ESG, climate and faith-based ETFs, and the anti-ESG ETFs built against them.
The values trade is one of 22 market stories StoryVector measures. 127 US ETFs carry it, with $142 billion between them; the largest holder, ESGU, holds 13.2% of its capital. This week it ranks 17th of 22 for attention, in the WARM band. Over the past year its ETFs returned +14.9%, against +16.8% for broad US ETFs, to October 2, 2026; past performance, not a recommendation.
Its level among all 22 on the fixed 25 to 60 scale. The band is where the level sits this week, not a direction.
Its ETFs ranked among the narratives, lowest to highest. The white notch is this one; the thin tick is where broad US ETFs would sit. Measured and past, not a forecast.
What the story is about, where its attention comes from, what sets it off, and what it shares ETFs with. This week it was measured on 4 of the six channels, and the channel chart is drawn only when all six report.
Values-based (ESG) ETFs screen companies in or out for reasons other than price. Does the screen change what investors own, or mostly the label?
Excluding fossil fuels, weapons or poorly run companies, or voting shares for change, makes a portfolio clearly different from the index. The anti-ESG ETFs agree, from the other side.
The largest ESG ETFs hold nearly the same companies as their index. The values are in the name more than the holdings.
What would separate them. How far holdings stray from the index. Portfolios that drop whole industries or vote against boards fit the first reading. Portfolios that track the index closely fit the second.
ESG index ETFs hold most of the capital here, and the anti-ESG side a small part. We measure the attention and the capital, not the merit of any value.
127 ETFs carry this narrative; 125 have it as their main one. Here is how its capital divides among them.
The asset-weighted return of the unlevered ETFs that carry this narrative, against broad US ETFs. Measured and past, not a forecast.
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| The values tradeits ETFs, unlevered | −0.1% | +2.1% | +12.6% | +14.9% | +20.4% | +10.4% |
| rank among the narratives | 10th of 22 | 9th of 22 | 10th of 22 | 8th of 21 | 11th of 21 | 9th of 21 |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualized. Rank is among the narratives with a full record for the period. A dash means the narrative’s ETFs do not cover the whole period.
Total return on the market price, each distribution reinvested on its ex-date. The narrative is the asset-weighted return of the unlevered ETFs that carry it; the market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
6 categories, each claimed by a written rule. The bar is each one’s share of the capital. The table names what decides each.
| Category | ETFs | Capital | Share of the ETFs | Share of the capital |
|---|---|---|---|---|
| ESG indexesHow far the ESG rules take holdings away from the parent index | 46 | $98.7 bn | 37% | 69.7% |
| Climate and clean energyFor the fossil-free and low-carbon ETFs, energy's weight in the index they leave out; for clean energy, incentives and the cost of borrowing to build | 27 | $21.0 bn | 22% | 14.8% |
| Everything else | 41 | $17.7 bn | 33% | 12.5% |
| Faith, social and engagementThe exclusions each applies, and for VOTE, how it votes its shares | 7 | $2.8 bn | 6% | 2.0% |
| Anti-ESGThe broad US market, with each manager's stance on shareholder engagement | 2 | $1.2 bn | 2% | 0.8% |
| Carbon allowancesThe price of carbon allowances in the programs they hold | 2 | $0.3 bn | 2% | 0.2% |
The widest gap: everything else, 33% of the ETFs and 12.5% of the capital.
What issuers have listed with this as the main narrative, by wrapper.
What issuers have listed, not what anyone expects. A wrapper can be listed before anyone wants it, so a count of ETFs and a share of capital answer different questions.
127 US ETFs carry it. The largest holders of its capital are ESGU (13.2%), ESGV (9.7%) and ESGD (6.1%).
ESGU, with 13.2% of the capital in ETFs carrying the story; the top five hold 38.1%.
Its attention level is 42.6 on a scale of 25 to 60, 17th of 22 this week, in the WARM band. The level averages six channels: search, video, news, forums, investor boards and reference pages.
Asset weighted, its ETFs returned +14.9% over the past year, against +16.8% for broad US ETFs, to October 2, 2026. Past performance only.
Run an ETF in the values trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
Request a pilot