USMV's largest holdings are Amphenol Corp, Microsoft Corp, NVIDIA CORP, Welltower Inc, Verizon Communications Inc. The full top list is on this page.

How concentrated is USMV?

The top 10 holdings are 15.1% of the fund, across 178 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 USMV?

By weight of its equity holdings: Technology 32.6%, Healthcare 14.1%, Financial Services 13.1%.

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

34.9% of USMV overlaps with the S&P 500 (VOO) by weight, across 152 shared companies.

What is USMV's P/E ratio?

Computed from company annual reports and filed position values, USMV's weighted price-to-earnings ratio is 24.1, covering 97% of the fund by weight. The weighted price-to-book ratio is 4.22.

US-listed · United States

USMV

iShares MSCI USA Min Vol Factor ETF

US46429B6974 · 0BY9 · BlackRock (iShares)

178 holdings as of 2026-09-11 · top 10 = 15.1% · TER 0.15% · P/E 24.1

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Concentration

Well diversifiedtop 10 = 15.1%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

178

as of 2026-09-11

Top 10

15.1%

TER

0.15%

cheaper than 87% of peers

Net assets

US$24.0B

reported in USD

Largest

1.6%

P / E

24.1

covers 97% by weight

Sections

Holdings as of 2026-09-11.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

Volatility 1Y

8.7%

Tracked index

MSCI USA Minimum Volatility Index

02Valuation and performance

market price return · as of 2026-09-17

-1.7%

+4.9%

+6.0%

YTD

+5.0%

+5.6%

Trackingfund minus MSCI USA Minimum Volatility Index · annualised

1Y return gap

-0.18 pp/yr

3Y return gap

+0.03 pp/yr

5Y return gap

-0.05 pp/yr

3Y tracking error

0.33%

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.

Valuation170 companies covered · weighted, profitable holdings only

24.1

price / earnings

4.0%

covers 100% by weight

4.22

price / book

covers 87% 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	Amphenol Corp US	APH	1.6
2	Microsoft Corp US	MSFT	1.6
3	NVIDIA CORP US	NVDA	1.5
4	Welltower Inc US	WELL	1.5
5	Verizon Communications Inc US	VZ	1.5
6	JOHNSON & JOHNSON US	JNJ	1.5
7	Chubb Limited CH	CB	1.5
8	ExxonMobil Holdings Corporation US	2670549D	1.5
9	MOTOROLA SOLUTIONS, INC. US	MSI	1.5
10	BERKSHIRE HATHAWAY INC. US	BRK/B	1.5
11	Merck & Co Inc US	MRK	1.4
12	CISCO SYSTEMS, INC. US	CSCO	1.4
13	Vertex Pharmaceuticals Inc US	VRTX	1.4
14	DUKE ENERGY CORPORATION US	DUK	1.4
15	McKesson Corp US	MCK	1.3
16	THE SOUTHERN COMPANY US	SO	1.3
17	WASTE MANAGEMENT, INC. US	WM	1.3
18	Republic Services Inc US	RSG	1.3
19	THE COCA-COLA COMPANY US	KO	1.3
20	Cencora Inc US	COR	1.3
21	Mastercard Inc US	MA	1.2
22	CONSOLIDATED EDISON, INC. US	ED	1.2
23	WASTE CONNECTIONS, INC. CA	WCN	1.2
24	Salesforce Inc US	CRM	1.2
25	THE PROCTER & GAMBLE COMPANY US	PG	1.0
26	T-MOBILE US, INC. US	TMUS	1.0
27	The Bank of New York Mellon Corporation US	BK	1.0
28	ROPER TECHNOLOGIES, INC. US	ROP	1.0
29	McDonald's Corp US	MCD	1.0
30	Visa Inc US	V	1.0
31	SERVICENOW, INC. US	NOW	1.0
32	Apple Inc US	AAPL	1.0
33	AT&T Inc US	T	0.9
34	PALANTIR TECHNOLOGIES INC-A US	PLTR	0.9
35	BROADCOM INC US	AVGO	0.9
36	THE TJX COMPANIES, INC. US	TJX	0.9
37	Colgate-Palmolive Co US	CL	0.9
38	CME GROUP INC. US	CME	0.9
39	TELEDYNE TECHNOLOGIES INCORPORATED US	TDY	0.9
40	Gilead Sciences Inc US	GILD	0.8
41	MARSH INC US	MRSH	0.8
42	Pepsico, Inc. US	PEP	0.8
43	YUM BRANDS INC US	YUM	0.8
44	The Travelers Companies, Inc. US	TRV	0.8
45	WEC ENERGY GROUP INC. US	WEC	0.8
46	MONSTER BEVERAGE CORPORATION US	MNST	0.8
47	FORTINET, INC. US	FTNT	0.8
48	LOCKHEED MARTIN CORPORATION US	LMT	0.8
49	Micron Technology Inc US	MU	0.8
50	ELI LILLY & CO US	LLY	0.8

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04Exposure

Equity 99.8%

By sector

Technology32.6%

Healthcare14.1%

Financial Services13.1%

Consumer Defensive9.3%

Utilities6.6%

Industrials6.2%

Consumer Cyclical4.9%

Communication Services4.9%

Real Estate2.6%

Energy2.6%

Materials1.4%

By country

USUnited States94.4%

IEIreland2.8%

CHSwitzerland1.5%

CACanada1.2%

KYCayman Islands0.1%

BMBermuda0.1%

CurrencyUSD 94.6% EUR 2.8% CHF 1.5% CAD 1.2%

05Similar funds

funds with comparable exposure

VOO

the S&P 500 (VOO)

152 shared companies

34.9%compare →

VTI

the US total market (VTI)

168 shared companies

32.2%compare →

the world portfolio (VT)

169 shared companies

23.6%compare →

IVV

Comparable exposure

Comparecompare →

SPY

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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