QUAL's largest holdings are Microsoft Corp, Apple Inc, NVIDIA CORP, ELI LILLY & CO, META PLATFORMS INC-CLASS A. The full top list is on this page.

How concentrated is QUAL?

The top 10 holdings are 45.2% of the fund, across 122 positions.

The total expense ratio on record is 0.15%. That is cheaper than 87% of the 2,595 US-listed equity funds we track.

Which sectors dominate QUAL?

By weight of its equity holdings: Technology 37.0%, Financial Services 12.4%, Healthcare 10.2%.

How similar is QUAL to the S&P 500 (VOO)?

41.4% of QUAL overlaps with the S&P 500 (VOO) by weight, across 108 shared companies.

What is QUAL's P/E ratio?

Computed from company annual reports and filed position values, QUAL's weighted price-to-earnings ratio is 23.4, covering 100% of the fund by weight. The weighted price-to-book ratio is 7.97.

US-listed · United States

QUAL

The Fund seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with quality characteristics.

iShares MSCI USA Quality Factor ETF

US46432F3394 · 0BYE · BlackRock (iShares)

122 holdings as of 2026-10-29 · top 10 = 45.2% · TER 0.15% · P/E 23.4

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Concentration

Concentratedtop 10 = 45.2%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

122

as of 2026-10-29

Top 10

45.2%

TER

0.15%

cheaper than 87% of peers

Net assets

US$48.0B

reported in USD

Largest

8.0%

P / E

23.4

covers 100% by weight

Sections

Holdings as of 2026-10-29.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

First listed

2013-06-30

Volatility 1Y

11.9%

Tracked index

MSCI USA Sector Neutral Quality Index

How it tracks

Index, sampling

Lends its stock

Yes

02Valuation and performance

market price return · as of 2026-10-30

+0.1%

+1.4%

+7.4%

YTD

+12.0%

+13.1%

Trackingfund minus MSCI USA Sector Neutral Quality Index · annualised

1Y return gap

-0.28 pp/yr

3Y return gap

-0.22 pp/yr

5Y return gap

-0.20 pp/yr

3Y tracking error

0.05%

A positive return gap means the fund finished ahead of the index over that window. The 3Y tracking error shows how variable that monthly gap was; lower means steadier tracking. MethodologyReturn gap and tracking errorReturn gap is the fund's return minus its index over the same months, converted to a yearly rate. Tracking error is the annualised standard deviation of those monthly fund-minus-index returns. Both lines come from the manager's own chart, in the same currency and the exact index variant the fund tracks. We use month-end values so different intraday valuation times are not mistaken for tracking error.. Not investment advice.

Valuation116 companies covered · weighted, profitable holdings only

23.4

price / earnings

covers 100% by weight

4.3%

covers 100% by weight

7.97

price / book

covers 90% by weight

Computed from company filings and reported position values. MethodologyPortfolio valuationComputed by us from each company's own financial statements and the position values funds report, currency-adjusted and weighted harmonically. P/E covers profitable holdings only. Book value uses the most recent reported quarter.. Not investment advice.

03Holdings

50 largest · as of 2026-10-29

#	Company	Identifier	Weight
1	Microsoft Corp US	MSFT	8.0
2	Apple Inc US	AAPL	7.4
3	NVIDIA CORP US	NVDA	6.1
4	ELI LILLY & CO US	LLY	4.3
5	META PLATFORMS INC-CLASS A US	META	4.1
6	THE TJX COMPANIES, INC. US	TJX	3.5
7	Visa Inc US	V	3.5
8	LAM RESEARCH US	LRCX	3.0
9	ALPHABET INC US	GOOGL	2.9
10	Applied Materials Inc US	AMAT	2.5
11	ExxonMobil Holdings Corporation US	2670549D	2.5
12	Mastercard Inc US	MA	2.5
13	KLA Corp US	KLAC	2.2
14	JOHNSON & JOHNSON US	JNJ	2.2
15	BERKSHIRE HATHAWAY INC. US	BRK/B	1.9
16	NETFLIX INC US	NFLX	1.5
17	ROSS STORES, INC. US	ROST	1.4
18	ARISTA NETWORKS, INC. US	ANET	1.4
19	Merck & Co Inc US	MRK	1.4
20	AUTOMATIC DATA PROCESSING, INC. US	ADP	1.2
21	Costco Wholesale Corp US	COST	1.1
22	WALMART INC. US	WMT	1.1
23	Linde PLC IE	LIN	1.1
24	LOCKHEED MARTIN CORPORATION US	LMT	1.0
25	Accenture PLC IE	ACN	1.0
26	FORTINET, INC. US	FTNT	1.0
27	Adobe Inc US	ADBE	1.0
28	3M COMPANY US	MMM	0.9
29	THE PROCTER & GAMBLE COMPANY US	PG	0.9
30	Garmin Ltd. CH	GRMN	0.9
31	THE COCA-COLA COMPANY US	KO	0.8
32	Chipotle Mexican Grill Inc US	CMG	0.8
33	Williams-Sonoma Inc US	WSM	0.8
34	Gilead Sciences Inc US	GILD	0.8
35	Illinois Tool Works Inc US	ITW	0.8
36	TRANE TECHNOLOGIES PLC IE	TT	0.7
37	Prologis Inc US	PLD	0.7
38	CINTAS CORPORATION US	CTAS	0.7
39	ULTA BEAUTY, INC. US	ULTA	0.6
40	HOWMET AEROSPACE INC. US	HWM	0.6
41	CADENCE DESIGN SYSTEMS, INC. US	CDNS	0.6
42	FASTENAL COMPANY US	FAST	0.6
43	INTUIT INC. US	INTU	0.5
44	W.W. GRAINGER, INC. US	GWW	0.5
45	Xcel Energy Inc. US	XEL	0.5
46	CONSOLIDATED EDISON, INC. US	ED	0.5
47	BLACKROCK, INC. US	BLK	0.5
48	AppLovin Corp US	APP	0.5
49	Vertex Pharmaceuticals Inc US	VRTX	0.5
50	COMFORT SYSTEMS USA, INC. US	FIX	0.5

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04Exposure

Equity 99.8%

By sector

Technology37.0%

Financial Services12.4%

Healthcare10.2%

Consumer Cyclical9.4%

Industrials8.6%

Communication Services8.5%

Consumer Defensive4.5%

Utilities2.1%

Materials1.8%

Real Estate1.3%

Energy1.1%

By country

USUnited States95.7%

IEIreland2.9%

CHSwitzerland1.2%

BMBermuda0.1%

KYCayman Islands0.1%

CurrencyUSD 95.9% EUR 2.9% CHF 1.2%

05Similar funds

funds with comparable exposure

VOO

the S&P 500 (VOO)

108 shared companies

41.4%compare →

VTI

the US total market (VTI)

112 shared companies

36.5%compare →

the world portfolio (VT)

113 shared companies

26.2%compare →

Ranked by how much of their holdings you already own through this fund. Overlap by weight where shown.

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