The Invesco Real Assets ESG ETF is an actively-managed fund that invests in real assets companies such as those engaged in infrastructure, real estate, natural resources and timber, targeting those that compare favorably on environmental, social and governance criteria, also known as ESG. The fund, which debuted in 2020, is among the first so-called active non-transparent ETFs, meaning it does not need to disclose its trades each day. ESG funds are an increasingly popular segment of the ETF marketplace, offering values-driven investors a diverse portfolio of U.S. stocks without compromising their conscience. Dozens of ESG funds have launched in recent years, though IVRA stands out for its active management, semitransparent structure, and its focus on a niche corner of the ESG universe. Those nuances make it hard to find a straightforward comparison. ESG investors might want to start with a hard look at the fund’s portfolio. The fund excludes companies involved in tobacco, alcohol, weapons, recreational cannabis, private prisons, and the extraction of thermal coal and “fossil fuels from unconventional sources.” The wording is nuanced — and important. While holdings can and will change, it’s worth nothing a fairly heavy reliance on the energy sector, including sizable investments in several pipeline, mining and utility companies. For many ESG investors, this could be a dealbreaker. While the fees aren’t outrageous, they’re relatively high for ETFs, especially now that there are several low-cost entrants into ESG. Investors should compare fees, performance and portfolio against other ESG funds investing in North America, and against non-ESG real assets ETFs.