At a glance
ZAP charges 0.5% a year, above the 0.34% average of the 8 funds most like it (the 7th cheapest of 9). It has $461.7M in assets, the 7th largest of that group; it paid 1.91% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.6% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds. Its ten largest positions make up 41.9% of the fund, out of 45 in all.
The short version
Global X U.S. Electrification ETF (ZAP) tracks the Global X U.S. Electrification Index. The index holds about 45 U.S.-listed companies that generate, transmit or equip electric power, from Dominion Energy and Duke Energy to Quanta Services and Eaton. Despite its theme, the fund leans heavily on utilities, which made up about 60% of assets as of July 31, 2026. It charges 0.50% a year, far more than broad utility funds such as XLU at 0.08%.
Price history
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ZAP +3.6% 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 | |
|---|---|---|---|---|---|---|
| ZAP official prospectus, to Dec 31, 2025 | — | +19.34% | — | — | — | — |
| ZAP price data to Oct 27, 2026 | +9.6% | +3.6% | — | — | — | +17.6% |
- Over the year to Oct 27, 2026, ZAP returned +3.6%, 2nd of 9 among similar funds.
- Its worst full calendar year was 2025 (+21.9%); its best was 2025 (+21.9%).
- The deepest fall in its price history was 13% (Jun 25, 2026 to Sep 28, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.6% | — |
| 2025 | +21.9% | +21.78% |
| 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) | $0.4500 | |
| 2025 | $0.5300 |
What's inside
As of Jul 31, 2026, the fund held 45 securities; the ten largest made up 41.9% of assets.
| Holding | Weight | |
|---|---|---|
| Dominion Energy, Inc. | 4.58% | |
| QUANTA SERVICES, INC. | 4.57% | |
| EATON CORPORATION PUBLIC LIMITED COMPANY | 4.21% | |
| AMETEK, INC. | 4.21% | |
| THE SOUTHERN COMPANY | 4.12% | |
| CONSOLIDATED EDISON, INC. | 4.08% | |
| BLOOM ENERGY CORPORATION | 4.08% | |
| DUKE ENERGY CORPORATION | 4.05% | |
| EXELON CORPORATION | 4.03% | |
| Xcel Energy Inc. | 3.97% | |
| AMERICAN ELECTRIC POWER COMPANY, INC. | 3.96% | |
| NEXTERA ENERGY, INC. | 3.91% | |
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | 3.89% | |
| ENTERGY CORPORATION | 3.84% | |
| NATIONAL GRID PLC | 3.79% |
By country
United States 99.87%By asset type
Stocks 99.87%By sector
Sectors of the companies held, for the 68.7% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $47.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.86%, +2.82%, -3.03%.
How it works
ZAP is an index fund. It puts at least 80% of its net assets into the securities of the Global X U.S. Electrification Index. Global X Management Company owns that index, and it is also the fund's adviser. Its affiliate, Mirae Asset Global Indices, calculates the index. The index uses FactSet's industry data to find companies in three groups: conventional electricity (fossil fuel and nuclear generators), alternative electricity (wind, solar, hydrogen, small modular reactors) and grid infrastructure (transmission, electrical components, batteries, EV chargers, smart meters).
Companies must earn at least 50% of their revenue in the U.S. Conventional generators need at least 75% of revenue from those activities to join. The other two groups need 50%. Grid companies with 25% to 50% of revenue from grid work also qualify, but their combined weight is capped. As of December 31, 2025, new members needed a market value of at least $200 million and average daily trading of at least $2 million.
Holdings are weighted by free-float market value, meaning only the shares available to the public count. Each company is capped at 4% when the index is reset twice a year. Between resets, weights can drift above the cap. Dominion Energy stood at 4.6% on July 31, 2026. Portfolio turnover was 18.09%. The fund may lend out securities worth up to one-third of its assets, and it held no derivatives as of July 31, 2026.
What it really costs
- ZAP charges 0.5% a year, versus an average of 0.34% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ZAP | $51 | $160 | $280 | $628 |
In a retirement portfolio
It's a narrow thematic fund with less than two years of history and a 0.50% fee, so it fits as a small add-on to a diversified core rather than the core itself.
ZAP could add a focused bet on U.S. power demand to a portfolio already built on broad funds. Its record is short. It launched December 17, 2024, so it has no history through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 21.78%. Its deepest drop was 13%, from June 25 to September 28, 2026, and it had not recovered as of October 27, 2026. Anyone who has to sell shares during a stretch like that could lock in the loss.
The trailing yield was 1.91% as of October 27, 2026, paid quarterly. Under the SEC's standard example, the 0.50% expense ratio costs about $51 in the first year and $628 over 10 years on a $10,000 investment. 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 U.S. utilities plus grid builders such as Quanta Services, Eaton and AMETEK in one fund, with each holding capped near 4%.
- Those adding a small theme position that has moved less than the market, with a beta of 0.56 over the year to October 27, 2026.
- Holders who like quarterly payouts with growth potential: the trailing yield was 1.91%, or $0.60 a share, as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: ZAP charges 0.50%, compared with 0.08% for XLU and 0.09% for VPU, and shares about 55% of their holdings.
- Those who want a long track record: it launched December 17, 2024, and hasn't been tested by a deep, prolonged bear market.
- Anyone seeking electric vehicle makers or pure clean energy: about 60% is in utilities, including many coal, gas and nuclear power generators.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ZAP this fund | — | 0.5% | $461.7M | +3.6% | — |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 56% | 0.4% | $538.5M | -1.5% | +18.0% |
| FUTY Fidelity MSCI Utilities Index ETF | 56% | 0.084% | $2.32B | -4.0% | +17.0% |
| VPU Vanguard Utilities ETF | 56% | 0.09% | $10.08B | -4.1% | +17.0% |
| XLU Utilities Select Sector SPDR Fund | 55% | 0.08% | $23.11B | -0.4% | -7.8% |
| IDU iShares U.S. Utilities ETF | 53% | 0.39% | $1.46B | -2.5% | +17.2% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 45% | 0.6% | $54.6M | -5.9% | +16.7% |
| FXU First Trust Utilities AlphaDEX Fund | 44% | 0.63% | $831.0M | +4.1% | +22.3% |
Questions investors ask
What does the ZAP ETF invest in?
ZAP holds about 45 U.S.-listed companies tied to producing and delivering electricity. As of July 31, 2026, its largest holdings were Dominion Energy, Quanta Services, Eaton, AMETEK, Southern Company, Consolidated Edison and Bloom Energy, each around 4% to 4.6% of the fund. Utilities made up about 60% of assets, and industrial companies about 9%. The top 10 holdings made up 41.9% of the fund.
What is the expense ratio of ZAP?
ZAP's expense ratio is 0.50% a year, according to its prospectus filed February 26, 2026, with no fee waiver. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $51 in the first year, $280 over five years and $628 over 10 years. The average for similar funds was 0.34%, and ZAP ranked 7th of 9 on cost.
ZAP vs XLU: what's the difference?
Both own large U.S. utilities, and about 55% of their holdings overlap. XLU tracks utilities in the S&P 500 and charges 0.08%. ZAP adds grid and equipment companies such as Quanta Services, Eaton and Bloom Energy, and it caps each stock at 4% at each reset. ZAP charges 0.50%. Over one year, ZAP returned 3.6% as of October 27, 2026. XLU returned -0.4% as of October 30, 2026.
Does ZAP pay dividends?
Yes. ZAP pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.60 a share, a trailing yield of 1.91%. The payout comes mostly from the dividends of its holdings, which are largely utilities. Payments can rise or fall with those companies' dividends and with changes to the index. The fund isn't built mainly to produce income.
How has ZAP performed since it launched?
ZAP launched December 17, 2024. Its prospectus shows a 21.78% return for calendar 2025. Its strongest quarter gained 10.22% (third quarter of 2025), and its weakest lost 0.7% (fourth quarter of 2025). As of October 27, 2026, it was up 9.6% year to date, 3.6% over one year and 17.6% since launch. It fell 13% between June 25 and September 28, 2026, and had not fully recovered by October 27.