Do IPAV 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, IPAV or UPGR?

IPAV has 0% of its weight in S&P 500 names and UPGR has 23%, so IPAV differs more from the index.

Which is cheaper, IPAV or UPGR?

IPAV charges 0.55% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus.

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IPAV vs UPGR: which is really different?

IPAV and UPGR hold 0% of their weight in the same names, and IPAV returned +10.0% over the year. Global X Infrastructure Development ex-U.S. ETF and Xtrackers US Green Infrastructure Select Equity ETF.

0.0%

IPAV in the S&P 500

22.9%

UPGR in the S&P 500

+10.0%

IPAV total return, 1 year

−4.5%

UPGR total return, 1 year

IPAV · 1 year to Sep 30, 2026100% of its weight is outside the S&P 500

0% of IPAV's weight is in S&P 500 companies and 100% is outside the index

UPGR · 1 year to Sep 30, 202677% of its weight is outside the S&P 500

23% of UPGR's weight is in S&P 500 companies and 77% is outside the index

ETFIQ Off-Index Score · IPAV scores higherHow much of it is not the index it is sold as an alternative to?

IPAV 92

UPGR 42.8

0.1, the lowest in this set92.0, the highest

A percentile among the 375 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, IPAV 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 Sep 30, 2026.

50%

half

0% in common

Positions both hold, largest shared weight first

Holding IPAV UPGR

Only in IPAV

FUJIKURA LTD 3.57%

CANADIAN NATL RAILWAY CO 3.43%

ARCELORMITTAL 3.36%

CANADIAN PACIFIC KANSAS CITY 3.25%

LARSEN & TOUBRO LTD 3.14%

NIPPON STEEL CORP 3.07%

VINCI SA 2.83%

SHIN-ETSU CHEMICAL CO LTD 2.81%

Only in UPGR

FUELCELL ENERGY INC 6.24%

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 2.89%

QUANTUMSCAPE CORP 2.74%

PLUG POWER INC 2.72%

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

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

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	IPAV	UPGR	IPAV	UPGR	IPAV	UPGR
3 months	−3.4%	−20.3%	−5.9 pts	−22.9 pts	−5.5 pts	−22.5 pts
6 months	+0.1%	−6.8%	−16.9 pts	−23.8 pts	−26.8 pts	−33.7 pts
1 year	+10.0%	−4.5%	−5.7 pts	−20.2 pts	−13.8 pts	−28.3 pts
3 years	not published	+10.8%	not published	−74.2 pts	not published	−99.2 pts
Since launch IPAV Aug 2024 · UPGR Jul 2023	+26.1%	−10.6%	−14.1 pts	−87.2 pts	−32.7 pts	−109.3 pts

IPAV and UPGR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

IPAV

Global X Infrastructure Development ex-U.S. ETF · Holds 109 stocks in infrastructure, 0% 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 Global X Xtrackers

Theme Infrastructure Infrastructure

In the S&P 500 0.0% 22.9%

Active share vs the S&P 500 100.0% 97.4%

In the Nasdaq-100 0.0% 2.4%

Holdings 109 45

Top ten, share of the fund 30.9% 33.8%

Expense ratio 0.55% 0.35%

Fee for the differing part 0.55% 0.36%

Total return, 1 year +10.0% −4.5%

vs the S&P 500 −5.7 pts −20.2 pts

vs the Nasdaq-100 −13.8 pts −28.3 pts

Below its high −13.0% −27.0%

Net assets $5m $537,620

IPAV and UPGR on the same fields, as of Sep 30, 2026. Source: ETFIQ.

IPAV in plain words

By weight, 0% of IPAV's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 31% of the fund across 109 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned +10.0% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 5.7 pts. It sits 13.0% below its all-time high of May 6, 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 Sep 30, 2026 the fund returned −4.5% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 20.2 pts. It sits 27.0% below its all-time high of Jun 2, 2026.

Questions people ask

Do IPAV 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, IPAV or UPGR?: IPAV has 0% of its weight in S&P 500 names and UPGR has 23%, so IPAV differs more from the index.
Which is cheaper, IPAV or UPGR?: IPAV charges 0.55% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus.

Other comparisons

IPAV vs PAVE IPAV vs RBLD IPAV vs BLDX IPAV vs EFRA UPGR vs BLDX UPGR vs EFRA UPGR vs PAVE UPGR vs RBLD

IPAV on its own →UPGR on its own →How every figure is computed →Standards and sources →

Where these figures came from

IPAV filings on SEC EDGAR ↗IPAV prospectus with the expense ratio (SEC) ↗Global X page for IPAV ↗UPGR filings on SEC EDGAR ↗UPGR prospectus with the expense ratio (SEC) ↗Xtrackers website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, IPAV against UPGR, data as of Sep 30, 2026. https://etfiq.com/compare/themes/ipav-vs-upgr

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.