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

iShares MSCI USA Min Vol Factor ETF

$101.29+0.77% today
9110152-WK

The fund will invest at least 80% of its assets in the component securities of its underlying index and in investments that have economic characteristics that are substantially identical to the component securities of its underlying index. The index measures the performance of large and mid-capitalization equity securities listed on stock exchanges in the U.S. that, in the aggregate, have lower volatility relative to the large- and mid-cap U.S. equity market.

Price & daily flows
100.298.797.2101.29DAILY NET FLOWJul 20Jul 29Aug 10Aug 19

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1M SHOWN · NET −$81M OVER THIS RANGE

The desk’s read

Money is leaving — −$81M walked out over the past month, about 0.3% of the fund's asset base, while the price has returned +8.2% 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

$24.1Bassets under management
0.15%expense ratio · $15 per $10,000 a year
−$81Mnet flow, trailing month
2.1Mavg daily volume, 30 days
175holdings · US-domiciled
2011listed October 17, 2011 · beta 0.32
The book at a glance
MSFT+0.3%JNJ+3.2%VRTX+2.6%WELL-0.0%APH-6.6%CB+1.4%MSI+2.6%NEM-3.7%XOM+2.5%NVDA-2.3%VZ+1.0%BRKB+1.0%DUK+0.3%CSCO-1.2%SO-0.2%MRK-0.6%WM-0.3%MCK+0.9%KO+2.1%COR+1.1%MA+2.1%RSG+0.8%WCN+0.3%ED+0.1%PLTR-0.6%MCD+0.6%IBM+1.8%TJX+0.2%PANW-0.5%TMUS+1.4%PG+0.3%ROP+1.1%V+1.5%AVGO-3.2%TDY-2.5%CBOE-1.3%CRM+2.5%CL+1.3%T+0.7%NOW+1.5%

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

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1MSFTMICROSOFT1.65%$481.85+0.3%
2JNJJOHNSON & JOHNSON1.55%$271.02+3.2%
3VRTXVERTEX PHARMACEUTICALS1.55%$528.64+2.6%
4WELLWELLTOWER1.55%$235.35-0.0%
5APHAMPHENOL1.65%$159.62-6.6%
6CBCHUBB1.48%$345.59+1.4%
7MSIMOTOROLA SOLUTIONS1.43%$469.69+2.6%
8NEMNEWMONT1.53%$115.91-3.7%
9XOMEXXON MOBIL1.42%$165.56+2.5%
10NVDANVIDIA1.46%$219.76-2.3%
11VZVERIZON COMMUNICATIONS1.41%$48.55+1.0%
12BRKBBerkshire Hathaway Inc.1.41%$503.10+1.0%
13DUKDUKE ENERGY1.40%$124.06+0.3%
14CSCOCISCO SYSTEMS1.40%$111.58-1.2%
15SOSOUTHERN1.38%$92.04-0.2%

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Sector weights
Information Technology33.21%
Health Care13.55%
Financials12.24%
Consumer Staples9.1%
Industrials6.93%
Utilities6.77%
Consumer Discretionary5.19%
Communication4.92%
Energy2.88%
Real Estate2.59%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week+0.5%
1 month+4.9%
3 months+5.5%
6 months+5.3%
YTD+8.2%
1 year
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week−$239M
1 month−$81M
3 months+$67M
YTD−$194M
1 year−$901M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
AugSepOctNovDecJanFebMarAprMayJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
8%realized volatility, 30 days (annualized)
9%realized volatility, 1 year
-6.8%deepest fall from a peak, 1 year
-0.1%where it sits vs. that peak today

The top holding is 1.6% of the book; the top ten carry 15%. Spread across 167+ names, it behaves like roughly 110 equally-weighted positions.

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

Options tape
1calls today
21puts today
21.00put/call ratio
1.3Mshares traded
Most-traded holdings, options premiumBullishBearish
MU MICRON TECHNOLOGY$974M$1.1B
META META$364M$489M
NVDA NVIDIA$404M$388M
AMD ADVANCED MICRO DEVICES$280M$277M
AMZN AMAZON $213M$204M

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

The case against USMV

Due diligence cuts both ways. These funds sit on the same shelf and beat USMV 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 · 4× 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 · 37× the assetsHead-to-head
VOO Vanguard 500 Index Fund0.03%$500.4B-12bp on fee · 21× the assetsHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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