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Wednesday, August 19, 2026The Morning Brief →Sign in
QUALISharesINDEX

iShares MSCI USA Quality Factor ETF

$224.35+0.11% today
18622752-WK

The fund generally will invest at least 90% of its assets in the component securities of the underlying index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents. The index is based on a traditional market capitalization-weighted parent index, the MSCI USA Index.

Price & daily flows
218.4206.8195.2224.35DAILY NET FLOWAug 19Dec 16Apr 17Aug 19

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 3Y SHOWN · NET −$5.5B OVER THIS RANGE

The desk’s read

Money keeps arriving — +$2M of net buying over the past month, while the price has returned +12.6% so far this year. At 0.15% a year it is not the cheapest way in — IVV runs the same ground at 0.03%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$47.9Bassets under management
0.15%expense ratio · $15 per $10,000 a year
+$2Mnet flow, trailing month
912Kavg daily volume, 30 days
129holdings · US-domiciled
2013listed July 15, 2013 · beta 0.89
The book at a glance
MSFT+0.5%AAPL+1.5%NVDA-0.1%LLY+4.2%TJX-3.4%LRCX-6.6%META+1.3%V+1.0%AMAT-4.0%KLAC-3.9%XOM+0.1%MA+0.3%JNJ+1.3%GOOGL+0.1%NFLX+3.7%BRKB-0.1%GOOG-0.1%ROST+0.1%MRK+12.8%ANET-2.3%ADP+3.2%COST+0.3%FTNT-3.3%ADBE+3.8%LIN+1.0%WMT+0.3%LMT-2.0%MMM-0.2%GRMN+0.0%CMG+2.7%HWM-2.3%KO+2.0%PLD+0.6%PGTTITW+0.7%ACNWSM

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1MSFTMICROSOFT7.24%$484.05+0.5%
2AAPLAPPLE6.43%$314.93+1.5%
3NVDANVIDIA6.42%$219.51-0.1%
4LLYELI LILLY3.69%$1277.74+4.2%
5TJXTJX COMPANIES3.73%$146.04-3.4%
6LRCXLAM RESEARCH4.01%$306.37-6.6%
7METAMETA3.69%$550.43+1.3%
8VVISA3.04%$367.93+1.0%
9AMATAPPLIED MATERIALS3.20%$493.44-4.0%
10KLACKLA2.72%$187.25-3.9%
11XOMEXXON MOBIL2.22%$165.80+0.1%
12MAMASTERCARD2.19%$575.88+0.3%
13JNJJOHNSON & JOHNSON2.06%$274.55+1.3%
14GOOGLALPHABET1.94%$344.64+0.1%
15NFLXNETFLIX1.78%$80.66+3.7%

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Sector weights
Information Technology37.52%
Financials11.48%
Consumer Discretionary9.79%
Communication9.61%
Industrials9.17%
Health Care9.16%
Consumer Staples4.28%
Energy3.3%
Utilities2.02%
Materials1.79%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-0.5%
1 month+3.0%
3 months+6.4%
6 months+11.2%
YTD+12.6%
1 year
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week+$169M
1 month+$2M
3 months−$6.2B
YTD−$6B
1 year−$15B

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
AugSepOctNovDecJanFebMarAprMayJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
10%realized volatility, 30 days (annualized)
12%realized volatility, 1 year
-9.2%deepest fall from a peak, 1 year
-1.2%where it sits vs. that peak today

The top holding is 7.2% of the book; the top ten carry 44%. Spread across 126+ names, it behaves like roughly 36 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
calls today
puts today
put/call ratio
781Kshares traded
Most-traded holdings, options premiumBullishBearish
NVDA NVIDIA$310M$325M
AAPL APPLE$207M$174M
META META$189M$188M
MSFT MICROSOFT$121M$128M
LLY ELI LILLY$141M$81M

TODAY’S OPTIONS PREMIUM IN THE FUND’S UNDERLYING NAMES

The case against QUAL

Due diligence cuts both ways. These funds sit on the same shelf and beat QUAL on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
ITOT iShares Core S&P Total U.S. Stock Market ETF0.03%$97.9B+$245M-12bp on fee · 2× the assets · +$245M in over the monthHead-to-head
IUSG iShares Core S&P U.S. Growth ETF0.04%$33.8B+$668M-11bp on fee · +$668M in over the monthHead-to-head
IUSV iShares Core S&P U.S. Value ETF0.04%$28.1B+$103M-11bp on fee · +$103M in over the monthHead-to-head
IVV iShares Core S&P 500 ETF0.03%$900.9B−$14.2B-12bp on fee · 19× the assetsHead-to-head
VOO Vanguard 500 Index Fund0.03%$500.4B-12bp on fee · 10× the assetsHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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