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BILT vs UPGR: which is really different?

BILT and UPGR hold 0% of their weight in the same names, and BILT returned +8.5% over the year. iShares Infrastructure Active ETF and Xtrackers US Green Infrastructure Select Equity ETF.

UPGR costs 0.25 points a year less; their one-year returns differ by 19.7 points; BILT is far larger, $112m against $539,786.

BILTUPGR
Expense ratio0.60%0.35%
Net assets, as of Oct 8, 2026$112m$539,786
Total return, 1 year+8.5%−11.2%
What it tracksInfrastructureInfrastructure
Holdings in common0%
S&P 500, total return, 1 year+17.3%
Against the S&P 500, 1 yearbehind by 8.7 ptsbehind by 28.5 pts
Below its all-time high7.6%, high on Jul 24, 202626.8%, high on Jun 2, 2026

Holdings in common uses holdings dated May 29, 2026 and Oct 8, 2026.

46.8%
BILT in the S&P 500
22.9%
UPGR in the S&P 500
+8.5%
BILT total return, 1 year
−11.2%
UPGR total return, 1 year
BILT · 1 year to Oct 9, 202653% of its weight is outside the S&P 500
53% of its weight is outside the S&P 50047% of BILT's weight is in S&P 500 companies and 53% is outside the index. Holdings as of Oct 8, 2026.47%53%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 42% of the fund · 237 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 11% in53% of its weight is outside the S&P 50047% of BILT's weight is in S&P 500 companies and 53% is outside the index. Holdings as of Oct 8, 2026.47%53%in the S&P 500outside the S&P 500active share 98% · Nasdaq-100: 11% in

47% of BILT's weight is in S&P 500 companies and 53% is outside the index. Holdings as of Oct 8, 2026.

UPGR · 1 year to Oct 9, 202677% of its weight is outside the S&P 500
77% of its weight is outside the S&P 50023% of UPGR's weight is in S&P 500 companies and 77% is outside the index. Holdings as of May 29, 2026.23%77%in the S&P 500of its weight outside the S&P 500active share 97% · top ten 34% of the fund · 45 holdings as filed for May 29, 2026 · Nasdaq-100: 2% in77% of its weight is outside the S&P 50023% of UPGR's weight is in S&P 500 companies and 77% is outside the index. Holdings as of May 29, 2026.23%77%inoutside the S&P 500active share 97% · Nasdaq-100: 2% in

23% of UPGR's weight is in S&P 500 companies and 77% is outside the index. Holdings as of May 29, 2026.

ETFIQ Off-Index Score · BILT scores higherHow much of it is not the index it is sold as an alternative to?
0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, BILT and UPGR hold 0% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 29, 2026 and Oct 8, 2026.

half

0% in common

Positions both hold, largest shared weight first
Holding BILT UPGR
Only in BILT
UNION PACIFIC 5.47%
AENA SME SA 5.33%
AMERICAN ELECTRIC POWER INC 4.90%
TC ENERGY 4.56%
XCEL ENERGY INC 4.39%
PPL CORP 3.58%
WILLIAMS 3.46%
SEMPRA 3.40%
Only in UPGR
FUELCELL ENERGY INC 6.23%
PURECYCLE TECHNOLOGIES INC 4.29%
SHOALS TECHNOLOGIES GROUP INC 3.37%
BLOOM ENERGY CORP 3.35%
FIRST SOLAR INC 2.93%
ENERGY VAULT HOLDINGS INC 2.88%
QUANTUMSCAPE CORP 2.74%
PLUG POWER INC 2.72%

0% of the two portfolios are the same securities at the same weight.

Performance, window by window

Total returnvs the S&P 500vs the Nasdaq-100
WindowBILTUPGRBILTUPGRBILTUPGR
3 months−6.4%−14.2%−9.8 pts−17.6 pts−10.1 pts−17.9 pts
6 months−5.7%−9.7%−20.9 pts−24.8 pts−28.9 pts−32.9 pts
1 year+8.5%−11.2%−8.7 pts−28.5 pts−15.1 pts−34.8 pts
3 yearsnot published+13.7%not published−72.1 ptsnot published−93.6 pts
Since launch
BILT Jul 2025 · UPGR Jul 2023
+12.4%−10.4%−12.4 pts−90.6 pts−21.3 pts−112.2 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BILT
iShares Infrastructure Active ETF · Holds 237 stocks in infrastructure, 47% of its weight in S&P 500 companies
UPGR
Xtrackers US Green Infrastructure Select Equity ETF · Holds 45 stocks in infrastructure, 23% of its weight in S&P 500 companies
Issuer iShares Xtrackers
Theme Infrastructure Infrastructure
In the S&P 500 46.8% 22.9%
Active share vs the S&P 500 98.1% 97.4%
In the Nasdaq-100 10.6% 2.4%
Holdings 237 45
Top ten, share of the fund 41.8% 33.8%
Expense ratio 0.60% 0.35%
Fee for the differing part 0.61% 0.36%
Total return, 1 year +8.5% −11.2%
vs the S&P 500 −8.7 pts −28.5 pts
vs the Nasdaq-100 −15.1 pts −34.8 pts
Below its high −7.6% −26.8%
Net assets, as of Oct 8, 2026 $112m $539,786

As of Oct 9, 2026. Source: ETFIQ.

BILT in plain words

By weight, 47% of BILT's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 42% of the fund across 237 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +8.5% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 8.7 pts. It sits 7.6% below its all-time high of Jul 24, 2026.

UPGR in plain words

By weight, 23% of UPGR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 34% of the fund across 45 positions, as filed for May 29, 2026. Over the year to Oct 9, 2026 the fund returned −11.2% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 28.5 pts. It sits 26.8% below its all-time high of Jun 2, 2026.

Questions people ask

Do BILT and UPGR hold the same stocks?
By their latest filings, 0% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, BILT or UPGR?
BILT has 47% of its weight in S&P 500 names and UPGR has 23%, so BILT differs more from the index.
Which is cheaper, BILT or UPGR?
BILT charges 0.60% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus.
Other comparisons
BILT vs TOLZBILT vs IGFBILT vs PAVEBILT vs NGIFUPGR vs BLDXUPGR vs CSIOUPGR vs BKGIUPGR vs EFRA
BILT on its own →UPGR on its own →How every figure is computed →Standards and sources →
Where these figures came from
BILT filings on SEC EDGAR ↗iShares page for BILT ↗UPGR filings on SEC EDGAR ↗UPGR prospectus with the expense ratio (SEC) ↗Xtrackers website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BILT against UPGR, data as of Oct 9, 2026. https://etfiq.com/compare/themes/bilt-vs-upgr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.