At a glance
HUSV charges 0.7% a year, above the 0.26% average of the 8 funds most like it (the most expensive of 9). It has $73.8M in assets, the 8th largest of that group; it paid 1.42% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +7.4% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +12.4% a year. At its worst it fell 35.6% in the 2020 crash (S&P 500: 33.7%) and 17.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 16 months after the lows. Its ten largest positions make up 26.4% of the fund, out of 101 in all.
The short version
First Trust Horizon Managed Volatility Domestic ETF (HUSV) is an actively managed fund. It holds about 100 large US stocks that its sub-advisor, Horizon Investments, forecasts will be among the least volatile. The aim is to keep some of the market's gains while falling less in declines. Its 0.70% expense ratio is far above low-volatility index funds such as SPLV (0.25%) and USMV (0.15%).
Price history
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HUSV +7.4% 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 | |
|---|---|---|---|---|---|---|
| HUSV official prospectus, to Dec 31, 2024 | — | +12.60% | — | +7.71% | — | +9.39% |
| HUSV price data to Oct 27, 2026 | +8.7% | +7.4% | +12.4% | +6.1% | +9.5% | +9.0% |
- Over the year to Oct 27, 2026, HUSV returned +7.4%, 7th of 9 among similar funds.
- Its 5-year annualized return was +6.1% and its 10-year +9.5%.
- In the 2020 COVID crash it fell 35.6% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2022 (-6.3%); its best was 2019 (+27.0%).
- The deepest fall in its price history was 35.7% (Feb 14, 2020 to Mar 23, 2020), recovered by Dec 31, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | +5.0% | — |
| 2024 | +12.6% | +12.60% |
| 2023 | +3.5% | +3.54% |
| 2022 | -6.3% | -6.28% |
| 2021 | +26.1% | +25.95% |
| 2020 | +5.3% | +5.34% |
| 2019 | +27.0% | +27.16% |
| 2018 | -1.9% | -2.07% |
| 2017 | +16.1% | +16.16% |
| 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 | Lost 35.6% over that stretch · deepest drop along the way 35.6%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16% over that stretch · deepest drop along the way 17%, back to its old high 16.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4200 | |
| 2025 | $0.5400 | +28.6% |
| 2024 | $0.4200 | -30.0% |
| 2023 | $0.6000 | +7.1% |
| 2022 | $0.5600 | +14.3% |
| 2021 | $0.4900 | +32.4% |
| 2020 | $0.3700 | -5.1% |
| 2019 | $0.3900 | +14.7% |
| 2018 | $0.3400 | +9.7% |
| 2017 | $0.3100 |
What's inside
As of Jul 31, 2026, the fund held 101 securities; the ten largest made up 26.44% of assets.
| Holding | Weight | |
|---|---|---|
| CISCO SYSTEMS INC | 3.42% | |
| GEN DIGITAL INC | 2.99% | |
| VERISIGN INC | 2.94% | |
| APPLE INC | 2.81% | |
| MICROSOFT CORP | 2.78% | |
| ROPER TECHNOLOGIES INC | 2.64% | |
| TELEDYNE TECHNOLOGIES INC | 2.45% | |
| MOTOROLA SOLUTIONS INC | 2.19% | |
| COCA-COLA COMPANY (THE) | 2.17% | |
| REALTY INCOME CORP | 2.05% | |
| PTC INC | 1.97% | |
| VICI PROPERTIES INC | 1.85% | |
| LOEWS CORP | 1.84% | |
| REGENCY CENTERS CORP | 1.79% | |
| JOHNSON & JOHNSON | 1.66% |
By country
United States 95.29%Ireland 2.49%Switzerland 1.2%Bermuda 0.7%By asset type
Stocks 99.69%By sector
Sectors of the companies held, for the 70.4% 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 withdrew a net $2.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.51%, +0.95%, +4.46%.
How it works
HUSV does not track an index. First Trust hired Horizon Investments as sub-advisor to run the portfolio. Horizon starts with large US companies listed on US exchanges. It runs volatility forecasting models on each stock, then ranks the stocks from lowest to highest expected volatility. Volatility here means how sharply a price swings up and down. The fund targets 50 to 200 stocks and keeps at least 80% of net assets in them.
The process is mostly rules-based, but Horizon has discretion over details such as how many stocks to hold and how much of each. Stocks with lower forecast volatility get larger weights, and Horizon can make that tilt stronger or weaker depending on market conditions. The portfolio is rebalanced periodically. Turnover was 84% in the latest fiscal year shown in the prospectus. That is high, and trading costs are not included in the expense ratio.
As of July 31, 2026, the fund held 101 stocks and almost no cash, with no derivatives. The 10 largest positions made up 26.4% of assets, led by Cisco, Gen Digital, VeriSign, Apple and Microsoft. The prospectus warns that low-volatility stocks may not actually swing less than the market, and that they tend to lag when markets rise quickly.
What it really costs
- HUSV charges 0.7% a year, versus an average of 0.26% for the similar funds below (9th of 9, cheapest first).
In a retirement portfolio
It aims to hold stocks that swing less than the market, which suits a steadier role within a stock allocation.
HUSV may give a retirement portfolio stock exposure with somewhat smaller swings, but its record in crashes is mixed. During the 2020 COVID crash it fell 35.7% between February 14 and March 23, 2020, and took about 9 months to recover. In the 2022 bear market it dropped 17% from its April peak and did not regain that level until February 2024, about 16 months later. Its 2022 calendar-year loss was 6.3%, its worst year. The fund launched in 2016, so it has no 2008 record. Anyone who had to sell shares in those stretches would have locked in losses. It paid a 1.42% trailing yield, quarterly, as of October 27, 2026. Its 0.70% expense ratio compares with a 0.26% average among similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want about 100 large US stocks chosen and weighted by Horizon's volatility forecasts, not by a fixed low-volatility index.
- People willing to pay 0.70% for active management in exchange for a fund that lost only 6.3% in calendar 2022.
- Retirees who want modest quarterly income from stocks, with a 1.42% trailing yield as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: SPLV charges 0.25% and USMV 0.15%. HUSV's 0.70% is the highest of nine similar funds.
- Anyone needing protection in sharp crashes. HUSV fell about 36% in early 2020, including a 22% loss in one quarter.
- Investors who want a large, widely traded fund. HUSV had $73.8 million in net assets as of July 31, 2026, versus billions for its main rivals.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HUSV this fund | — | 0.7% | $73.8M | +7.4% | +12.4% |
| SPLV Invesco S&P 500® Low Volatility ETF | 52% | 0.25% | $7.09B | +6.2% | +11.8% |
| LGLV SPDR SSGA US Large Cap Low Volatility Index… | 46% | 0.12% | $1.14B | +7.7% | +15.0% |
| USMV iShares MSCI USA Min Vol Factor ETF | 38% | 0.15% | $23.62B | +12.2% | +13.9% |
| FDLO Fidelity Low Volatility Factor ETF | 37% | 0.16% | $1.42B | +13.2% | +17.7% |
| ESMV iShares ESG MSCI USA Min Vol Factor ETF | 31% | 0.18% | $7.7M | +12.0% | +15.1% |
| SDY SPDR S&P Dividend ETF | 28% | 0.35% | $21.39B | +21.8% | +15.5% |
| TDVG T. Rowe Price Dividend Growth ETF | 26% | 0.5% | $1.38B | +13.6% | +18.7% |
Questions investors ask
Is HUSV good for retirement?
HUSV may suit retirees who want a steadier stock fund, but there are trade-offs. It lost just 6.3% in calendar 2022, its worst year. However, it fell about 36% in the 2020 crash and needed around 16 months to recover from its 2022 drop. It pays a modest quarterly dividend, with a 1.42% trailing yield as of October 27, 2026. Its 0.70% expense ratio is well above the 0.26% average for similar low-volatility funds.
What's the difference between HUSV and SPLV?
The main differences are management style and cost. SPLV, from Invesco, tracks an index of low-volatility S&P 500 stocks. In HUSV, Horizon Investments picks and weights stocks using its own forecasts. About 52% of their holdings overlap. SPLV charges 0.25%, compared with HUSV's 0.70%. As of October 27, 2026, HUSV returned 12.4% a year over three years, versus 11.8% for SPLV. SPLV is far larger, with about $7.1 billion in net assets, compared with HUSV's $73.8 million.
Does HUSV pay dividends?
Yes. HUSV pays dividends quarterly. Over the 12 months ending October 27, 2026, it paid about $0.59 per share, a trailing yield of 1.42%. That income comes from the dividends of the companies it owns, such as Coca-Cola, Johnson & Johnson and real estate companies like Realty Income. The fund is built around low volatility rather than high income, so its payout is modest compared with funds designed for dividend income.
How has HUSV performed over the long term?
HUSV has delivered moderate long-term gains. According to its prospectus, as of December 31, 2024, it returned 12.6% over one year, 7.71% a year over five years, and 9.39% a year since its 2016 launch. Based on price, it returned about 9.5% a year over the 10 years ending October 27, 2026. Over three years it ranked 7th of 9 similar funds, behind cheaper options such as USMV and LGLV.
What stocks does HUSV hold?
HUSV held 101 mostly large US stocks as of July 31, 2026. The biggest positions were Cisco (3.4%), Gen Digital (3.0%), VeriSign (2.9%), Apple (2.8%) and Microsoft (2.8%). Other top holdings included Roper Technologies, Teledyne, Motorola Solutions, Coca-Cola and Realty Income. The top 10 made up 26.4% of assets. Technology was the largest sector, followed by industrials and financials. Holdings can shift often, since turnover was 84%.