At a glance
PWER charges 0.79% a year, above the 0.45% average of the 4 funds most like it (the most expensive of 5). It has $11.4M in assets, the 5th largest of that group; it paid 1.12% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +33.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds. Its ten largest positions make up 47.3% of the fund, out of 31 in all.
The short version
Macquarie Energy Transition ETF (PWER) is an actively managed fund, not an index tracker, that held 31 stocks tied to the shift toward lower-carbon energy as of June 30, 2026. It mixes metals and solar companies, such as Hudbay Minerals, ERO Copper and First Solar, with traditional energy firms such as Valero Energy and ConocoPhillips. Its 0.79% yearly cost tops the 0.45% average of the four funds whose holdings overlap most with it.
Price history
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PWER +33.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PWER official prospectus, to Dec 31, 2025 | — | +35.06% | — | — | — | +18.69% |
| MSCI ACWI Index (Net) index, same period | — | +22.34% | — | — | — | +21.84% |
| S&P 1500 Energy Sector Index index, same period | — | +7.69% | — | — | — | +6.45% |
| PWER price data to Oct 27, 2026 | +25.8% | +33.9% | — | — | — | +22.4% |
- Over the year to Oct 27, 2026, PWER returned +33.9%, 5th of 5 among similar funds.
- Its worst full calendar year was 2024 (-3.5%); its best was 2025 (+35.3%).
- The deepest fall in its price history was 29.7% (May 28, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +25.8% | +17.21% |
| 2025 | +35.3% | +35.06% |
| 2024 | -3.5% | -3.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2900 | |
| 2025 | $0.4800 | +71.4% |
| 2024 | $0.2800 |
What's inside
As of Jun 30, 2026, the fund held 31 securities; the ten largest made up 47.31% of assets, and 2.5% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| 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% | |
| HF Sinclair Corp. | 4.01% | |
| ConocoPhillips | 3.78% | |
| EOG Resources, Inc. | 3.70% | |
| GE Vernova, Inc. | 3.49% | |
| Shell plc | 3.35% | |
| Teck Resources Ltd. | 3.35% | |
| EQT Corp. | 3.19% |
By country
United States 64.59%Canada 20.78%United Kingdom 7.52%South Africa 2.63%France 1.94%By asset type
Stocks 97.45%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.85%, +4.34%, -9.07%.
How it works
PWER does not track an index. Its manager, Delaware Management Company, chooses the stocks. (The fund's prospectus, filed July 29, 2026, uses the name Nomura Energy Transition ETF.) Under normal conditions, at least 80% of net assets go to energy, materials, industrial, renewable energy and utilities companies that pass the manager's energy-transition test. The fund may own companies of any size worldwide but focuses on North America.
Qualifying companies fall into two groups. “Transition enablers” help the shift to lower-carbon energy and electrification. Examples include solar, wind and electric-vehicle businesses, plus suppliers of materials like copper and aluminum. “Responsible producers” are traditional energy and mining companies working to reduce, displace or capture their greenhouse gas emissions, even if those emissions are still high. They must also meet standards on water use, spills, labor and governance. Nuclear power counts here. The manager screens companies with its own environmental framework plus outside research, including Sustainalytics and Bloomberg.
Position sizes reflect the manager's views, not an index formula. As of June 30, 2026, the 10 largest holdings made up 47% of assets, led by Steel Dynamics at 6.4%. Turnover, roughly the share of holdings replaced in a year, was 31% per the prospectus. The fund is not leveraged, held no derivatives on that date and kept 2.5% in cash.
What it really costs
- PWER charges 0.79% a year, versus an average of 0.45% for the similar funds below (5th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PWER | $81 | $252 | $439 | $978 |
In a retirement portfolio
It is a tiny, concentrated, actively managed sector fund with a short record and sharp swings, so it suits a minor role beside core holdings.
PWER could add a targeted energy-transition bet beside broader holdings. It launched in November 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its worst calendar year was 2024, a 3.58% loss. Its deepest drop was 29.7%, from May 28, 2024 to April 8, 2025. It regained its peak by August 22, 2025, 4.5 months after the low. Someone drawing cash near that low would have locked in a steep loss.
Income is modest: the trailing 12-month yield was 1.12% as of October 27, 2026, paid twice a year. Its 0.79% expense ratio (yearly fee), per its July 29, 2026 prospectus, is higher than the 0.45% average of similar funds. On $10,000, the SEC's standard example puts costs at $81 for one year and $978 over 10 years. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund that pairs metals and solar companies, such as Hudbay Minerals and First Solar, with traditional energy firms like Valero Energy.
- Investors who prefer a manager's picks to an index, centered on North America: 65% US and 21% Canadian stocks as of June 30, 2026.
- Investors able to hold a small, volatile position through drops like the 29.7% fall from May 2024 to April 2025.
Look elsewhere if
- Cost-conscious investors: PWER's 0.79% expense ratio (yearly cost) is the highest of five overlapping funds; the other four average 0.45%.
- Retirees seeking steady income: the trailing 12-month yield was 1.12% as of October 27, 2026, with payouts only twice a year.
- Investors wanting a long record or a large fund: PWER launched in November 2023 and held $11.4 million as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PWER this fund | — | 0.79% | $11.4M | +33.9% | — |
| PXE Invesco Energy Exploration & Production ETF | 27% | 0.63% | $84.7M | +57.9% | +14.1% |
| IEO iShares U.S. Oil & Gas Exploration & Produc… | 24% | 0.4% | $516.1M | +67.3% | +18.3% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 21% | 0.4% | $573.6M | +56.1% | +19.7% |
| XOP SPDR S&P Oil & Gas Exploration & Production… | 21% | 0.35% | $2.91B | +59.0% | +14.2% |
Questions investors ask
What does PWER invest in?
PWER invests in stocks of companies tied to the shift toward lower-carbon energy, picked by its manager rather than an index. As of June 30, 2026, it held 31 stocks. The largest were Steel Dynamics (6.4%), Hudbay Minerals (5.7%), ERO Copper (5.0%), Valero Energy (4.9%) and First Solar (4.5%), and the top 10 made up 47% of assets. About 65% was in US companies and 21% in Canadian ones, with smaller stakes in the UK, South Africa and France.
Is PWER a clean energy ETF?
Only partly. As of June 30, 2026, PWER held clean-energy companies such as First Solar, but also traditional energy companies including Valero Energy, ConocoPhillips, EOG Resources and Shell. Its prospectus lets it own traditional “responsible producers” that are working to reduce, displace or capture greenhouse gas emissions, even when those emissions remain high. Nuclear power also qualifies. Investors expecting a pure solar-and-wind fund may find the mix broader than they assumed.
What's the difference between PWER and PXE?
The main difference is focus. PXE, the Invesco Energy Exploration & Production ETF, targets energy exploration and production companies, while PWER's holdings also include metals and solar companies. Their holdings overlap by 27%, the most among the four similar funds. PXE costs 0.63% a year against PWER's 0.79%. As of October 27, 2026, PXE returned 57.9% over one year versus 33.9% for PWER. PXE is also larger: $84.7 million in net assets as of July 31, 2026, against PWER's $11.4 million as of June 30, 2026.
How has PWER performed since launch?
PWER has posted strong but uneven results in its short life. Its prospectus shows a 3.58% loss in 2024 and a 35.06% gain in 2025. From its November 2023 launch through December 31, 2025, it returned 18.69% a year on average. That was behind the MSCI ACWI Index, a broad global stock benchmark, at 21.84%, but ahead of the S&P 1500 Energy Sector Index at 6.45%. As of October 27, 2026, it was up 25.8% for 2026 to date.
Does PWER pay dividends?
Yes, but the income is small. PWER pays distributions twice a year. Over the 12 months to October 27, 2026, it paid about $0.49 per share, a trailing yield of 1.12%. The fund's stated objective is long-term growth of capital, not income. Investors who rely on regular cash payouts may find it adds little.