Core Insights - The iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU) is a smart beta ETF that debuted on April 8, 2022, providing broad exposure to the Style Box - All Cap Blend category [1] Fund Overview - PABU is managed by Blackrock and has accumulated over $2.26 billion in assets, making it one of the larger ETFs in its category [5] - The fund aims to match the performance of the MSCI USA Climate Paris Aligned Benchmark Extended Select Index, which includes U.S. large and mid-cap stocks aligned with the Paris Agreement's decarbonization goals [6] Cost Structure - PABU has an annual operating expense ratio of 0.10%, positioning it as one of the least expensive options in the ETF space [7] - The fund's 12-month trailing dividend yield is 0.91% [7] Sector Exposure and Holdings - The largest sector allocation for PABU is Information Technology, comprising approximately 42.3% of the portfolio, followed by Financials and Real Estate [8] - Nvidia Corp (NVDA) is the top holding at about 9.67% of total assets, with Microsoft Corp (MSFT) and Apple Inc (AAPL) also among the top three [9] - The top 10 holdings represent about 45.85% of total assets under management [9] Performance Metrics - As of January 27, 2026, PABU has experienced a year-to-date loss of approximately -0.79% but is up about 9.33% over the past year [10] - The fund has traded between $53.19 and $74.50 in the last 52 weeks, with a beta of 1.05 and a standard deviation of 15.97% over the trailing three-year period [10] Alternatives - PABU is a viable option for investors looking to outperform the Style Box - All Cap Blend segment, but there are other ETFs available, such as Vanguard ESG U.S. Stock ETF (ESGV) and iShares ESG Aware MSCI USA ETF (ESGU) [11][12] - ESGV has $12.02 billion in assets and an expense ratio of 0.09%, while ESGU has $15.98 billion in assets with a 0.15% expense ratio [12]

Core Viewpoint - The Invesco Water Resources ETF (PHO) is a smart beta ETF designed to provide broad exposure to the Industrials ETFs category, focusing on companies involved in water conservation and purification [1][5]. Fund Overview - PHO was launched on December 6, 2005, and has accumulated over $2.18 billion in assets, making it one of the larger ETFs in its category [1][5]. - The fund aims to match the performance of the NASDAQ OMX US Water Index, which tracks US companies that create products for water conservation and purification [5]. Cost and Expenses - The annual operating expenses for PHO are 0.59%, which is competitive within its peer group [6]. - The ETF has a 12-month trailing dividend yield of 0.49% [6]. Sector Exposure and Holdings - The ETF has a significant allocation in the Industrials sector, comprising approximately 62.6% of the portfolio, with Utilities and Information Technology as the next largest sectors [7]. - Ferguson Enterprises Inc (FERG) is the largest holding at about 9.31%, followed by Ecolab Inc (ECL) and Roper Technologies Inc (ROP). The top 10 holdings account for around 60.13% of total assets [8]. Performance Metrics - As of July 31, 2025, PHO has gained approximately 7.23% over the past year and is up about 2.03% year-to-date [10]. - The ETF has traded between $58.13 and $72.14 in the last 52 weeks, with a beta of 0.99 and a standard deviation of 18.12% over the trailing three-year period, indicating medium risk [10]. Alternatives - Other ETFs in the water resources space include the Invesco S&P Global Water Index ETF (CGW) and the First Trust Water ETF (FIW), with assets of $972.33 million and $1.86 billion, respectively [12]. - CGW has an expense ratio of 0.56%, while FIW charges 0.51%, providing investors with lower-cost options [12].