What are sustainable & ESG investing ETFs?
ESG stands for environmental, social and governance. It describes how a company handles issues such as carbon emissions, how it treats workers and how its board oversees management. Most of these ETFs use an index provider's ratings or screens. Some favor companies that score well. Others drop companies that fail set tests, such as owning fossil fuel reserves. The result still looks a lot like the broad stock market. Among the 15 largest funds, Nvidia and AMD each appear in 10. Microsoft, Alphabet, Broadcom, Tesla and Eli Lilly each appear in 9, and Apple in 8.
All 15 of the largest funds track an index. None of the 88 funds uses leverage or inverse bets. ESGU, ESGV, SUSA and DSI are broad US funds with ESG screens or tilts. USCA, USCL, PABU and KLMN focus on climate measures such as emissions. SPYX is the S&P 500 minus companies that own fossil fuel reserves. ESGD covers developed markets outside the US and Canada, ESGE covers emerging markets and VSGX covers both. ESML holds smaller US companies and NULG holds 69 large growth stocks. EAGG holds investment-grade (higher-rated) bonds.
Concentration varies widely. PABU holds 90 stocks but puts 47.54% of its money in its 10 largest holdings. NULG keeps 14.91% in Nvidia alone. ESGD, by contrast, has 13.93% in its top 10, and ESML just 7.5%.
Fees are modest for most of these funds. The expense ratio is the yearly fee taken from fund assets. The median fund in the group charges 0.20%, and fees range from 0.07% for USCA to 1.00% for the costliest fund. ESGV charges 0.09% and ESGU 0.15%. The money is concentrated, too. The group holds roughly $120 billion, and 47.9% of it sits in the five largest funds: ESGU, ESGV, ESGD, ESGE and VSGX.
Sustainable & ESG investing ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 15 biggest sustainable & ESG investing ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| Nvidia Corporation | 10 of 15 | 8.61% |
| Advanced Micro Devices, Inc. | 10 of 15 | 1.41% |
| Microsoft Corporation | 9 of 15 | 6.3% |
| Alphabet Inc. | 9 of 15 | 3.42% |
| Broadcom Inc. | 9 of 15 | 2.88% |
| Tesla, Inc. | 9 of 15 | 1.9% |
| Eli Lilly and Company | 9 of 15 | 1.54% |
| Apple Inc. | 8 of 15 | 6.9% |
| Meta Platforms, Inc. | 7 of 15 | 2.04% |
| Amazon.com, Inc. | 6 of 15 | 3.74% |
| Jpmorgan Chase & Co. | 6 of 15 | 1.4% |
| Visa Inc. | 6 of 15 | 1.16% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest sustainable & ESG investing ETFs, side by side
Swipe the table to see all 5 funds.
| ESGU | ESGV | ESGD | ESGE | VSGX | |
|---|---|---|---|---|---|
| Net assets | $18.15B | $13.52B | $12.21B | $6.91B | $6.82B |
| Expense ratio | 0.15% | 0.09% | 0.2% | 0.25% | 0.1% |
| Holdings | 275 | 1,225 | 363 | 306 | 6,625 |
| In the 10 largest | 36.46% | 41.33% | 13.93% | 37.95% | 16.87% |
| Biggest holding | Nvidia Corporation (7.7%) | NVIDIA Corp (8.61%) | ASML Holding N.V. (3.14%) | Taiwan Semiconductor Manufacturing Company Limited (15.08%) | Taiwan Semiconductor Manufacturing Co Ltd (5.43%) |
| Yield | 0.94% | 0.9% | 3.32% | 2.23% | 3.06% |
| 1-year return | +11.0% | +9.8% | +11.7% | +15.2% | +14.3% |
| 3 years, a year | +21.6% | +21.8% | +19.8% | +23.2% | +21.9% |
| 5 years, a year | +10.6% | +10.1% | +8.3% | +6.4% | +7.7% |
| Worst drop, past year | -9.3% | -11.6% | -11.8% | -14.0% | -12.8% |
| Launched | 2016 | 2018 | 2016 | 2016 | 2018 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Nov 2, 2026.
Head to head
ESGU vs ESGV
ESGU (iShares, 0.15% a year) and ESGV (Vanguard, 0.09%) both hold screened US stocks. They share 207 holdings, and 72.1% of their assets overlap. ESGU owns 275 stocks with 36.46% in its top 10. ESGV owns 1,225, including smaller companies, yet keeps 41.33% in its top 10. Nvidia makes up 8.61% of ESGV and 7.7% of ESGU. As of November 2, 2026, ESGU returned 11% over one year to ESGV's 9.8%. Its worst drop was also smaller (9.3% vs 11.6%). ESGV may suit fee-focused investors. ESGU may suit those wanting risk and returns close to its broader parent index.
ESGD vs VSGX
ESGD (iShares, 0.20%) holds 363 large and mid-size stocks in developed markets outside the US and Canada. VSGX (Vanguard, 0.10%) holds 6,625 stocks of all sizes across developed and emerging markets. VSGX's biggest holding is Taiwan Semiconductor at 5.43%, while ESGD's is ASML at 3.14%. They share 221 holdings, and 36.4% of their assets overlap. ESGD's top 10 make up 13.93%, and VSGX's 16.87%. As of November 2, 2026, VSGX returned 14.3% over one year to ESGD's 11.7%. Its worst drop was deeper (12.8% vs 11.8%). ESGD may suit investors who hold emerging markets separately, while VSGX bundles both.
ESGE vs VSGX
ESGE (iShares, 0.25%) holds 306 emerging market stocks and is more concentrated. Taiwan Semiconductor makes up 15.08% of the fund, and its top 10 make up 37.95%. VSGX (Vanguard, 0.10%) mixes emerging and developed markets across 6,625 stocks, with 16.87% in its top 10. Just 20.9% of their assets overlap. As of November 2, 2026, ESGE returned 15.2% over one year to VSGX's 14.3%. It was also bumpier, with one-year volatility (a gauge of price swings) of 25.8% versus 18.5%. Its worst drop was 14%, versus 12.8% for VSGX. ESGE may suit investors wanting a targeted emerging market slice, while VSGX covers both.
How much do the largest sustainable & ESG investing ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| ESGU and ESGV | 72.1% | 207 | |
| ESGD and VSGX | 36.4% | 221 | |
| ESGE and VSGX | 20.9% | 115 | |
| ESGV and ESGE | 0.2% | 3 | |
| ESGV and ESGD | 0.1% | 1 | |
| ESGU and ESGD | 0% | 0 | |
| ESGU and ESGE | 0% | 0 | |
| ESGU and VSGX | 0% | 0 | |
| ESGV and VSGX | 0% | 0 | |
| ESGD and ESGE | -0.3% | 12 |
From each fund’s full holdings in its latest N-PORT report.
How have sustainable & ESG investing ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing sustainable & ESG investing ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | ETHO Amplify Etho Climate Leadership U.S. ETF | $189.6M | 0.45% | +1.1% | +24.4% | +25.3% | +21.4% |
| 2 | VEGN US Vegan Climate ETF | $177.6M | 0.6% | -3.8% | +26.2% | +24.3% | +29.2% |
| 3 | NULV Nuveen ESG Large-Cap Value ETF | $2.20B | 0.26% | +2.2% | +21.1% | +23.7% | +21.9% |
| 4 | RAFE PIMCO RAFI ESG U.S. ETF | $160.5M | 0.29% | +1.3% | +21.7% | +22.9% | +24.1% |
| 5 | CHGX Stance Sustainable Beta ETF | $179.0M | 0.49% | +1.7% | +24.3% | +21.3% | — |
| 6 | RSPE Invesco ESG S&P 500 Equal Weight ETF | $73.1M | 0.2% | +3.2% | +18.6% | +20.5% | +21.5% |
| 7 | ESGG FlexShares STOXX Global ESG Select Index Fund | $110.5M | 0.42% | -0.5% | +17.9% | +19.6% | +24.7% |
| 8 | SHE SPDR MSCI USA Gender Diversity ETF | $324.5M | 0.2% | -2.1% | +19.3% | +19.6% | +25.3% |
| 9 | CVMC Calvert US Mid-Cap Core Responsible Index ETF | $102.8M | 0.15% | +1.8% | +18.7% | +18.6% | +21.1% |
| 10 | CVIE Calvert International Responsible Index ETF | $421.4M | 0.18% | -3.8% | +15.7% | +18.1% | +24.1% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How sustainable & ESG investing ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| ESGU | not yet launched | -33.9% | -26.1% |
| ESGV | not yet launched | -33.7% | -28.7% |
| ESGD | not yet launched | -32.5% | -28.7% |
| ESGE | not yet launched | -30.9% | -30.8% |
| VSGX | not yet launched | not yet launched | -29.6% |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives sustainable & ESG investing ETFs?
Most ESG stock funds own many of the same companies as the broad market. That means the same forces move them: company earnings, interest rates and the economic cycle. Their tilts change the mix at the edges. Nvidia, AMD, Microsoft and Broadcom are among the most widely held stocks, so demand for computer chips and software carries a lot of weight. Funds that drop or shrink oil and gas producers, such as SPYX, can lag when energy prices rise and hold up better when they fall. Climate rules and shifts in investor demand for ESG stocks can also matter. EAGG, a bond fund, moves mainly with interest rates.
In past sell-offs, the screens did little to soften the blow. In the 2020 COVID crash, ESGU fell 33.9% and ESGV 33.7%, in line with the S&P 500's 33.7%. ESGD dropped 32.5% and ESGE 30.9%. In the 2022 bear market (a long, broad fall in stock prices), all five of the largest funds fell further than the S&P 500's 24.5%. ESGU lost 26.1%, ESGV and ESGD 28.7%, VSGX 29.6% and ESGE 30.8%. None of the five existed in the 2008 financial crisis, when the S&P 500 fell 55.2%.
Sustainable & ESG investing ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | USCA Xtrackers MSCI USA Climate Action Equity ETF | 0.07% | $7 a year | $3.52B |
| 2 | USCL iShares Climate Conscious & Transition MSCI U… | 0.08% | $8 a year | $2.87B |
| 3 | XVV iShares ESG Select Screened S&P 500 ETF | 0.08% | $8 a year | $644.9M |
| 4 | ESGV Vanguard ESG U.S. Stock ETF | 0.09% | $9 a year | $13.52B |
| 5 | KLMN Invesco MSCI North America Climate ETF | 0.09% | $9 a year | $2.46B |
Ordinary funds with at least $10 million in net assets. The median ordinary sustainable & ESG investing ETF charges 0.2% a year; leveraged and inverse funds usually charge more.
Do sustainable & ESG investing ETFs pay dividends?
85 of the 88 ordinary sustainable & ESG investing ETFs with a page here paid distributions over the last 12 months, with a median yield of 1.33%.
| Highest yields | Yield | Net assets |
|---|---|---|
| NULC Nuveen ESG Large-Cap ETF | 8.74% | $70.5M |
| NUDM Nuveen ESG International Developed Markets Eq… | 6.87% | $707.9M |
| DFSB Dimensional Global Sustainability Fixed Incom… | 5.45% | $722.7M |
| FEIG FlexShares ESG & Climate Investment Grade Cor… | 4.96% | $48.0M |
| BGRN iShares Trust iShares USD Green Bond ETF | 4.44% | $500.6M |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.
How to choose a sustainable & ESG investing ETF
- Fees run from 0.07% to 1.00%. USCA charges 0.07% a year, USCL and XVV 0.08%, and ESGV and KLMN 0.09%. The median fee is 0.20%, and SUSA, DSI and ESGE charge 0.25%. Fees come out of returns every year.
- How each index picks its stocks. ESGU, ESGD and ESGE screen for positive ESG traits while aiming for risk and returns similar to their parent indexes. SPYX drops owners of fossil fuel reserves. USCL ranks companies on emissions, and PABU follows a Paris Agreement path.
- How concentrated the top holdings are. PABU holds 90 stocks with 47.54% in its top 10, and NULG keeps 14.91% in Nvidia alone. ESGV spreads across 1,225 stocks, though its top 10 still make up 41.33%. ESGD's make up just 13.93%.
- US-only, international or emerging markets. ESGU and ESGV hold US stocks. ESGD covers developed markets outside the US and Canada, ESGE holds emerging markets and VSGX combines both. ESGU has zero overlap with ESGD, ESGE or VSGX.
- Small companies, growth stocks or bonds. ESML holds 902 smaller US companies, with only 7.5% in its top 10. NULG holds 69 large growth stocks. EAGG holds investment-grade bonds, and its worst drop in the year to November 2, 2026, was 4.6%.
- Track record and fund size. SUSA launched in 2005 and DSI in 2006. USCA and USCL date from 2023 and KLMN from December 2024, so their records are short. ESGU is the largest, with about $18.1 billion in assets.
What are the risks of sustainable & ESG investing ETFs?
- Same few tech giants in most funds. Nvidia appears in 10 of the 15 largest funds at a typical weight of 8.61%. Microsoft, Alphabet and Broadcom appear in 9. NULG keeps 14.91% in Nvidia and PABU 47.54% in its top 10, so a few stocks drive results.
- ESG screens did not soften 2022 losses. In the 2022 bear market, ESGU fell 26.1%, ESGV and ESGD 28.7%, VSGX 29.6% and ESGE 30.8%. All fell more than the S&P 500's 24.5%. An ESG screen does not protect against market declines.
- Emerging market fund leans on three stocks. ESGE puts 15.08% in Taiwan Semiconductor, 7.25% in Samsung Electronics and 5.55% in SK hynix. As of November 2, 2026, its one-year volatility, a gauge of price swings, was 25.8%. That was the highest among the 15 largest funds.
- Each index defines ESG its own way. SPYX screens out fossil fuel reserve owners. ESGU instead favors companies with positive ESG traits while staying near its parent index. Ratings are judgment calls, so holdings shift when scores or rules change, and some may surprise investors.
- ESG bond funds still carry rate risk. EAGG holds investment-grade bonds, whose prices fall when interest rates rise. As of November 2, 2026, it returned -1.2% over one year and -0.4% over five years. Its worst drop over the year was 4.6%.
List of all sustainable & ESG investing ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | ESGU iShares ESG Aware MSCI USA ETF | $18.15B | 0.15% | 0.94% | +11.1% | +11.0% | +10.6% |
| 2 | ESGV Vanguard ESG U.S. Stock ETF | $13.52B† | 0.09% | 0.9% | +9.9% | +9.8% | +10.1% |
| 3 | ESGD iShares ESG Aware MSCI EAFE ETF | $12.21B | 0.2% | 3.32% | +9.9% | +11.7% | +8.3% |
| 4 | ESGE iShares ESG Aware MSCI EM ETF | $6.91B | 0.25% | 2.23% | +15.5% | +15.2% | +6.4% |
| 5 | VSGX Vanguard ESG International Stock ETF | $6.82B† | 0.1% | 3.06% | +12.7% | +14.3% | +7.7% |
| 6 | DSI iShares ESG MSCI KLD 400 ETF | $5.32B | 0.25% | 0.87% | +15.1% | +14.5% | +11.7% |
| 7 | EAGG iShares ESG Aware US Aggregate Bond ETF | $5.09B | 0.1% | 4.15% | -0.9% | -1.2% | -0.4% |
| 8 | SUSA iShares MSCI USA ESG Select ETF | $4.03B | 0.25% | 0.82% | +14.3% | +14.4% | +10.6% |
| 9 | USCA Xtrackers MSCI USA Climate Action Equity ETF | $3.52B | 0.07% | 1.05% | +10.4% | +9.2% | — |
| 10 | ESML iShares ESG Aware MSCI USA Small-Cap ETF | $2.98B | 0.17% | 0.94% | +16.8% | +16.5% | +7.2% |
Questions investors ask about sustainable & ESG investing ETFs
What is the largest ESG ETF?
The iShares ESG Aware MSCI USA ETF (ESGU) is the largest, with about $18.1 billion in net assets. It holds 275 US stocks that its index provider rates as having positive ESG traits. It also aims for risk and returns similar to its parent index, and it charges 0.15% a year. Next in size are Vanguard's ESGV, with about $13.5 billion, and iShares' international ESGD, with about $12.2 billion.
What is the cheapest ESG ETF?
USCA, the Xtrackers MSCI USA Climate Action Equity ETF, has the lowest expense ratio at 0.07% a year. USCL and XVV follow at 0.08%, then ESGV and KLMN at 0.09%. The median (middle) fund in the group charges 0.20%, and the most expensive charges 1.00%. These low-cost funds work in different ways. USCA, USCL and KLMN focus on climate, XVV screens the S&P 500 and ESGV screens the whole US stock market.
What is the difference between ESGU and ESGV?
The main differences are cost and breadth. Both hold screened US stocks, and 72.1% of their assets overlap. Vanguard's ESGV costs 0.09% a year and holds 1,225 stocks of all sizes. iShares' ESGU costs 0.15% and holds 275 stocks. It aims to keep risk and returns close to its parent index. As of November 2, 2026, ESGU returned 11% over one year and ESGV 9.8%. Their worst drops over that year were 9.3% and 11.6%.
Do ESG ETFs pay dividends?
Yes, most do. As of November 2, 2026, 85 of the 88 funds paid dividends, and the median yield was 1.33%. US stock funds pay little, with ESGU at 0.94% and ESGV at 0.90%. International funds pay more, with ESGD at 3.32% and VSGX at 3.06%. Bond funds such as DFSB (5.45%) and BGRN (4.44%) are among the higher payers. NULC had the highest yield at 8.74%. It is a small fund with about $70 million in assets.
Do ESG ETFs hold Nvidia?
Yes, 10 of the 15 largest ESG ETFs hold Nvidia. It is the biggest holding in each of those 10, at a median weight of 8.61%. NULG keeps 14.91% in Nvidia and DSI 13.42%, while ESGV holds 8.61% and ESGU 7.7%. The five large funds without it focus on foreign stocks, small companies or bonds. Those funds are ESGD, ESGE, VSGX, ESML and EAGG.
How many ESG ETFs are there?
This guide covers 88 US-listed sustainable and ESG ETFs with about $120 billion in combined net assets. The money is concentrated: 47.9% sits in the five largest, which are ESGU, ESGV, ESGD, ESGE and VSGX. The group spans US, international and emerging market stocks, small companies, growth stocks, climate funds and bonds. None of the 88 uses leverage or inverse bets that aim to multiply or reverse daily returns.
Does Vanguard have an ESG ETF?
Yes, Vanguard runs two of the five largest. The Vanguard ESG U.S. Stock ETF (ESGV) holds 1,225 large, mid-size and small US stocks for 0.09% a year. The Vanguard ESG International Stock ETF (VSGX) holds 6,625 stocks in developed and emerging markets outside the US for 0.10%. Both track indexes screened for certain environmental, social and governance criteria. ESGV shares 72.1% of its assets with iShares' ESGU, and VSGX shares 36.4% with ESGD.
Is ESG the same as an ETF?
No. An ETF, or exchange-traded fund, is a fund that trades on a stock exchange like a share. ESG, short for environmental, social and governance, is a way of judging companies. It looks at issues such as emissions, how workers are treated and how the board oversees management. An ESG ETF combines the two. ESGU and ESGV, for example, are index funds whose indexes use ESG ratings to screen or tilt their holdings.
Is there a Vanguard, Fidelity or Schwab sustainable & ESG investing ETF?
Yes. Vanguard offers 2: ESGV (Vanguard ESG U.S. Stock ETF), VSGX (Vanguard ESG International Stock ETF). Fidelity and Schwab don’t have a sustainable & ESG investing ETF.
