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Wednesday, August 19, 2026The Morning Brief →Sign in
PABUISharesINDEX

iShares Paris-Aligned Climate MSCI USA ETF

$78.39+0.72% today
648152-WK

The underlying index is composed of U.S. large- and mid-capitalization stocks that are selected and weighted so that, in the aggregate, the portfolio is compatible with the objectives of the Paris Agreement by following a decarbonization trajectory. The fund generally will invest at least 90% of its assets in the component securities of the underlying index. The fund is non-diversified.

Price & daily flows
77.072.467.778.39DAILY NET FLOWFeb 17Apr 17Jun 17Aug 19

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 6M SHOWN · NET −$21M OVER THIS RANGE

The desk’s read

Money keeps arriving — +$20M of net buying over the past month, about 0.8% of the fund's asset base, while the price has returned +8.1% so far this year. At 0.10% a year it is not the cheapest way in — IVV runs the same ground at 0.03%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$2.5Bassets under management
0.10%expense ratio · $10 per $10,000 a year
+$20Mnet flow, trailing month
5Kavg daily volume, 30 days
246holdings · US-domiciled
2022listed February 7, 2022 · beta 1.09
The book at a glance
NVDA-2.3%MSFT+0.3%AAPL+1.5%GOOG-0.1%AVGO-3.2%LLY+3.6%AMD-4.3%SNOW-1.3%TSLA-0.7%MRVL-7.9%NOW+1.5%IBM+1.8%SPG-0.3%EQIX-0.8%PLD-0.2%DLR-1.3%META-4.4%AMT+0.2%AMZN-0.8%ORCL-2.8%O-0.4%GOOGL-0.0%MA+2.1%V+1.5%ADSK+2.2%ALAB-5.3%CRM+2.5%ADI-3.3%AXON+2.4%EIX+3.3%XYL-2.9%AWKTXNRPRX

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1NVDANVIDIA9.65%$219.76-2.3%
2MSFTMICROSOFT7.43%$481.85+0.3%
3AAPLAPPLE6.78%$310.20+1.5%
4GOOGALPHABET3.85%$341.34-0.1%
5AVGOBROADCOM3.81%$379.84-3.2%
6LLYELI LILLY3.26%$1226.44+3.6%
7AMDADVANCED MICRO DEVICES3.58%$484.59-4.3%
8SNOWSNOWFLAKE3.21%$325.89-1.3%
9TSLATESLA3.02%$336.83-0.7%
10MRVLMARVELL TECHNOLOGY2.65%$215.94-7.9%
11NOWSERVICENOW2.48%$119.40+1.5%
12IBMIBM2.31%$232.72+1.8%
13SPGSIMON PROPERTY GROUP2.12%$220.74-0.3%
14EQIXEQUINIX2.14%$1088.35-0.8%
15PLDPROLOGIS2.05%$140.05-0.2%

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Sector weights
Information Technology53.31%
Real Estate15.76%
Financials7.95%
Communication7.83%
Health Care5.7%
Consumer Discretionary5.45%
Industrials2.2%
Utilities1.61%
Cash and/or Derivatives0.17%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-0.2%
1 month+4.1%
3 months+2.8%
6 months+13.7%
YTD+8.1%
1 year
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week+$8M
1 month+$20M
3 months+$78M
YTD+$111M
1 year+$57M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
AugSepOctNovDecJanFebMarAprMayJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
16%realized volatility, 30 days (annualized)
15%realized volatility, 1 year
-13.9%deepest fall from a peak, 1 year
-2.7%where it sits vs. that peak today

The top holding is 9.7% of the book; the top ten carry 47%. Spread across 94+ names, it behaves like roughly 29 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against PABU

Due diligence cuts both ways. These funds sit on the same shelf and beat PABU on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
ITOT iShares Core S&P Total U.S. Stock Market ETF0.03%$97.9B+$245M-7bp on fee · 39× the assets · +$245M in over the monthHead-to-head
IUSG iShares Core S&P U.S. Growth ETF0.04%$33.8B+$668M-6bp on fee · 13× the assets · +$668M in over the monthHead-to-head
IUSV iShares Core S&P U.S. Value ETF0.04%$28.1B+$103M-6bp on fee · 11× the assets · +$103M in over the monthHead-to-head
IVV iShares Core S&P 500 ETF0.03%$900.9B−$14.2B-7bp on fee · 356× the assetsHead-to-head
VOO Vanguard 500 Index Fund0.03%$500.4B-7bp on fee · 198× the assetsHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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