USMV vs. FQAL ETF Comparison

Comparison of iShares MSCI USA Minimum Volatility ETF (USMV) to Fidelity Quality Factor ETF (FQAL)

USMV

iShares MSCI USA Minimum Volatility ETF

USMV Description

The investment seeks the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market. The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities in the underlying index. The underlying index follows a rules-based methodology to determine weights for securities in the index that seeks to minimize total risk of the MSCI USA Index. Components primarily include consumer staples, healthcare and information technology companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$91.07

Average Daily Volume

2,239,373

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

FQAL

Fidelity Quality Factor ETF

FQAL Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Quality Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Quality Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with a higher quality profile than the broader market.

Grade (RS Rating)

Last Trade

$64.61

Average Daily Volume

30,621

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

Performance

Period	USMV	FQAL
30 Days	1.20%	2.26%
60 Days	5.77%	5.40%
90 Days	9.04%	5.70%
12 Months	27.40%	32.29%

43 Overlapping Holdings

Symbol	Grade	Weight in USMV	Weight in FQAL	Overlap
AAPL	C	0.99%	6.87%	0.99%
ABBV	B	1.21%	1.37%	1.21%
ACGL	B	0.81%	0.79%	0.79%
ACN	C	1.24%	1.02%	1.02%
ADP	C	0.08%	0.61%	0.08%
AVGO	C	1.26%	2.07%	1.26%
AZO	B	0.96%	0.75%	0.75%
BMY	C	0.43%	0.91%	0.43%
CL	C	0.46%	0.4%	0.4%
CME	B	0.51%	0.83%	0.51%
CVX	F	0.31%	0.63%	0.31%
DPZ	D	0.18%	0.68%	0.18%
EOG	D	0.16%	0.3%	0.16%
FICO	B	0.5%	0.83%	0.5%
GILD	B	0.9%	0.97%	0.9%
GRMN	D	0.28%	0.73%	0.28%
HD	B	0.29%	1.46%	0.29%
HSY	D	0.34%	0.29%	0.29%
JNJ	C	1.26%	1.47%	1.26%
KMB	C	0.22%	0.33%	0.22%
KO	B	0.11%	0.77%	0.11%
LIN	B	0.18%	0.56%	0.18%
LLY	D	1.58%	2.16%	1.58%
LMT	A	0.9%	0.61%	0.61%
MA	B	0.66%	1.43%	0.66%
MCD	B	1.29%	1.14%	1.14%
MDLZ	C	0.51%	0.45%	0.45%
MSFT	C	1.38%	6.8%	1.38%
NVDA	C	0.55%	6.13%	0.55%
ORLY	B	0.64%	0.79%	0.64%
OTIS	B	0.06%	0.45%	0.06%
PG	C	1.25%	1.01%	1.01%
PGR	C	1.68%	1.02%	1.02%
SO	B	1.38%	0.37%	0.37%
T	B	0.71%	0.55%	0.55%
V	C	0.78%	1.52%	0.78%
VRSK	D	0.4%	0.45%	0.4%
VRTX	D	0.71%	0.9%	0.71%
VZ	A	1.44%	0.61%	0.61%
WEC	B	0.74%	0.25%	0.25%
WMB	C	0.24%	0.28%	0.24%
XOM	D	0.45%	1.15%	0.45%
YUM	B	0.51%	0.73%	0.51%

USMV Overweight 127 Positions Relative to FQAL

Symbol	Grade	Weight
IBM	B	1.75%
TMUS	B	1.69%
MSI	B	1.67%
WMT	B	1.66%
NOC	B	1.54%
DUK	B	1.53%
BRK.A	C	1.51%
RSG	D	1.5%
CB	B	1.5%
WCN	D	1.49%
TXN	B	1.42%
WM	D	1.37%
CSCO	B	1.35%
UNH	C	1.34%
APH	C	1.34%
ROP	C	1.31%
MRK	F	1.21%
AJG	D	1.21%
ED	B	1.2%
ORCL	B	1.15%
MMC	C	1.12%
PEP	D	1.1%
MCK	F	1.06%
TRV	C	1.05%
CBOE	C	0.86%
GDDY	C	0.84%
REGN	D	0.83%
K	A	0.81%
GIS	B	0.77%
CTSH	B	0.76%
EA	D	0.76%
FCNCA	D	0.74%
KDP	B	0.71%
AMGN	D	0.7%
ELV	D	0.69%
NOW	C	0.68%
TSN	D	0.68%
VRSN	C	0.66%
COR	F	0.62%
BDX	D	0.6%
NEM	C	0.6%
KR	B	0.59%
FANG	F	0.57%
FI	B	0.57%
KEYS	B	0.56%
MPC	F	0.56%
ERIE	B	0.54%
TDY	B	0.53%
FFIV	B	0.52%
JNPR	A	0.5%
UBER	C	0.5%
PTC	C	0.49%
AON	B	0.49%
INCY	C	0.48%
CDW	D	0.46%
AKAM	D	0.46%
BAH	B	0.45%
EG	B	0.45%
HUM	F	0.45%
TJX	C	0.44%
KHC	C	0.43%
XEL	B	0.43%
AEP	C	0.41%
WDAY	D	0.41%
CPB	C	0.38%
CMCSA	C	0.38%
CHD	C	0.37%
ROL	C	0.37%
CTVA	B	0.37%
WTW	B	0.35%
IT	C	0.34%
AFG	C	0.34%
GEN	A	0.33%
NBIX	F	0.32%
MKL	C	0.32%
GLW	B	0.3%
FWONK	C	0.3%
ICE	C	0.29%
AIZ	B	0.29%
WRB	D	0.29%
ANET	C	0.29%
L	D	0.27%
ADI	C	0.25%
BMRN	F	0.25%
ALNY	C	0.25%
PFE	D	0.24%
AEE	B	0.23%
D	C	0.23%
CI	C	0.23%
HRL	F	0.22%
NTAP	D	0.22%
MOH	D	0.22%
AZPN	B	0.22%
HON	C	0.22%
MELI	C	0.2%
CMS	B	0.2%
DTE	A	0.2%
HUBS	D	0.19%
TW	B	0.18%
STX	B	0.18%
PKG	B	0.18%
HOLX	D	0.17%
SNPS	F	0.17%
CRWD	D	0.16%
CDNS	D	0.16%
GOOG	D	0.15%
UTHR	B	0.14%
MDT	B	0.14%
AMZN	C	0.13%
OXY	F	0.13%
HIG	B	0.12%
LNT	A	0.1%
DELL	C	0.1%
DGX	B	0.1%
RTX	B	0.09%
ABT	C	0.09%
FSLR	C	0.08%
TEL	D	0.07%
PSX	F	0.06%
GD	C	0.06%
KNX	C	0.06%
VLO	F	0.05%
CVS	D	0.05%
BR	C	0.05%
ULTA	D	0.05%
ATO	B	0.05%
CRM	C	0.04%

USMV Underweight 81 Positions Relative to FQAL

Symbol	Grade	Weight
GOOGL	D	-3.54%
META	B	-2.58%
ADBE	F	-1.03%
COST	C	-1.02%
LOW	B	-1.01%
QCOM	D	-1.01%
BKNG	B	-1.0%
SPGI	C	-0.98%
BX	C	-0.94%
AMAT	D	-0.92%
ZTS	B	-0.91%
VEEV	C	-0.86%
PANW	D	-0.85%
NFLX	B	-0.84%
IDXX	D	-0.84%
KLAC	D	-0.82%
MCO	C	-0.81%
AMP	B	-0.78%
LRCX	D	-0.77%
CAT	B	-0.76%
ABNB	D	-0.75%
MTD	C	-0.73%
WSM	C	-0.73%
CPAY	B	-0.72%
MSCI	C	-0.71%
JXN	B	-0.69%
MEDP	F	-0.69%
UNP	D	-0.66%
CBSH	D	-0.65%
KNSL	D	-0.65%
CFR	C	-0.65%
EWBC	C	-0.64%
PM	C	-0.6%
QLYS	D	-0.55%
TDG	B	-0.55%
CTAS	C	-0.53%
MMM	B	-0.53%
NEE	B	-0.52%
ITW	B	-0.52%
CSX	C	-0.5%
GWW	B	-0.49%
FAST	C	-0.47%
PAYX	C	-0.47%
AME	C	-0.47%
CPRT	D	-0.45%
ODFL	D	-0.44%
COP	F	-0.41%
MO	C	-0.4%
TTD	B	-0.39%
PLD	C	-0.35%
CEG	C	-0.34%
AMT	C	-0.33%
SHW	B	-0.31%
MNST	D	-0.31%
VST	B	-0.29%
ECL	B	-0.26%
FCX	C	-0.26%
LNG	D	-0.25%
PSA	C	-0.25%
NRG	B	-0.24%
O	B	-0.23%
SPG	B	-0.23%
TPL	C	-0.22%
EXR	C	-0.21%
NFG	B	-0.2%
MLM	D	-0.19%
VICI	C	-0.19%
NUE	D	-0.19%
AVB	C	-0.19%
UGI	B	-0.19%
AM	B	-0.18%
EQR	C	-0.18%
ESS	C	-0.17%
CF	B	-0.17%
WHD	D	-0.17%
SBAC	C	-0.17%
RS	D	-0.16%
AVY	C	-0.16%
EXP	B	-0.16%
RGLD	C	-0.15%
GLPI	C	-0.15%