At a glance
ESMV charges 0.18% a year, below the 0.31% average of the 8 funds most like it (the 6th cheapest of 9). It has $7.7M in assets, the 9th largest of that group; it paid 1.4% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.0% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +15.1% a year. At its worst it fell 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 15.8% of the fund, out of 155 in all.
The short version
iShares ESG MSCI USA Min Vol Factor ETF (ESMV) tracks an MSCI index of U.S. large- and mid-size stocks picked to swing less than the market, with better environmental, social and governance (ESG) and carbon scores. Its 0.18% annual fee is below the 0.31% peer average but above the 0.15% charged by USMV, a far larger iShares min-vol fund. With about $7.7 million in assets as of July 31, 2026, it is tiny.
Price history
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ESMV +12.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ESMV official prospectus, to Dec 31, 2024 | — | +13.21% | — | — | — | +5.12% |
| MSCIUSA Index index, same period | — | +25.08% | — | — | — | +8.93% |
| ESMV price data to Oct 27, 2026 | +13.0% | +12.0% | +15.1% | — | — | +6.9% |
- Over the year to Oct 27, 2026, ESMV returned +12.0%, 5th of 9 among similar funds.
- Its worst full calendar year was 2022 (-11.1%); its best was 2024 (+13.1%).
- The deepest fall in its price history was 20% (Dec 30, 2021 to Oct 12, 2022), recovered by Jan 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.0% | — |
| 2025 | +5.3% | — |
| 2024 | +13.1% | +13.21% |
| 2023 | +12.2% | +12.10% |
| 2022 | -11.1% | -11.28% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.3% over that stretch · deepest drop along the way 19.3%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3200 | |
| 2025 | $0.4500 | -6.2% |
| 2024 | $0.4800 | +11.6% |
| 2023 | $0.4300 | +13.2% |
| 2022 | $0.3800 |
What's inside
As of Jul 31, 2026, the fund held 155 securities; the ten largest made up 15.84% of assets.
| Holding | Weight | |
|---|---|---|
| PALO ALTO NETWORKS, INC. | 1.99% | |
| The Travelers Companies, Inc. | 1.76% | |
| MICROSOFT CORPORATION | 1.60% | |
| APPLIED MATERIALS, INC. | 1.56% | |
| WELLTOWER INC. | 1.55% | |
| MERCK & CO., INC. | 1.55% | |
| SERVICENOW, INC. | 1.52% | |
| CISCO SYSTEMS, INC. | 1.45% | |
| VERTEX PHARMACEUTICALS INCORPORATED | 1.44% | |
| VERIZON COMMUNICATIONS INC. | 1.41% | |
| MASTERCARD INCORPORATED | 1.40% | |
| THE COCA-COLA COMPANY | 1.37% | |
| ELECTRONIC ARTS INC. | 1.36% | |
| MOTOROLA SOLUTIONS, INC. | 1.34% | |
| TEXAS INSTRUMENTS INCORPORATED | 1.31% |
By country
United States 94.44%Ireland 3.26%Switzerland 1.29%Netherlands 0.31%Bermuda 0.24%By asset type
Stocks 99.58%By sector
Sectors of the companies held, for the 81.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.07%, +1.02%, +0.92%.
How it works
ESMV tracks the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index. MSCI starts with its MSCI USA Index of large and mid-size U.S. stocks and removes companies involved in tobacco, controversial weapons, civilian firearms, thermal coal and oil sands, some only above revenue limits. It also drops companies with very severe controversies, such as alleged human rights violations, and companies MSCI hasn't rated on environmental, social and governance (ESG) issues.
A computer optimization then picks and weights the remaining stocks for the lowest volatility, or price swings, possible within trading limits. It must also beat the parent index by at least 20% on average industry-adjusted ESG score and by at least 30% on two carbon measures: emissions relative to company size and potential emissions from fossil fuel reserves. Each stock is capped at 1.5%, or 20 times its parent-index weight if lower, though weights can drift between rebuilds.
The index is rebuilt quarterly, replacing at most 5% each time, and the fund doesn't move to cash when markets fall. BlackRock may hold a representative sample of index stocks rather than every one, with at least 90% of assets in index stocks. As of July 31, 2026, it held 155 stocks; the top 10, led by Palo Alto Networks, Travelers and Microsoft, made up about 16%.
What it really costs
- ESMV charges 0.18% a year, versus an average of 0.31% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ESMV | $18 | $58 | $101 | $230 |
In a retirement portfolio
Its index targets lower volatility than the broad U.S. market, and its one-year beta was 0.4 as of October 27, 2026, though it remains an all-stock fund.
ESMV launched in November 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 19.3%, then took about 14 months from its October low to recover; its deepest drop, 20%, was erased by January 2024. Its worst calendar year was 2022, down 11.28%. For someone drawing income, a 2022-style year would have meant selling shares well below their peak. It can also lag rallies: 13.21% in 2024 versus 25.08% for the MSCI USA Index.
It yielded 1.4% over the 12 months to October 27, 2026, paid quarterly. The 0.18% fee comes to about $18 in the first year on $10,000 (SEC standard example). With $7.7 million in assets as of July 31, 2026, the fund is tiny, and small funds are sometimes closed. Past results don't predict future ones, and a plan should cover the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Those wanting U.S. stocks with smaller swings: its one-year beta, a gauge of market sensitivity, was 0.4 as of October 27, 2026.
- People who want tobacco, civilian firearms, thermal coal and oil sands screened out, plus higher ESG scores and lower carbon, for 0.18% a year.
- Those who prefer a spread-out mix: 155 holdings as of July 31, 2026, with the largest, Palo Alto Networks, at about 2% of assets.
Look elsewhere if
- Investors aiming to match the broad market: it returned 13.21% in 2024 versus 25.08% for the MSCI USA Index; low-volatility strategies can lag rallies.
- Anyone wary of tiny funds: about $7.7 million in assets as of July 31, 2026, versus $23.6 billion for the similar, cheaper USMV.
- Those needing shelter from stock crashes: it fell 19.3% in the 2022 bear market, then needed about 14 months from the low to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ESMV this fund | — | 0.18% | $7.7M | +12.0% | +15.1% |
| USMV iShares MSCI USA Min Vol Factor ETF | 65% | 0.15% | $23.62B | +12.2% | +13.9% |
| ESGU iShares ESG Aware MSCI USA ETF | 37% | 0.15% | $18.15B | +11.0% | +21.6% |
| WOMN Tidal Trust III YWCA WOMENS EMPOWERMENT ETF | 37% | 0.75% | $55.1M | +11.0% | +18.1% |
| OALC OneAscent Large Cap Core ETF | 36% | 0.49% | $263.9M | +16.9% | +24.8% |
| USXF iShares ESG Advanced MSCI USA ETF | 33% | 0.1% | $1.48B | +14.9% | +27.7% |
| IQSU IQ Candriam ESG U.S. Large Cap Equity ETF | 33% | 0.09% | $327.5M | +15.9% | +22.0% |
| HUSV First Trust Horizon Managed Volatility Dome… | 31% | 0.7% | $73.8M | +7.4% | +12.4% |
Questions investors ask
Is ESMV good for retirement?
ESMV may suit retirees who want U.S. stocks with smaller swings, but it is not a safe haven. Its one-year beta, a gauge of how much it moves with the market, was 0.4 as of October 27, 2026, yet it fell 19.3% in the 2022 bear market. The trade-off is slower gains: from its November 2021 launch through December 31, 2024, it returned 5.12% a year versus 8.93% for the MSCI USA Index.
What's the difference between ESMV and USMV?
The main difference is ESMV's added environmental, social and governance (ESG) and carbon screens; both are iShares minimum-volatility funds of U.S. stocks, and their holdings overlap by about 65%. USMV is far bigger, with about $23.6 billion in assets versus about $7.7 million for ESMV as of July 31, 2026, and cheaper, at 0.15% versus 0.18%. Returns have been close: about 12% for each over one year, and 15.1% versus 14.9% a year over three years (ESMV as of October 27, USMV as of October 30, 2026).
Does ESMV pay dividends?
Yes. ESMV pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.45 per share, a yield of about 1.4%. That is modest income, since the index picks stocks for lower volatility and better ESG and carbon scores rather than for high dividends. The payments pass through dividends from the companies the fund holds, so they can rise or fall from year to year.
What is ESMV's expense ratio?
ESMV's expense ratio, the yearly fee taken from fund assets, is 0.18%, according to its prospectus filed November 21, 2025. In the SEC's standard example, $10,000 invested with a 5% annual return and sold at the end of each period would cost about $18 over one year, $101 over five years and $230 over ten. That is below the 0.31% average of similar funds, but it ranks only 6th cheapest of 9, and USMV charges 0.15%.
What stocks are in ESMV?
ESMV held 155 large and mid-size stocks as of July 31, 2026. The largest were Palo Alto Networks (about 2.0%), Travelers (1.8%), Microsoft (1.6%), Applied Materials (1.6%), Welltower (1.6%) and Merck (1.5%), and the top 10 made up about 16%. Technology was the biggest sector at about 27% of assets, followed by health care at about 11% and financials at about 9%. About 94% of assets were in U.S. companies, with small slices in Ireland- and Switzerland-based firms.