Mulden.
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Fund · iShares MSCI USA Quality Factor ETF · measured from SEC filings

QUAL holdings

QUAL reports 127 holdings and behaves like 37.4 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-07-31. The fact sheet publishes the first number; this page computes the second, and traces it across 27 quarters of filings.

Measured concentration

as of 2026-07-31
127 Positions reported
37.4 Effective holdings
3.4× Concentration multiple
43.23% Top ten weight

Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 100% at a quoted market price (level 1), 6 issuer countries.

What stands out

as of 2026-07-31

QUAL's largest investment is Nvidia Corp at 6.5% of net assets. Apple Inc and Microsoft Corp follow; the three together are 17.81%. Ten companies are 43.23% of the fund; the other 117 share the rest. Among the 721 equity funds measured here, QUAL behaves like 37.4 holdings against a median of 42.4 — close to the median. Across 27 quarterly filings QUAL has become more concentrated: it behaved like 56.3 at 2019-10-31 and 41.6 at 2026-04-30. Between the 2026-01-31 and 2026-04-30 filings 1 positions were added and 5 dropped; 5.5% of the weight moved.

Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.

Every filing since 2019

27

Between 2019-10-31 and 2026-04-30, QUAL went from behaving like 56.3 equally weighted positions to 41.6 — 26% fewer, while its top ten went from 32.05% to 39.05% of net assets. Read across the funds on the concentration-over-time table.

PeriodHoldingsEffective Top 10Largest
2026-04-30 123 41.6 39.05% 6.51%
2026-01-31 127 41.8 39.45% 6.37%
2025-10-31 127 35.1 43.54% 8.37%
2025-07-31 127 37.3 42.7% 7.81%
2025-04-30 124 39.8 42% 6.15%
2025-01-31 126 40.8 40.64% 6.3%
2024-10-31 126 41.6 40.65% 6.59%
2024-07-31 127 43.4 39.35% 5.96%
Earlier filings (19 more, back to 2019-10-31)
PeriodHoldingsEffectiveTop 10Largest
2024-04-30 127 42.6 39.94% 6.86%
2024-01-31 127 45.4 38.48% 5.09%
2023-10-31 125 42.2 40.19% 5.84%
2023-07-31 127 43.6 38.78% 6.18%
2023-04-30 126 46.6 36.68% 5.48%
2023-01-31 126 51.1 33.23% 6.1%
2022-10-31 125 56 31.33% 4.04%
2022-07-31 127 54.9 32.47% 4.37%
2022-04-30 125 53.5 33.25% 4.94%
2022-01-31 126 53.2 32.91% 4.53%
2021-10-31 126 53.5 32.82% 4.2%
2021-07-31 127 53.6 32.47% 4.77%
2021-04-30 126 57.1 31.07% 4.22%
2021-01-31 127 56.5 31.33% 4.45%
2020-10-31 125 51.7 33.75% 4.38%
2020-07-31 127 53 33.14% 4.29%
2020-04-30 127 50.8 34.35% 4.59%
2020-01-31 126 53.9 32.63% 4.13%
2019-10-31 127 56.3 32.05% 4.66%

One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.

Compared with, in the essays

4
MTUM · 3 VOO · 2 MOAT · 1 SIZE · 1

Overlap with other funds

3

Measured against every other fund on this site, from the same filings. Combined effective holdings is how the pair behaves held in equal size.

WithOverlapSharedCombined effective
QUAL vs VOO 44.35% 115 52.5
QUAL vs MTUM 27.71% 31 59.9
QUAL vs MOAT 12.36% 15 75.8

Largest positions, as filed

as of 2026-04-30

The 15 largest of 127 positions in QUAL's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: QUAL.csv.gz.

#PositionWeightCumulative
1NVIDIA CORPORATION6.51%6.5%
2APPLE INC.6.27%12.8%
3MICROSOFT CORPORATION5.04%17.8%
4META PLATFORMS, INC.3.49%21.3%
5LAM RESEARCH CORPORATION3.22%24.5%
6THE TJX COMPANIES, INC.3.19%27.7%
7VISA INC.3.08%30.8%
8ELI LILLY AND COMPANY2.92%33.7%
9KLA CORPORATION2.79%36.5%
10ALPHABET INC.2.53%39.0%
11CATERPILLAR INC.2.52%41.6%
12APPLIED MATERIALS, INC.2.45%44.0%
13MASTERCARD INCORPORATED2.30%46.3%
14ALPHABET INC.2.11%48.4%
15BERKSHIRE HATHAWAY INC.2.11%50.5%

By country of issuer

as of 2026-04-30

Share of QUAL's own investments by the issuer country the filer reported (incorporation, not revenue). Each country links to every fund that holds it.

CountryShare
United States 94.83%
Ireland° 2.62%
Curaçao° 1.56%
Switzerland 0.87%
Bermuda° 0.12%

Returns the fund reported

2019-08 – 2026-04

Monthly total returns from Item B.5 of QUAL's own filings, 81 months on record. Not computed here and not from a price feed.

23.5%Last twelve months filed
145%Whole series, compounded
12.4%Best month
-11.4%Worst month

Cross-checked against a series computed separately from prices: median difference 0.05 percentage points over 81 months, which is roughly the distributions. Every month with the filing it came from: QUAL.json · all funds.

Who borrows QUAL's shares

2026-04-30

The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-04-30, $191m was out to 11 borrowers, 0.38% of net assets. The largest, MORGAN STANLEY & CO LLC, held 27.6% of it.

BorrowerOn loanShare of the loan
MORGAN STANLEY & CO LLC $53m 27.6%
CITIGROUP GLOBAL MARKETS INC. $49m 25.8%
Wells Fargo Securities LLC $26m 13.8%
BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED $26m 13.4%
ING FINANCIAL MARKETS, LLC $13m 6.6%

Cash collateral reported against the loan: 0.38% of net assets, 99.5% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter QUAL has filed, with each borrower: QUAL.json · all funds.

Since the previous filing

2026-01-31 → 2026-04-30

127 positions became 123: 1 added (0.0% of the fund at the later date), 5 dropped (0.1% at the earlier date). Half the sum of all weight changes, a turnover proxy: 5.5%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of QUAL compared this way, as a feed: changes.xml · all funds: filings received.

Largest increases2026-01-312026-04-30Largest decreases2026-01-312026-04-30
CATERPILLAR INC.1.90%2.52% META PLATFORMS, INC.4.18%3.49%
KLA CORPORATION2.32%2.78% ACCENTURE PUBLIC LIMITED COMPANY1.25%0.83%
APPLIED MATERIALS, INC.2.04%2.45% MICROSOFT CORPORATION5.44%5.04%
ALPHABET INC.2.27%2.53% NIKE, INC.1.32%0.93%
LAM RESEARCH CORPORATION2.98%3.22% ELI LILLY AND COMPANY3.31%2.92%
ARISTA NETWORKS, INC.1.25%1.49% ADOBE INC.1.45%1.19%

New: S P500 EMINI FUT JUN26 (0.01%). Gone: PAYCOM SOFTWARE, INC. (0.05%), AMERICAN HOMES 4 RENT (0.05%), AMERICAN FINANCIAL GROUP, INC. (0.03%), BROWN-FORMAN CORPORATION (0.01%), S P500 EMINI FUT MAR26 (0.00%).

Asset categories and pricing

as of 2026-07-31

99.89% equity, 0.11% short-term investment as filed; 100.0% carried at a quoted market price (fair-value level 1). Categories and levels are the filer's; what a low level-1 share does and does not mean is in the measure's page.

Derivative exposure and counterparties

as of 2026-04-30

A position count cannot describe a fund that uses derivatives, because a swap is filed at its unrealised gain, not its exposure. These are the notionals the fund itself reported, against net assets of $50.11B. Notional of an interest-rate or currency swap is not equity exposure.

99.84%Stocks held directly
0%Swap notional (0)
0.14%Futures notional (1)
100%Sum, % of net assets

Full detail for every fund that files derivatives: leverage.json (CC BY 4.0).

Neighbours by effective holdings, equity funds

10

Every measured equity fund lined up by how many holdings it behaves like; these sit either side of QUAL (37.4). Same filings, same arithmetic. Position in this list says nothing about which fund is better.

FundReportsBehaves likeTop tenAs of
DYNF iShares U.S. Equity Factor Rotation Active ETF 228 36.8 41.59% 2026-07-31
BGDV Bahl & Gaynor Dividend ETF 52 36.9 38.21% 2026-06-30
OUSA ALPS | OShares U.S. Quality Dividend ETF 101 37 44.34% 2026-05-31
SETM Sprott Critical Materials ETF 158 37.1 41.92% 2026-06-30
BGIG Bahl & Gaynor Income Growth ETF 53 37.4 39.68% 2026-06-30
GDXJ VanEck Junior Gold Miners ETF 116 37.5 42.72% 2026-06-30
ORR Militia Long/Short Equity ETF 144 37.5 44% 2026-05-29
CGDV Capital Group Dividend Value ETF 53 37.7 38.76% 2026-05-31
UFOX Defiance Connective Technologies ETF 59 37.8 41.32% 2026-06-30
NTSX WisdomTree U.S. Efficient Core Fund 506 38 * 42.57% 2026-06-30

Measures applied in the essays

8

Essays that examine QUAL

17

Mentions are detected across the full text of every article, so an appearance may be a passing comparison rather than the subject. Nothing here is a recommendation to buy or sell — see the disclaimer.