USMV vs. HELO ETF Comparison

Comparison of iShares MSCI USA Minimum Volatility ETF (USMV) to JPMorgan Hedged Equity Laddered Overlay ETF (HELO)

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

$93.46

Average Daily Volume

1,630,912

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

HELO

JPMorgan Hedged Equity Laddered Overlay ETF

HELO Description

The fund seeks to provide capital appreciation through participation in the broad equity markets while hedging overall market exposure relative to traditional long-only equity strategies. Under normal circumstances, it invests at least 80% of its assets in equity securities. The fund uses an enhanced index strategy to invest in equity securities similar to those in the S&P 500 Index, which primarily consist of common stocks of large capitalization U.S. companies.

Grade (RS Rating)

Last Trade

$62.66

Average Daily Volume

282,728

Number of Holdings ^*

161

* may have additional holdings in another (foreign) market

Performance

Period	USMV	HELO
30 Days	1.70%	1.57%
60 Days	2.42%	3.39%
90 Days	4.02%	4.59%
12 Months	25.63%	20.91%

63 Overlapping Holdings

Symbol	Grade	Weight in USMV	Weight in HELO	Overlap
AAPL	C	0.99%	6.83%	0.99%
ABBV	D	1.04%	1.14%	1.04%
ABT	B	0.09%	0.19%	0.09%
ACN	C	1.29%	0.21%	0.21%
ADI	D	0.23%	0.72%	0.23%
AMZN	C	0.14%	4.5%	0.14%
ANET	C	0.29%	0.15%	0.15%
AON	A	0.53%	0.44%	0.44%
AVGO	D	1.19%	1.02%	1.02%
AZO	C	0.98%	0.65%	0.65%
BMRN	D	0.22%	0.03%	0.03%
BMY	B	0.49%	0.68%	0.49%
BRK.A	B	1.55%	1.53%	1.53%
CDNS	B	0.18%	0.17%	0.17%
CHD	B	0.4%	0.3%	0.3%
CI	F	0.21%	0.34%	0.21%
CMCSA	B	0.39%	0.71%	0.39%
CME	A	0.53%	0.59%	0.53%
CMS	C	0.19%	0.1%	0.1%
CRM	B	0.05%	1.15%	0.05%
CTSH	B	0.76%	0.49%	0.49%
CVX	A	0.34%	0.18%	0.18%
EOG	A	0.17%	0.47%	0.17%
FANG	D	0.55%	0.31%	0.31%
FICO	B	0.59%	0.12%	0.12%
GOOG	C	0.16%	1.46%	0.16%
HON	B	0.25%	0.98%	0.25%
HUM	C	0.4%	0.16%	0.16%
JNJ	D	1.18%	0.51%	0.51%
KO	D	0.1%	0.63%	0.1%
LIN	D	0.16%	0.82%	0.16%
LLY	F	1.25%	1.07%	1.07%
MA	C	0.7%	1.72%	0.7%
MCD	D	1.25%	0.81%	0.81%
MCK	B	1.35%	0.16%	0.16%
MDLZ	F	0.44%	0.72%	0.44%
MDT	D	0.13%	0.46%	0.13%
MMC	B	1.11%	0.14%	0.14%
MRK	F	1.01%	0.24%	0.24%
MSFT	F	1.34%	7.13%	1.34%
MSI	B	1.81%	0.17%	0.17%
NBIX	C	0.32%	0.08%	0.08%
NOC	D	1.43%	0.17%	0.17%
NOW	A	0.75%	0.94%	0.75%
NVDA	C	0.67%	7.8%	0.67%
ORCL	B	1.31%	0.36%	0.36%
OTIS	C	0.07%	0.5%	0.07%
PEP	F	1.01%	0.83%	0.83%
PG	A	1.23%	0.14%	0.14%
PGR	A	1.67%	0.75%	0.75%
REGN	F	0.59%	0.45%	0.45%
SO	D	1.35%	0.84%	0.84%
STX	D	0.16%	0.41%	0.16%
T	A	0.74%	0.18%	0.18%
TMUS	B	1.95%	0.17%	0.17%
TRV	B	1.15%	0.34%	0.34%
TXN	C	1.39%	0.87%	0.87%
UBER	D	0.45%	0.58%	0.45%
UNH	C	1.34%	1.62%	1.34%
V	A	0.9%	1.49%	0.9%
VRTX	F	0.69%	0.6%	0.6%
XOM	B	0.45%	1.43%	0.45%
YUM	B	0.5%	0.5%	0.5%

USMV Overweight 107 Positions Relative to HELO

Symbol	Grade	Weight
WMT	A	1.78%
IBM	C	1.66%
WCN	A	1.56%
RSG	A	1.55%
DUK	C	1.49%
CSCO	B	1.47%
CB	C	1.47%
APH	A	1.44%
WM	A	1.44%
VZ	C	1.35%
ROP	B	1.3%
AJG	B	1.27%
ED	D	1.13%
GDDY	A	1.0%
GILD	C	0.94%
EA	A	0.89%
FCNCA	A	0.88%
CBOE	B	0.85%
LMT	D	0.82%
K	A	0.8%
WEC	A	0.78%
TSN	B	0.71%
FI	A	0.69%
ORLY	B	0.68%
ACGL	D	0.68%
COR	B	0.67%
GIS	D	0.66%
VRSN	F	0.64%
KR	B	0.61%
AMGN	D	0.59%
KDP	D	0.59%
TDY	B	0.57%
BDX	F	0.56%
KEYS	A	0.55%
FFIV	B	0.55%
MPC	D	0.54%
INCY	C	0.53%
PTC	A	0.52%
ELV	F	0.52%
XEL	A	0.46%
NEM	D	0.46%
JNPR	F	0.45%
TJX	A	0.45%
WDAY	B	0.43%
EG	C	0.43%
ERIE	D	0.42%
VRSK	A	0.42%
CL	D	0.41%
BAH	F	0.39%
AEP	D	0.39%
AKAM	D	0.39%
KHC	F	0.38%
WTW	B	0.38%
CTVA	C	0.38%
ROL	B	0.36%
IT	C	0.35%
AFG	A	0.35%
GEN	B	0.35%
CDW	F	0.35%
MKL	A	0.34%
GRMN	B	0.33%
CPB	D	0.33%
AIZ	A	0.32%
WMB	A	0.31%
WRB	A	0.31%
GLW	B	0.31%
FWONK	B	0.31%
HSY	F	0.3%
HD	A	0.3%
ICE	C	0.28%
L	A	0.28%
AEE	A	0.24%
HUBS	A	0.24%
D	C	0.23%
AZPN	A	0.23%
ALNY	D	0.22%
NTAP	C	0.22%
HRL	D	0.21%
KMB	D	0.21%
TW	A	0.2%
DTE	C	0.2%
PKG	A	0.2%
PFE	D	0.2%
DPZ	C	0.19%
CRWD	B	0.19%
MELI	D	0.18%
MOH	F	0.18%
SNPS	B	0.18%
HOLX	D	0.16%
UTHR	C	0.14%
DELL	C	0.12%
HIG	B	0.12%
OXY	D	0.12%
DGX	A	0.11%
LNT	A	0.1%
RTX	C	0.09%
ADP	B	0.09%
TEL	B	0.07%
ATO	A	0.06%
PSX	C	0.06%
FSLR	F	0.06%
KNX	B	0.06%
VLO	C	0.05%
BR	A	0.05%
GD	F	0.05%
ULTA	F	0.04%
CVS	D	0.04%

USMV Underweight 98 Positions Relative to HELO

Symbol	Grade	Weight
META	D	-2.9%
GOOGL	C	-2.09%
TSLA	B	-1.58%
BAC	A	-1.26%
WFC	A	-1.0%
LOW	D	-0.99%
TT	A	-0.96%
TMO	F	-0.89%
NEE	D	-0.83%
COP	C	-0.81%
SYK	C	-0.76%
BKNG	A	-0.75%
GS	A	-0.75%
NXPI	D	-0.72%
DE	A	-0.68%
HWM	A	-0.62%
MU	D	-0.57%
TFC	A	-0.56%
UPS	C	-0.54%
COST	B	-0.53%
BSX	B	-0.52%
TDG	D	-0.52%
FIS	C	-0.52%
INTU	C	-0.51%
CMG	B	-0.51%
PLD	D	-0.5%
PCG	A	-0.5%
FITB	A	-0.48%
CPAY	A	-0.47%
CARR	D	-0.46%
AMD	F	-0.45%
DHR	F	-0.44%
ROST	C	-0.44%
SCHW	B	-0.42%
CSX	B	-0.41%
LDOS	C	-0.39%
DLR	B	-0.39%
VTR	C	-0.39%
ETN	A	-0.38%
LRCX	F	-0.37%
HLT	A	-0.36%
DOW	F	-0.35%
RCL	A	-0.34%
FDX	B	-0.33%
USB	A	-0.33%
PM	B	-0.32%
MNST	C	-0.32%
SBAC	D	-0.31%
DIS	B	-0.31%
MET	A	-0.3%
C	A	-0.3%
EXPE	B	-0.29%
TXT	D	-0.29%
WELL	A	-0.27%
KVUE	A	-0.26%
CHTR	C	-0.25%
BKR	B	-0.24%
BURL	A	-0.24%
LYB	F	-0.23%
IR	B	-0.23%
DAL	C	-0.23%
MAS	D	-0.23%
PPG	F	-0.21%
AXP	A	-0.21%
BBY	D	-0.2%
AMP	A	-0.2%
KKR	A	-0.2%
ELS	C	-0.19%
HPE	B	-0.18%
PCAR	B	-0.18%
ADBE	C	-0.18%
WDC	D	-0.18%
UNP	C	-0.17%
MLM	B	-0.16%
MO	A	-0.15%
LEN	D	-0.14%
TGT	F	-0.14%
SQ	B	-0.14%
URI	B	-0.13%
LULU	C	-0.13%
PFG	D	-0.13%
BIIB	F	-0.12%
NUE	C	-0.11%
HCA	F	-0.11%
DASH	A	-0.11%
VST	B	-0.1%
APTV	D	-0.1%
WMG	C	-0.1%
EQIX	A	-0.07%
SIRI	C	-0.07%
EQT	B	-0.06%
BAX	D	-0.06%
MRVL	B	-0.06%
AME	A	-0.06%
EL	F	-0.05%
NRG	B	-0.04%
SRPT	D	-0.03%
LKQ	D	-0.02%