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Data as of Nov 4, 2026.

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Thematic ETFs

PWER vs USNZ: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, PWER returned +34.8% to USNZ's +14.0%; 0% of their weight is in the same names.

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Net assets: $11m on Jun 30, 2026 for Nomura Energy Transition ETF, and $291m on Nov 2, 2026 for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF.

PWER on its own →USNZ on its own →
At a glance
42.1%
PWER in the S&P 500
97.7%
USNZ in the S&P 500
+34.8%
PWER total return, 1 year
+14.0%
USNZ total return, 1 year
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.

USNZ · 1 year to Nov 4, 2026 2% of its weight is outside the S&P 500
2% of its weight is outside the S&P 50098% of USNZ's weight is in S&P 500 companies and 2% is outside the index. Holdings as of Aug 31, 2026.98%2%of its weight in S&P 500 companies2% of its weight outside the S&P 500active share 24% · top ten 45% of the fund · 297 holdings as filed for Aug 31, 2026 · Nasdaq-100: 62% in2% of its weight is outside the S&P 50098% of USNZ's weight is in S&P 500 companies and 2% is outside the index. Holdings as of Aug 31, 2026.98%2%of its weight in S&P 500 companies2% of its weight outside the S&P 500active share 24% · Nasdaq-100: 62% in

98% of USNZ's weight is in S&P 500 companies and 2% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

USNZ costs 0.69 points a year less; their one-year returns differ by 20.8 points.

Points (pts) are percentage points.

PWER vs USNZ: Holdings Overlap & Returns
MeasurePWERUSNZ
Return
Total return, 1 year+34.8%+14.0%
Drawdown
Below its all-time high7.6%, high on Sep 8, 2026
Against its benchmark
What it tracksEnergy transition and decarbonisationEnergy transition and decarbonisation
Against the S&P 500, 1 yearbehind by 0.8 pts
Its benchmark, total return, 1 year+15.0%+14.8%
Against its benchmark, 1 yearahead by 19.8 ptsbehind by 0.8 pts
Cost and size
Expense ratio0.79%0.10%
Net assets, PWER as of Jun 30, 2026 and USNZ as of Nov 2, 2026$11m$291m
Holdings
Holdings in common0%
Top ten holdings, share of the fund47%44%

Method

What they share

0%

By the books each fund has filed, PWER and USNZ hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Aug 31, 2026.

0 half 100%

half

0% in common

Positions both hold · largest shared weight first PWER USNZ
Only in one fund ↓
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%
Only in USNZ
NVIDIA CORP 9.83%
APPLE INC 8.64%
MICROSOFT CORP 6.85%
AMAZON.COM INC 3.95%
ALPHABET INC 3.54%
BROADCOM INC 3.02%
ALPHABET INC 2.98%
META PLATFORMS INC 2.07%
Check overlap with more funds →

Window by window

Window by window: PWER vs USNZ: Holdings Overlap & Returns
Total returnvs its benchmark
WindowPWERUSNZPWERUSNZ
3 months+0.5%−0.4%+1.8 pts vs ACWI−0.3 pts vs VOO
6 months−0.5%+5.4%−3.1 pts vs ACWI+0.4 pts vs VOO
1 year+34.8%+14.0%+19.8 pts vs ACWI−0.8 pts vs VOO
3 years–+79.9%–−3.4 pts vs VOO
Since launchNot the same days: PWER Nov 2023 · USNZ Jun 2022+77.9%+108.7%+7.6 pts vs ACWI−5.2 pts vs VOO

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Side by side

PWER Nomura Energy Transition ETF · Holds 31 stocks in energy transition and decarbonisation, 42% of its weight in S&P 500 companies USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF · Holds 297 stocks in energy transition and decarbonisation, 98% of its weight in S&P 500 companies
Issuer Nomura Xtrackers
Theme Energy transition and decarbonisation Energy transition and decarbonisation
In the S&P 500 42.1% 97.7%
Active share vs the S&P 500 98.6% 24.1%
In the Nasdaq-100 3.5% 61.6%
Holdings 31 297
Top ten, share of the fund 47.3% 44.5%
Expense ratio 0.79% 0.10%
Fee for the differing part 0.80% 0.41%
Total return, 1 year +34.8% +14.0%
vs its benchmark +19.8 pts vs ACWI −0.8 pts vs VOO
Below its high −7.6% −2.3%
Net assets, PWER as of Jun 30, 2026 and USNZ as of Nov 2, 2026 $11m $291m

As of Nov 4, 2026. Source: ETFIQ.

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

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About each fund
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.

USNZ

By weight, 98% of USNZ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 24%. The top ten holdings are 44% of the fund across 297 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned +14.0% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 0.8 pts.

Questions people ask

Do PWER and USNZ hold the same stocks?
By their latest filings, 0% 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, PWER or USNZ?
PWER has 42% of its weight in S&P 500 names and USNZ has 98%, so PWER differs more from the index.
Which is cheaper, PWER or USNZ?
PWER charges 0.79% a year and USNZ charges 0.10%, so USNZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
PWER vs ETHOPWER vs IQSZPWER vs EVXPWER vs NVIRUSNZ vs PCLNUSNZ vs IQSZUSNZ vs ETHOUSNZ vs NVIR
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →PWER on its own →USNZ on its own →PWER dividend history →PWER holdings →USNZ dividend history →USNZ holdings →Method →Standards and sources →
Sources and dates
PWER filings on SEC EDGAR ↗
PWER prospectus with the expense ratio (SEC) ↗
Nomura website ↗
USNZ filings on SEC EDGAR ↗
USNZ prospectus with the expense ratio (SEC) ↗
Xtrackers 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, PWER against USNZ, data as of Nov 4, 2026. https://etfiq.com/compare/themes/pwer-vs-usnz

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