IQ

HVAC AdvisorShares HVAC and Industrials ETF

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$29.35
−5.8% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, HVAC lost 8.8%, against 14.8% for VOO.

Why did HVAC return +24.0% from Feb 2025 to Oct 2026, against VOO’s +26.5%?What does HVAC hold that the S&P 500 does not?What do HVAC’s net flows of +$14.2m over the since Jan 2025 mean?
Holds 22 stocks in cooling and thermal management, 56% of its weight in S&P 500 companiesAdvisorShares ↗Expense ratio 0.99%Fund assets $11m on Nov 4, 2026First traded Feb 4, 2025Benchmark S&P 500 Index, measured by VOO, which tracks the same indexFund page at the issuer ↗SEC filings ↗Every AdvisorShares fund ETFIQ coversDividend history

Promise check: Not measuredETFIQ has not yet listed which companies belong to the cooling and thermal management theme.

Compare with…Trading costsPut to the committeeaskIQ about HVACAdd to portfolioOverlapFlowsAlerts

HVAC risk and return scorecard

vs VOO · Feb 2025 to Oct 2026 · 89 weekly returns · dividend-adjusted

Short history · 21 months
HVAC +24.0%, VOO +26.5%, Feb 2025 to Oct 2026, distributions reinvested.
Return
MeasureHVACVOOEdge
Total return+24.0%+26.5%VOO (slight)
Annualized+13.4%+14.7%VOO (slight)
Price return+23.8%+23.9%Tie
Risk
MeasureHVACVOOEdge
Volatility25.2%15.1%VOO
Max drawdown−29.0%−16.7%VOO
Upside capture114.5%100.0%HVAC
Downside capture110.6%100.0%VOO (slight)
Risk-adjusted
MeasureHVACVOOEdge
Sharpe ratio0.470.72VOO
Sortino ratio0.661.09VOO
Alpha vs VOO
MeasureHVACVOOEdge
Alpha, a year−0.6%Not significant
Alpha t-stat−0.04
Beta to VOO1.131.00Higher beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jun 30, 2026
12 months to Jun 30, 2026
+$13.2m
Since Jan 2025
+$14.2m
askIQ: what do these flows mean? ↗

What you earned

HVAC −16.1%, VOO −1.1%: total return over one month to Nov 4, 2026.
HVAC−16.1%
VOO−1.1%
HVAC −20.0%, VOO −0.1%: total return over three months to Nov 4, 2026.
HVAC−20.0%
VOO−0.1%
HVAC −30.9%, VOO +5.0%: total return over six months to Nov 4, 2026.
HVAC−30.9%
VOO+5.0%
HVAC −5.2%, VOO +13.4%: total return over the year to Nov 4, 2026.
HVAC−5.2%
VOO+13.4%
HVAC −8.8%, VOO +14.8%: total return over one year to Nov 4, 2026.
HVAC−8.8%
VOO+14.8%
HVAC +17.6%, VOO +30.1%: total return since launch to Nov 4, 2026.
HVAC+17.6%
VOO+30.1%
askIQ: why did HVAC return −8.8% over one year, against VOO’s +14.8%? ↗

What did you actually buy?

Cooling and thermal management · holdings as of Jun 30, 2026
55.8%
Already in the S&P 500
Report
97.5%
Active share vs the S&P 500
Report
56.3%
Top ten holdings
Report
−8.8%
Total return, 1 year
Report
0.2%
12-month yield, capital gains included, on its starting price
Report
$0.06
Last payment, ex-date Dec 22, 2025
Report
Share already in the S&P 500
55.8% of the fund by weight, holdings as of Jun 30, 2026.
Ten largest holdings
STERLING INFRASTRUCTURE INC8.6%
COMFORT SYSTEMS USA INC7.2%
JABIL INC6.0%
AMPHENOL CORP5.5%
CATERPILLAR INC5.0%
VERTIV HOLDINGS COMPANY4.9%
CURTISS-WRIGHT CORP4.8%
TRANE TECHNOLOGIES PLC4.8%
BLOOM ENERGY CORP4.8%
NVENT ELECTRIC PLC4.7%
askIQ: what does HVAC hold that the S&P 500 does not? ↗

More on HVAC

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Price, 1 year

$29.35−5.8%1 day, priceClose, Nov 4, 2026

Price only. Total return over the same days, distributions reinvested, was −8.8%. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

HVAC returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Oct 5 – Nov 4, 2026−16.1%−1.1%−15.0 pts
3M Aug 5 – Nov 4, 2026−20.0%−0.1%−19.9 pts
6M May 6 – Nov 4, 2026−30.9%+5.0%−35.9 pts
YTD Dec 31, 2025 – Nov 4, 2026−5.2%+13.4%−18.6 pts
1Y Nov 4, 2025 – Nov 4, 2026−8.8%+14.8%−23.6 pts
Since launch Feb 4, 2025 – Nov 4, 2026+17.6%+30.1%−12.5 pts
Since launch, annualised Feb 4, 2025 – Nov 4, 2026+9.7%––

Total returns, distributions reinvested. Listed Feb 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where every fund in this set sits

How much of its weight does it not share with the S&P 500?

Active share against the S&P 500
USNZ 24.1%IQSZ 50.0%TNXT 51.6%IETC 59.6%XIGV 60.5%CRTC 62.6%AIX 63.4%LQAI 64.9%ALAI 65.2%IVES 66.3%XAIX 66.5%ILDR 66.9%PEXL 67.1%JHAI 68.1%AIQ 68.8%AGIX 69.2%AOTG 69.3%XT 69.8%FAI 70.1%CHAT 70.2%WTAI 71.5%AIEQ 72.1%THMZ 73.5%CARZ 74.3%AIFD 74.4%FRWD 74.4%FDTX 75.1%WUGI 75.2%AIUP 76.1%BAI 76.7%TEKY 77.7%PNQI 78.9%FMET 79.1%IGPT 79.2%FDCF 79.6%AINT 80.3%ARKQ 80.4%SHOC 80.5%SMH 80.7%SOXQ 80.8%FTXL 80.9%GGME 81.5%KNCT 81.7%PBOT 82.1%UFOX 82.2%SOXX 82.3%CBOT 82.4%, and 1 more at this point: ARKW 82.5%CHPX 82.8%CHPS 82.9%OGIG 82.9%ARTY 83.0%ABOT 83.7%ARKX 83.9%SUPP 84.2%RACK 84.3%MILN 84.7%FDN 85.5%AIPO 85.7%AGIQ 86.0%CLOD 86.1%XDAT 86.2%BUYZ 86.3%SMHX 87.2%FOWF 88.4%NRSH 88.6%PCLN 89.5%DTCR 90.5%CIBR 90.7%FCLD 91.6%TMAT 91.6%RBLD 91.9%PSI 92.2%IGV 92.4%TCAI 93.3%NEWZ 94.6%TSES 94.7%MADE 94.8%PBPH 95.0%FTWO 95.1%GDOC 95.4%BMED 95.6%EPAI 95.6%IFRA 95.7%PPA 96.4%WR 96.6%POWR 96.9%VOLT 96.9%YUNG 97.1%FPWR 97.2%, and 2 more at this point: IVEP 97.2%, PAVE 97.2%MISL 97.4%RIFR 97.5%AV 97.6%, and 1 more at this point: TSSD 97.6%IPAY 97.7%, and 4 more at this point: ITA 97.7%, NATO 97.7%, KYC 97.8%, ZAP 97.8%DUTY 98.1%WNDR 98.1%DRES 98.2%, and 2 more at this point: TPZ 98.3%, SRVR 98.5%NFRX 98.2%IHI 98.7%SHLD 98.7%DOCK 98.8%BBH 99.0%PHO 99.4%LGHT 99.5%HVAC 97.5%97.5%24.1%99.5%
24.1% to 99.5% across 114

That is the share of the 114 thematic ETFs with at least half their money in S&P 500 companies sitting at or below HVAC.

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. Where the fund sits in this set, not a rating. Do not average it with another category's score.

82.5
IQ Themes ScoreETFIQ S&P 500 Difference Scorejoint 20th of 114 · Nov 4, 2026
0.4 · lowest of 114 thematic ETFs with at least half their money in S&P 500 companies99.6 · highest

How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

HVAC shares 12 of its 22 holdings with the S&P 500. Counting each at the smaller of its two weights, the two overlap by 2.5%.

active share against the S&P 50097.5% · 82nd pct
All 114 ranked by this score →

Money in and out

Monthly data · as of Jun 30, 2026

HVAC: in the month to Jun 30, 2026, net $4.0m came in, by its SEC filing.

12 months
+$13.2m
1,182.6% of $1.1m on Jun 30, 2025
Jul 1, 2025 to Jun 30, 2026
monthly, from SEC filings
Since Jan 2025
+$14.2m
Jan 1, 2025 to Jun 30, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions HVAC files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jun 2026. Every day and month ETFIQ holds for HVAC, back to Jan 2025, is in its flows file. Flows across every fund · How these flows are computed · Compare HVAC with other funds in the flows tool

Month by month, money in and money outJan 2025 to Jun 2026

HVAC, money in and money out each month from Jan 2025 to Jun 2026: two bars a month, money in above the line and money out below. Every bar is from HVAC’s SEC filings (N-PORT item B.6). Of the 18 months listed, money came in on net in 11 and went out in 1.

Every bar is from HVAC’s SEC filings (N-PORT item B.6). Of the 18 months listed, money came in on net in 11 and went out in 1.

MonthInOutNet
Jun 2026 SEC Form N-PORT+$4.0m$0+$4.0m
May 2026 SEC Form N-PORT+$2.1m$0+$2.1m
Apr 2026 SEC Form N-PORT+$976k$0+$976k
Mar 2026 SEC Form N-PORT+$3.4m−$3.6m−$228k
Feb 2026 SEC Form N-PORT+$3.3m$0+$3.3m
Jan 2026 SEC Form N-PORT$0$0$0
Dec 2025 SEC Form N-PORT+$325k$0+$325k
Nov 2025 SEC Form N-PORT+$641k$0+$641k
Oct 2025 SEC Form N-PORT+$311k$0+$311k
Sep 2025 SEC Form N-PORT$0$0$0
Aug 2025 SEC Form N-PORT+$303k$0+$303k
Jul 2025 SEC Form N-PORT+$1.5m$0+$1.5m
Jun 2025 SEC Form N-PORT+$400k$0+$400k
May 2025 SEC Form N-PORT$0$0$0
Apr 2025 SEC Form N-PORT$0$0$0
Mar 2025 SEC Form N-PORT$0$0$0
Feb 2025 SEC Form N-PORT+$625k$0+$625k
Jan 2025 SEC Form N-PORT$0$0$0

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jun 30, 2026. Updated when the fund files its next report.

HVAC key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$43.19 on Jun 22, 2026
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$29.35 on Nov 4, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$29.35, 0% of the way from the low to the high
Holdings22
Top ten holdings weight56.3%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 4, 2026
Trading · HVACas of Nov 4, 2026
·
Not scored3 of 6 measured · Nov 4, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
$1,000$1.900.19%
$10,000$190.19%
$100,000 · estimate$3040.30%
Premium or discount to NAV, Nov 3 close−0.16%
−0.3%95% of days within ±0.20% · the 1% band is off this scale+0.3%
One dealer
How to tradeLimit: midpoint + 6¢ to buy, midpoint − 6¢ to sell.At the Nov 3 close of $31.14, that’s $31.20 to buy and $31.08 to sell.
Full trading page: components, premium history, dealers →

HVAC for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
HVAC interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

HVAC is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work
Download all holdings

HVAC top ten by weight, 56.3% of the fund, of its 22 equity positions, from the holdings filed for Jun 30, 2026. Source: the fund’s SEC filing.

STERLING INFRASTRUCTURE INC STRL 8.63%
COMFORT SYSTEMS USA INC FIX 7.18%
JABIL INC JBL 5.98%
AMPHENOL CORP APH 5.48%
CATERPILLAR INC CAT 5.02%
VERTIV HOLDINGS COMPANY VRT 4.88%
CURTISS-WRIGHT CORP CW 4.82%
TRANE TECHNOLOGIES PLC TT 4.82%
BLOOM ENERGY CORP BE 4.79%
NVENT ELECTRIC PLC NVT 4.67%
Fund filings on SEC EDGAR ↗See all 22 holdings →Check overlap with another fund →

Source: Holdings filing (SEC Form N-PORT).

About HVAC

Theme (ETFIQ, editorial)Cooling and thermal management
First tradedFeb 4, 2025
Already in the S&P 500, by weight (ETFIQ)55.8%
Outside the S&P 500, by weight (ETFIQ)44%
Active share vs the S&P 500 (ETFIQ)97.5%
Already in the Nasdaq-100, by weight (ETFIQ)0.0%
Active share vs the Nasdaq-100 (ETFIQ)100.0%
Top ten holdings weight56.3%
Holdings22
Holdings as of (SEC N-PORT)Jun 30, 2026
Top holdingsSTERLING INFRASTRUCTURE INC 8.6%, COMFORT SYSTEMS USA INC 7.2%, JABIL INC 6.0%, AMPHENOL CORP 5.5%, CATERPILLAR INC 5.0%, VERTIV HOLDINGS COMPANY 4.9%, CURTISS-WRIGHT CORP 4.8%, TRANE TECHNOLOGIES PLC 4.8%, BLOOM ENERGY CORP 4.8%, NVENT ELECTRIC PLC 4.7%
Net assets (issuer page, as of Nov 4, 2026)$11mReport
Benchmark (ETFIQ, from its filings)S&P 500 Index, measured by VOO, which tracks the same index
Benchmark named inits shareholder report, N-CSR, Sep 1, 2026
HVAC, 1 year to Nov 4, 2026−8.8%
VOO, the same days+14.8%
Against its benchmark, 1 year (ETFIQ)−23.6 pts
Below its all-time high (ETFIQ)−32.0%
Expense ratio (485BPOS XBRL, Oct 28, 2026)0.99%Report
Fee for the part that differs from the S&P 500, active expense ratio (ETFIQ)1.02%
Closest funds by holdings overlapAIPO 24%, VOLT 23%, TCAI 22%, MADE 21%, IVEP 21%
Below its all-time high32.0%, high on Jun 22, 2026
How we measure
The top ten holdings are 56% of the fund across 22 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned −8.8% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 23.6 pts. It sits 32.0% below its all-time high of Jun 22, 2026.
Holdings from the fund’s latest public SEC N-PORT filing; overlap and active share computed by ETFIQ against the IVV and QQQM books; returns from Tiingo end-of-day prices with distributions reinvested. Method
IQ Investment Committee on HVAC

12 seats on HVAC, as of Nov 4, 2026: 2 Mixed, 10 Challenges.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyChallenges
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityChallenges
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceChallenges
In the tradition ofJohn TempletonTempleton-style Global ContrarianMixed
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationChallenges
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatMixed
Put HVAC to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about HVAC

How much of HVAC is in S&P 500 companies?
By its holdings filed for Jun 30, 2026, 56% of HVAC by weight is stocks the S&P 500 already holds. Its active share against the index is 98%, so that share is the part doing something different.
What does HVAC hold?
22 positions as filed for Jun 30, 2026, with the top ten at 56% of the fund. The largest are STERLING INFRASTRUCTURE INC at 8.6%, COMFORT SYSTEMS USA INC at 7.2%, JABIL INC at 6.0%.
Has HVAC beaten the S&P 500?
Over the year to Nov 4, 2026 HVAC returned −8.8% with distributions reinvested, against +14.8% for the S&P 500, so it finished behind the index by 23.6 points.
What does HVAC cost?
The prospectus expense ratio is 0.99% a year. Because 98% of the fund differs from the S&P 500, the fee on that differing part works out at 1.02%.
Sources and dates
Prices, HVAC and Benchmark (VOO)Tiingo end-of-day · Nov 4, 2026
Fee, 0.99%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $11mIssuer page · Nov 4, 2026
HoldingsHoldings filing (SEC Form N-PORT) · Jun 30, 2026 ↗
IssuerAdvisorShares page for HVAC ↗
All fund filingsFund filings on SEC EDGAR ↗
AdvisorShares’s own site ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, HVAC, thematic ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/hvac

The difference bar for HVAC, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Active share
How differently the money is placed, counting weights: one minus the sum of the smaller weight of each security across the fund and the index. 100% means nothing in common; 0% means the index itself. Two funds can hold the same names and still have a high active share if they weight them very differently.
Weight overlap
The share of money two portfolios hold in the same securities at the same weight.
Already in the index
The fund’s weight in securities the S&P 500 holds at all. A fund can be made entirely of index names and still have high active share, because it holds them at different weights.
Top ten
The weight of the ten largest holdings. Above 50% the fund is a bet on a handful of companies, whatever the theme.
Full definitions: thematic ETFs vocabulary page. →
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HVAC: 56% of HVAC's weight is in S&P 500 companies and 44% is outside the index. Holdings as of Jun 30, 2026.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/themes/hvac/" title="HVAC: 56% of HVAC&#x27;s weight is in S&amp;P 500 companies and 44% is outside the index. Holdings as of Jun 30, 2026." width="640" height="346" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">HVAC: 56% of HVAC&#x27;s weight is in S&amp;P 500 companies and 44% is outside the index. Holdings as of Jun 30, 2026. Data: <a href="https://etfiq.com/funds/hvac">ETFIQ</a></figcaption>
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