USCL vs VEGN: Grades, Fees and Holdings Compared

iShares Climate Conscious & Transition MSCI USA ETF

USCLANasdaq

US Vegan Climate ETF

VEGNFCboe

Overlap

36.0%by weight

Expense ratio

USCL −0.52pt a year

USCL0.08%VEGN0.60%

Avg volume · 30D

USCL 2.4×the volume

USCL13.1KVEGN5.5K

3Y return · a year

VEGN +3.4pt

USCL+19.9%VEGN+23.3%

USCL vs VEGN Performance

Nov 7, 2025 – Nov 9, 2026

+9.6%USCL+19.8%VEGN

Expense ratio: USCL 0.08%, better; VEGN 0.60%
Fund size: USCL $2.61B; VEGN $165M
1Y total return: USCL +9.6%; VEGN +19.8%, better
Yield (12M): USCL 1.06%, better; VEGN 0.61%
Holdings: USCL 393; VEGN 261
Avg volume (30D): USCL 13.1K sh, better; VEGN 5.5K sh
NAV per share: USCL $83.10; VEGN $68.57
52W range

ETF.net Grade

Pillar letters and Scores for USCL, VEGN, with each pillar’s weight
Pillar	USCL	VEGN
Cost30% weight	A99Higher	F6
Mission25% weight	Not scored	Not scored
Risk15% weight	B55Higher	F21
Tradability15% weight	B69Higher	C40
Holdings10% weight	D34	C49Higher
Durability5% weight	A71Higher	C44

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. USCL and VEGN 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 7th and VEGN 47th of 47 funds in the US ESG & Values Index Category.

Rank 7AEVUSiShares ESG Aware MSCI USA Value ETFScore 73
Rank 7AUSCLiShares Climate Conscious & Transition MSCI USA ETFScore 73
Rank 11AFEUSNorthern Trust ESG & Climate US Large Cap Core ETFScore 72
Rank 46DSTNCHennessy Sustainable ETFScore 26
Rank 47FVEGNUS Vegan Climate ETFScore 24

Our read on each fund

ETF.net Research

USCLAiShares Climate Conscious & Transition MSCI USA ETF

VEGNFUS Vegan Climate 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.

VEGN Most ESG funds sand off the rough edges. VEGN starts from a vegan rulebook: animal-welfare, environmental and climate exclusions applied to a US stock index, replicated passively since its 2019 launch.

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.

VEGN The Fund seeks to track the Beyond Investing US Vegan Climate Index before fees and expenses. It uses passive indexing, generally replicating the Index while applying its vegan, animal-welfare, environmental, and climate-related exclusions.

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.

VEGN One rulebook, plainly stated: vegan, animal-welfare, environmental and climate exclusions, then passive replication of whatever survives the screen.
Follows a named, published benchmark (the Beyond Investing US Vegan Climate Index), so what's in and out follows written index rules rather than manager discretion.
Live since 2019, so a screen this specific has a multi-year record in a real US equity portfolio, not a backtest.

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.

VEGN At 0.60% a year it costs more than double the typical fund in its ESG cohort. Broad screened peers like ESGV and SNPE charge about a tenth of a percent.
Thinly traded, so limit orders matter and spreads can run wider than in the mega ESG index funds.
Screening out whole industries pulls the portfolio away from the broad US market, so its results can diverge from it in either direction.

Full USCL profile⁠

Full VEGN profile⁠

USCL vs VEGN Holdings

How USCL and VEGN differ

Overlap by weight

36.0%

Shared holdings make up 88.3% of VEGN and 44.5% of USCL.

Level by level

Holdings144 in both36.0%
Sector11 Sectors71.6%
Countryby domicile99.5%
Asset classStocks100%

Sector

Sector weights in USCL and VEGN, widest gap first
Sector	Gap	USCL	VEGN
Technology	VEGN +19.7 points	39.0%	58.7%
Consumer Discretionary	USCL +8.3 points	10.2%	1.9%
Health Care	USCL +6.9 points	11.4%	4.5%
Financials	VEGN +6.2 points	10.3%	16.5%
Consumer Staples	USCL +4.6 points	4.6%	0.0%
Real Estate	VEGN +2.6 points	1.8%	4.4%
Communication	USCL +2.2 points	10.3%	8.1%
Energy	USCL +1.9 points	2.0%	0.1%
Industrials	USCL +1.9 points	6.9%	5.0%
Utilities	USCL +1.6 points	1.7%	0.1%
Materials	USCL +1.1 points	1.7%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in USCL and VEGN, widest gap first
Country	Gap	USCL	VEGN
United States	VEGN +0.5 points	99.3%	99.8%
Switzerland	USCL +0.1 points	0.2%	0.1%
Brazil	USCL +0.1 points	0.1%	0.0%
China	USCL +0.1 points	0.1%	0.0%
Ireland	VEGN +0.1 points	0.0%	0.1%
United Kingdom	VEGN +0.1 points	0.0%	0.1%
Mexico	USCL +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

USCL45.0%
VEGN38.7%

Securities held

USCL390
VEGN260

Asset class

USCL: Stocks
VEGN: Stocks

Holdings

Only in USCL246
In both144
Only in VEGN116

Only in USCL

246 securities, 55.3% of USCL by weight

Microsoft7.21%
Amazon.com Inc4.83%
Meta Platforms Class A2.58%
Alphabet Class C2.56%
Eli Lilly2.09%
Tesla Inc1.97%
JPMorgan Chase & Co1.28%
Johnson & Johnson1.28%
Walmart1.06%
AbbVie0.99%
Procter & Gamble0.74%
Coca-Cola0.71%
Merck & Co Inc0.70%
Palantir Technologies Class A0.67%
Exxonmobil Holdings Corp0.66%
Home Depot0.66%
Netflix0.51%
Thermo Fisher Scientific0.50%
Ge Aerospace0.48%
Amgen Inc0.48%
Bank of America0.46%
Linde PLC0.46%
Costco Wholesale Corp0.45%
Gilead Sciences0.40%
Mcdonalds Corp0.38%
Chevron0.38%
Caterpillar Inc0.37%
Pepsico0.37%
Goldman Sachs Group0.37%
Nextera Energy0.35%
Analog Devices0.34%
Qualcomm0.34%
BlackRock0.33%
Union Pacific0.33%
Pfizer0.32%
Morgan Stanley0.31%
Walt Disney0.29%
Charles Schwab0.29%
Danaher0.28%
Abbott Laboratories0.28%
Vertex Pharmaceuticals0.27%
Eaton PLC0.26%
Newmont0.25%
Wells Fargo0.24%
Bristol Myers Squibb0.24%
Uber Technologies0.24%
Intuitive Surgical0.23%
Starbucks Corp0.23%
Ge Vernova0.20%
Citigroup0.20%

Only in VEGN

116 securities, 11.6% of VEGN by weight

Texas Instruments Inc2.21%
Crowdstrike Holdings Inc1.97%
Sandisk Corp1.10%
AppLovin Corp0.36%
DoorDash Inc0.23%
Vivmark Residential0.17%
Block Inc0.17%
MSCI Inc0.16%
Strategy Inc0.15%
DR Horton Inc0.14%
Crown Castle Inc0.14%
First American Government Obligations Fund 12/01/20310.13%
Centene Corp0.12%
Fiserv Inc0.12%
Sunbelt Rentals Holdings Inc0.12%
ROBLOX Corp0.11%
Raymond James Financial Inc0.11%
Cincinnati Financial Corp0.10%
Live Nation Entertainment Inc0.10%
Copart Inc0.10%
AerCap Holdings NV0.10%
EMCOR Group Inc0.10%
Synchrony Financial0.09%
Astera Labs Inc0.09%
PulteGroup Inc0.09%
MongoDB Inc0.09%
VeriSign Inc0.09%
Tenet Healthcare Corp0.09%
Markel Group Inc0.09%
Zoom Communications Inc0.09%
Amrize Ltd0.08%
Brown & Brown Inc0.08%
Snap-on Inc0.07%
Lennar Corp0.07%
ITT Inc0.07%
Stanley Black & Decker Inc0.06%
nVent Electric PLC0.06%
Affirm Holdings Inc0.06%
NVR Inc0.06%
Genuine Parts Co0.06%
Fair Isaac Corp0.06%
SS&C Technologies Holdings Inc0.06%
Invitation Homes Inc0.06%
Allegion plc0.06%
Coeur Mining Inc.0.06%
API Group Corp0.05%
GoDaddy Inc0.05%
Toll Brothers Inc0.05%
Rocket Cos Inc0.05%
Fedex Freight Holding Co Inc0.05%

Weight gaps

The 100 widest of 144 Holdings in both funds.

Holding weights in USCL and VEGN, widest gap first
Holding	Gap	USCL	VEGN
AppleAAPL	USCL +4.26 points	9.68%	5.42%
NVIDIANVDA	USCL +4.26 points	8.26%	4.00%
Micron TechnologyMU	VEGN +3.83 points	0.38%	4.21%
Visa Class AV	VEGN +3.24 points	1.35%	4.59%
Mastercard Class AMA	VEGN +2.89 points	1.02%	3.91%
Advanced Micro DevicesAMD	VEGN +2.87 points	1.41%	4.28%
UnitedHealth GroupUNH	VEGN +2.15 points	0.69%	2.84%
Palo Alto NetworksPANW	VEGN +1.95 points	0.49%	2.44%
Cisco Systems IncCSCO	VEGN +1.93 points	0.71%	2.64%
International Business Machines CoIBM	VEGN +1.86 points	0.33%	2.19%
Applied Material IncAMAT	VEGN +1.80 points	0.38%	2.18%
Lam ResearchLRCX	VEGN +1.66 points	0.36%	2.02%
SalesforceCRM	VEGN +1.52 points	0.33%	1.85%
Verizon Communications IncVZ	VEGN +1.48 points	0.37%	1.85%
Intel CorporationINTC	VEGN +1.47 points	0.24%	1.71%
OracleORCL	VEGN +1.36 points	0.29%	1.65%
American ExpressAXP	VEGN +1.35 points	0.33%	1.68%
KlaKLAC	VEGN +1.34 points	0.35%	1.69%
WelltowerWELL	VEGN +1.21 points	0.33%	1.54%
Arista NetworksANET	VEGN +1.21 points	0.35%	1.56%
AT&TT	VEGN +1.18 points	0.29%	1.47%
Marvell TechnologyMRVL	VEGN +0.92 points	0.23%	1.15%
Broadcom IncAVGO	VEGN +0.82 points	2.56%	3.38%
Seagate Technology Holdings PLCSTX	VEGN +0.81 points	0.15%	0.96%
Western Digital CorpWDC	VEGN +0.71 points	0.13%	0.84%
ProgressivePGR	VEGN +0.36 points	0.13%	0.49%
Mckesson CorpMCK	VEGN +0.29 points	0.18%	0.47%
DeereDE	VEGN +0.30 points	0.31%	0.61%
Accenture PLC Class AACN	VEGN +0.27 points	0.31%	0.58%
Alphabet Class AGOOGL	VEGN +0.25 points	3.22%	3.47%
S&P GlobalSPGI	VEGN +0.25 points	0.27%	0.52%
Bank of New York Mellon CorpBNY	VEGN +0.23 points	0.14%	0.37%
Booking HoldingsBKNG	VEGN +0.22 points	0.24%	0.46%
Equinix ReitEQIX	VEGN +0.22 points	0.14%	0.36%
United Parcel Service Inc Class BUPS	VEGN +0.21 points	0.08%	0.29%
Automatic Data Processing IncADP	VEGN +0.22 points	0.23%	0.45%
Prologis ReitPLD	VEGN +0.20 points	0.23%	0.43%
CignaCI	VEGN +0.21 points	0.07%	0.28%
Oreilly Automotive IncORLY	VEGN +0.20 points	0.07%	0.27%
Dell Technologies Inc Class CDELL	VEGN +0.20 points	0.14%	0.34%
Comcast Class ACMCSA	VEGN +0.19 points	0.13%	0.32%
Cme Group Class ACME	VEGN +0.19 points	0.21%	0.40%
ServicenowNOW	VEGN +0.19 points	0.20%	0.39%
Fedex CorpFDX	VEGN +0.18 points	0.07%	0.25%
Allstate CorpALL	VEGN +0.17 points	0.07%	0.24%
Adobe IncADBE	VEGN +0.17 points	0.18%	0.35%
MarshMRSH	VEGN +0.17 points	0.19%	0.36%
Ww Grainger IncGWW	VEGN +0.16 points	0.06%	0.22%
SnowflakeSNOW	VEGN +0.16 points	0.17%	0.34%
Arthur J GallagherAJG	VEGN +0.16 points	0.10%	0.26%
IntuitINTU	VEGN +0.16 points	0.18%	0.34%
SynopsysSNPS	VEGN +0.15 points	0.16%	0.31%
Trane Technologies PLCTT	VEGN +0.15 points	0.17%	0.32%
American Tower ReitAMT	VEGN +0.15 points	0.17%	0.32%
Fifth Third BancorpFITB	VEGN +0.15 points	0.02%	0.17%
Cadence Design SystemsCDNS	VEGN +0.15 points	0.17%	0.32%
Cloudflare Class ANET	VEGN +0.15 points	0.16%	0.31%
MetlifeMET	VEGN +0.15 points	0.05%	0.20%
Johnson Controls International PLCJCI	VEGN +0.14 points	0.16%	0.30%
Moodys CorpMCO	VEGN +0.14 points	0.14%	0.28%
Ferguson EnterprisesFERG	VEGN +0.14 points	0.02%	0.16%
FastenalFAST	VEGN +0.13 points	0.09%	0.22%
FortinetFTNT	VEGN +0.13 points	0.14%	0.27%
T Mobile Us IncTMUS	VEGN +0.13 points	0.15%	0.28%
Simon Property Group Reit IncSPG	VEGN +0.13 points	0.14%	0.27%
Ameriprise Finance IncAMP	VEGN +0.13 points	0.04%	0.17%
CoherentCOHR	VEGN +0.12 points	0.02%	0.14%
Paccar IncPCAR	VEGN +0.11 points	0.08%	0.19%
HumanaHUM	VEGN +0.12 points	0.07%	0.19%
United RentalsURI	VEGN +0.11 points	0.13%	0.24%
Public Storage ReitPSA	VEGN +0.11 points	0.08%	0.19%
Prudential Financial IncPRU	VEGN +0.11 points	0.04%	0.15%
EbayEBAY	VEGN +0.11 points	0.09%	0.20%
Aon PLC Class AAON	VEGN +0.11 points	0.13%	0.24%
Westinghouse Air Brake TechnologieWAB	VEGN +0.10 points	0.07%	0.17%
Nxp Semiconductors NVNXPI	VEGN +0.10 points	0.13%	0.23%
Vertiv Holdings Class AVRT	VEGN +0.10 points	0.13%	0.23%
M&T BankMTB	VEGN +0.10 points	0.02%	0.12%
Datadog Inc Class ADDOG	VEGN +0.10 points	0.11%	0.21%
Huntington Bancshares IncHBAN	VEGN +0.09 points	0.01%	0.11%
Monolithic Power Systems IncMPWR	VEGN +0.10 points	0.11%	0.21%
AflacAFL	VEGN +0.10 points	0.11%	0.21%
AutodeskADSK	VEGN +0.09 points	0.11%	0.20%
Realty Income ReitO	VEGN +0.09 points	0.11%	0.20%
Ventas ReitVTR	VEGN +0.09 points	0.06%	0.15%
Cbre Group Class ACBRE	VEGN +0.08 points	0.06%	0.14%
Citizens Financial Group IncCFG	VEGN +0.09 points	0.01%	0.10%
Arch Capital GroupACGL	VEGN +0.08 points	0.05%	0.13%
Veeva Systems Class AVEEV	VEGN +0.08 points	0.09%	0.17%
Iqvia Holdings IncIQV	VEGN +0.08 points	0.09%	0.17%
JabilJBL	VEGN +0.08 points	0.01%	0.09%
Regions FinancialRF	VEGN +0.08 points	0.01%	0.09%
TeradyneTER	VEGN +0.07 points	0.05%	0.12%
Netapp IncNTAP	VEGN +0.07 points	0.05%	0.12%
Rockwell Automation IncROK	VEGN +0.07 points	0.08%	0.15%
Nasdaq IncNDAQ	VEGN +0.08 points	0.09%	0.17%
Extra Space Storage ReitEXR	VEGN +0.07 points	0.05%	0.12%
Workday Class AWDAY	VEGN +0.08 points	0.07%	0.15%
NateraNTRA	VEGN +0.07 points	0.08%	0.15%
Interactive Brokers Group Inc ClasIBKR	VEGN +0.07 points	0.05%	0.12%

All 390 USCL holdings⁠All VEGN 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 VEGN Cost

Overpaying VEGN vs USCL

$10,128

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

USCL 0.08%
$1,689
VEGN 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

USCL 0.08%
VEGN 0.60%
Overpaying

Year by year

Year	USCL	VEGN	Overpaying
10	$147	$1,076	$929
20	$575	$4,116	$3,541
30	$1,689	$11,817	$10,128

Expense ratio

0.08%USCL, cheaper
0.60%VEGN

USCL0.08%VEGN0.60%

0.08%0.95%

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

USCL cheapest of 47 funds

VEGN 44th cheapest of 47 funds

USCL vs VEGN Dividends

Last 12 months to Nov 9, 2026

Yield (12M): USCL 1.06%, better; VEGN 0.61%
Payout (12M): USCL $0.91; VEGN $0.44
Last payment: USCL $0.20; VEGN $0.06
Ex-dividend: USCL Sep 15, 2026; VEGN Sep 15, 2026
Paid on: USCL Sep 18, 2026; VEGN Sep 16, 2026
Frequency: USCL Quarterly; VEGN Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

USCLQuarterly · 13 paymentsAll USCL payments⁠

VEGNQuarterly · 28 paymentsAll VEGN payments⁠

USCL vs VEGN 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%, betterVEGN 20.1%
Return per unit of riskSharpe ratio, 3 years: USCL 1.28, betterVEGN 1.06
Worst fallMax drawdown, 5 years: USCL −19.0%since Jun 2023VEGN −32.7%
Market sensitivityBeta, 5 years: USCL 1.01VEGN 1.23; Market = 1

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