USCL vs USNZ: Grades, Fees and Holdings Compared

iShares Climate Conscious & Transition MSCI USA ETF

USCLANasdaq

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

USNZBNYSE Arca

Overlap

80.3%by weight

Expense ratio

USCL −0.02pt a year

USCL0.08%USNZ0.10%

Avg volume · 30D

USCL 38.8×the volume

USCL13.1KUSNZ339

3Y return · a year

USNZ +0.6pt

USCL+21.5%USNZ+22.1%

USCL vs USNZ Performance

Oct 31, 2025 – Oct 30, 2026

+7.3%USCL+10.6%USNZ

Expense ratio: USCL 0.08%, better; USNZ 0.10%
Fund size: USCL $2.77B; USNZ $293M
1Y total return: USCL +7.3%; USNZ +10.6%, better
Yield (12M): USCL 1.06%, better; USNZ 0.92%
Holdings: USCL 394; USNZ 298
Avg volume (30D): USCL 13.1K sh, better; USNZ 339 sh
NAV per share: USCL $85.14; USNZ $47.63
52W range

ETF.net Grade

Pillar letters and Scores for USCL, USNZ, with each pillar’s weight
Pillar	USCL	USNZ
Cost30% weight	A99Higher	A86
Mission25% weight	Not scored	A91
Risk15% weight	C52Higher	C43
Tradability15% weight	A70Higher	F20
Holdings10% weight	D36Higher	D35
Durability5% weight	A70Higher	D38

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. USCL and USNZ 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 USNZ 21st 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 21BTOVJLens 500 Jewish Advocacy U.S. ETFScore 63
Rank 21BUSNZXtrackers Net Zero Pathway Paris Aligned US Equity ETFScore 63
Rank 25BCATHGlobal X S&P 500 Catholic Values ETFScore 62

Our read on each fund

ETF.net Research

USCLAiShares Climate Conscious & Transition MSCI USA ETF

USNZBXtrackers Net Zero Pathway Paris Aligned US Equity ETF

In short

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.

USNZ No data

Stated mandate

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.

USNZ No data

Why people hold it

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.

USNZ No data

Worth knowing

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.

USNZ No data

Full USCL profile⁠

Full USNZ profile⁠

USCL vs USNZ Holdings

How USCL and USNZ differ

Overlap by weight

80.3%

Shared holdings make up 92.6% of USNZ and 83.8% of USCL.

Level by level

Holdings234 in both80.3%
Sector11 Sectors90.5%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in USCL and USNZ, widest gap first
Sector	More in USCLMore in USNZ	USCL	USNZ
Technology	USNZ +5.2 points	41.8%	47.0%
Industrials	USCL +3.7 points	6.8%	3.1%
Energy	USCL +2.1 points	2.1%	0.0%
Health Care	USNZ +1.9 points	10.6%	12.5%
Consumer Staples	USCL +1.7 points	4.2%	2.5%
Real Estate	USNZ +1.2 points	1.7%	2.9%
Communication	USNZ +0.9 points	10.5%	11.4%
Consumer Discretionary	USCL +0.8 points	9.7%	8.9%
Utilities	USCL +0.7 points	1.6%	0.9%
Materials	USCL +0.5 points	1.6%	1.1%
Financials	USNZ +0.1 points	9.6%	9.7%

Country, concentration and asset class

Country by domicile

Country weights in USCL and USNZ, widest gap first
Country	More in USCLMore in USNZ	USCL	USNZ
United States	USCL +0.1 points	99.3%	99.2%
Switzerland	USNZ +0.2 points	0.2%	0.4%
China	USNZ +0.1 points	0.1%	0.2%
Brazil	USNZ +0.1 points	0.1%	0.2%
Mexico	USCL +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

USCL44.8%
USNZ44.4%

Securities held

USCL391
USNZ297

Asset class

USCL: Equity
USNZ: Equity

Holdings

Only in USCL157
In both234
Only in USNZ63

Only in USCL

157 securities, 16.1% of USCL by weight

Walmart1.02%
Palantir Technologies Class A0.75%
Exxonmobil Holdings Corp0.73%
Coca-Cola0.68%
Linde PLC0.45%
Ge Aerospace0.44%
Costco Wholesale Corp0.42%
Chevron0.41%
Caterpillar Inc0.40%
International Business Machines Co0.34%
Union Pacific0.34%
Nextera Energy0.33%
Accenture PLC Class A0.30%
Eaton PLC0.27%
Ge Vernova0.22%
Newmont0.21%
Amphenol Corp Class A0.18%
Csx0.18%
Chubb0.18%
Dell Technologies Inc Class C0.18%
Conocophillips0.18%
Quanta Services Inc0.17%
Medtronic PLC0.17%
Emerson Electric0.17%
Elevance Health Inc0.17%
3M0.17%
Johnson Controls International PLC0.17%
Blackstone0.17%
Parker-Hannifin0.16%
Constellation Energy Corp0.15%
Hilton Worldwide Holdings0.15%
Slb0.15%
Norfolk Southern Corp0.14%
United Rentals0.14%
Williams0.13%
Nxp Semiconductors NV0.13%
Rtx0.13%
Oneok0.12%
Crh Public Limited PLC0.11%
Dominion Energy0.11%
Natera0.11%
Hewlett Packard Enterprise0.10%
Baker Hughes Class A0.10%
Southern0.10%
Honeywell International Inc0.10%
Cummins Inc0.10%
Duke Energy Corp0.09%
Republic Services Inc0.09%
Rockwell Automation Inc0.09%
Eog Resources0.08%

Only in USNZ

63 securities, 7.1% of USNZ by weight

Texas Instruments Inc0.52%
Crowdstrike Holdings Inc0.42%
Medtronic plc0.30%
Edison International0.30%
Accenture Ltd-Cl A0.28%
Sandisk Corp0.27%
Equity Residential0.24%
Chubb Ltd Npv0.21%
Becton Dickinson & Co0.20%
DoorDash Inc0.18%
NXP Semiconductors NV0.17%
Autozone Inc0.17%
Crown Castle International Corp0.17%
Anthem Inc0.16%
Royalty Pharma PLC0.15%
Bloom Energy Corp0.15%
ResMed Inc0.15%
Johnson Controls International PLC0.14%
Copart Inc0.14%
Crh PLC0.13%
VICI Properties Inc0.13%
STERIS Plc0.13%
Southern Copper Corp0.12%
HCA Healthcare Inc0.12%
Astera Labs Inc0.12%
DR Horton Inc0.11%
Applovin Corp0.11%
PulteGroup Inc0.11%
Arm Holdings PLC Ads0.10%
MicroStrategy Inc0.09%
MSCI Inc0.09%
Snap-on Inc0.09%
Alnylam Pharmaceuticals0.08%
Square Class A0.08%
Lennar Corp-A0.07%
Centene Corp0.07%
Coinbase Global Inc0.06%
Quest Diagnostics Inc0.06%
MongoDB Inc0.06%
Zoom Video Communications Inc0.06%
Fiserv Inc0.06%
VeriSign Inc0.06%
Corpay Inc. Npv0.06%
Roblox Corp0.06%
Willis Towers Watson PLC0.05%
Live Nation Entertainment Inc0.05%
Raymond James Financial Inc0.05%
Synchrony Financial0.05%
Cincinnati Fin Cp0.04%
Fair Isaac Corp0.04%

Weight gaps

The 100 widest of 234 Holdings in both funds.

Holding weights in USCL and USNZ, widest gap first
Holding	More in USCLMore in USNZ	USCL	USNZ
Micron TechnologyMU	USNZ +1.19 points	0.47%	1.66%
Amazon.com IncAMZN	USCL +0.63 points	4.37%	3.74%
NVIDIANVDA	USNZ +0.47 points	8.84%	9.31%
American Water WorksAWK	USNZ +0.37 points	0.05%	0.42%
MicrosoftMSFT	USNZ +0.28 points	6.92%	7.20%
Meta Platforms Class AMETA	USCL +0.26 points	2.54%	2.28%
Exelon CorpEXC	USNZ +0.23 points	0.09%	0.32%
Intel CorporationINTC	USNZ +0.22 points	0.27%	0.49%
Visa Class AV	USCL +0.18 points	1.29%	1.11%
Advanced Micro DevicesAMD	USCL +0.17 points	1.55%	1.38%
JPMorgan Chase & CoJPM	USNZ +0.17 points	1.26%	1.43%
Wells FargoWFC	USNZ +0.16 points	0.24%	0.40%
Mastercard Class AMA	USCL +0.16 points	0.97%	0.81%
Motorola Solutions IncMSI	USNZ +0.16 points	0.08%	0.24%
StrykerSYK	USNZ +0.15 points	0.09%	0.24%
CitigroupC	USNZ +0.14 points	0.20%	0.34%
Regeneron PharmaceuticalsREGN	USNZ +0.14 points	0.13%	0.27%
Ferguson EnterprisesFERG	USNZ +0.14 points	0.02%	0.16%
Oreilly Automotive IncORLY	USNZ +0.14 points	0.07%	0.21%
Eli LillyLLY	USCL +0.13 points	2.13%	2.00%
Dexcom IncDXCM	USNZ +0.14 points	0.01%	0.15%
Abbott LaboratoriesABT	USNZ +0.13 points	0.26%	0.39%
Tesla IncTSLA	USCL +0.13 points	2.15%	2.02%
Intuitive SurgicalISRG	USNZ +0.12 points	0.22%	0.34%
United Parcel Service Inc Class BUPS	USNZ +0.12 points	0.08%	0.20%
Netapp IncNTAP	USNZ +0.12 points	0.05%	0.17%
Ulta Beauty IncULTA	USNZ +0.11 points	0.05%	0.16%
Estee Lauder Inc Class AEL	USNZ +0.11 points	0.05%	0.16%
Mettler ToledoMTD	USNZ +0.11 points	0.06%	0.17%
Lam ResearchLRCX	USNZ +0.11 points	0.42%	0.53%
Fedex CorpFDX	USNZ +0.11 points	0.07%	0.18%
FastenalFAST	USNZ +0.11 points	0.08%	0.19%
Applied Material IncAMAT	USNZ +0.11 points	0.44%	0.55%
Equinix ReitEQIX	USNZ +0.11 points	0.14%	0.25%
Iqvia Holdings IncIQV	USNZ +0.11 points	0.08%	0.19%
Lowes Companies IncLOW	USNZ +0.11 points	0.11%	0.22%
BiogenBIIB	USNZ +0.11 points	0.07%	0.18%
CoherentCOHR	USNZ +0.10 points	0.02%	0.12%
GarminGRMN	USNZ +0.11 points	0.06%	0.17%
West Pharmaceutical ServicesWST	USNZ +0.11 points	0.04%	0.15%
General MotorsGM	USCL +0.10 points	0.11%	<0.01%
Waters CorpWAT	USNZ +0.10 points	0.09%	0.19%
Alphabet Class AGOOGL	USCL +0.11 points	3.08%	2.98%
Ge Healthcare TechnologiesGEHC	USNZ +0.10 points	0.05%	0.15%
Extra Space Storage ReitEXR	USNZ +0.10 points	0.05%	0.15%
Johnson & JohnsonJNJ	USCL +0.10 points	1.24%	1.14%
UnitedHealth GroupUNH	USCL +0.09 points	0.69%	0.60%
Pnc Financial Services GroupPNC	USNZ +0.10 points	0.04%	0.14%
Digital Realty Trust ReitDLR	USNZ +0.10 points	0.09%	0.19%
Agilent Technologies IncA	USNZ +0.10 points	0.09%	0.19%
Public Storage ReitPSA	USNZ +0.09 points	0.08%	0.17%
Mckesson CorpMCK	USNZ +0.10 points	0.16%	0.26%
Cvs HealthCVS	USNZ +0.10 points	0.16%	0.26%
EbayEBAY	USNZ +0.09 points	0.09%	0.18%
AppleAAPL	USNZ +0.09 points	9.51%	9.60%
Sba Communications Reit Corp ClassSBAC	USNZ +0.09 points	0.04%	0.13%
Ventas ReitVTR	USNZ +0.09 points	0.06%	0.15%
Seagate Technology Holdings PLCSTX	USNZ +0.09 points	0.20%	0.29%
Church and Dwight IncCHD	USNZ +0.08 points	0.05%	0.13%
Zoetis Inc Class AZTS	USNZ +0.09 points	0.06%	0.15%
Alphabet Class CGOOG	USNZ +0.09 points	2.44%	2.53%
Nike Class BNKE	USNZ +0.08 points	0.07%	0.15%
Iron Mountain IncIRM	USNZ +0.08 points	0.07%	0.15%
Packaging Corp of AmericaPKG	USNZ +0.08 points	0.03%	0.11%
American Tower ReitAMT	USNZ +0.08 points	0.16%	0.24%
Essex Property Trust ReitESS	USNZ +0.08 points	0.03%	0.11%
Te Connectivity PLCTEL	USNZ +0.07 points	0.12%	0.19%
Idexx LaboratoriesIDXX	USNZ +0.08 points	0.08%	0.16%
VylorVYLR	USNZ +0.07 points	0.07%	0.14%
TeradyneTER	USNZ +0.08 points	0.06%	0.14%
ProgressivePGR	USNZ +0.07 points	0.13%	0.20%
Lumentum HoldingsLITE	USNZ +0.08 points	0.12%	0.20%
Edwards LifesciencesEW	USNZ +0.07 points	0.10%	0.17%
KenvueKVUE	USNZ +0.07 points	0.07%	0.14%
Palo Alto NetworksPANW	USCL +0.07 points	0.56%	0.49%
SyscoSYY	USNZ +0.07 points	0.06%	0.13%
Simon Property Group Reit IncSPG	USNZ +0.07 points	0.13%	0.20%
Microchip Technology IncMCHP	USNZ +0.07 points	0.08%	0.15%
CorningGLW	USNZ +0.07 points	0.14%	0.21%
Monolithic Power Systems IncMPWR	USNZ +0.06 points	0.11%	0.17%
Western Digital CorpWDC	USNZ +0.07 points	0.18%	0.25%
Travelers CompaniesTRV	USNZ +0.07 points	0.08%	0.15%
HumanaHUM	USCL +0.07 points	0.07%	<0.01%
Boston ScientificBSX	USNZ +0.06 points	0.12%	0.18%
Monster BeverageMNST	USNZ +0.06 points	0.13%	0.19%
Keysight TechnologiesKEYS	USNZ +0.07 points	0.10%	0.17%
EcolabECL	USNZ +0.07 points	0.14%	0.21%
Truist FinancialTFC	USNZ +0.07 points	0.03%	0.10%
Hershey FoodsHSY	USNZ +0.06 points	0.05%	0.11%
Ford Motor CoF	USCL +0.07 points	0.07%	<0.01%
MercadolibreMELI	USNZ +0.06 points	0.14%	0.20%
Keurig Dr Pepper IncKDP	USNZ +0.07 points	0.09%	0.16%
Cbre Group Class ACBRE	USNZ +0.07 points	0.05%	0.12%
PfizerPFE	USNZ +0.06 points	0.33%	0.39%
Realty Income ReitO	USNZ +0.06 points	0.10%	0.16%
DanaherDHR	USNZ +0.06 points	0.28%	0.34%
Bristol Myers SquibbBMY	USNZ +0.06 points	0.24%	0.30%
Vertex PharmaceuticalsVRTX	USNZ +0.06 points	0.27%	0.33%
Mcdonalds CorpMCD	USCL +0.07 points	0.35%	0.28%
Procter & GamblePG	USCL +0.06 points	0.71%	0.65%

All 391 USCL holdings⁠All 299 USNZ 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.

USCL vs USNZ Cost

Overpaying USNZ vs USCL

$417

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

USCL 0.08%
$1,689
USNZ 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

USCL 0.08%
USNZ 0.10%
Overpaying

Year by year

Year	USCL	USNZ	Overpaying
10	$147	$183	$36
20	$575	$717	$142
30	$1,689	$2,106	$417

Expense ratio

0.08%USCL, cheaper
0.10%USNZ

USCL0.08%USNZ0.10%

0.08%0.95%

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

USCL cheapest of 47 funds

USNZ 7th cheapest of 47 funds

USCL vs USNZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): USCL 1.06%, better; USNZ 0.92%
Payout (12M): USCL $0.91; USNZ $0.44
Last payment: USCL $0.20; USNZ $0.10
Ex-dividend: USCL Sep 15, 2026; USNZ Sep 18, 2026
Paid on: USCL Sep 18, 2026; USNZ Sep 25, 2026
Frequency: USCL Quarterly; USNZ Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

USCLQuarterly · 13 paymentsAll USCL payments⁠

USNZQuarterly · 18 paymentsAll USNZ payments⁠

USCL vs USNZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: USCL 12.5%, betterUSNZ 13.4%
Return per unit of riskSharpe ratio, 3 years: USCL 1.28, betterUSNZ 1.24
Worst fallMax drawdown, 5 years: USCL −19.0%since Jun 2023USNZ −19.2%since Jun 2022
Market sensitivityBeta, 5 years: USCL 1.01USNZ 1.09; Market = 1

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