SHE vs USCL: Grades, Fees and Holdings Compared

State Street SPDR MSCI USA Gender Diversity ETF

SHEBNYSE Arca

iShares Climate Conscious & Transition MSCI USA ETF

USCLANasdaq

Overlap

38.6%by weight

Expense ratio

USCL −0.12pt a year

SHE0.20%USCL0.08%

Avg volume · 30D

USCL 3.3×the volume

SHE3.95KUSCL13.1K

3Y return · a year

SHE +2.0pt

SHE+23.5%USCL+21.5%

SHE vs USCL Performance

Oct 31, 2025 – Oct 30, 2026

+17.8%SHE+7.3%USCL

Expense ratio: SHE 0.20%; USCL 0.08%, better
Fund size: SHE $349M; USCL $2.77B
1Y total return: SHE +17.8%, better; USCL +7.3%
Yield (12M): SHE 1.15%, better; USCL 1.06%
Holdings: SHE 233; USCL 394
Avg volume (30D): SHE 3.95K sh; USCL 13.1K sh, better
NAV per share: SHE $157.03; USCL $85.14
52W range

ETF.net Grade

Pillar letters and Scores for SHE, USCL, with each pillar’s weight
Pillar	SHE	USCL
Cost30% weight	C53	A99Higher
Mission25% weight	A87	Not scored
Risk15% weight	B67Higher	C52
Tradability15% weight	C44	A70Higher
Holdings10% weight	B64Higher	D36
Durability5% weight	A76Higher	A70

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. SHE 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 SHE 18th 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 18BRSPEInvesco ESG S&P 500 Equal Weight ETFScore 64
Rank 18BSHEState Street SPDR MSCI USA Gender Diversity ETFScore 64
Rank 21BCVMCCalvert US Mid-Cap Core Responsible Index ETFScore 63

Our read on each fund

ETF.net Research

SHEBState Street SPDR MSCI USA Gender Diversity ETF

USCLAiShares Climate Conscious & Transition MSCI USA ETF

In short

SHE The ticker is the pitch. SHE tracks an MSCI index that scores US large and mid caps on women in the boardroom, in senior management and across the workforce, then weights holdings by market cap and that score. One issue, blue-chip portfolio.

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

SHE The fund seeks to track the total return of the MSCI USA Gender Diversity Select Index and provide exposure to US companies demonstrating leadership in promoting and supporting gender diversity.

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

SHE The screen is specific, not a broad ESG catch-all: the index targets companies committed to gender diversity at every level, from the corporate board through executive and senior management to the workforce.ssga.com
The tilt shows up in position sizes, not just the guest list. Companies are weighted by market cap combined with a Gender Diversity Score covering women's representation and diversity management.ssga.com
0.20% a year, below the median for its ESG-and-values peer group. Unusual for a single-theme screen, which normally carries a premium.
Trading since 2016 under State Street's SPDR banner, making it one of the longer-running US funds built on a single diversity metric. Roughly 230 stocks, distributions quarterly.

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

SHE Thinly traded next to the giant ESG index funds. Spreads tend to be wider and sizeable orders need more patience at the screen.
Broad ESG index funds cost less: ESGV and XVV both sit under a tenth of a percent. The narrower screen here is what you're paying the difference for.
Membership rides on MSCI's diversity data. When a company's Gender Diversity Score shifts, its place and weight in the index shift at the next reconstitution.ssga.com

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 SHE profile⁠

Full USCL profile⁠

SHE vs USCL Holdings

How SHE and USCL differ

Overlap by weight

38.6%

Shared holdings make up 93.8% of SHE and 45.0% of USCL.

Level by level

Holdings189 in both38.6%
Sector11 Sectors93.4%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in SHE and USCL, widest gap first
Sector	More in SHEMore in USCL	SHE	USCL
Technology	USCL +3.0 points	38.8%	41.8%
Communication	USCL +2.1 points	8.4%	10.5%
Energy	SHE +2.0 points	4.1%	2.1%
Financials	SHE +1.7 points	11.3%	9.6%
Industrials	SHE +1.5 points	8.3%	6.8%
Consumer Discretionary	USCL +0.9 points	8.8%	9.7%
Consumer Staples	SHE +0.7 points	4.9%	4.2%
Health Care	USCL +0.7 points	9.9%	10.6%
Utilities	SHE +0.4 points	2.0%	1.6%
Materials	SHE +0.2 points	1.8%	1.6%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in SHE and USCL, widest gap first
Country	More in SHEMore in USCL	SHE	USCL
United States	USCL +0.3 points	99.0%	99.3%
China	SHE +0.3 points	0.4%	0.1%
Brazil	SHE +0.3 points	0.4%	0.1%
Switzerland	USCL +0.2 points	0.0%	0.2%
Canada	SHE +0.2 points	0.2%	0.0%
United Kingdom	SHE +0.1 points	0.1%	0.0%
Mexico	USCL +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SHE35.4%
USCL44.8%

Securities held

SHE231
USCL391

Asset class

SHE: Equity
USCL: Equity

Holdings

Only in SHE42
In both189
Only in USCL202

Only in SHE

42 securities, 6.1% of SHE by weight

Philip Morris International0.92%
Tjx Companies Inc0.69%
Marathon Petroleum Corp0.41%
Applovin Corp Class A0.41%
Freeport Mcmoran Inc0.30%
Boeing Co/The0.29%
Autozone Inc0.29%
Verisign Inc0.17%
Xcel Energy Inc0.15%
Burlington Stores Inc0.11%
Centene Corp0.11%
Revolution Medicines Inc0.11%
Emcor Group Inc0.11%
Darden Restaurants Inc0.10%
Entergy Corp0.10%
Fabrinet0.09%
Nvent Electric PLC0.09%
Quest Diagnostics Inc0.09%
Vici Properties Inc0.09%
Eqt Corp0.09%
Synchrony Financial0.09%
Casey’s General Stores Inc0.09%
Lennar Corp A0.09%
Sunbelt Rentals Holdings Inc0.08%
Edison International0.08%
Royalty Pharma PLC Class A0.08%
Ppl Corp0.08%
Copart Inc0.08%
Alnylam Pharmaceuticals Inc0.08%
Ati Inc0.07%
Raymond James Financial Inc0.07%
Cms Energy Corp0.07%
Steris PLC0.06%
Insmed Inc0.06%
Corpay Inc0.06%
Incyte Corp0.06%
Cf Industries Holdings Inc0.05%
Pinnacle Financial Partners0.05%
Textron Inc0.04%
Carpenter Technology0.03%
Fidelity National Financial0.03%
S+P500 Emini Fut DEC26<0.01%

Only in USCL

202 securities, 54.9% of USCL by weight

Apple9.51%
Amazon.com Inc4.37%
Alphabet Class A3.08%
Broadcom Inc2.77%
Meta Platforms Class A2.54%
Alphabet Class C2.44%
Tesla Inc2.15%
Eli Lilly2.13%
Visa Class A1.29%
Walmart1.02%
Mastercard Class A0.97%
Cisco Systems Inc0.77%
Palantir Technologies Class A0.75%
UnitedHealth Group0.69%
Merck & Co Inc0.69%
Palo Alto Networks0.56%
Ge Aerospace0.44%
Applied Material Inc0.44%
Lam Research0.42%
Gilead Sciences0.40%
Kla0.39%
Goldman Sachs Group0.37%
Pepsico0.35%
Verizon Communications Inc0.35%
Mcdonalds Corp0.35%
International Business Machines Co0.34%
Union Pacific0.34%
Nextera Energy0.33%
Pfizer0.33%
Marvell Technology0.32%
Danaher0.28%
Charles Schwab0.27%
Bristol Myers Squibb0.24%
Ge Vernova0.22%
Intuitive Surgical0.22%
Cme Group Class A0.21%
Servicenow0.20%
Seagate Technology Holdings PLC0.20%
Snowflake0.19%
Csx0.18%
Chubb0.18%
Dell Technologies Inc Class C0.18%
Intercontinental Exchange Inc0.18%
Western Digital Corp0.18%
Conocophillips0.18%
Quanta Services Inc0.17%
Emerson Electric0.17%
Elevance Health Inc0.17%
3M0.17%
Cadence Design Systems0.17%

Weight gaps

The 100 widest of 189 Holdings in both funds.

Holding weights in SHE and USCL, widest gap first
Holding	More in SHEMore in USCL	SHE	USCL
NVIDIA CorpNVDA	USCL +4.38 points	4.46%	8.84%
Micron Technology IncMU	SHE +4.06 points	4.53%	0.47%
Advanced Micro DevicesAMD	SHE +3.96 points	5.51%	1.55%
Netflix IncNFLX	SHE +3.02 points	3.51%	0.49%
Intel CorpINTC	SHE +2.86 points	3.13%	0.27%
JPMorgan Chase & CoJPM	SHE +2.08 points	3.34%	1.26%
Microsoft CorpMSFT	USCL +1.95 points	4.97%	6.92%
Walt Disney Co/TheDIS	SHE +1.84 points	2.11%	0.27%
Amphenol Corp Class AAPH	SHE +1.43 points	1.61%	0.18%
At+t IncT	SHE +1.31 points	1.59%	0.28%
Oracle CorpORCL	SHE +1.30 points	1.62%	0.32%
Exxonmobil Holdings CorpXOM	SHE +1.25 points	1.98%	0.73%
Analog Devices IncADI	SHE +1.19 points	1.57%	0.38%
Arista Networks IncANET	SHE +1.13 points	1.47%	0.34%
Costco Wholesale CorpCOST	SHE +1.03 points	1.45%	0.42%
Qualcomm IncQCOM	SHE +0.98 points	1.31%	0.33%
Chevron CorpCVX	SHE +0.95 points	1.36%	0.41%
Salesforce IncCRM	SHE +0.91 points	1.25%	0.34%
Accenture PLC Class AACN	SHE +0.65 points	0.95%	0.30%
Home Depot IncHD	SHE +0.62 points	1.24%	0.62%
Corning IncGLW	SHE +0.62 points	0.76%	0.14%
Caterpillar IncCAT	SHE +0.62 points	1.02%	0.40%
Johnson & JohnsonJNJ	SHE +0.60 points	1.84%	1.24%
AbbVie IncABBV	SHE +0.58 points	1.56%	0.98%
Intuit IncINTU	SHE +0.57 points	0.75%	0.18%
Wells Fargo & CoWFC	SHE +0.55 points	0.79%	0.24%
Lowe’s Cos IncLOW	SHE +0.55 points	0.66%	0.11%
Bank of America CorpBAC	SHE +0.52 points	0.98%	0.46%
Citigroup IncC	SHE +0.51 points	0.71%	0.20%
Adobe IncADBE	SHE +0.48 points	0.67%	0.19%
Procter & Gamble Co/ThePG	SHE +0.46 points	1.17%	0.71%
Rtx CorpRTX	SHE +0.45 points	0.58%	0.13%
Booking Holdings IncBKNG	SHE +0.45 points	0.67%	0.22%
Starbucks CorpSBUX	SHE +0.42 points	0.64%	0.22%
Fortinet IncFTNT	SHE +0.41 points	0.57%	0.16%
Thermo Fisher Scientific IncTMO	SHE +0.38 points	0.87%	0.49%
Abbott LaboratoriesABT	SHE +0.37 points	0.63%	0.26%
Morgan StanleyMS	SHE +0.34 points	0.65%	0.31%
Keysight Technologies InKEYS	SHE +0.34 points	0.44%	0.10%
Coherent CorpCOHR	SHE +0.33 points	0.35%	0.02%
Autodesk IncADSK	SHE +0.29 points	0.39%	0.10%
Coca Cola Co/TheKO	SHE +0.30 points	0.98%	0.68%
Marriott International Class AMAR	SHE +0.29 points	0.45%	0.16%
Monolithic Power Systems IncMPWR	SHE +0.27 points	0.38%	0.11%
Te Connectivity PLCTEL	SHE +0.27 points	0.39%	0.12%
Ross Stores IncROST	SHE +0.27 points	0.34%	0.07%
Amgen IncAMGN	SHE +0.28 points	0.75%	0.47%
Mercadolibre IncMELI	SHE +0.25 points	0.39%	0.14%
O Reilly Automotive IncORLY	SHE +0.25 points	0.32%	0.07%
Parker Hannifin CorpPH	SHE +0.24 points	0.40%	0.16%
Netapp IncNTAP	SHE +0.24 points	0.29%	0.05%
Stryker CorpSYK	SHE +0.23 points	0.32%	0.09%
Twilio Inc ATWLO	SHE +0.22 points	0.28%	0.06%
Jabil IncJBL	SHE +0.22 points	0.23%	0.01%
Hilton Worldwide Holdings InHLT	SHE +0.21 points	0.36%	0.15%
Eaton Corp PLCETN	SHE +0.21 points	0.48%	0.27%
Ford Motor CoF	SHE +0.21 points	0.28%	0.07%
Equinix IncEQIX	SHE +0.21 points	0.35%	0.14%
Trane Technologies PLCTT	SHE +0.21 points	0.38%	0.17%
Take Two Interactive SoftwreTTWO	SHE +0.20 points	0.26%	0.06%
Southern Co/TheSO	SHE +0.19 points	0.29%	0.10%
Cognizant Tech Solutions ACTSH	SHE +0.19 points	0.25%	0.06%
Pnc Financial Services GroupPNC	SHE +0.19 points	0.23%	0.04%
Linde PLCLIN	SHE +0.19 points	0.64%	0.45%
Vertex Pharmaceuticals IncVRTX	SHE +0.18 points	0.45%	0.27%
The Cigna GroupCI	SHE +0.19 points	0.26%	0.07%
Bank of New York Mellon CorpBNY	SHE +0.19 points	0.33%	0.14%
Cvs Health CorpCVS	SHE +0.18 points	0.34%	0.16%
Ww Grainger IncGWW	SHE +0.18 points	0.24%	0.06%
Howmet Aerospace IncHWM	SHE +0.17 points	0.25%	0.08%
General Motors CoGM	SHE +0.18 points	0.29%	0.11%
Duke Energy CorpDUK	SHE +0.18 points	0.27%	0.09%
Northrop Grumman CorpNOC	SHE +0.17 points	0.21%	0.04%
Johnson Controls InternationJCI	SHE +0.17 points	0.34%	0.17%
Hp IncHPQ	SHE +0.16 points	0.20%	0.04%
Uber Technologies IncUBER	SHE +0.16 points	0.38%	0.22%
Truist Financial CorpTFC	SHE +0.15 points	0.18%	0.03%
Cummins IncCMI	SHE +0.14 points	0.24%	0.10%
Mckesson CorpMCK	SHE +0.15 points	0.31%	0.16%
Prologis IncPLD	SHE +0.15 points	0.37%	0.22%
Nike Inc Class BNKE	SHE +0.14 points	0.21%	0.07%
News Corp Class ANWSA	SHE +0.15 points	0.16%	0.01%
Ulta Beauty IncULTA	SHE +0.14 points	0.19%	0.05%
Medtronic PLCMDT	SHE +0.14 points	0.31%	0.17%
Ebay IncEBAY	SHE +0.13 points	0.22%	0.09%
Ecolab IncECL	SHE +0.14 points	0.28%	0.14%
F5 IncFFIV	SHE +0.13 points	0.17%	0.04%
Waste Connections IncWCN	SHE +0.13 points	0.17%	0.04%
Charter Communications Inc ACHTR	SHE +0.12 points	0.14%	0.02%
Tapestry IncTPR	SHE +0.13 points	0.17%	0.04%
Regeneron PharmaceuticalsREGN	SHE +0.13 points	0.26%	0.13%
Us BancorpUSB	SHE +0.12 points	0.21%	0.09%
Ferguson Enterprises IncFERG	SHE +0.12 points	0.14%	0.02%
Williams Sonoma IncWSM	SHE +0.11 points	0.17%	0.06%
State Street CorpSTT	SHE +0.12 points	0.16%	0.04%
Newmont CorpNEM	SHE +0.12 points	0.33%	0.21%
American Express CoAXP	SHE +0.11 points	0.43%	0.32%
Marsh & Mclennan CosMRSH	SHE +0.11 points	0.29%	0.18%
Humana IncHUM	SHE +0.11 points	0.18%	0.07%
Yum Brands IncYUM	SHE +0.11 points	0.19%	0.08%

All 230 SHE 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.

SHE vs USCL Cost

Overpaying SHE vs USCL

$2,466

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

SHE 0.20%
$4,155
USCL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

SHE 0.20%
USCL 0.08%
Overpaying

Year by year

Year	SHE	USCL	Overpaying
10	$365	$147	$218
20	$1,421	$575	$846
30	$4,155	$1,689	$2,466

Expense ratio

0.20%SHE
0.08%USCL, cheaper

USCL0.08%SHE0.20%

0.08%0.95%

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

USCL cheapest of 47 funds

SHE 21st cheapest of 47 funds

SHE vs USCL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SHE 1.15%, better; USCL 1.06%
Payout (12M): SHE $1.75; USCL $0.91
Last payment: SHE $0.49; USCL $0.20
Ex-dividend: SHE Sep 1, 2026; USCL Sep 15, 2026
Paid on: SHE Sep 3, 2026; USCL Sep 18, 2026
Frequency: SHE Quarterly; USCL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SHEQuarterly · 39 paymentsAll SHE payments⁠

USCLQuarterly · 13 paymentsAll USCL payments⁠

SHE vs USCL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SHE 13.6%USCL 12.5%, better
Return per unit of riskSharpe ratio, 3 years: SHE 1.30, betterUSCL 1.28
Worst fallMax drawdown, 5 years: SHE −31.7%USCL −19.0%since Jun 2023
Market sensitivityBeta, 5 years: SHE 1.01USCL 1.01; Market = 1

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