NULV vs USCL: Grades, Fees and Holdings Compared

Nuveen ESG Large-Cap Value

NULVBCboe

iShares Climate Conscious & Transition MSCI USA ETF

USCLANasdaq

Overlap

26.4%by weight

Expense ratio

USCL −0.18pt a year

NULV0.26%USCL0.08%

Avg volume · 30D

NULV 16.2×the volume

NULV213KUSCL13.1K

3Y return · a year

USCL +0.3pt

NULV+21.2%USCL+21.5%

NULV vs USCL Performance

Oct 31, 2025 – Oct 30, 2026

+25.1%NULV+7.3%USCL

Expense ratio: NULV 0.26%; USCL 0.08%, better
Fund size: NULV $2.6B; USCL $2.77B
1Y total return: NULV +25.1%, better; USCL +7.3%
Yield (12M): NULV 1.35%, better; USCL 1.06%
Holdings: NULV 128; USCL 394
Avg volume (30D): NULV 213K sh, better; USCL 13.1K sh
NAV per share: NULV $54.47; USCL $85.14
52W range

ETF.net Grade

Pillar letters and Scores for NULV, USCL, with each pillar’s weight
Pillar	NULV	USCL
Cost30% weight	C46	A99Higher
Mission25% weight	A74	Not scored
Risk15% weight	A84Higher	C52
Tradability15% weight	A78Higher	A70
Holdings10% weight	B60Higher	D36
Durability5% weight	A80Higher	A70

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. NULV 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 NULV 16th 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 10AESGVVanguard ESG U.S. Stock ETFScore 72
Rank 15BCVLCCalvert US Large-Cap Core Responsible Index ETFScore 67
Rank 16BNULVNuveen ESG Large-Cap ValueScore 66
Rank 17BPTLInspire 500 ETFScore 65

Our read on each fund

ETF.net Research

NULVBNuveen ESG Large-Cap Value

USCLAiShares Climate Conscious & Transition MSCI USA ETF

In short

NULV Most ESG funds hand you the whole market with the worst offenders stripped out. NULV picks a lane: large-cap US value stocks that clear an ESG screen, tracking a TIAA index in a portfolio of roughly 100 names.

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

NULV The Fund seeks to track the investment results of the TIAA ESG USA Large-Cap Value Index before fees and expenses.

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

NULV A style-box slice, not a blend. It tracks the TIAA ESG USA Large-Cap Value Index, so the value tilt is the mandate rather than a byproduct of screening the market.
Roughly 100 stocks instead of a screened S&P 500, so the value screen actually shows up in what you own.
Trading since 2016 and now a billion-dollar-plus fund, so there is a real history here, not a launch-week ticker.
Plain vanilla plumbing: a 1940 Act index ETF with no leverage, no derivatives overlay, nothing exotic to monitor. It lands in the upper half of its ESG peer group in our review.

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

NULV At 0.26% a year, it costs more than the broad ESG index trackers at the top of this group, several of which sit under 0.15%. That is the toll for the value screen.
Distributions arrive once or twice a year, not quarterly or monthly.
The ESG screen sets the universe before the value ranking happens, so the holdings can look different from a conventional large-cap value index.

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 NULV profile⁠

Full USCL profile⁠

NULV vs USCL Holdings

How NULV and USCL differ

Overlap by weight

26.4%

Shared holdings make up 94.7% of NULV and 26.9% of USCL.

Level by level

Holdings110 in both26.4%
Sector11 Sectors74.3%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in NULV and USCL, widest gap first
Sector	More in NULVMore in USCL	NULV	USCL
Technology	USCL +15.4 points	26.4%	41.8%
Consumer Discretionary	USCL +8.7 points	1.0%	9.7%
Financials	NULV +7.2 points	16.8%	9.6%
Industrials	NULV +4.6 points	11.4%	6.8%
Consumer Staples	NULV +4.1 points	8.3%	4.2%
Health Care	NULV +3.4 points	14.0%	10.6%
Energy	NULV +1.7 points	3.8%	2.1%
Real Estate	NULV +1.6 points	3.3%	1.7%
Communication	USCL +1.6 points	8.8%	10.5%
Materials	NULV +1.6 points	3.2%	1.6%
Utilities	NULV +1.4 points	3.0%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in NULV and USCL, widest gap first
Country	More in NULVMore in USCL	NULV	USCL
United States	NULV +0.6 points	99.9%	99.3%
Other countries (7)	USCL +0.6 points	0.1%	0.7%

Concentration

Weight in the 10 largest Holdings

NULV30.8%
USCL44.8%

Securities held

NULV127
USCL391

Asset class

NULV: Equity
USCL: Equity

Holdings

Only in NULV17
In both110
Only in USCL281

Only in NULV

17 securities, 5.1% of NULV by weight

Royalty Pharma PLC0.81%
Centene Corp0.63%
Sunbelt Rentals Holdings0.54%
Centerpoint Energy Inc0.54%
Dollar General Corp.0.43%
Quest Diagnostics, Inc.0.41%
Steris PLC0.38%
Verisign Inc.0.37%
Bunge Global SA0.36%
Roblox Corp0.27%
Coeur Mining Inc0.16%
Ast Spacemobile Inc0.11%
Jacobs Solutions Inc0.06%
Copart Inc0.04%
Genuine Parts Co0.02%
Ares Management Corp0.02%
Incyte Corp0.02%

Only in USCL

281 securities, 73.0% of USCL by weight

Apple9.51%
NVIDIA8.84%
Amazon.com Inc4.37%
Alphabet Class A3.08%
Broadcom Inc2.77%
Alphabet Class C2.44%
Tesla Inc2.15%
Eli Lilly2.13%
Advanced Micro Devices1.55%
Visa Class A1.29%
JPMorgan Chase & Co1.26%
Johnson & Johnson1.24%
Walmart1.02%
Mastercard Class A0.97%
Palantir Technologies Class A0.75%
Exxonmobil Holdings Corp0.73%
UnitedHealth Group0.69%
Palo Alto Networks0.56%
Thermo Fisher Scientific0.49%
Netflix0.49%
Amgen Inc0.47%
Micron Technology0.47%
Bank of America0.46%
Linde PLC0.45%
Ge Aerospace0.44%
Applied Material Inc0.44%
Costco Wholesale Corp0.42%
Lam Research0.42%
Chevron0.41%
Caterpillar Inc0.40%
Kla0.39%
Analog Devices0.38%
Pepsico0.35%
Mcdonalds Corp0.35%
Arista Networks0.34%
Nextera Energy0.33%
Qualcomm0.33%
Oracle0.32%
Marvell Technology0.32%
Welltower0.31%
Charles Schwab0.27%
Intel Corporation0.27%
Abbott Laboratories0.26%
Bristol Myers Squibb0.24%
Wells Fargo0.24%
Starbucks Corp0.22%
Uber Technologies0.22%
Ge Vernova0.22%
Booking Holdings0.22%
Intuitive Surgical0.22%

Weight gaps

The 100 widest of 110 Holdings in both funds.

Holding weights in NULV and USCL, widest gap first
Holding	More in NULVMore in USCL	NULV	USCL
Microsoft CorpMSFT	NULV +4.14 points	11.06%	6.92%
Meta Platforms IncMETA	NULV +1.70 points	4.24%	2.54%
Coca Cola Co.KO	NULV +1.67 points	2.35%	0.68%
Cisco Systems, Inc.CSCO	NULV +1.60 points	2.37%	0.77%
Citigroup, Inc.C	NULV +1.54 points	1.74%	0.20%
Travelers Companies, Inc.TRV	NULV +1.50 points	1.58%	0.08%
Nxp Semiconductors NVNXPI	NULV +1.47 points	1.60%	0.13%
Pfizer, Inc.PFE	NULV +1.42 points	1.75%	0.33%
Morgan StanleyMS	NULV +1.38 points	1.69%	0.31%
Hewlett-Packard EnterprisHPE	NULV +1.38 points	1.48%	0.10%
Honeywell International IHON	NULV +1.31 points	1.41%	0.10%
Oneok IncOKE	NULV +1.30 points	1.42%	0.12%
Slb LtdSLB	NULV +1.30 points	1.45%	0.15%
Pnc Financial Services GrPNC	NULV +1.29 points	1.33%	0.04%
Bank of New York MellonBNY	NULV +1.28 points	1.42%	0.14%
Exelon Corp.EXC	NULV +1.18 points	1.27%	0.09%
Gilead Sciences IncGILD	NULV +1.18 points	1.58%	0.40%
Procter & Gamble Co/ThePG	NULV +1.16 points	1.87%	0.71%
AbbVie Inc.ABBV	NULV +1.16 points	2.14%	0.98%
Equinix IncEQIX	NULV +1.16 points	1.30%	0.14%
Cardinal Health, Inc.CAH	NULV +1.12 points	1.20%	0.08%
Netapp, Inc.NTAP	NULV +1.09 points	1.14%	0.05%
Parker-Hannifin CorpPH	NULV +1.08 points	1.24%	0.16%
Archer-Daniels-Midland CoADM	NULV +1.07 points	1.09%	0.02%
Goldman Sachs Group, Inc.GS	NULV +1.07 points	1.44%	0.37%
3M Co.MMM	NULV +1.02 points	1.19%	0.17%
Baker Hughes CoBKR	NULV +1.03 points	1.13%	0.10%
Deere & Co.DE	NULV +1.01 points	1.32%	0.31%
Verizon CommunicationsVZ	NULV +1.01 points	1.36%	0.35%
Eaton Corp PLCETN	NULV +1.01 points	1.28%	0.27%
Union Pac Corp.UNP	NULV +1.01 points	1.35%	0.34%
Ecolab IncECL	NULV +0.98 points	1.12%	0.14%
Cboe Global Markets IncCBOE	NULV +0.96 points	1.03%	0.07%
S&P Global IncSPGI	NULV +0.92 points	1.19%	0.27%
Okta IncOKTA	NULV +0.93 points	0.99%	0.06%
Progressive CorpPGR	NULV +0.88 points	1.01%	0.13%
Steel Dynamics IncSTLD	NULV +0.86 points	0.91%	0.05%
Accenture PLCACN	NULV +0.86 points	1.16%	0.30%
International Business MaIBM	NULV +0.85 points	1.19%	0.34%
Prologis, Inc.PLD	NULV +0.83 points	1.05%	0.22%
Target Corp.TGT	NULV +0.80 points	0.90%	0.10%
Ppg Industries IncPPG	NULV +0.73 points	0.78%	0.05%
Edwards Lifescience Corp.EW	NULV +0.70 points	0.80%	0.10%
Marsh & Mclennan Cos, IncMRSH	NULV +0.68 points	0.86%	0.18%
Sempra EnergySRE	NULV +0.66 points	0.74%	0.08%
Eversource EnergyES	NULV +0.66 points	0.71%	0.05%
Cigna Group/TheCI	NULV +0.65 points	0.72%	0.07%
Intercontinental ExchangeICE	NULV +0.60 points	0.78%	0.18%
Danaher Corp.DHR	NULV +0.59 points	0.87%	0.28%
State Street Corp.STT	NULV +0.59 points	0.63%	0.04%
Salesforce IncCRM	NULV +0.56 points	0.90%	0.34%
Merck & Company, IncMRK	NULV +0.56 points	1.25%	0.69%
Johnson Controls IntlJCI	NULV +0.52 points	0.69%	0.17%
F5 IncFFIV	NULV +0.50 points	0.54%	0.04%
West Pharmaceutical ServWST	NULV +0.50 points	0.54%	0.04%
Keurig Dr Pepper IncKDP	NULV +0.48 points	0.57%	0.09%
Stryker CorpSYK	NULV +0.49 points	0.58%	0.09%
Keysight Technologies IncKEYS	NULV +0.44 points	0.54%	0.10%
AT&T Inc.T	NULV +0.42 points	0.70%	0.28%
Twilio IncTWLO	NULV +0.38 points	0.44%	0.06%
Ch Robinson Worldwide IncCHRW	NULV +0.38 points	0.40%	0.02%
Digital Realty Trust IncDLR	NULV +0.38 points	0.47%	0.09%
Comcast Corp New Class ACMCSA	NULV +0.37 points	0.49%	0.12%
U.s. BancorpUSB	NULV +0.36 points	0.45%	0.09%
Kenvue IncKVUE	NULV +0.36 points	0.43%	0.07%
United Rentals Inc.URI	NULV +0.35 points	0.49%	0.14%
American Express Co.AXP	NULV +0.32 points	0.64%	0.32%
Synopsys IncSNPS	NULV +0.29 points	0.45%	0.16%
Ferguson Enterprises IncFERG	NULV +0.28 points	0.30%	0.02%
Allstate Corp.ALL	NULV +0.25 points	0.32%	0.07%
First Solar, Inc.FSLR	NULV +0.24 points	0.26%	0.02%
Humana IncorporatedHUM	NULV +0.23 points	0.30%	0.07%
News Corp - ANWSA	NULV +0.23 points	0.24%	0.01%
Automatic Data ProcessingADP	NULV +0.22 points	0.44%	0.22%
Dupont De Nemours IncDD	NULV +0.20 points	0.23%	0.03%
Apollo Global ManagementAPO	NULV +0.20 points	0.27%	0.07%
Fidelity National InfoFIS	NULV +0.19 points	0.23%	0.04%
Home Depot IncHD	NULV +0.18 points	0.80%	0.62%
BlackRock Funding Inc/DeBLK	USCL +0.18 points	0.14%	0.32%
Elevance Health IncELV	NULV +0.17 points	0.34%	0.17%
Fiserv, Inc.FISV	NULV +0.16 points	0.20%	0.04%
Csx CorpCSX	NULV +0.16 points	0.34%	0.18%
Fifth Third BancorpFITB	NULV +0.16 points	0.18%	0.02%
Kraft Heinz Co/TheKHC	NULV +0.15 points	0.18%	0.03%
Grainger W.w. Inc.GWW	NULV +0.13 points	0.19%	0.06%
American Tower Corp. ReitAMT	NULV +0.13 points	0.29%	0.16%
Agilent Technologies IncA	NULV +0.12 points	0.21%	0.09%
Fastenal Co.FAST	NULV +0.11 points	0.19%	0.08%
T. Rowe Price Group, Inc.TROW	NULV +0.11 points	0.13%	0.02%
Smurfit Westrock PLCSW	NULV +0.09 points	0.12%	0.03%
PayPal Holdings IncPYPL	USCL +0.08 points	0.01%	0.09%
The Hershey CompanyHSY	NULV +0.07 points	0.12%	0.05%
M & T Bank Corp.MTB	NULV +0.07 points	0.09%	0.01%
Vertex PharmaceuticalsVRTX	USCL +0.07 points	0.20%	0.27%
Walt Disney Co/TheDIS	NULV +0.06 points	0.33%	0.27%
T-Mobile Us IncTMUS	USCL +0.06 points	0.08%	0.14%
Dollar Tree IncDLTR	NULV +0.06 points	0.09%	0.03%
Cbre Group IncCBRE	NULV +0.05 points	0.10%	0.05%
Ball CorporationBALL	NULV +0.05 points	0.08%	0.03%
Sysco Corp.SYY	NULV +0.04 points	0.10%	0.06%

All 128 NULV 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.

NULV vs USCL Cost

Overpaying NULV vs USCL

$3,669

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

NULV 0.26%
$5,358
USCL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

NULV 0.26%
USCL 0.08%
Overpaying

Year by year

Year	NULV	USCL	Overpaying
10	$473	$147	$326
20	$1,838	$575	$1,263
30	$5,358	$1,689	$3,669

Expense ratio

0.26%NULV
0.08%USCL, cheaper

USCL0.08%NULV0.26%

0.08%0.95%

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

USCL cheapest of 47 funds

NULV 25th cheapest of 47 funds

NULV vs USCL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): NULV 1.35%, better; USCL 1.06%
Payout (12M): NULV $0.74; USCL $0.91
Last payment: NULV $0.74; USCL $0.20
Ex-dividend: NULV Dec 18, 2025; USCL Sep 15, 2026
Paid on: NULV Dec 19, 2025; USCL Sep 18, 2026
Frequency: NULV Annual; USCL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

NULVAnnual · 9 paymentsAll NULV payments⁠

USCLQuarterly · 13 paymentsAll USCL payments⁠

NULV vs USCL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: NULV 12.5%USCL 12.5%
Return per unit of riskSharpe ratio, 3 years: NULV 1.25USCL 1.28, better
Worst fallMax drawdown, 5 years: NULV −21.5%USCL −19.0%since Jun 2023
Market sensitivityBeta, 5 years: NULV 0.82USCL 1.01; Market = 1

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