Highlights

  • Exposure focus: A minimum Volatility approach to US stocks.
  • Official net Assets were USD 24,459,810,854 as at 4 November 2026.
  • The listed net annual expense ratio is 0.15%.
  • Its reference measure is MSCI USA Minimum Volatility Index.

iShares MSCI USA Min Vol Factor ETF (CBOEBZX:USMV) follows an index designed to target lower-volatility characteristics within US equities. This is a portfolio construction objective rather than a promise that the share price will remain stable. The resulting holdings can differ from a broad market portfolio, including in their industry mix and sensitivity to changing investor preferences.

Investment approach and market coverage

iShares MSCI USA Min Vol Factor ETF (CBOEBZX:USMV) uses an index-tracking mandate. The stated benchmark is MSCI USA Minimum Volatility Index. The benchmark defines the eligible Investment universe, and its membership and weights shape the portfolio. An index objective does not mean the fund and benchmark will match exactly. Expenses, transactions, cash balances and implementation decisions can create differences. The scope of the mandate matters when comparing this exposure with an existing portfolio, because funds with similar names may cover different securities or market segments.

Holdings and underlying exposure

In the official holdings file dated 3 November 2026, selected leading stock positions were Amphenol Corp Class A at 1.59%; Microsoft at 1.58%; Chubb at 1.55%; Berkshire Hathaway Inc Class B at 1.54%; Exxonmobil Holdings Corp at 1.53%. These figures are security-level portfolio weights; separate securities from the same issuer may appear in other rows. Holdings and weights can change.

Aggregating the reported Equity rows by the issuer file’s sector labels gives Information Technology at approximately 30.94%, Health Care at approximately 14.40%, Financials at approximately 13.80%. These are calculated sums of rounded security weights, rather than a separate issuer-published allocation table. Cash, Derivatives and other asset classes are excluded from these sector sums. The composition helps explain which economic exposures accompany the stated mandate.

Fees distributions and share pricing

iShares MSCI USA Min Vol Factor ETF (CBOEBZX:USMV) has a listed gross annual expense ratio of 0.15% and net annual expense ratio of 0.15%. At the net rate, USD 10,000 held at a constant value for a full year would imply approximately USD 15.00 in annual fund expenses. This is an illustrative fee calculation, excluding changes in value, brokerage costs and bid-ask spreads. Expenses are reflected within the product rather than quoted as a promised investment outcome.

The stated distribution frequency is quarterly. The schedule describes how often distributions are expected, while payment amounts depend on income and other applicable fund circumstances. A distribution is distinct from Capital appreciation and does not establish a fixed future payment. Shareholders also need to consider their own tax treatment, including any treatment of distributions or gains on sale.

iShares reported net asset value of USD 104.44 per share as at 4 November 2026. NAV measures the underlying net asset value allocated to a share; it is not an exchange closing-price quotation. Shares trade on Cboe BZX, where the transaction price can differ from NAV and where the bid-ask spread adds to the cost of entering or exiting a position.

A lower volatility objective still carries equity risk

A minimum-volatility process is designed around selected risk characteristics rather than a guarantee of limited losses. Relationships between stocks can change during a market shock, weakening the Diversification assumed by a portfolio model. The resulting sector and stock weights can differ from the wider market. The strategy may also participate differently when more volatile shares lead a broad advance. It remains an equity investment with variable market value.

Key Insights

iShares MSCI USA Min Vol Factor ETF (CBOEBZX:USMV) is defined by its benchmark and eligible investment universe. Its holdings explain the actual exposure, while the fee schedule and distribution arrangements explain important ownership mechanics. These features need to be considered together: broad coverage, a particular style or a specified Maturity band each changes the risks a Shareholder takes. The investment objective remains a target, and the value of the shares can decline.

Data checked on 5 November 2026. Each numerical observation uses the specific source date stated above.