SPHB vs USCA: Grades, Fees and Holdings Compared

Invesco S&P 500 High Beta ETF

SPHBCNYSE Arca

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

17.3%by weight

Expense ratio

USCA −0.18pt a year

SPHB0.25%USCA0.07%

Avg volume · 30D

SPHB 3.3×the volume

SPHB321KUSCA97.9K

3Y return · a year

SPHB +8.5pt

SPHB+29.8%USCA+21.3%

SPHB vs USCA Performance

Oct 31, 2025 – Oct 30, 2026

+20.1%SPHB+6.8%USCA

Expense ratio: SPHB 0.25%; USCA 0.07%, better
Fund size: SPHB $817M; USCA $3.42B
1Y total return: SPHB +20.1%, better; USCA +6.8%
Yield (12M): SPHB 0.55%; USCA 1.06%, better
Holdings: SPHB 100; USCA 392
Avg volume (30D): SPHB 321K sh, better; USCA 97.9K sh
NAV per share: SPHB $137.37; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for SPHB, USCA, with each pillar’s weight
Pillar	SPHB	USCA
Cost30% weight	B66	A97Higher
Mission25% weight	F13	A91Higher
Risk15% weight	D28	C54Higher
Tradability15% weight	A81Higher	B61
Holdings10% weight	A82Higher	D29
Durability5% weight	B55Higher	C49

Rank among US Factor Index funds

How we build Categories ›

Same Category. SPHB 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 SPHB 17th 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 15CXSMOInvesco S&P SmallCap Momentum ETFScore 51
Rank 17CSPHBInvesco S&P 500 High Beta ETFScore 50
Rank 18CHAPIHarbor Human Capital Factor US Large Cap ETF (HAPI)Score 49

Our read on each fund

ETF.net Research

SPHBCInvesco S&P 500 High Beta ETF

USCAAXtrackers MSCI USA Climate Action Equity ETF

In short

SPHB The S&P 500 with the volume knob turned up. SPHB holds about 100 of the index's most market-sensitive names, amplifying the market's swings in both directions using plain stocks, not leverage.

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

SPHB The Fund is based on the S&P 500® High Beta 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

SPHB 0.25% a year, below the 0.28% median for US factor ETFs. A specialty tilt priced like a mainstream one.
No leverage, no derivatives, no daily reset. Just about 100 S&P 500 stocks picked by a published S&P index rather than a manager's hunch.
Live since 2011 and one of the easier funds in its factor group to trade, so moving in and out tends to be cheap relative to peers.

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

SPHB High beta cuts both ways. The wiring that magnifies rallies magnifies selloffs, and this ranks among the most volatile funds in its factor peer group.
About 100 names, not 500, and the screen keeps whichever stocks are swinging hardest. The sector mix can look very different from one stretch to the next.
Distributions land quarterly, but income is a byproduct of the beta screen, not the design goal.

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 SPHB profile⁠

Full USCA profile⁠

SPHB vs USCA Holdings

How SPHB and USCA differ

Overlap by weight

17.3%

Shared holdings make up 67.5% of SPHB and 34.8% of USCA.

Level by level

Holdings67 in both17.3%
Sector11 Sectors81.2%
Countryby domicile97.6%
Asset classEquity100%

Sector

Sector weights in SPHB and USCA, widest gap first
Sector	More in SPHBMore in USCA	SPHB	USCA
Communication	USCA +8.6 points	3.0%	11.6%
Industrials	SPHB +8.0 points	14.2%	6.2%
Technology	SPHB +7.1 points	50.5%	43.4%
Health Care	USCA +4.5 points	5.6%	10.1%
Consumer Staples	USCA +2.9 points	0.9%	3.8%
Materials	SPHB +1.8 points	3.2%	1.4%
Real Estate	USCA +1.7 points	0.0%	1.7%
Energy	USCA +1.2 points	0.7%	1.9%
Financials	SPHB +1.0 points	10.0%	9.0%
Utilities	SPHB +0.7 points	2.2%	1.5%
Consumer Discretionary	SPHB +0.1 points	9.5%	9.4%

Country, concentration and asset class

Country by domicile

Country weights in SPHB and USCA, widest gap first
Country	More in SPHBMore in USCA	SPHB	USCA
United States	USCA +1.9 points	97.4%	99.3%
Mexico	SPHB +1.0 points	1.1%	0.1%
China	SPHB +0.8 points	0.9%	0.1%
Ireland	SPHB +0.7 points	0.7%	0.0%
Other countries (4)	USCA +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

SPHB19.1%
USCA44.6%

Securities held

SPHB99
USCA391

Asset class

SPHB: Equity
USCA: Equity

Holdings

Only in SPHB32
In both67
Only in USCA324

Only in SPHB

32 securities, 32.5% of SPHB by weight

Moderna Inc3.24%
Sandisk Corp2.30%
Coinbase Global Inc1.77%
Carnival Corp Ltd1.17%
Freeport-McMoRan Inc1.14%
Carvana Co1.12%
NXP Semiconductors NV1.11%
Skyworks Solutions Inc1.03%
Norwegian Cruise Line Holdings Ltd1.02%
AppLovin Corp0.98%
Revvity Inc0.98%
EchoStar Corp0.94%
Crowdstrike Holdings Inc0.93%
Generac Holdings Inc0.92%
Charles River Laboratories International Inc0.92%
Royal Caribbean Cruises Ltd0.91%
Zebra Technologies Corp0.89%
Invesco Ltd0.84%
Texas Instruments Inc0.84%
Stanley Black & Decker Inc0.83%
EMCOR Group Inc0.83%
Southwest Airlines Co0.80%
Ares Management Corp0.79%
Eaton Corp PLC0.79%
Ralph Lauren Corp0.76%
Aptiv PLC0.73%
Align Technology Inc0.70%
Lululemon Athletica Inc0.68%
Crh PLC0.65%
Smurfit Westrock PLC0.65%
DoorDash Inc0.65%
Albemarle Corp0.57%

Only in USCA

324 securities, 64.8% of USCA by weight

Apple Inc9.49%
Microsoft Corp6.90%
Alphabet Class A3.08%
Lilly (Eli) & Co2.13%
Visa Inc-Class A Shares1.29%
JPMorgan Chase & Co1.26%
Johnson & Johnson1.23%
Wal-Mart Stores Inc1.01%
AbbVie Inc0.98%
Mastercard Inc-Class A0.97%
Cisco Systems Inc0.77%
Exxonmobil Hldgs Corp Npv0.73%
Procter & Gamble Co0.71%
UnitedHealth Group Inc0.69%
Merck & Co Inc0.69%
Coca-Cola Co0.68%
Home Depot Inc0.62%
Palo Alto Networks0.56%
Netflix Inc0.48%
Thermo Fisher Scientific Inc0.48%
Amgen Inc0.47%
Bank of America Corp0.46%
2226792D0.44%
General Electric Co0.44%
Costco Wholesale Corp0.42%
Chevron Corp0.41%
Gilead Sciences Inc0.40%
Verizon Communications Inc0.35%
Pepsico0.35%
salesforce.com Inc0.34%
McDonald's Corp0.34%
International Business Machine Corp0.34%
Union Pacific Corp0.34%
Pfizer Inc0.33%
NextEra Energy Inc0.32%
American Express Co0.32%
Blackrock Inc0.31%
Welltower Inc0.31%
Deere & Co0.31%
Accenture Ltd-Cl A0.29%
AT&T Inc0.28%
Danaher Corp0.28%
Charles Schwab Corp0.27%
Walt Disney Co0.27%
Eaton Corp PLC0.27%
S&P Global0.27%
Vertex Pharm0.26%
Abbott Laboratories0.26%
Wells Fargo & Co0.24%
Bristol-Myers Squibb Co0.24%

Weight gaps

All 67 Holdings in both funds, largest gap first.

Holding weights in SPHB and USCA, widest gap first
Holding	More in SPHBMore in USCA	SPHB	USCA
NVIDIA CorpNVDA	USCA +7.85 points	0.97%	8.82%
Amazon.com IncAMZN	USCA +3.61 points	0.75%	4.36%
Alphabet IncGOOG	USCA +1.84 points	0.60%	2.44%
Broadcom IncAVGO	USCA +1.80 points	0.96%	2.76%
Meta Platforms IncMETA	USCA +1.72 points	0.81%	2.53%
Super Micro Computer IncSMCI	SPHB +1.71 points	1.74%	0.03%
Robinhood Markets IncHOOD	SPHB +1.45 points	1.57%	0.12%
Lumentum Holdings IncLITE	SPHB +1.42 points	1.54%	0.12%
Micron Technology IncMU	SPHB +1.40 points	1.87%	0.47%
Marvell Technology IncMRVL	SPHB +1.32 points	1.63%	0.31%
Western Digital CorpWDC	SPHB +1.23 points	1.41%	0.18%
Teradyne IncTER	SPHB +1.22 points	1.28%	0.06%
ON Semiconductor CorpON	SPHB +1.13 points	1.17%	0.04%
Coherent CorpCOHR	SPHB +1.13 points	1.15%	0.02%
Intel CorpINTC	SPHB +1.10 points	1.37%	0.27%
Ciena CorpCIEN	SPHB +1.07 points	1.15%	0.08%
Flex LtdFLEX	SPHB +1.07 points	1.11%	0.04%
Vertiv Holdings CoVRT	SPHB +1.06 points	1.22%	0.16%
Monolithic Power Systems IncMPWR	SPHB +1.05 points	1.16%	0.11%
Microchip Technology IncMCHP	SPHB +1.02 points	1.10%	0.08%
United Airlines Holdings IncUAL	SPHB +0.98 points	0.99%	0.01%
Corning IncGLW	SPHB +0.95 points	1.09%	0.14%
Comfort Systems USA IncFIX	SPHB +0.94 points	1.02%	0.08%
Block IncSQ	SPHB +0.93 points	1.00%	0.07%
Hewlett Packard Enterprise CoHPE	SPHB +0.93 points	1.03%	0.10%
Lam Research CorpLRCX	SPHB +0.92 points	1.34%	0.42%
Synopsys IncSNPS	SPHB +0.91 points	1.07%	0.16%
Dell Technologies IncDELL	SPHB +0.89 points	1.07%	0.18%
Estee Lauder Cos Inc/TheEL	SPHB +0.89 points	0.94%	0.05%
Interactive Brokers Group IncIBKR	SPHB +0.88 points	0.93%	0.05%
QUALCOMM IncQCOM	SPHB +0.87 points	1.20%	0.33%
Jabil IncJBL	SPHB +0.87 points	0.88%	0.01%
Seagate Technology Holdings PLCSTX	SPHB +0.84 points	1.04%	0.20%
Delta Air Lines IncDAL	SPHB +0.83 points	0.85%	0.02%
Keysight Technologies IncKEYS	SPHB +0.82 points	0.92%	0.10%
KLA CorpKLAC	SPHB +0.81 points	1.20%	0.39%
Cadence Design Systems IncCDNS	SPHB +0.78 points	0.95%	0.17%
TE Connectivity PLCTEL	SPHB +0.75 points	0.87%	0.12%
Vistra CorpVST	SPHB +0.75 points	0.82%	0.07%
Rockwell Automation IncROK	SPHB +0.74 points	0.83%	0.09%
GE Vernova IncGEV	SPHB +0.72 points	0.94%	0.22%
Amphenol CorpAPH	SPHB +0.72 points	0.90%	0.18%
NetApp IncNTAP	SPHB +0.70 points	0.76%	0.06%
Emerson Electric CoEMR	SPHB +0.69 points	0.86%	0.17%
Applied Materials IncAMAT	SPHB +0.68 points	1.12%	0.44%
Tesla IncTSLA	USCA +0.66 points	1.48%	2.14%
Arista Networks IncANET	SPHB +0.66 points	1.00%	0.34%
Quanta Services IncPWR	SPHB +0.65 points	0.82%	0.17%
Oracle CorpORCL	SPHB +0.63 points	0.95%	0.32%
NRG Energy IncNRG	SPHB +0.63 points	0.66%	0.03%
Cummins IncCMI	SPHB +0.62 points	0.72%	0.10%
Ingersoll Rand IncIR	SPHB +0.62 points	0.68%	0.06%
First Solar IncFSLR	SPHB +0.61 points	0.64%	0.03%
Analog Devices IncADI	SPHB +0.59 points	0.97%	0.38%
Newmont CorpNEM	SPHB +0.58 points	0.79%	0.21%
KKR & Co IncKKR	SPHB +0.57 points	0.68%	0.11%
Lennox International IncLII	SPHB +0.57 points	0.59%	0.02%
Constellation Energy CorpCEG	SPHB +0.57 points	0.72%	0.15%
Tapestry IncTPR	SPHB +0.51 points	0.56%	0.05%
Capital One Financial CorpCOF	SPHB +0.51 points	0.68%	0.17%
Citigroup IncC	SPHB +0.47 points	0.67%	0.20%
Advanced Micro Devices IncAMD	SPHB +0.45 points	1.99%	1.54%
Blackstone IncBX	SPHB +0.42 points	0.58%	0.16%
Goldman Sachs Group Inc/TheGS	SPHB +0.40 points	0.77%	0.37%
Morgan StanleyMS	SPHB +0.35 points	0.66%	0.31%
Caterpillar IncCAT	SPHB +0.28 points	0.69%	0.41%
Palantir Technologies IncPLTR	SPHB +0.28 points	1.03%	0.75%

All 99 SPHB 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.

SPHB vs USCA Cost

Overpaying SPHB vs USCA

$3,679

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

SPHB 0.25%
$5,159
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

SPHB 0.25%
USCA 0.07%
Overpaying

Year by year

Year	SPHB	USCA	Overpaying
10	$455	$128	$327
20	$1,769	$503	$1,266
30	$5,159	$1,480	$3,679

Expense ratio

0.25%SPHB
0.07%USCA, cheaper

USCA0.07%SPHB0.25%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

SPHB 10th cheapest of 30 funds

SPHB vs USCA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPHB 0.55%; USCA 1.06%, better
Payout (12M): SPHB $0.76; USCA $0.47
Last payment: SPHB $0.14; USCA $0.10
Ex-dividend: SPHB Sep 21, 2026; USCA Sep 18, 2026
Paid on: SPHB Sep 25, 2026; USCA Sep 25, 2026
Frequency: SPHB Quarterly; USCA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPHBQuarterly · 39 paymentsAll SPHB payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

SPHB vs USCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPHB 22.6%USCA 12.5%, better
Return per unit of riskSharpe ratio, 3 years: SPHB 1.08USCA 1.27, better
Worst fallMax drawdown, 5 years: SPHB −31.5%USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: SPHB 1.44USCA 1.00; Market = 1

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