At a glance
USMV charges 0.15% a year, below the 0.17% average of the 8 funds most like it (the 4th cheapest of 9). It has $23.62B in assets, the largest of that group; it paid 1.37% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +13.9% a year. At its worst it fell 17.3% 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 15.1% of the fund, out of 165 in all.
The short version
BlackRock's iShares MSCI USA Min Vol Factor ETF (USMV) tracks the MSCI USA Minimum Volatility Index, holding about 165 large and mid-sized U.S.-listed stocks picked and weighted so the portfolio swings less than the broader market. With $23.6 billion in assets as of July 31, 2026, it is the largest of its peers, and its 0.15% annual cost sits below their 0.17% average. The trade-off: it has lagged the broad market in strong years.
Price history
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USMV +12.2% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| USMV official prospectus, to Dec 31, 2024 | — | +15.83% | — | +8.10% | +10.24% | — |
| MSCIUSA Index index, same period | — | +25.08% | — | +14.56% | +13.08% | — |
| USMV price data to Nov 2, 2026 | +10.6% | +12.2% | +13.9% | +7.5% | — | +10.1% |
- Over the year to Nov 2, 2026, USMV returned +12.2%, 6th of 9 among similar funds.
- Its 5-year annualized return was +7.5%.
- Its worst full calendar year was 2022 (-9.4%); its best was 2021 (+20.8%).
- The deepest fall in its price history was 17.9% (Dec 29, 2021 to Oct 12, 2022), recovered by Jan 2, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.6% | — |
| 2025 | +7.7% | — |
| 2024 | +15.8% | +15.83% |
| 2023 | +10.3% | +10.21% |
| 2022 | -9.4% | -9.35% |
| 2021 | +20.8% | +20.79% |
| 2020 | — | +5.60% |
| 2019 | — | +27.77% |
| 2018 | — | +1.36% |
| 2017 | — | +18.97% |
| 2016 | — | +10.50% |
| 2015 | — | +5.50% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.3% over that stretch · deepest drop along the way 17.3%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0200 | |
| 2025 | $1.4000 | -6.0% |
| 2024 | $1.4900 | +4.9% |
| 2023 | $1.4200 | +21.4% |
| 2022 | $1.1700 | +14.7% |
| 2021 | $1.0200 |
What's inside
As of Jul 31, 2026, the fund held 165 securities; the ten largest made up 15.13% of assets.
| Holding | Weight | |
|---|---|---|
| MICROSOFT CORPORATION | 1.62% | |
| AMPHENOL CORPORATION | 1.58% | |
| WELLTOWER INC. | 1.57% | |
| Chubb Limited | 1.54% | |
| JOHNSON & JOHNSON | 1.54% | |
| BERKSHIRE HATHAWAY INC. | 1.47% | |
| CISCO SYSTEMS, INC. | 1.46% | |
| VERTEX PHARMACEUTICALS INCORPORATED | 1.46% | |
| DUKE ENERGY CORPORATION | 1.45% | |
| THE SOUTHERN COMPANY | 1.44% | |
| VERIZON COMMUNICATIONS INC. | 1.40% | |
| EXXONMOBIL HOLDINGS CORPORATION | 1.39% | |
| MOTOROLA SOLUTIONS, INC. | 1.39% | |
| WASTE MANAGEMENT, INC. | 1.38% | |
| MERCK & CO., INC. | 1.35% |
By country
United States 93.52%Ireland 3.24%Switzerland 1.54%Canada 1.25%Cayman Islands 0.17%By asset type
Stocks 99.77%By sector
Sectors of the companies held, for the 80.1% 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 $30.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.04%, +0.21%, +1.52%.
How it works
USMV tracks the MSCI USA Minimum Volatility (USD) Index, which MSCI builds from the MSCI USA Index of large and mid-sized U.S.-listed companies. MSCI runs an optimizer, a computer model that finds the mix of stocks and weights with the lowest overall volatility (how much prices swing). It must respect limits on each stock's weight, sectors, countries, turnover, and traits such as liquidity and debt levels. The aim is a calmer whole; individual holdings can still swing sharply.
The index is rebuilt every quarter, and each time no more than 5% of the portfolio can be replaced. As of July 31, 2026, the fund held about 165 companies; the top 10 made up about 15% of assets. Microsoft, Amphenol, Welltower, Chubb and Johnson & Johnson each weighed about 1.5% to 1.6%. Technology was the largest sector, at about 26% of assets.
BlackRock uses representative sampling: it holds a group of index stocks that together resemble the index, not necessarily every one. It generally keeps at least 80% of assets in index stocks; up to 20% can go into futures, options, swaps, cash and some non-index stocks. It does not try to beat the index or turn defensive when markets fall, and it may lend securities worth up to a third of its assets.
What it really costs
- USMV charges 0.15% a year, versus an average of 0.17% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| USMV | $15 | $48 | $85 | $192 |
In a retirement portfolio
It holds U.S. stocks picked so the portfolio swings less than the market, with a one-year beta (sensitivity to market moves) of 0.31 as of October 29, 2026, but it is still an all-stock fund.
USMV may add steadier stock exposure, but it still falls in downturns. Launched in October 2011, it has no 2008 crisis record. Its worst quarter from 2015 through 2024 was a 17.2% loss during the early-2020 COVID crash, though it ended 2020 up 5.6%. Its deepest drop since mid-2020 was 17.9%, from December 2021 to October 2022, and it recovered about 15 months later. Its weakest calendar year since 2015 was 2022, down 9.35%. Anyone drawing cash then was redeeming shares at depressed prices.
Costs are low, at 0.15% a year. Income is modest: a 1.37% yield over the 12 months to October 29, 2026, paid quarterly. Growth has lagged: in the 10 years through December 31, 2024, it returned 10.24% a year versus 13.08% for the MSCI USA Index. 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 wanting U.S. stocks with smaller swings: its weakest calendar year since 2015 was a 9.35% loss, in 2022.
- Cost-conscious investors seeking an established fund: 0.15% a year, below the 0.17% peer average, with $23.6 billion in assets as of July 31, 2026.
- Those wanting evenly spread holdings: about 165 companies as of July 31, 2026, with the largest, Microsoft, at only 1.6% of assets.
Look elsewhere if
- Those aiming to match broad-market growth: over 10 years through December 31, 2024, it returned 10.24% yearly versus the MSCI USA Index's 13.08%.
- Investors needing sizable income: its yield was only 1.37% over the 12 months to October 29, 2026, paid quarterly.
- Those wanting a bond-like cushion: this all-stock fund fell 17.9% from December 2021 to October 2022, recovering about 15 months later.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| USMV this fund | — | 0.15% | $23.62B | +12.2% | +13.9% |
| ESMV iShares ESG MSCI USA Min Vol Factor ETF | 65% | 0.18% | $7.7M | +12.0% | +15.1% |
| QUS SPDR MSCI USA StrategicFactors ETF | 57% | 0.15% | $1.53B | +14.4% | +20.9% |
| ACWV iShares MSCI Global Min Vol Factor ETF | 54% | 0.2% | $3.40B | +8.7% | +14.0% |
| FDLO Fidelity Low Volatility Factor ETF | 43% | 0.16% | $1.42B | +13.2% | +17.7% |
| OALC OneAscent Large Cap Core ETF | 39% | 0.49% | $263.9M | +16.9% | +24.8% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 35% | 0% | $5.47B | +13.4% | +25.4% |
| LGLV SPDR SSGA US Large Cap Low Volatility Index… | 35% | 0.12% | $1.14B | +7.7% | +15.0% |
Questions investors ask
Is USMV good for retirement?
It can play a defensive role in a retirement mix, but it is an all-stock fund, not a bond substitute. As of July 31, 2026, it held about 165 U.S.-listed stocks chosen so the portfolio swings less than the market, and its one-year beta (sensitivity to market moves) was 0.31 as of October 29, 2026. It costs 0.15% a year, which the SEC's standard example puts at $15 in the first year and $192 over 10 years on $10,000. The trade-off is slower growth in strong markets.
What's the difference between USMV and ESMV?
The main differences are cost, size and ESMV's environmental, social and governance (ESG) focus. Both are iShares U.S. minimum-volatility funds, and their holdings overlap by about 65%. ESMV, the iShares ESG MSCI USA Min Vol Factor ETF, costs 0.18% a year versus 0.15% for USMV. As of July 31, 2026, USMV had $23.6 billion in assets and ESMV about $7.7 million. One-year returns were close: 12.5% for USMV as of October 29, 2026, and 12.0% for ESMV as of October 27.
Does USMV pay monthly dividends?
No. USMV pays dividends quarterly, not monthly. Over the 12 months to October 29, 2026, it paid $1.41 per share, a yield of 1.37%. That is modest income, because the fund picks stocks for low volatility rather than for high dividends. Unlike covered-call income funds, it does not sell options to raise its payouts, so its income comes only from the dividends of the companies it owns.
Why does USMV lag the stock market?
It tends to trail in strong markets because its index is built for smaller swings, not maximum growth. The prospectus warns that a low volatility strategy may underperform when stock prices are strong, rising or speculative. In 2024, USMV returned 15.83% while the MSCI USA Index, its broad-market benchmark, returned 25.08%. Over the 10 years through December 31, 2024, it returned 10.24% a year versus the index's 13.08%. In exchange, it aims for gentler declines, though it still lost 9.35% in 2022.
How did USMV hold up in the 2020 and 2022 crashes?
It fell sharply in both, though it ended 2020 with a gain. Its worst quarter from 2015 through 2024 was a 17.2% loss in the first quarter of 2020, during the COVID crash, yet it finished that year up 5.6%. In the 2022 decline, it fell 17.9% from its December 29, 2021, high to its October 12, 2022, low and ended 2022 down 9.35%. It regained that high in January 2024, about 15 months after the low. Launched in October 2011, it has no 2008 record.