{"url":"https://etfiq.com/compare/themes/pave-vs-upgr","section":"compare","title":"PAVE vs UPGR: which is really different? | ETFIQ","description":"63.7% of PAVE and 22.9% of UPGR is already in the S&P 500 by weight, as filed, and 5% of the two books are the same names at the same weight.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Do PAVE and UPGR hold the same stocks?","acceptedAnswer":{"@type":"Answer","text":"By their latest filings, 5% 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."}},{"@type":"Question","name":"Which is more different from the S&P 500, PAVE or UPGR?","acceptedAnswer":{"@type":"Answer","text":"PAVE has 64% of its weight in S&P 500 names and UPGR has 23%, so UPGR differs more from the index."}},{"@type":"Question","name":"Which is cheaper, PAVE or UPGR?","acceptedAnswer":{"@type":"Answer","text":"PAVE charges 0.47% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Thematic ETFs","item":"https://etfiq.com/themes/"},{"@type":"ListItem","position":3,"name":"PAVE vs UPGR","item":"https://etfiq.com/compare/themes/pave-vs-upgr"}]},{"@type":"WebPage","name":"PAVE vs UPGR: which is really different?","description":"63.7% of PAVE and 22.9% of UPGR is already in the S&P 500 by weight, as filed, and 5% of the two books are the same names at the same weight. Returns and overlap to Sep 30, 2026.","url":"https://etfiq.com/compare/themes/pave-vs-upgr","dateModified":"2026-09-30","abstract":"PAVE and UPGR hold 5% of their weight in the same names, and PAVE returned +11.2% over the year.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of PAVE and UPGR","description":"63.7% of PAVE and 22.9% of UPGR is already in the S&P 500 by weight, as filed, and 5% of the two books are the same names at the same weight. Returns and overlap to Sep 30, 2026.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/themes/pave-vs-upgr","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/thematic.json"}],"variableMeasured":["Weight overlap with the S&P 500","Active share","Holdings","Top ten share of the fund","Total return","Fee for the differing part","Expense ratio"],"keywords":["exchange-traded funds","ETF","Thematic ETFs","fund data","SEC filings"]}],"characters":6831,"truncated":true,"content":"ETFIQ / Thematic ETFs / Head to head / PAVE vs UPGR \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n PAVE vs UPGR: which is really different?\n\n PAVE and UPGR hold 5% of their weight in the same names, and PAVE returned +11.2% over the year.\n Copy this for sharing \n \n Global X U.S. Infrastructure Development ETF and Xtrackers US Green Infrastructure Select Equity ETF.\n\n Download as PDF \n\n 63.7% PAVE in the S&P 500 \n 22.9% UPGR in the S&P 500 \n +11.2% PAVE total return, 1 year \n \u22124.5% UPGR total return, 1 year \n\n ETFIQ Off-Index Score: UPGR scores higher\n How much of it is","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/themes/pave-vs-upgr","a":{"ticker":"PAVE","name":"Global X U.S. Infrastructure Development ETF","issuer":"Global X","desk":"themes","as_of":"2026-09-30","verdict":"PAVE holds 102 stocks, and 36% of its weight is outside the S&P 500.","url":"https://etfiq.com/funds/pave","key_facts":[{"label":"Already in the S&P 500","value":"63.7%","as_of":"2026-09-30","source":null},{"label":"Active share vs the S&P 500","value":"97.2%","as_of":"2026-09-30","source":null},{"label":"Top ten holdings","value":"32.8%","as_of":"2026-09-30","source":null},{"label":"Total return, 1 year","value":"+11.2%","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$13.4bn","as_of":"2026-09-30","source":"the issuer\u2019s own daily fund list, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.47%","as_of":"2026-09-30","source":"485BPOS XBRL, Mar 27, 2026"}]},"b":{"ticker":"UPGR","name":"Xtrackers US Green Infrastructure Select Equity ETF","issuer":"Xtrackers","desk":"themes","as_of":"2026-09-30","verdict":"UPGR holds 45 stocks, and 77% of its weight is outside the S&P 500.","url":"https://etfiq.com/funds/upgr","key_facts":[{"label":"Already in the S&P 500","value":"22.9%","as_of":"2026-09-30","source":null},{"label":"Active share vs the S&P 500","value":"97.4%","as_of":"2026-09-30","source":null},{"label":"Top ten holdings","value":"33.8%","as_of":"2026-09-30","source":null},{"label":"Total return, 1 year","value":"\u22124.5%","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$537,620","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.35%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"overlap_pct":5,"full_text_at":"https://etfiq.com/compare/themes/pave-vs-upgr"}