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

How concentrated is QUAL?

The top 10 holdings are 45.3% of the fund, across 122 positions.

The total expense ratio on record is 0.15%. That is cheaper than 87% of the 2,564 US-listed equity funds we track.

Which sectors dominate QUAL?

By weight of its equity holdings: Technology 38.1%, Financial Services 11.8%, Communication Services 9.7%.

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

42.3% 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 23.3, covering 100% of the fund by weight. The weighted price-to-book ratio is 7.76.

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 2026-09-11 · top 10 = 45.3% · TER 0.15% · P/E 23.3

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Concentration

Concentratedtop 10 = 45.3%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

122

as of 2026-09-11

Top 10

45.3%

TER

0.15%

cheaper than 87% of peers

Net assets

US$46.9B

reported in USD

Largest

7.7%

P / E

23.3

covers 100% by weight

Sections

Holdings as of 2026-09-11.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

First listed

2013-06-30

Volatility 1Y

12.2%

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 2026-09-17

-2.3%

+1.4%

+12.7%

YTD

+10.2%

+14.5%

Trackingfund minus MSCI USA Sector Neutral Quality Index · annualised

1Y return gap

-0.29 pp/yr

3Y return gap

-0.21 pp/yr

5Y return gap

-0.19 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

23.3

price / earnings

covers 100% by weight

4.3%

covers 100% by weight

7.76

price / book

covers 89% 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 2026-09-11

#	Company	Identifier	Weight
1	Microsoft Corp US	MSFT	7.7
2	Apple Inc US	AAPL	7.2
3	NVIDIA CORP US	NVDA	6.4
4	META PLATFORMS INC-CLASS A US	META	4.3
5	ELI LILLY & CO US	LLY	3.6
6	LAM RESEARCH US	LRCX	3.6
7	ALPHABET INC US	GOOGL	3.5
8	Visa Inc US	V	3.2
9	THE TJX COMPANIES, INC. US	TJX	3.2
10	Applied Materials Inc US	AMAT	2.8
11	KLA Corp US	KLAC	2.5
12	ExxonMobil Holdings Corporation US	2670549D	2.3
13	Mastercard Inc US	MA	2.3
14	JOHNSON & JOHNSON US	JNJ	2.1
15	NETFLIX INC US	NFLX	1.9
16	BERKSHIRE HATHAWAY INC. US	BRK/B	1.9
17	ARISTA NETWORKS, INC. US	ANET	1.5
18	ROSS STORES, INC. US	ROST	1.4
19	Merck & Co Inc US	MRK	1.4
20	AUTOMATIC DATA PROCESSING, INC. US	ADP	1.2
21	FORTINET, INC. US	FTNT	1.1
22	Costco Wholesale Corp US	COST	1.1
23	Linde PLC IE	LIN	1.0
24	Adobe Inc US	ADBE	1.0
25	Chipotle Mexican Grill Inc US	CMG	1.0
26	WALMART INC. US	WMT	1.0
27	Garmin Ltd. CH	GRMN	0.9
28	3M COMPANY US	MMM	0.9
29	LOCKHEED MARTIN CORPORATION US	LMT	0.9
30	THE PROCTER & GAMBLE COMPANY US	PG	0.8
31	THE COCA-COLA COMPANY US	KO	0.8
32	Prologis Inc US	PLD	0.8
33	TRANE TECHNOLOGIES PLC IE	TT	0.8
34	Accenture PLC IE	ACN	0.8
35	Illinois Tool Works Inc US	ITW	0.7
36	Williams-Sonoma Inc US	WSM	0.7
37	Gilead Sciences Inc US	GILD	0.7
38	HOWMET AEROSPACE INC. US	HWM	0.7
39	CINTAS CORPORATION US	CTAS	0.6
40	AppLovin Corp US	APP	0.6
41	COMFORT SYSTEMS USA, INC. US	FIX	0.6
42	INTUIT INC. US	INTU	0.5
43	FASTENAL COMPANY US	FAST	0.5
44	ULTA BEAUTY, INC. US	ULTA	0.5
45	W.W. GRAINGER, INC. US	GWW	0.5
46	Xcel Energy Inc. US	XEL	0.5
47	THE CHARLES SCHWAB CORPORATION US	SCHW	0.5
48	CADENCE DESIGN SYSTEMS, INC. US	CDNS	0.5
49	CONSOLIDATED EDISON, INC. US	ED	0.5
50	BLACKROCK, INC. US	BLK	0.5

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04Exposure

Equity 99.8%

By sector

Technology38.1%

Financial Services11.8%

Communication Services9.7%

Healthcare9.3%

Consumer Cyclical9.1%

Industrials8.6%

Consumer Defensive4.3%

Utilities2.0%

Materials1.7%

Real Estate1.4%

Energy1.1%

By country

USUnited States96.0%

IEIreland2.6%

CHSwitzerland1.2%

KYCayman Islands0.1%

BMBermuda0.1%

CurrencyUSD 96.2% EUR 2.6% CHF 1.2%

05Similar funds

funds with comparable exposure

VOO

the S&P 500 (VOO)

108 shared companies

42.3%compare →

VTI

the US total market (VTI)

112 shared companies

37.3%compare →

the world portfolio (VT)

112 shared companies

25.7%compare →

IVV

Comparable exposure

Comparecompare →

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

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