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THRO vs USMV: Differences, Returns & Fees

THRO and USMV hold 30% of their weight in the same names, and THRO returned +18.3% over the year. Net assets on Oct 9, 2026: $7.5bn for iShares U.S. Thematic Rotation Active ETF and $23.8bn for iShares MSCI USA Min Vol Factor ETF.

USMV costs 0.42 points a year less; their one-year returns differ by 10.8 points; USMV is 3.2 times larger.

THRO vs USMV: Differences, Returns & Fees
THROUSMV
Expense ratio0.57%0.15%
Net assets$7.5bn$23.8bn
Total return, 1 year+18.3%+7.5%
What it tracksNo index, actively managedMSCI USA Minimum Volatility (USD) Index
Holdings in common30%
Top ten holdings, share of the fund43.5%15.1%

Holdings in common uses holdings dated Oct 9, 2026.

+18.3%
THRO total return, 1 year
+7.5%
USMV total return, 1 year
0.57%
THRO expense ratio
0.15%
USMV expense ratio

What they hold in common

By the books each fund has filed, THRO and USMV hold 30% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 9, 2026.

half

30% in common

Positions both hold, largest shared weight first
Holding THRO USMV
MICROSOFT 6.41% 1.66%
NVIDIA 8.35% 1.59%
EXXONMOBIL HOLDINGS CORP 2.56% 1.49%
CISCO SYSTEMS INC 1.64% 1.47%
JOHNSON & JOHNSON 2.04% 1.44%
PROCTER & GAMBLE 1.37% 1.07%
VISA CLASS A 2.01% 1.03%
APPLE 8.22% 0.96%
BROADCOM INC 2.13% 0.93%
ADVANCED MICRO DEVICES 1.90% 0.86%
PALANTIR TECHNOLOGIES CLASS A 0.82% 1.16%
ELI LILLY 0.82% 0.79%
Only in THRO
ALPHABET CLASS A 3.85%
JPMORGAN CHASE & CO 2.57%
CATERPILLAR INC 2.15%
TESLA INC 1.39%
PFIZER 1.32%
INTEL CORPORATION 1.28%
BANK OF AMERICA 0.88%
DEERE 0.85%
Only in USMV
CHUBB 1.47%
WELLTOWER 1.44%
VERTEX PHARMACEUTICALS 1.35%
SOUTHERN 1.29%
CENCORA 1.27%
MASTERCARD CLASS A 1.27%
WASTE MANAGEMENT INC 1.25%
CONSOLIDATED EDISON 1.18%

Check overlap with more funds →

On the same fields

THRO
iShares U.S. Thematic Rotation Active ETF
USMV
iShares MSCI USA Min Vol Factor ETF
Where it sits Stock ETF Stock ETF
Issuer iShares iShares
What it is Actively managed Tracks the MSCI USA Min Vol Factor
Total return, 1 year +18.3% +7.5%
Its benchmark over the same days +17.3% (VOO) not published
Gap to its benchmark +1.0 pts vs VOO not available
Expense ratio 0.57% 0.15%
Already in the S&P 500 92.8% 93.0%
Holdings 247 176
Net assets $7.5bn $23.8bn

THRO and USMV on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About THRO

THRO is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +18.3% with distributions reinvested, against +17.3% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.57% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 247 positions, with the top ten at 43.5%.

About USMV

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 9, 2026 it returned +7.5% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 15.1%.

Questions people ask

Which returned more over the last year, THRO or USMV?
In the year to Oct 9, 2026, with distributions reinvested, THRO returned +18.3% and USMV +7.5%.
Which is cheaper, THRO or USMV?
USMV is cheaper, by 0.42 percentage points a year. That is about $42 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do THRO and USMV overlap with the S&P 500?
By their latest filed holdings, 93% of THRO and 93% of USMV by weight is stocks the S&P 500 already holds.
Other comparisons
SPMO vs THRORDVY vs THRODFUS vs THROOEF vs THROCGUS vs USMVFELC vs USMVUSMV vs VONEJQUA vs USMV
THRO on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
THRO filings on SEC EDGAR ↗THRO prospectus with the expense ratio (SEC) ↗iShares page for THRO ↗USMV filings on SEC EDGAR ↗USMV prospectus with the expense ratio (SEC) ↗iShares page for USMV ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, THRO against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/thro-vs-usmv

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.