At a glance
USCL charges 0.08% a year, the same as the average of the 8 funds most like it (the 6th cheapest of 9). It has $2.87B in assets, the 6th largest of that group; it paid 1.05% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +9.2% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +23.1% a year. Its ten largest positions make up 44.7% of the fund, out of 403 in all.
The short version
iShares Climate Conscious & Transition MSCI USA ETF (USCL) is a BlackRock index fund that tracks the MSCI USA Extended Climate Action Index. The index holds about half the large and mid-sized US companies in each sector, picked for how well prepared they are for a low-carbon economy. The fund keeps the broad market's mix of sectors and costs 0.08% a year. Its three-year return trailed all eight similar funds through October 27, 2026.
Price history
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USCL +9.2% 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 | |
|---|---|---|---|---|---|---|
| USCL official prospectus, to Dec 31, 2024 | — | +27.02% | — | — | — | +25.85% |
| USCL price data to Oct 27, 2026 | +10.4% | +9.2% | +23.1% | — | — | +19.1% |
- Over the year to Oct 27, 2026, USCL returned +9.2%, 8th of 9 among similar funds.
- Its worst full calendar year was 2025 (+14.3%); its best was 2024 (+27.0%).
- The deepest fall in its price history was 19% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.4% | — |
| 2025 | +14.3% | — |
| 2024 | +27.0% | +27.02% |
| 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) | $0.6400 | |
| 2025 | $0.8800 | +6.0% |
| 2024 | $0.8300 |
What's inside
As of Aug 31, 2026, the fund held 403 securities; the ten largest made up 44.69% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 9.39% | |
| APPLE INC. | 8.57% | |
| MICROSOFT CORPORATION | 6.59% | |
| AMAZON.COM, INC. | 4.63% | |
| ALPHABET INC. Class A | 3.64% | |
| BROADCOM INC. | 3.07% | |
| ALPHABET INC. | 2.86% | |
| META PLATFORMS, INC. | 2.32% | |
| TESLA, INC. | 1.91% | |
| ELI LILLY AND COMPANY | 1.71% | |
| ADVANCED MICRO DEVICES, INC. | 1.41% | |
| JPMORGAN CHASE & CO. | 1.32% | |
| JOHNSON & JOHNSON | 1.18% | |
| VISA INC. | 1.18% | |
| MASTERCARD INCORPORATED | 0.89% |
By country
United States 96.82%Ireland 2.15%Switzerland 0.25%Curaçao 0.17%Netherlands 0.12%By asset type
Stocks 99.82%By sector
Sectors of the companies held, for the 91.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $175.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.06%, +0.94%, +2.99%.
How it works
USCL tracks the MSCI USA Extended Climate Action Index, built by MSCI. The index starts from the MSCI USA Index, its "parent." The parent weights large and mid-sized US companies by market value, counting only the shares that are available to trade. To keep the parent's sector mix, the climate index takes about 50% of the companies from each sector. So it still owns energy, utility and materials stocks.
First come the screens. MSCI removes companies tied to tobacco, controversial or nuclear weapons, thermal coal mining or sales, or oil sands extraction. It also drops firms caught up in "very severe" environmental, social or governance (ESG) controversies and firms with no emissions data. It removes the worst 5% of emitters in the global MSCI ACWI Index, unless they have emissions targets approved by the Science-Based Targets initiative. It also removes the worst quarter of each sector on managing climate risk. The rest are ranked by greenhouse-gas intensity within their sector. Companies move up for approved targets, a record of cutting emissions, or at least 5% of revenue from green businesses.
The result, as of August 31, 2026, was 403 stocks. The top 10 made up 44.7% of the fund, led by NVIDIA (9.4%), Apple (8.6%) and Microsoft (6.6%). Turnover was 12%. The fund owns ordinary stocks with no leverage or options. It may not hold every stock in the index.
What it really costs
- USCL charges 0.08% a year, versus an average of 0.08% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $8 in the first year and $103 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| USCL | $8 | $26 | $45 | $103 |
In a retirement portfolio
It owns 403 large and mid-sized US stocks across every sector and has moved almost in step with the market (a beta of 1.01 over one year), so it can work as a climate-screened US stock core.
USCL launched on June 6, 2023, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 19%, from February 19 to April 8, 2025. It was back at its old high by June 30, 2025, about 2.7 months later. Its weakest calendar year so far, 2025, was still a 14.3% gain. That short, mostly rising history says little about a long slump. In a long slump, someone who has to sell shares for income could lock in losses.
Income is small: the yield was 1.05% as of October 27, 2026, paid quarterly. Costs are low. Under the SEC's standard example, a $10,000 investment would pay about $103 in expenses over 10 years. With 39% in technology, it is less spread out than its name suggests. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a broad US stock fund without tobacco, thermal coal, oil sands and weapons makers that still holds every sector.
- Cost-conscious investors: 0.08% a year matches the similar-fund average, or about $103 over 10 years on $10,000 under the SEC example.
- Investors comfortable with heavy tech exposure: NVIDIA, Apple and Microsoft made up about 25% of the fund as of August 31, 2026.
Look elsewhere if
- Investors who want the lowest cost for a near-identical portfolio: Xtrackers USCA overlaps 99% with USCL and charges 0.07%.
- Investors who want a long track record: the fund launched in June 2023 and has never been through a 2008- or 2022-style bear market.
- Investors who rely on dividends: the yield was 1.05% as of October 27, 2026, paid quarterly, which is small for an income goal.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| USCL this fund | — | 0.08% | $2.87B | +9.2% | +23.1% |
| USCA Xtrackers MSCI USA Climate Action Equity ETF | 99% | 0.07% | $3.52B | +9.2% | +23.2% |
| MGC Vanguard Mega Cap ETF | 85% | 0.07% | $10.90B | +13.5% | +26.0% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 84% | 0% | $5.47B | +13.4% | +25.4% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 82% | 0.2% | $2.74B | +12.6% | +24.8% |
| QVML Invesco S&P 500 QVM Multi-factor ETF | 82% | 0.11% | $1.64B | +14.6% | +25.2% |
| USPX Franklin U.S. Equity Index ETF | 82% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPY SPDR S&P 500 ETF Trust | 82% | 0.0945% | $781.19B | +11.5% | +21.9% |
Questions investors ask
What's the difference between USCL and USCA?
Very little in what they own. Based on the latest N-PORT reports, their holdings overlap by 99%. Xtrackers MSCI USA Climate Action Equity ETF (USCA) charges 0.07% a year, and USCL charges 0.08%. As of October 27, 2026, both returned 9.2% over one year. Over three years, USCA averaged 23.2% a year and USCL 23.1%. As of August 31, 2026, USCA held about $3.52 billion and USCL about $2.87 billion.
Does USCL pay dividends?
Yes. USCL pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.91 per share, a yield of 1.05%. That is a small payout, because the fund's largest holdings, such as NVIDIA, Apple and Microsoft, are growth-focused companies that pay out little of their profits. Investors who need a large share of their income from dividends may find the payout too low.
What is USCL's expense ratio?
USCL's expense ratio is 0.08% a year, according to its prospectus filed December 19, 2025. In the SEC's standard example ($10,000 invested, 5% yearly return), expenses come to about $8 after one year, $45 after five years and $103 after ten. That matches the 0.08% average for similar funds. It costs more than iShares Core S&P 500 ETF (IVV) at 0.03% and less than SPDR S&P 500 ETF Trust (SPY) at 0.0945%.
Does USCL own oil and gas stocks?
Yes, but only a small amount. Energy made up 0.9% of the fund as of August 31, 2026, based on sector data covering 91.4% of the portfolio. The index excludes thermal coal mining and oil sands extraction, not all fossil fuels. It drops the heaviest emitters, but it keeps any that have emissions targets approved by the Science-Based Targets initiative. That group does not check whether companies actually meet their targets.
How has USCL performed compared with the S&P 500?
USCL has lagged S&P 500 funds lately. Its one-year return was 9.2% and its three-year average was 23.1% a year, as of October 27, 2026. IVV returned 13.2% and 24.9% as of October 29, 2026. USCL's prospectus shows a 27.02% return for 2024 and a 25.85% yearly average from launch through December 31, 2024. Its three-year return ranked last among nine similar funds.