USCL ETF — Holdings & Analysis

The iShares Climate Conscious & Transition MSCI USA ETF (USCL) is an equity ETF with $2.14 billion in assets under management. It seeks to track the investment results of an index composed of U.S.

large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low-carbon economy. With an expense ratio of 0.08%, USCL offers exposure to companies demonstrating a commitment to reducing emissions and managing climate risk, as determined by the index provider.

iShares Climate Conscious & Transition MSCI USA ETF (USCL) ETF — Price, Holdings & Analysis

The iShares Climate Conscious & Transition MSCI USA ETF (USCL) is an equity ETF with $2.14 billion in assets under management. It seeks to track the investment results of an index composed of U.S. large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low-carbon economy. With an expense ratio of 0.08%, USCL offers exposure to companies demonstrating a commitment to reducing emissions and managing climate risk, as determined by the index provider.

ETF Overview

The iShares Climate Conscious & Transition MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low-carbon economy, as determined by the Index Provider, based primarily on current emissions intensity, emissions reduction targets, green business revenue, and/or climate risk management.

USCL aims to provide investors with exposure to U.S. companies that are actively transitioning to a low-carbon economy. The fund tracks an index that selects companies based on factors such as current emissions intensity, emissions reduction targets, green business revenue, and climate risk management. This approach differentiates USCL from broad market ETFs by focusing on companies demonstrating environmental responsibility within their respective sectors. The ETF's top holdings include NVIDIA Corp (5.43%), Broadcom Inc (4.64%), and Microsoft Corp (4.57%), reflecting a significant allocation to technology companies. Sector allocation is heavily weighted towards Technology (27.7%), Financial Services (13.5%), and Communication Services (12.5%). USCL is suitable for investors seeking to align their investments with climate-conscious principles while maintaining exposure to the U.S. equity market. Past performance does not guarantee future results.

Risk Metrics

USCL's risk profile is influenced by its sector concentration, with a significant allocation to Technology (27.7%). This concentration could lead to increased volatility compared to more diversified ETFs, particularly if the technology sector experiences a downturn. The fund's beta is currently 0.00, indicating that it has not exhibited significant volatility relative to the broader market over the past three years, although this may change over time. The expense ratio of 0.08% is relatively low, which helps to minimize expense drag on returns. Investors should also consider the potential for tracking error, as the fund's performance may deviate slightly from the underlying index. Past performance does not guarantee future results.

Expense Ratio

0.08%

What does USCL hold?

Holding	Weight
NVIDIA Corp (NVDA)	5.43%
Broadcom Inc (AVGO)	4.64%
Microsoft Corp (MSFT)	4.57%
Amazon.com Inc (AMZN)	4.18%
Meta Platforms Inc Class A (META)	3.72%
Tesla Inc (TSLA)	3.00%
Alphabet Inc Class A (GOOGL)	2.86%
Alphabet Inc Class C (GOOG)	2.39%
Eli Lilly and Co (LLY)	2.23%
JPMorgan Chase & Co (JPM)	2.15%

How Is the Fund Allocated?

Sector	Weight
Technology	27.7%
Financial Services	13.5%
Communication Services	12.5%
Healthcare	11.8%
Consumer Cyclical	11.7%
Industrials	7.1%
Consumer Defensive	5.0%
Energy	3.4%
Utilities	2.5%
Real Estate	2.4%
Basic Materials	2.0%
Cash & Others	0.3%

Country	Weight
United States	96.9%
Ireland	1.4%
United Kingdom	0.7%
Switzerland	0.4%
Uruguay	0.2%
Canada	0.2%
Other	0.1%
Bermuda	0.1%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

iShares Russell 2000 ETF (IWM) (Equity) — 0.19% expense ratio
iShares MSCI Emerging Markets ETF (EEM) (Equity) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) (Equity) — 0.32% expense ratio
iShares MSCI Emerging Markets Small-Cap ETF (EEMS) (Equity) — 0.72% expense ratio
iShares FinTech Active ETF (BPAY) (Equity) — 0.66% expense ratio
iShares Blockchain and Tech ETF (IBLC) (Equity) — 0.47% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is USCL and what does it track?

USCL, or the iShares Climate Conscious & Transition MSCI USA ETF, is an exchange-traded fund that seeks to mirror the investment performance of an index composed of U.S. large- and mid-capitalization companies.

The selection criteria are based on the companies' positioning relative to their sector peers in transitioning to a low-carbon economy.

What is the expense ratio for USCL?

The expense ratio for USCL is 0.08%. This means that for every $10,000 invested in the fund, investors will pay $8 in annual fees to cover the fund's operating expenses.

This expense ratio is relatively low compared to the category average for equity ETFs, which is approximately 0.44%.

What are the top holdings in USCL?

The top holdings in USCL include some of the largest and most influential companies in the U.S. equity market.

As of 2026-03-15, the top five holdings are NVIDIA Corp (5.43%), Broadcom Inc (4.64%), Microsoft Corp (4.57%), Amazon.com Inc (4.18%), and Meta Platforms Inc Class A (3.72%).

Is USCL a good long-term investment?

Whether USCL is a suitable long-term investment depends on an individual investor's specific financial goals, risk tolerance, and investment horizon. USCL offers exposure to U.S.

companies that are focused on transitioning to a low-carbon economy, which aligns with growing investor interest in ESG factors. The fund's expense ratio of 0.08% is relatively low, which can benefit long-term returns.

How does USCL compare to similar ETFs?

USCL distinguishes itself from other ETFs through its specific focus on companies transitioning to a low-carbon economy.

While other ESG ETFs may consider a broader range of environmental and social factors, USCL's index methodology emphasizes emissions intensity, reduction targets, and green business revenue. With an AUM of $2.14 billion, USCL is a sizable ETF, indicating investor interest in its strategy.

Does USCL pay dividends?

As of 2026-03-15, the iShares Climate Conscious & Transition MSCI USA ETF (USCL) has a dividend yield of 0.00%. This indicates that the fund is not currently distributing any dividend income to its shareholders.

Investors seeking dividend income may need to consider other ETFs with a higher dividend yield. However, USCL's primary focus is on capital appreciation through investments in companies focused on the transition to a low-carbon economy.