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Data as of Nov 4, 2026.

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Thematic ETFs

NBET vs PWER: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, NBET returned +30.3% to PWER's +34.8%; 6% of their weight is in the same names.

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Net assets: $47m on Jul 31, 2026 for Neuberger Energy Transition & Infrastructure ETF, and $11m on Jun 30, 2026 for Nomura Energy Transition ETF.

NBET on its own →PWER on its own →
At a glance
34.0%
NBET in the S&P 500
42.1%
PWER in the S&P 500
+30.3%
NBET total return, 1 year
+34.8%
PWER total return, 1 year
NBET · 1 year to Nov 4, 2026 66% of its weight is outside the S&P 500
66% of its weight is outside the S&P 50034% of NBET's weight is in S&P 500 companies and 66% is outside the index. Holdings as of Jul 31, 2026.34%66%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 99% · top ten 59% of the fund · 30 holdings as filed for Jul 31, 2026 · Nasdaq-100: 0% in66% of its weight is outside the S&P 50034% of NBET's weight is in S&P 500 companies and 66% is outside the index. Holdings as of Jul 31, 2026.34%66%inoutside the S&P 500active share 99% · Nasdaq-100: 0% in

34% of NBET's weight is in S&P 500 companies and 66% is outside the index. Holdings as of Jul 31, 2026.

PWER · 1 year to Nov 4, 2026 58% of its weight is outside the S&P 500
58% of its weight is outside the S&P 50042% of PWER's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Jun 30, 2026.42%58%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 99% · top ten 47% of the fund · 31 holdings as filed for Jun 30, 2026 · Nasdaq-100: 4% in58% of its weight is outside the S&P 50042% of PWER's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Jun 30, 2026.42%58%in the S&P 500outside the S&P 500active share 99% · Nasdaq-100: 4% in

42% of PWER's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

NBET costs 0.14 points a year less; their one-year returns differ by 4.5 points.

Points (pts) are percentage points.

NBET vs PWER: Holdings Overlap & Returns
MeasureNBETPWER
Return
Total return, 1 year+30.3%+34.8%
Drawdown
Below its all-time high7.4%, high on Oct 30, 20267.6%, high on Sep 8, 2026
Against its benchmark
What it tracksEnergy transition and decarbonisationEnergy transition and decarbonisation
Its benchmark, total return, 1 year+15.0%
Against its benchmark, 1 yearahead by 19.8 pts
Cost and size
Expense ratio0.65%0.79%
Net assets, NBET as of Jul 31, 2026 and PWER as of Jun 30, 2026$47m$11m
Holdings
Holdings in common6%

Method

What they share

6%

By the books each fund has filed, NBET and PWER hold 6% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.

0 half 100%

half

6% in common

Positions both hold · largest shared weight first NBET PWER
ConocoPhillips 4.44% 3.78%
EQT Corp 1.47% 3.19%
Expand Energy Corp 0.87% 2.80%
Only in one fund ↓
Only in NBET
Targa Resources Corp 9.07%
Energy Transfer LP 7.80%
Enterprise Products Partners LP 7.70%
Cheniere Energy Inc 5.94%
DT Midstream Inc 5.83%
Williams Cos Inc 5.23%
Chevron Corp 4.49%
Western Midstream Partners LP 4.43%
Only in PWER
Steel Dynamics, Inc. 6.41%
Hudbay Minerals, Inc. 5.67%
ERO Copper Corp. 5.01%
Valero Energy Corp. 4.89%
First Solar, Inc. 4.53%
Generac Holdings, Inc. 4.51%
Arcosa, Inc. 4.49%
Alcoa Corp. 4.01%
Check overlap with more funds →

Window by window

Window by window: NBET vs PWER: Holdings Overlap & Returns
Total returnvs its benchmark
WindowNBETPWERNBETPWER
3 months+3.1%+0.5%not measured+1.8 pts vs ACWI
6 months+1.3%−0.5%not measured−3.1 pts vs ACWI
1 year+30.3%+34.8%not measured+19.8 pts vs ACWI
3 years+94.4%–not measured–
Since launchNot the same days: NBET Apr 2022 · PWER Nov 2023+75.0%+77.9%not measured+7.6 pts vs ACWI

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Side by side

NBET Neuberger Energy Transition & Infrastructure ETF · Holds 30 stocks in energy transition and decarbonisation, 34% of its weight in S&P 500 companies PWER Nomura Energy Transition ETF · Holds 31 stocks in energy transition and decarbonisation, 42% of its weight in S&P 500 companies
Issuer Neuberger Berman Nomura
Theme Energy transition and decarbonisation Energy transition and decarbonisation
In the S&P 500 34.0% 42.1%
Active share vs the S&P 500 98.7% 98.6%
In the Nasdaq-100 0.0% 3.5%
Holdings 30 31
Top ten, share of the fund 58.9% 47.3%
Expense ratio 0.65% 0.79%
Fee for the differing part 0.66% 0.80%
Total return, 1 year +30.3% +34.8%
vs its benchmark not measured +19.8 pts vs ACWI
Below its high −7.4% −7.6%
Net assets, NBET as of Jul 31, 2026 and PWER as of Jun 30, 2026 $47m $11m

As of Nov 4, 2026. Source: ETFIQ.

6% of the two portfolios are the same securities at the same weight.

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About each fund
NBET

By weight, 34% of NBET's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 59% of the fund across 30 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +30.3% with distributions reinvested. It sits 7.4% below its all-time high of Oct 30, 2026.

PWER

By weight, 42% of PWER's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 47% of the fund across 31 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +34.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 19.8 pts. It sits 7.6% below its all-time high of Sep 8, 2026.

Questions people ask

Do NBET and PWER hold the same stocks?
By their latest filings, 6% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, NBET or PWER?
NBET has 34% of its weight in S&P 500 names and PWER has 42%, so NBET differs more from the index.
Which is cheaper, NBET or PWER?
NBET charges 0.65% a year and PWER charges 0.79%, so NBET is cheaper. Fees come from each fund's prospectus.
Other comparisons
NBET vs PCLNNBET vs NVIRNBET vs EVXNBET vs ETHOPWER vs ETECPWER vs ETHOPWER vs USNZPWER vs EVX
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →NBET on its own →PWER on its own →NBET dividend history →NBET holdings →PWER dividend history →PWER holdings →Method →Standards and sources →
Sources and dates
NBET filings on SEC EDGAR ↗
NBET prospectus with the expense ratio (SEC) ↗
Neuberger Berman website ↗
PWER filings on SEC EDGAR ↗
PWER prospectus with the expense ratio (SEC) ↗
Nomura website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, NBET against PWER, data as of Nov 4, 2026. https://etfiq.com/compare/themes/nbet-vs-pwer

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