USMV vs. FDLO ETF Comparison

Comparison of iShares MSCI USA Minimum Volatility ETF (USMV) to Fidelity Low Volatility Factor ETF (FDLO)

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

$91.28

Average Daily Volume

2,252,906

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

FDLO

Fidelity Low Volatility Factor ETF

FDLO Description

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

Grade (RS Rating)

Last Trade

$61.07

Average Daily Volume

89,785

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

Performance

Period	USMV	FDLO
30 Days	1.97%	2.72%
60 Days	6.57%	5.11%
90 Days	8.42%	6.79%
12 Months	23.92%	23.48%

79 Overlapping Holdings

Symbol	Grade	Weight in USMV	Weight in FDLO	Overlap
AAPL	C	0.97%	7.33%	0.97%
ABBV	C	1.22%	1.18%	1.18%
ABT	C	0.09%	0.93%	0.09%
ACN	C	1.28%	1.61%	1.28%
ADP	B	0.08%	0.62%	0.08%
AEE	C	0.22%	0.24%	0.22%
AEP	C	0.42%	0.3%	0.3%
AIZ	B	0.28%	0.54%	0.28%
AJG	D	1.29%	0.62%	0.62%
AKAM	D	0.45%	1.16%	0.45%
AMGN	B	0.7%	0.84%	0.7%
AMZN	C	0.12%	3.64%	0.12%
AZO	D	0.99%	0.48%	0.48%
BAH	C	0.44%	0.44%	0.44%
BDX	D	0.59%	0.63%	0.59%
BRK.A	C	1.49%	2.09%	1.49%
CB	B	1.5%	0.73%	0.73%
CBOE	C	0.87%	0.59%	0.59%
CL	D	0.47%	0.41%	0.41%
CMCSA	D	0.36%	0.87%	0.36%
CME	C	0.51%	0.69%	0.51%
CMS	C	0.2%	0.24%	0.2%
CSCO	C	1.29%	1.54%	1.29%
CTVA	B	0.37%	0.21%	0.21%
CVX	D	0.3%	0.6%	0.3%
DUK	C	1.55%	0.37%	0.37%
EA	D	0.78%	0.65%	0.65%
ED	C	1.22%	0.27%	0.27%
EOG	D	0.15%	0.28%	0.15%
ERIE	B	0.52%	0.57%	0.52%
GD	B	0.06%	0.52%	0.06%
GIS	B	0.77%	0.33%	0.33%
GRMN	D	0.27%	0.46%	0.27%
HD	B	0.28%	1.1%	0.28%
HON	D	0.22%	0.64%	0.22%
HSY	C	0.35%	0.28%	0.28%
IBM	B	1.7%	1.6%	1.6%
JNJ	C	1.28%	1.28%	1.28%
KMB	D	0.22%	0.33%	0.22%
KO	C	0.11%	0.77%	0.11%
LIN	B	0.17%	0.56%	0.17%
LLY	C	1.58%	1.98%	1.58%
LMT	C	0.88%	0.63%	0.63%
MA	B	0.67%	1.28%	0.67%
MCD	B	1.27%	0.81%	0.81%
MDLZ	B	0.52%	0.44%	0.44%
MMC	C	1.16%	0.71%	0.71%
MRK	D	1.22%	1.07%	1.07%
MSFT	C	1.38%	7.19%	1.38%
MSI	B	1.64%	1.36%	1.36%
NOC	B	1.52%	0.54%	0.54%
ORCL	C	1.12%	1.76%	1.12%
ORLY	C	0.63%	0.5%	0.5%
OTIS	C	0.06%	0.45%	0.06%
PEP	C	1.15%	0.7%	0.7%
PG	C	1.26%	1.03%	1.03%
PGR	B	1.68%	0.84%	0.84%
PKG	B	0.18%	0.17%	0.17%
REGN	C	0.92%	0.76%	0.76%
ROP	C	1.31%	1.24%	1.24%
RSG	D	1.52%	0.48%	0.48%
SO	B	1.37%	0.39%	0.39%
T	C	0.71%	0.96%	0.71%
TJX	B	0.45%	0.65%	0.45%
TMUS	C	1.7%	0.84%	0.84%
TRV	C	1.05%	0.63%	0.63%
TXN	C	1.38%	1.52%	1.38%
UNH	C	1.38%	1.57%	1.38%
V	C	0.83%	1.38%	0.83%
VRSN	D	0.65%	1.11%	0.65%
VRTX	D	0.75%	0.71%	0.71%
VZ	B	1.44%	1.0%	1.0%
WEC	C	0.75%	0.27%	0.27%
WM	D	1.37%	0.53%	0.53%
WMB	B	0.23%	0.27%	0.23%
WMT	C	1.66%	0.91%	0.91%
WRB	C	0.3%	0.53%	0.3%
XEL	B	0.42%	0.28%	0.28%
XOM	C	0.43%	1.1%	0.43%

USMV Overweight 91 Positions Relative to FDLO

Symbol	Grade	Weight
WCN	D	1.55%
APH	D	1.29%
AVGO	C	1.21%
MCK	F	1.14%
GILD	B	0.89%
K	B	0.81%
GDDY	C	0.81%
ACGL	C	0.8%
CTSH	C	0.77%
FCNCA	D	0.73%
ELV	C	0.72%
KDP	B	0.71%
TSN	C	0.69%
COR	D	0.66%
NOW	B	0.65%
KR	C	0.59%
NEM	B	0.58%
FI	A	0.57%
MPC	F	0.56%
KEYS	C	0.54%
NVDA	D	0.54%
FANG	D	0.53%
TDY	B	0.52%
YUM	D	0.51%
FFIV	B	0.49%
AON	B	0.49%
JNPR	B	0.49%
INCY	C	0.48%
FICO	B	0.48%
HUM	F	0.47%
UBER	C	0.47%
PTC	D	0.47%
CDW	D	0.45%
EG	C	0.45%
KHC	C	0.44%
WDAY	D	0.42%
BMY	C	0.41%
VRSK	D	0.4%
CPB	C	0.39%
ROL	C	0.37%
CHD	D	0.37%
WTW	C	0.36%
AFG	B	0.34%
IT	B	0.34%
NBIX	F	0.33%
MKL	C	0.32%
GEN	B	0.32%
BMRN	F	0.3%
ICE	C	0.29%
FWONK	C	0.29%
GLW	C	0.28%
L	C	0.27%
ANET	B	0.27%
ALNY	C	0.25%
ADI	C	0.25%
PFE	C	0.24%
MOH	D	0.23%
D	C	0.23%
CI	C	0.23%
HRL	C	0.22%
DTE	C	0.21%
NTAP	D	0.21%
AZPN	B	0.21%
MELI	B	0.2%
HUBS	D	0.18%
SNPS	D	0.17%
HOLX	B	0.17%
STX	C	0.17%
TW	B	0.17%
DPZ	F	0.17%
CDNS	D	0.16%
CRWD	D	0.14%
MDT	C	0.14%
GOOG	D	0.14%
OXY	F	0.13%
UTHR	C	0.13%
HIG	B	0.12%
LNT	B	0.1%
DELL	D	0.1%
DGX	B	0.1%
RTX	C	0.09%
TEL	D	0.07%
FSLR	C	0.07%
PSX	F	0.06%
KNX	C	0.06%
ULTA	D	0.05%
VLO	F	0.05%
CVS	D	0.05%
BR	D	0.05%
ATO	B	0.05%
CRM	D	0.04%

USMV Underweight 46 Positions Relative to FDLO

Symbol	Grade	Weight
GOOGL	D	-3.68%
JPM	D	-1.63%
TYL	C	-1.19%
DOX	C	-1.12%
TMO	B	-0.96%
SBUX	C	-0.71%
UNP	C	-0.68%
LOW	B	-0.66%
PM	C	-0.62%
ETN	C	-0.61%
NKE	D	-0.58%
FDS	C	-0.55%
ITW	C	-0.52%
JKHY	B	-0.52%
PAYX	C	-0.48%
TSCO	C	-0.47%
FAST	C	-0.47%
LHX	C	-0.46%
J	C	-0.41%
HII	D	-0.39%
FCN	D	-0.39%
COP	D	-0.38%
AMT	C	-0.36%
SHW	B	-0.3%
EQIX	C	-0.3%
PSA	B	-0.27%
O	C	-0.25%
ECL	B	-0.25%
LNG	C	-0.24%
KMI	B	-0.24%
DLR	B	-0.24%
APD	B	-0.24%
CCI	C	-0.24%
EQR	B	-0.2%
CSGP	D	-0.2%
MAA	B	-0.19%
CTRA	D	-0.18%
VMC	D	-0.17%
ELS	C	-0.17%
AMH	C	-0.17%
MLM	D	-0.17%
DTM	B	-0.17%
ADC	C	-0.16%
AMCR	B	-0.16%
AVY	C	-0.16%
ATR	B	-0.15%