USMV vs. PHEQ ETF Comparison

Comparison of iShares MSCI USA Minimum Volatility ETF (USMV) to Parametric Hedged Equity ETF (PHEQ)

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

PHEQ

Parametric Hedged Equity ETF

PHEQ Description

The fund seeks to provide capital appreciation by investing its net assets in equity securities of certain U.S. large capitalization companies that are constituents of the Solactive GBS US 500 at the time of purchase.

Grade (RS Rating)

Last Trade

$29.49

Average Daily Volume

19,326

Number of Holdings ^*

203

* may have additional holdings in another (foreign) market

Performance

Period	USMV	PHEQ
30 Days	1.70%	1.99%
60 Days	2.42%	3.02%
90 Days	4.02%	3.86%
12 Months	25.63%	16.61%

70 Overlapping Holdings

Symbol	Grade	Weight in USMV	Weight in PHEQ	Overlap
AAPL	C	0.99%	6.85%	0.99%
ABBV	D	1.04%	0.85%	0.85%
ABT	B	0.09%	0.6%	0.09%
AEE	A	0.24%	0.3%	0.24%
AKAM	D	0.39%	0.16%	0.16%
ALNY	D	0.22%	0.13%	0.13%
AMGN	D	0.59%	0.45%	0.45%
AMZN	C	0.14%	4.1%	0.14%
AVGO	D	1.19%	1.71%	1.19%
BAH	F	0.39%	0.12%	0.12%
BMY	B	0.49%	0.48%	0.48%
BRK.A	B	1.55%	1.42%	1.42%
CMS	C	0.19%	0.31%	0.19%
COR	B	0.67%	0.3%	0.3%
CPB	D	0.33%	0.18%	0.18%
CRM	B	0.05%	0.63%	0.05%
CRWD	B	0.19%	0.17%	0.17%
CSCO	B	1.47%	0.79%	0.79%
CVX	A	0.34%	0.84%	0.34%
DELL	C	0.12%	0.14%	0.12%
DTE	C	0.2%	0.31%	0.2%
FANG	D	0.55%	0.24%	0.24%
FCNCA	A	0.88%	0.13%	0.13%
GLW	B	0.31%	0.25%	0.25%
GOOG	C	0.16%	1.9%	0.16%
HD	A	0.3%	1.15%	0.3%
HIG	B	0.12%	0.33%	0.12%
HUBS	A	0.24%	0.14%	0.14%
IBM	C	1.66%	0.56%	0.56%
JNJ	D	1.18%	1.04%	1.04%
K	A	0.8%	0.34%	0.34%
KMB	D	0.21%	0.33%	0.21%
KO	D	0.1%	0.77%	0.1%
L	A	0.28%	0.24%	0.24%
LIN	D	0.16%	0.67%	0.16%
LLY	F	1.25%	1.39%	1.25%
LMT	D	0.82%	0.58%	0.58%
LNT	A	0.1%	0.33%	0.1%
MA	C	0.7%	1.14%	0.7%
MDT	D	0.13%	0.51%	0.13%
MELI	D	0.18%	0.25%	0.18%
MKL	A	0.34%	0.23%	0.23%
MOH	F	0.18%	0.14%	0.14%
MRK	F	1.01%	0.69%	0.69%
MSFT	F	1.34%	6.55%	1.34%
NEM	D	0.46%	0.23%	0.23%
NOW	A	0.75%	0.61%	0.61%
NVDA	C	0.67%	7.12%	0.67%
ORCL	B	1.31%	0.73%	0.73%
OTIS	C	0.07%	0.33%	0.07%
PEP	F	1.01%	0.72%	0.72%
PG	A	1.23%	1.09%	1.09%
REGN	F	0.59%	0.21%	0.21%
RSG	A	1.55%	0.34%	0.34%
T	A	0.74%	0.68%	0.68%
TMUS	B	1.95%	0.51%	0.51%
TRV	B	1.15%	0.39%	0.39%
TW	A	0.2%	0.11%	0.11%
TXN	C	1.39%	0.59%	0.59%
UBER	D	0.45%	0.29%	0.29%
ULTA	F	0.04%	0.23%	0.04%
UNH	C	1.34%	1.37%	1.34%
V	A	0.9%	1.28%	0.9%
VRTX	F	0.69%	0.36%	0.36%
WDAY	B	0.43%	0.13%	0.13%
WM	A	1.44%	0.44%	0.44%
WMT	A	1.78%	0.96%	0.96%
WRB	A	0.31%	0.21%	0.21%
XOM	B	0.45%	1.4%	0.45%
YUM	B	0.5%	0.33%	0.33%

USMV Overweight 100 Positions Relative to PHEQ

Symbol	Grade	Weight
MSI	B	1.81%
PGR	A	1.67%
WCN	A	1.56%
DUK	C	1.49%
CB	C	1.47%
APH	A	1.44%
NOC	D	1.43%
VZ	C	1.35%
SO	D	1.35%
MCK	B	1.35%
ROP	B	1.3%
ACN	C	1.29%
AJG	B	1.27%
MCD	D	1.25%
ED	D	1.13%
MMC	B	1.11%
GDDY	A	1.0%
AZO	C	0.98%
GILD	C	0.94%
EA	A	0.89%
CBOE	B	0.85%
WEC	A	0.78%
CTSH	B	0.76%
TSN	B	0.71%
FI	A	0.69%
ORLY	B	0.68%
ACGL	D	0.68%
GIS	D	0.66%
VRSN	F	0.64%
KR	B	0.61%
FICO	B	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%
AON	A	0.53%
CME	A	0.53%
PTC	A	0.52%
ELV	F	0.52%
XEL	A	0.46%
JNPR	F	0.45%
TJX	A	0.45%
MDLZ	F	0.44%
EG	C	0.43%
ERIE	D	0.42%
VRSK	A	0.42%
CL	D	0.41%
CHD	B	0.4%
HUM	C	0.4%
CMCSA	B	0.39%
AEP	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%
GRMN	B	0.33%
AIZ	A	0.32%
NBIX	C	0.32%
WMB	A	0.31%
FWONK	B	0.31%
HSY	F	0.3%
ANET	C	0.29%
ICE	C	0.28%
HON	B	0.25%
ADI	D	0.23%
D	C	0.23%
AZPN	A	0.23%
NTAP	C	0.22%
BMRN	D	0.22%
HRL	D	0.21%
CI	F	0.21%
PKG	A	0.2%
PFE	D	0.2%
DPZ	C	0.19%
CDNS	B	0.18%
SNPS	B	0.18%
EOG	A	0.17%
HOLX	D	0.16%
STX	D	0.16%
UTHR	C	0.14%
OXY	D	0.12%
DGX	A	0.11%
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%
CVS	D	0.04%

USMV Underweight 133 Positions Relative to PHEQ

Symbol	Grade	Weight
META	D	-2.66%
GOOGL	C	-2.28%
TSLA	B	-1.91%
JPM	A	-1.73%
COST	B	-1.07%
BAC	A	-0.98%
NFLX	A	-0.8%
WFC	A	-0.67%
TMO	F	-0.59%
ISRG	A	-0.58%
DIS	B	-0.57%
LOW	D	-0.57%
AXP	A	-0.57%
CAT	B	-0.55%
UNP	C	-0.52%
AMD	F	-0.51%
ADBE	C	-0.48%
TRGP	B	-0.46%
KKR	A	-0.46%
DE	A	-0.44%
MMM	D	-0.44%
CTAS	B	-0.42%
ETR	B	-0.4%
DAL	C	-0.39%
MS	A	-0.39%
BKNG	A	-0.39%
PRU	A	-0.37%
PLTR	B	-0.36%
HWM	A	-0.36%
AVB	B	-0.35%
SCHW	B	-0.35%
PPL	B	-0.34%
KLAC	D	-0.34%
DOV	A	-0.33%
QCOM	F	-0.33%
EQR	B	-0.32%
EXR	D	-0.32%
BA	F	-0.32%
ROST	C	-0.32%
MU	D	-0.31%
LH	C	-0.31%
BRO	B	-0.31%
HBAN	A	-0.31%
PANW	C	-0.3%
DRI	B	-0.3%
PHM	D	-0.3%
APO	B	-0.3%
DOC	D	-0.29%
LRCX	F	-0.29%
CNP	B	-0.28%
AME	A	-0.28%
PYPL	B	-0.28%
SYF	B	-0.27%
MAA	B	-0.27%
CFG	B	-0.26%
MRVL	B	-0.25%
LII	A	-0.25%
ARES	A	-0.25%
MRO	B	-0.24%
FE	C	-0.24%
NDAQ	A	-0.24%
URI	B	-0.24%
JBHT	C	-0.24%
RMD	C	-0.24%
EXPD	D	-0.23%
LNG	B	-0.22%
LYB	F	-0.22%
HEI	B	-0.22%
SSNC	B	-0.21%
ARE	D	-0.21%
AMCR	D	-0.21%
LULU	C	-0.21%
PFG	D	-0.2%
MSTR	C	-0.2%
ESS	B	-0.19%
SPOT	B	-0.19%
TTD	B	-0.18%
ZM	B	-0.18%
PPG	F	-0.18%
WBD	C	-0.18%
CSL	C	-0.18%
CAG	D	-0.17%
DVN	F	-0.17%
IFF	D	-0.16%
HAL	C	-0.16%
ABNB	C	-0.15%
APTV	D	-0.14%
NDSN	B	-0.14%
HEI	B	-0.14%
ZBH	C	-0.14%
ON	D	-0.14%
MGM	D	-0.13%
DASH	A	-0.13%
HUBB	B	-0.13%
DDOG	A	-0.13%
SQ	B	-0.12%
RBLX	C	-0.12%
COIN	C	-0.12%
STLD	B	-0.11%
IBKR	A	-0.11%
VRT	B	-0.1%
VEEV	C	-0.1%
SUI	D	-0.1%
DOX	D	-0.09%
TRU	D	-0.09%
BLDR	D	-0.08%
ZS	C	-0.08%
NET	B	-0.07%
SCCO	F	-0.07%
AGR	B	-0.07%
YUMC	C	-0.07%
DKNG	B	-0.07%
SNOW	C	-0.06%
ALGN	D	-0.06%
AVTR	F	-0.06%
TEAM	A	-0.06%
SNAP	C	-0.05%
LPLA	A	-0.05%
CE	F	-0.05%
OWL	A	-0.05%
ILMN	D	-0.05%
OKTA	C	-0.04%
WLK	D	-0.04%
BSY	D	-0.04%
RPRX	D	-0.04%
CPNG	D	-0.03%
PINS	D	-0.03%
SIRI	C	-0.03%
ENPH	F	-0.03%
RKT	F	-0.03%
WSM	B	-0.02%
WMG	C	-0.02%
MRNA	F	-0.01%