NULC vs USCA: Grades, Fees and Holdings Compared

Nuveen ESG Large-Cap

NULCBCboe

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

42.4%by weight

Expense ratio

USCA −0.14pt a year

NULC0.21%USCA0.07%

Avg volume · 30D

USCA 24.3×the volume

NULC4.03KUSCA97.9K

3Y return · a year

NULC +0.1pt

NULC+20.6%USCA+20.5%

NULC vs USCA Performance

Oct 31, 2025 – Nov 2, 2026

+13.9%NULC+7.7%USCA

Expense ratio: NULC 0.21%; USCA 0.07%, better
Fund size: NULC $80M; USCA $3.42B
1Y total return: NULC +13.9%, better; USCA +7.7%
Yield (12M): NULC 8.90%, better; USCA 1.05%
Holdings: NULC 129; USCA 392
Avg volume (30D): NULC 4.03K sh; USCA 97.9K sh, better
NAV per share: NULC $54.93; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for NULC, USCA, with each pillar’s weight
Pillar	NULC	USCA
Cost30% weight	A72	A97Higher
Mission25% weight	A98Higher	A91
Risk15% weight	B63Higher	C54
Tradability15% weight	D26	B61Higher
Holdings10% weight	C50Higher	D29
Durability5% weight	D32	C49Higher

Rank among US Factor Index funds

How we build Categories ›

Same Category. NULC 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 NULC 8th 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 7BSPMOInvesco S&P 500 Momentum ETFScore 67
Rank 8BNULCNuveen ESG Large-CapScore 66
Rank 8BPRFInvesco RAFI US 1000 ETFScore 66

Our read on each fund

ETF.net Research

NULCBNuveen ESG Large-Cap

USCAAXtrackers MSCI USA Climate Action Equity ETF

In short

NULC An ESG screen on a growth-tilted US large-cap portfolio: roughly 140 names tracking the TIAA ESG USA Large-Cap Index at 0.21% a year, under the typical US factor fund's fee.

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

NULC The Fund seeks to track, before fees and expenses, the TIAA ESG USA Large-Cap Index.

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

NULC At 0.21% a year it undercuts the 0.28% median for US factor ETFs, and sits below iShares' ESG-screened SUSA at 0.25%.
One named benchmark, the TIAA ESG USA Large-Cap Index, and a portfolio that hews closely to that brief. One of the tighter mandate builds among US factor funds.
Roughly 140 stocks with a growth lean: different enough from a plain large-cap index fund to matter, still spread across the big end of the market.
Live since 2019, so there is a real trading history behind the ESG label rather than a back-test.

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

NULC Thinly traded. Spreads can run wider than the giants of the ESG aisle, and size matters more when you place an order.
A smaller fund by asset base, which leaves less cushion than the household names if a sponsor ever reshuffles its lineup.
ESG screens plus a growth tilt mean the portfolio can look and behave differently from the broad US market in either direction.

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 NULC profile⁠

Full USCA profile⁠

NULC vs USCA Holdings

How NULC and USCA differ

Overlap by weight

42.4%

Shared holdings make up 93.3% of NULC and 45.1% of USCA.

Level by level

Holdings110 in both42.4%
Sector11 Sectors91.4%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in NULC and USCA, widest gap first
Sector	More in NULCMore in USCA	NULC	USCA
Communication	USCA +3.8 points	7.8%	11.6%
Financials	NULC +3.1 points	12.1%	9.0%
Consumer Discretionary	USCA +3.0 points	6.4%	9.4%
Industrials	NULC +2.2 points	8.4%	6.2%
Consumer Staples	NULC +1.8 points	5.6%	3.8%
Technology	USCA +1.7 points	41.7%	43.4%
Health Care	NULC +1.0 points	11.1%	10.1%
Utilities	NULC +0.2 points	1.7%	1.5%
Real Estate	NULC +0.2 points	1.9%	1.7%
Materials	USCA +0.1 points	1.3%	1.4%
Energy	NULC +0.1 points	2.0%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in NULC and USCA, widest gap first
Country	More in NULCMore in USCA	NULC	USCA
United States	USCA +0.7 points	98.6%	99.3%
Brazil	NULC +0.6 points	0.7%	0.1%
Other countries (6)	NULC +0.2 points	0.7%	0.5%

Concentration

Weight in the 10 largest Holdings

NULC32.8%
USCA44.6%

Securities held

NULC128
USCA391

Asset class

NULC: Equity
USCA: Equity

Holdings

Only in NULC18
In both110
Only in USCA281

Only in NULC

18 securities, 6.5% of NULC by weight

Eaton Corp PLC1.26%
Tjx Companies, Inc.1.14%
Elevance Health Inc0.77%
Kroger Co.0.49%
Axon Enterprise0.48%
Mongodb Inc0.42%
Live Nation Entertainment0.42%
Verisign Inc.0.38%
Copart Inc0.23%
Johnson Controls Intl0.19%
Bunge Global SA0.18%
Reddit Inc0.16%
Coeur Mining Inc0.15%
United Therapeutics Corp0.12%
Accenture PLC0.07%
Autozone, Inc.0.03%
Atmos Energy Corp0.02%
Willis Towers Watson PLC0.02%

Only in USCA

281 securities, 54.5% of USCA by weight

Apple Inc9.49%
Amazon.com Inc4.36%
Alphabet Class A3.08%
Alphabet Class C2.44%
Tesla2.14%
Lilly (Eli) & Co2.13%
JPMorgan Chase & Co1.26%
Johnson & Johnson1.23%
Wal-Mart Stores Inc1.01%
Palantir Technologies Inc Class A0.75%
Exxonmobil Hldgs Corp Npv0.73%
UnitedHealth Group Inc0.69%
Thermo Fisher Scientific Inc0.48%
Micron Technology0.47%
Bank of America Corp0.46%
2226792D0.44%
General Electric Co0.44%
Costco Wholesale Corp0.42%
Chevron Corp0.41%
Kla-Tencor Corp0.39%
Pepsico0.35%
McDonald's Corp0.34%
Arista Networks Inc0.34%
QUALCOMM Inc0.33%
NextEra Energy Inc0.32%
American Express Co0.32%
Oracle Corp0.32%
Blackrock Inc0.31%
Welltower Inc0.31%
Accenture Ltd-Cl A0.29%
Charles Schwab Corp0.27%
Intel Corp0.27%
Eaton Corp PLC0.27%
Abbott Laboratories0.26%
Wells Fargo & Co0.24%
Bristol-Myers Squibb Co0.24%
Starbucks Corp0.22%
Uber Technologies Inc0.22%
Intuitive Surgical Inc0.21%
Newmont Mining Corp0.21%
Cme Group Inc0.20%
ServiceNow Inc0.20%
Snowflake Inc0.19%
Amphenol Corp A0.18%
Dell Technologies Inc0.18%
Chubb Ltd Npv0.18%
Medtronic plc0.18%
Intuit0.18%
ConocoPhillips0.18%
Waste Management Inc0.17%

Weight gaps

The 100 widest of 110 Holdings in both funds.

Holding weights in NULC and USCA, widest gap first
Holding	More in NULCMore in USCA	NULC	USCA
Analog Devices, Inc.ADI	NULC +1.35 points	1.73%	0.38%
Microsoft CorpMSFT	USCA +1.32 points	5.58%	6.90%
Coca Cola Co.KO	NULC +1.20 points	1.88%	0.68%
Equinix IncEQIX	NULC +1.16 points	1.30%	0.14%
Ge Vernova LlcGEV	NULC +1.13 points	1.35%	0.22%
Morgan StanleyMS	NULC +1.11 points	1.42%	0.31%
Advanced Micro DevicesAMD	NULC +1.09 points	2.63%	1.54%
Danaher Corp.DHR	NULC +1.08 points	1.36%	0.28%
General MotorsGM	NULC +1.08 points	1.19%	0.11%
Hilton Worldwide HoldHLT	NULC +1.08 points	1.23%	0.15%
Mastercard, Inc - AMA	NULC +1.05 points	2.02%	0.97%
Palo Alto Networks IncPANW	NULC +1.04 points	1.60%	0.56%
Ecolab IncECL	NULC +1.03 points	1.17%	0.14%
Procter & Gamble Co/ThePG	NULC +1.02 points	1.73%	0.71%
Seagate Technology HoldSTX	NULC +1.00 points	1.20%	0.20%
Western DigitalWDC	NULC +0.96 points	1.14%	0.18%
Meta Platforms IncMETA	NULC +0.96 points	3.49%	2.53%
Union Pac Corp.UNP	NULC +0.94 points	1.28%	0.34%
Howmet Aerospace IncHWM	NULC +0.94 points	1.01%	0.07%
Cisco Systems, Inc.CSCO	NULC +0.92 points	1.69%	0.77%
International Business MaIBM	NULC +0.92 points	1.26%	0.34%
Salesforce IncCRM	NULC +0.92 points	1.26%	0.34%
Visa IncV	NULC +0.88 points	2.17%	1.29%
Merck & Company, IncMRK	NULC +0.88 points	1.57%	0.69%
U.s. BancorpUSB	NULC +0.84 points	0.93%	0.09%
Marsh & Mclennan Cos, IncMRSH	NULC +0.84 points	1.02%	0.18%
Pfizer, Inc.PFE	NULC +0.83 points	1.16%	0.33%
Oneok IncOKE	NULC +0.83 points	0.94%	0.11%
Pnc Financial Services GrPNC	NULC +0.82 points	0.86%	0.04%
S&P Global IncSPGI	NULC +0.81 points	1.08%	0.27%
Sempra EnergySRE	NULC +0.78 points	0.86%	0.08%
Lam Research CorpLRCX	NULC +0.77 points	1.19%	0.42%
Synopsys IncSNPS	NULC +0.75 points	0.91%	0.16%
Baker Hughes CoBKR	NULC +0.74 points	0.84%	0.10%
Edwards Lifescience Corp.EW	NULC +0.71 points	0.81%	0.10%
Keysight Technologies IncKEYS	NULC +0.69 points	0.79%	0.10%
Hewlett-Packard EnterprisHPE	NULC +0.63 points	0.73%	0.10%
Agilent Technologies IncA	NULC +0.62 points	0.71%	0.09%
Garmin LtdGRMN	NULC +0.61 points	0.67%	0.06%
Veeva Systems IncVEEV	NULC +0.60 points	0.69%	0.09%
Ebay, Inc.EBAY	NULC +0.59 points	0.68%	0.09%
Moody's CorporationMCO	NULC +0.57 points	0.71%	0.14%
Consolidated Edison, Inc.ED	NULC +0.58 points	0.66%	0.08%
Mercadolibre IncMELI	NULC +0.55 points	0.69%	0.14%
Sysco Corp.SYY	NULC +0.54 points	0.60%	0.06%
Archer-Daniels-Midland CoADM	NULC +0.55 points	0.57%	0.02%
Netapp, Inc.NTAP	NULC +0.53 points	0.59%	0.06%
AbbVie Inc.ABBV	NULC +0.52 points	1.50%	0.98%
Travelers Companies, Inc.TRV	NULC +0.51 points	0.59%	0.08%
Intercontinental ExchangeICE	NULC +0.50 points	0.68%	0.18%
Cadence Design SystemsCDNS	NULC +0.50 points	0.67%	0.17%
Goldman Sachs Group, Inc.GS	NULC +0.49 points	0.86%	0.37%
Okta IncOKTA	NULC +0.46 points	0.53%	0.07%
Idexx Laboratories IncIDXX	NULC +0.45 points	0.53%	0.08%
NVIDIA CorpNVDA	USCA +0.44 points	8.38%	8.82%
Mettler-Toledo Intl IncMTD	NULC +0.43 points	0.50%	0.07%
Broadcom IncAVGO	NULC +0.43 points	3.19%	2.76%
Adobe IncADBE	NULC +0.42 points	0.61%	0.19%
Booking Holdings IncBKNG	NULC +0.41 points	0.63%	0.22%
Cboe Global Markets IncCBOE	NULC +0.40 points	0.47%	0.07%
Twilio IncTWLO	NULC +0.40 points	0.45%	0.05%
Technipfmc PLCFTI	NULC +0.37 points	0.42%	0.05%
3M Co.MMM	NULC +0.36 points	0.53%	0.17%
Walt Disney Co/TheDIS	NULC +0.33 points	0.60%	0.27%
Comcast Corp New Class ACMCSA	NULC +0.32 points	0.44%	0.12%
Ferguson Enterprises IncFERG	NULC +0.32 points	0.34%	0.02%
Prologis, Inc.PLD	NULC +0.32 points	0.54%	0.22%
Zoetis IncZTS	NULC +0.30 points	0.36%	0.06%
Eversource EnergyES	NULC +0.29 points	0.34%	0.05%
Target Corp.TGT	NULC +0.29 points	0.39%	0.10%
Liberty Media Corp-CFWONK	NULC +0.27 points	0.29%	0.03%
Deere & Co.DE	USCA +0.24 points	0.07%	0.31%
Verizon CommunicationsVZ	NULC +0.23 points	0.58%	0.35%
Automatic Data ProcessingADP	NULC +0.22 points	0.44%	0.22%
Home Depot IncHD	NULC +0.21 points	0.83%	0.62%
Cardinal Health, Inc.CAH	NULC +0.20 points	0.28%	0.08%
Amgen IncAMGN	USCA +0.20 points	0.27%	0.47%
Stryker CorpSYK	NULC +0.18 points	0.27%	0.09%
Vertex PharmaceuticalsVRTX	NULC +0.17 points	0.43%	0.26%
Marvell Technology IncMRVL	USCA +0.15 points	0.16%	0.31%
News Corp - ANWSA	NULC +0.15 points	0.16%	0.01%
Xylem Inc.XYL	NULC +0.13 points	0.17%	0.04%
Rivian Automotive IncRIVN	NULC +0.12 points	0.14%	0.02%
AT&T Inc.T	NULC +0.10 points	0.38%	0.28%
Quanta Services Inc.PWR	NULC +0.11 points	0.28%	0.17%
Bank of New York MellonBNY	NULC +0.10 points	0.24%	0.14%
Lowe's Cos IncLOW	NULC +0.09 points	0.20%	0.11%
West Pharmaceutical ServWST	NULC +0.08 points	0.12%	0.04%
Netflix.com Inc.NFLX	NULC +0.08 points	0.56%	0.48%
Gilead Sciences IncGILD	USCA +0.07 points	0.33%	0.40%
Citigroup, Inc.C	USCA +0.07 points	0.13%	0.20%
Colgate-Palmolive CoCL	USCA +0.07 points	0.07%	0.14%
Trane Technologies PLCTT	USCA +0.06 points	0.11%	0.17%
Ford Motor CoF	NULC +0.05 points	0.12%	0.07%
Auto DeskADSK	USCA +0.03 points	0.07%	0.10%
Carrier Global CorpCARR	NULC +0.03 points	0.09%	0.06%
Mckesson Corp.MCK	NULC +0.03 points	0.19%	0.16%
Mondelez IntlMDLZ	NULC +0.03 points	0.18%	0.15%
Exelon Corp.EXC	USCA +0.02 points	0.07%	0.09%
Yum! Brands, Inc.YUM	USCA +0.02 points	0.06%	0.08%

All 129 NULC 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.

NULC vs USCA Cost

Overpaying NULC vs USCA

$2,877

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

NULC 0.21%
$4,357
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

NULC 0.21%
USCA 0.07%
Overpaying

Year by year

Year	NULC	USCA	Overpaying
10	$383	$128	$255
20	$1,491	$503	$988
30	$4,357	$1,480	$2,877

Expense ratio

0.21%NULC
0.07%USCA, cheaper

USCA0.07%NULC0.21%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

NULC 9th cheapest of 30 funds

NULC vs USCA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): NULC 8.90%, better; USCA 1.05%
Payout (12M): NULC $4.87; USCA $0.47
Last payment: NULC $4.87; USCA $0.10
Ex-dividend: NULC Dec 18, 2025; USCA Sep 18, 2026
Paid on: NULC Dec 19, 2025; USCA Sep 25, 2026
Frequency: NULC Annual; USCA Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

NULCAnnual · 7 paymentsAll NULC payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

NULC vs USCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: NULC 12.8%USCA 12.5%, better
Return per unit of riskSharpe ratio, 3 years: NULC 1.27USCA 1.27
Worst fallMax drawdown, 5 years: NULC −27.9%USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: NULC 1.00USCA 1.00; Market = 1

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