# Energy transition and decarbonisation ETFs

> ETFIQ covers 9 energy transition and decarbonisation ETFs. The largest are USNZ ($298m) and ETHO ($197m); fees run 0.10% to 0.85%, as of Oct 26, 2026.

Data as of Oct 27, 2026. Rebuilt every trading night.

Data as of Oct 27, 2026 .

## Energy transition and decarbonisation ETFs

See every energy transition and decarbonisation ETF by what it holds, not by its name. Funds that hold the companies taking carbon out of industry: energy efficiency, environmental services and remediation. 9 funds, largest first. Updated Oct 27, 2026. The typical fund carries 42% of its weight in S&P 500 stocks, the 17th most of the 53 themes with holdings on file.

9 US listed energy transition and decarbonisation ETFs

$298m The largest, USNZ

0.10% The cheapest, USNZ

+35.7% Best one year, NBET

### The short answers

Least like the S&P 500 ETEC , iShares Breakthrough Environmental Solutions ETF, 13.7% of its weight in S&P 500 companies. Closest pair IQSZ and USNZ , 46% of their weight in the same companies.

### What these funds actually own

Between them the 9 funds' ten largest holdings name 80 companies, of which 10 appear in more than one. NVIDIA CORP is among the ten largest of 2 of them, at an average of 7.3% of the fund.

| Company | Among the ten largest of | Average weight where it is | Largest, and in which fund |
| --- | --- | --- | --- |
| NVIDIA CORP NVDA | 2 of 9 | 7.3% | 9.7% in USNZ |
| APPLE INC AAPL | 2 of 9 | 6.9% | 8.7% in USNZ |
| MICROSOFT CORP MSFT | 2 of 9 | 5.0% | 6.4% in USNZ |
| ConocoPhillips | 2 of 9 | 4.1% | 4.4% in NBET |
| AMAZON.COM INC AMZN | 2 of 9 | 3.3% | 4.1% in USNZ |
| ALPHABET INC GOOGL | 2 of 9 | 2.9% | 4.0% in USNZ |
| ALPHABET INC GOOG | 2 of 9 | 2.4% | 3.4% in USNZ |
| BROADCOM INC AVGO | 2 of 9 | 2.4% | 3.4% in USNZ |
| META PLATFORMS INC META | 2 of 9 | 1.9% | 2.4% in USNZ |
| MICRON TECHNOLOGY INC MU | 2 of 9 | 1.5% | 1.9% in USNZ |
| Targa Resources Corp | 1 of 9 | 9.1% | 9.1% in NBET |
| Waste Management Inc WM | 1 of 9 | 8.7% | 8.7% in EVX |
| Ecolab Inc ECL | 1 of 9 | 8.5% | 8.5% in EVX |
| Energy Transfer LP | 1 of 9 | 7.8% | 7.8% in NBET |
| Enterprise Products Partners LP | 1 of 9 | 7.7% | 7.7% in NBET |

The 15 most widely held of 80. Each row counts the ten largest holdings of each fund, so a fund missing from a row may still hold that company lower down. Weights are of the funds that name it, not of the theme.

### The 9 largest energy transition and decarbonisation ETFs

ETFIQ covers 9 energy transition and decarbonisation ETFs. The largest are USNZ ( $298m ), ETHO ( $197m ) and IQSZ ( $168m ); fees run 0.10% to 0.85% , as of Oct 26, 2026 .

- USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF $298m 0.10%

- ETHO Amplify Etho Climate Leadership U.S. ETF $197m 0.45%

- IQSZ Invesco Global Equity Net Zero ETF $168m 0.19%

- EVX VanEck Environmental Services ETF $99m 0.55%

- NBET Neuberger Energy Transition & Infrastructure ETF $47m 0.65%

- PCLN Pictet Cleaner Planet ETF $18m 0.70%

- PWER Nomura Energy Transition ETF $11m 0.79%

- NVIR Horizon Kinetics Energy and Remediation ETF $5.8m 0.85%

- ETEC iShares Breakthrough Environmental Solutions ETF $3.6m 0.47%

| Ticker | Fund | Issuer | Net assets | In the S&P 500 | Active share | Total return 1Y | vs its benchmark 1Y | Fee |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USNZ | Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | Xtrackers | $298m | 97.7% | 23.1% | +12.8% | −0.8 pts vs VOO | 0.10% |
| ETHO | Amplify Etho Climate Leadership U.S. ETF | Amplify | $197m | 26.2% | 90.9% | +25.3% | not measured | 0.45% |
| IQSZ | Invesco Global Equity Net Zero ETF | Invesco | $168m | 61.6% | 49.2% | +18.1% | +5.0 pts vs ACWI | 0.19% |
| EVX | VanEck Environmental Services ETF | VanEck | $99m | 30.2% | 99.7% | +2.4% | not measured | 0.55% |
| NBET | Neuberger Energy Transition & Infrastructure ETF | Neuberger Berman | $47m | 34.0% | 98.7% | +35.7% | not measured | 0.65% |
| PCLN | Pictet Cleaner Planet ETF | Pictet | $18m | 59.1% | 89.5% | +15.4% | +2.3 pts vs ACWI | 0.70% |
| PWER | Nomura Energy Transition ETF | Nomura | $11m | 42.1% | 98.6% | +33.9% | +20.8 pts vs ACWI | 0.79% |
| NVIR | Horizon Kinetics Energy and Remediation ETF | Horizon Kinetics | $5.8m | 41.7% | 98.0% | +26.8% | not measured | 0.85% |
| ETEC | iShares Breakthrough Environmental Solutions ETF | iShares | $3.6m | 13.7% | 97.6% | −10.8% | −23.9 pts vs ACWI | 0.47% |

### How much of each pair is the same fund

The closest pair is IQSZ and USNZ , which hold 46% of their weight in the same companies. The furthest apart is PWER and USNZ at 0%. The middle pair of the 36 is 2%.

| | USNZ | ETHO | IQSZ | EVX | NBET | PCLN | PWER | NVIR | ETEC |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USNZ | · | 11% | 46% | 0% | 0% | 9% | 0% | 0% | 2% |
| ETHO | 11% | · | 8% | 1% | 0% | 5% | 0% | 2% | 1% |
| IQSZ | 46% | 8% | · | 0% | 2% | 6% | 2% | 2% | 2% |
| EVX | 0% | 1% | 0% | · | 0% | 9% | 0% | 4% | 6% |
| NBET | 0% | 0% | 2% | 0% | · | 0% | 6% | 16% | 0% |
| PCLN | 9% | 5% | 6% | 9% | 0% | · | 1% | 4% | 4% |
| PWER | 0% | 0% | 2% | 0% | 6% | 1% | · | 11% | 7% |
| NVIR | 0% | 2% | 2% | 4% | 16% | 4% | 11% | · | 1% |
| ETEC | 2% | 1% | 2% | 6% | 0% | 4% | 7% | 1% | · |

Weight overlap adds the smaller of the two weights for every company both funds hold. Funds with a cut-short book are left out, not compared short.

### What each fund holds alone

| Fund | Largest holding it alone has | Weight | All of its own names |
| --- | --- | --- | --- |
| USNZ | ADVANCED MICRO DEVICES INC AMD | 1.3% | 17.1% |
| ETHO | MaxLinear Inc MXL | 1.1% | 70.2% |
| IQSZ | Taiwan Semiconductor Manufacturing Co Ltd | 2.0% | 41.6% |
| EVX | Waste Connections Inc | 6.9% | 38.2% |
| NBET | Targa Resources Corp | 9.1% | 67.9% |
| PCLN | ASML HOLDING NV /EUR | 5.5% | 43.4% |
| PWER | Steel Dynamics, Inc. | 6.4% | 52.2% |
| NVIR | Texas Pacific Land Corp TPL | 6.2% | 55.4% |
| ETEC | ALLEGRO MICROSYSTEMS INC ALGM | 6.0% | 51.0% |

### Questions people ask

How many energy transition and decarbonisation ETFs are there? ETFIQ covers 9 US listed energy transition and decarbonisation ETFs as of Oct 27, 2026. That is every one it can measure from the fund’s own published holdings. What is the largest energy transition and decarbonisation ETF? USNZ , Xtrackers Net Zero Pathway Paris Aligned US Equity ETF, at $298m in net assets as of Oct 26, 2026, the largest of the 9 energy transition and decarbonisation ETFs with a published size. What is the cheapest energy transition and decarbonisation ETF? USNZ , Xtrackers Net Zero Pathway Paris Aligned US Equity ETF, at 0.10% a year by its prospectus filed Dec 18, 2025, the lowest fee of the 9 energy transition and decarbonisation ETFs that publish one. Which energy transition and decarbonisation ETF has performed best over the past year? NBET , Neuberger Energy Transition & Infrastructure ETF, at +35.7% total return over the year to Oct 27, 2026, the highest of the 9 energy transition and decarbonisation ETFs with a full year of trading behind them. Past returns do not predict future ones. What do energy transition and decarbonisation ETFs hold? Funds that hold the companies taking carbon out of industry: energy efficiency, environmental services and remediation. Between them the 9 energy transition and decarbonisation ETFs ETFIQ can read name 80 companies in their ten largest holdings, by holdings dated May 29, 2026 to Oct 26, 2026, most widely NVIDIA CORP, which is among the ten largest of 2 of them. Do energy transition and decarbonisation ETFs hold the same companies? It depends which two. Across the 36 pairs of the 9 energy transition and decarbonisation ETFs with a full published book, by holdings dated Jun 30, 2026 to Oct 26, 2026, IQSZ and USNZ hold 46% of their weight in the same companies, PWER and USNZ hold 0%, and the middle pair holds 2%. Two funds sold on one theme are not the same fund.

### What the issuers say about this theme

The issuers behind these energy transition and decarbonisation funds publish their own work on this theme. These are their pages and words, not ETFIQ’s. A fund company writing about a theme it sells is making a case.

| Issuer | What they publish | Kind |
| --- | --- | --- |
| Amplify | Amplify Insights | Their research index |
| Invesco | Invesco insights | Their research index |
| VanEck | VanEck Insights | Their research index |
| iShares | iShares Portfolio Insights | Their research index |

### Where to next

### Sources

Links are sources, not endorsements.

ETFIQ is an independent publisher and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Energy transition and decarbonisation ETFs, data as of Oct 27, 2026. https://etfiq.com/themes/energy-transition
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/themes/energy-transition