{"url":"https://etfiq.com/themes/water","section":"themes","title":"Water ETFs: 6 funds, largest first | ETFIQ","description":"ETFIQ covers 6 water ETFs. The largest are PHO ($2.0bn), FIW ($1.8bn) and CGW ($1.0bn); fees run 0.40% to 0.75%, as of Oct 20, 2026.","as_of":"Oct 21, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"How many water ETFs are there?","acceptedAnswer":{"@type":"Answer","text":"ETFIQ covers 6 US listed water ETFs as of Oct 21, 2026. That is every one it can measure from the fund\u2019s own published holdings."}},{"@type":"Question","name":"What is the largest water ETF?","acceptedAnswer":{"@type":"Answer","text":"PHO, Invesco Water Resources ETF, at $2.0bn in net assets as of Oct 20, 2026, the largest of the 6 water ETFs with a published size."}},{"@type":"Question","name":"What is the cheapest water ETF?","acceptedAnswer":{"@type":"Answer","text":"TBLU, Tortoise Global Water ETF, at 0.40% a year by its prospectus filed Mar 30, 2026, the lowest fee of the 6 water ETFs that publish one."}},{"@type":"Question","name":"Which water ETF has performed best over the past year?","acceptedAnswer":{"@type":"Answer","text":"CGW, Invesco S&P Global Water Index ETF, at +0.3% total return over the year to Oct 21, 2026, the highest of the 6 water ETFs with a full year of trading behind them. Past returns do not predict future ones."}},{"@type":"Question","name":"What do water ETFs hold?","acceptedAnswer":{"@type":"Answer","text":"Funds that hold water utilities, pipe and pump makers, and the treatment and testing businesses around them. Between them the 6 water ETFs ETFIQ can read name 33 companies in their ten largest holdings, by holdings dated May 31, 2026 to Oct 20, 2026, most widely Ecolab Inc, which is among the ten largest of 5 of them."}},{"@type":"Question","name":"Do water ETFs hold the same companies?","acceptedAnswer":{"@type":"Answer","text":"It depends which two. Across the 15 pairs of the 6 water ETFs with a full published book, by holdings dated May 31, 2026 to Oct 20, 2026, FIW and PHO hold 75% of their weight in the same companies, AQWA and PIO hold 28%, and the middle pair holds 42%. Two funds sold on one theme are not the same fund."}}]},{"@type":"ItemList","name":"Water ETFs: 6 funds, largest first","numberOfItems":6,"itemListElement":[{"@type":"ListItem","position":1,"name":"PHO","url":"https://etfiq.com/funds/pho"},{"@type":"ListItem","position":2,"name":"FIW","url":"https://etfiq.com/funds/fiw"},{"@type":"ListItem","position":3,"name":"CGW","url":"https://etfiq.com/funds/cgw"},{"@type":"ListItem","position":4,"name":"PIO","url":"https://etfiq.com/funds/pio"},{"@type":"ListItem","position":5,"name":"TBLU","url":"https://etfiq.com/funds/tblu"},{"@type":"ListItem","position":6,"name":"AQWA","url":"https://etfiq.com/funds/aqwa"}]},{"@type":"ItemList","name":"The 6 largest water ETFs","itemListOrder":"https://schema.org/ItemListOrderDescending","numberOfItems":6,"itemListElement":[{"@type":"ListItem","position":1,"name":"PHO","url":"https://etfiq.com/funds/pho"},{"@type":"ListItem","position":2,"name":"FIW","url":"https://etfiq.com/funds/fiw"},{"@type":"ListItem","position":3,"name":"CGW","url":"https://etfiq.com/funds/cgw"},{"@type":"ListItem","position":4,"name":"PIO","url":"https://etfiq.com/funds/pio"},{"@type":"ListItem","position":5,"name":"TBLU","url":"https://etfiq.com/funds/tblu"},{"@type":"ListItem","position":6,"name":"AQWA","url":"https://etfiq.com/funds/aqwa"}]},{"@type":"Dataset","name":"Water ETFs: what each one holds","description":"ETFIQ covers 6 water ETFs. The largest are PHO ($2.0bn), FIW ($1.8bn) and CGW ($1.0bn); fees run 0.40% to 0.75%, as of Oct 20, 2026.","url":"https://etfiq.com/themes/water","dateModified":"2026-10-21","inLanguage":"en","creator":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"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"]},{"@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":"Water","item":"https://etfiq.com/themes/water"}]},{"@type":"WebPage","name":"Water ETFs: 6 funds, largest first","description":"ETFIQ covers 6 water ETFs. The largest are PHO ($2.0bn), FIW ($1.8bn) and CGW ($1.0bn); fees run 0.40% to 0.75%, as of Oct 20, 2026.","url":"https://etfiq.com/themes/water","dateModified":"2026-10-21","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":7727,"truncated":false,"content":"ETFIQ / Thematic ETFs / Water \n \n Data as of Oct 21, 2026 .\n Water ETFs: what each one holds\n See every water ETF by what it holds, not by its name. Funds that hold water utilities, pipe and pump makers, and the treatment and testing businesses around them. 6 funds, largest first. Updated Oct 21, 2026. The typical fund carries 36% of its weight in S&P 500 names, the 20th most of the 53 themes with filed books.\n 6 US listed water ETFs \n $2.0bn The largest, PHO \n 0.40% The cheapest, TBLU \n +0.3% Best one year, CGW \n\n The short answers\n Least like the S&P 500 AQWA , Global X Clean Water ETF, 25.4% of its weight in S&P 500 companies. Closest pair FIW and PHO , 75% of their weight in the same companies. What these funds actually own\n Between them the 6 funds' ten largest holdings name 33 companies, of which 12 appear in more than one. Ecolab Inc is among the ten largest of 5 of them, at an average of 6.3% of the fund.\n Water ETFs, the companies their ten largest holdings name. Source: each fund's latest SEC filing or its issuer\u2019s own daily holdings file, read by ETFIQ. Company Among the ten largest of Average weight where it is Largest, and in which fund \n Ecolab Inc ECL 5 of 6 6.3% 8.2% in PHO \n Ferguson Enterprises Inc FERG 4 of 6 7.0% 8.2% in PHO \n American Water Works Co Inc AWK 4 of 6 5.8% 8.3% in CGW \n Xylem Inc/NY XYL 4 of 6 5.7% 8.0% in CGW \n Veralto Corp VLTO 4 of 6 4.5% 6.1% in CGW \n Veolia Environnement SA VIE 3 of 6 5.3% 8.2% in TBLU \n Waters Corp WAT 3 of 6 5.3% 7.3% in PHO \n IDEXX Laboratories Inc IDXX 3 of 6 5.0% 7.1% in PHO \n Roper Technologies Inc ROP 3 of 6 4.7% 6.7% in PHO \n Cia de Saneamento Basico do Estado de Sao Paulo 2 of 6 7.1% 8.4% in PIO \n Geberit AG GEBN 2 of 6 5.5% 7.0% in TBLU \n Agilent Technologies Inc A 2 of 6 4.6% 4.6% in FIW \n AMERICAN WATER WORKS COMPANY, INC. 1 of 6 8.2% 8.2% in AQWA \n FERGUSON ENTERPRISES INC. 1 of 6 7.7% 7.7% in AQWA \n XYLEM INC. 1 of 6 7.6% 7.6% in AQWA \n \n The 15 most widely held of 33. 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.\n The 6 largest water ETFs\n ETFIQ covers 6 water ETFs. The largest are PHO ( $2.0bn ), FIW ( $1.8bn ) and CGW ( $1.0bn ); fees run 0.40% to 0.75% , as of Oct 20, 2026 .\n PHO Invesco Water Resources ETF $2.0bn 0.59% \n FIW First Trust Water ETF $1.8bn 0.50% \n CGW Invesco S&P Global Water Index ETF $1.0bn 0.58% \n PIO Invesco Global Water ETF $270m 0.75% \n TBLU Tortoise Global Water ETF $53m 0.40% \n AQWA Global X Clean Water ETF $20m 0.50% \n \n Water ETFs: what each one holds, as of Oct 21, 2026. Source: ETFIQ. Ticker Fund Issuer Net assets In the S&P 500 Active share Total return 1Y vs its benchmark 1Y Fee \n PHO Invesco Water Resources ETF Invesco $2.0bn 62.2% 99.4% \u22124.5% not measured 0.59% \n FIW First Trust Water ETF First Trust $1.8bn 48.9% 99.4% \u22125.7% \u221221.4 pts vs IWV 0.50% \n CGW Invesco S&P Global Water Index ETF Invesco $1.0bn 27.8% 99.8% +0.3% \u221213.4 pts vs EFA 0.58% \n PIO Invesco Global Water ETF Invesco $270m 39.4% 99.5% \u22122.4% \u221216.2 pts vs EFA 0.75% \n TBLU Tortoise Global Water ETF Tortoise $53m 33.4% 99.7% \u22123.3% \u221219.8 pts vs VOO 0.40% \n AQWA Global X Clean Water ETF Global X $20m 25.4% 99.9% \u22125.7% not measured 0.50% \n \n How much of each pair is the same fund\n The closest pair is FIW and PHO , which hold 75% of their weight in the same companies. The furthest apart is AQWA and PIO at 28%. The middle pair of the 15 is 42%.\n Water ETFs, the share of each pair\u2019s weight held in the same companies. Read across or down; the figure is the same either way. Cells are shaded against the closest pair here, 75%. Source: each fund\u2019s own filed or daily holdings, read by ETFIQ. PHO FIW CGW PIO TBLU AQWA \n PHO \u00b7 75% 31% 45% 46% 35% \n FIW 75% \u00b7 35% 37% 42% 38% \n CGW 31% 35% \u00b7 39% 57% 56% \n PIO 45% 37% 39% \u00b7 47% 28% \n TBLU 46% 42% 57% 47% \u00b7 49% \n AQWA 35% 38% 56% 28% 49% \u00b7 \n \n 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.\n What each fund holds alone\n Water ETFs, the largest holding no other fund in the grid holds. Source: ETFIQ. Fund Largest holding it alone has Weight All of its own names \n PHO Trimble Inc TRMB 4.2% 4.2% \n FIW Masco Corporation MAS 3.7% 5.6% \n CGW YTL Power International Bhd YTLP 1.1% 7.8% \n PIO Ebara Corp 7.0% 13.3% \n TBLU Lixil Corp 5938 0.9% 2.9% \n AQWA Beijing Capital Eco-Environment Protection Group Co.,Ltd. 2.0% 7.2% \n \n Questions people ask\n How many water ETFs are there? ETFIQ covers 6 US listed water ETFs as of Oct 21, 2026. That is every one it can measure from the fund\u2019s own published holdings. What is the largest water ETF? PHO , Invesco Water Resources ETF, at $2.0bn in net assets as of Oct 20, 2026, the largest of the 6 water ETFs with a published size. What is the cheapest water ETF? TBLU , Tortoise Global Water ETF, at 0.40% a year by its prospectus filed Mar 30, 2026, the lowest fee of the 6 water ETFs that publish one. Which water ETF has performed best over the past year? CGW , Invesco S&P Global Water Index ETF, at +0.3% total return over the year to Oct 21, 2026, the highest of the 6 water ETFs with a full year of trading behind them. Past returns do not predict future ones. What do water ETFs hold? Funds that hold water utilities, pipe and pump makers, and the treatment and testing businesses around them. Between them the 6 water ETFs ETFIQ can read name 33 companies in their ten largest holdings, by holdings dated May 31, 2026 to Oct 20, 2026, most widely Ecolab Inc, which is among the ten largest of 5 of them. Do water ETFs hold the same companies? It depends which two. Across the 15 pairs of the 6 water ETFs with a full published book, by holdings dated May 31, 2026 to Oct 20, 2026, FIW and PHO hold 75% of their weight in the same companies, AQWA and PIO hold 28%, and the middle pair holds 42%. Two funds sold on one theme are not the same fund. What the issuers say about this theme\n The issuers behind these water funds publish their own work on this theme. These are their pages and words, not ETFIQ\u2019s. A fund company writing about a theme it sells is making a case.\n Issuer material on this theme. Links leave ETFIQ. Source: each issuer\u2019s own site. Issuer What they publish Kind \n Invesco Invesco insights Their research index \n First Trust First Trust Investment Insights Their research index \n Global X Global X Insights, including The Next Big Theme Their research index \n \n Where to next\n The largest water ETFs The cheapest water ETFs The water ETFs least like the S&P 500 The water ETFs that returned most The most concentrated water ETFs Every thematic ETF Compare two funds The vocabulary Where these figures came from\n Fund holdings from SEC Form N-PORT and from the issuers own daily files SEC EDGAR, full-text search of fund filings SEC Form N-PORT, what a fund filed it holds Rule 19a-1, what a distribution notice must say ETFIQ links to the documents behind every figure; a link is not an endorsement.\n ETFIQ is an independent publisher and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, Water ETFs: what each one holds, data as of Oct 21, 2026. https://etfiq.com/themes/water Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, Water ETFs: what each one holds, data as of Oct 21, 2026. https://etfiq.com/themes/water APA ETFIQ. (Oct 21, 2026). Water ETFs: what each one holds. Retrieved from https://etfiq.com/themes/water Markdown [Water ETFs: what each one holds (ETFIQ, Oct 21, 2026)](https://etfiq.com/themes/water)","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/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, Water ETFs: what each one holds, data as of Oct 21, 2026. https://etfiq.com/themes/water"}