	0.10%
HP IncHPQ	NACP +0.09 points	0.13%	0.04%
MetLife IncMET	NACP +0.09 points	0.14%	0.05%
Cummins IncCMI	NACP +0.08 points	0.18%	0.10%
Newmont CorpNEM	NACP +0.08 points	0.29%	0.21%
CSX CorpCSX	NACP +0.08 points	0.26%	0.18%
United Airlines Holdings IncUAL	NACP +0.08 points	0.09%	0.01%
Archer-Daniels-Midland CoADM	NACP +0.07 points	0.09%	0.02%
3M CoMMM	NACP +0.07 points	0.24%	0.17%

All NACP holdings⁠All 391 USCL 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.

NACP vs USCL Cost

Overpaying NACP vs USCL

$8,103

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

NACP 0.49%
$9,792
USCL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

NACP 0.49%
USCL 0.08%
Overpaying

Year by year

Year	NACP	USCL	Overpaying
10	$883	$147	$736
20	$3,394	$575	$2,819
30	$9,792	$1,689	$8,103

Expense ratio

0.49%NACP
0.08%USCL, cheaper

USCL0.08%NACP0.49%

0.08%0.95%

Middle half of US ESG & Values Index funds
Median 0.25%

USCL cheapest of 47 funds

NACP 38th cheapest of 47 funds

NACP vs USCL Dividends

Last 12 months to Nov 2, 2026

Yield (12M): NACP 0.57%; USCL 1.07%, better
Payout (12M): NACP $0.33; USCL $0.91
Last payment: NACP $0.10; USCL $0.20
Ex-dividend: NACP Sep 29, 2026; USCL Sep 15, 2026
Paid on: NACP Sep 30, 2026; USCL Sep 18, 2026
Frequency: NACP Quarterly; USCL Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

NACPQuarterly · 32 paymentsAll NACP payments⁠

USCLQuarterly · 13 paymentsAll USCL payments⁠

NACP vs USCL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: NACP 14.7%USCL 12.5%, better
Return per unit of riskSharpe ratio, 3 years: NACP 1.44, betterUSCL 1.28
Worst fallMax drawdown, 5 years: NACP −27.9%USCL −19.0%since Jun 2023
Market sensitivityBeta, 5 years: NACP 1.08USCL 1.01; Market = 1

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