FDN vs USMV: Holdings Overlap
FDNFirst Trust Dow Jones Internet Index Fund
First Trust · 41 holdings · $5.3B · as of 2026-03-31
USMViShares MSCI USA Min Vol Factor ETF
iShares · 170 holdings · $24.1B · as of 2026-04-30
Holdings snapshots are 30 days apart (FDN: 2026-03-31, USMV: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FDN and USMV?
First Trust Dow Jones Internet Index Fund (FDN, by First Trust) holds 41 positions; iShares MSCI USA Min Vol Factor ETF (USMV, by iShares) holds 170. They have 17 holdings in common, and by portfolio weight the two funds are 7.4% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 7.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 17FDN holds 41 · USMV holds 170
- Weight in Shared Holdings
- FDN 65%·USMV 7%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in FDN
24 of 41 positions (35.3% of the fund) are not held by USMV.
Sector Breakdown
| Sector | FDN | USMV |
|---|---|---|
| Information Technology | 38.1% | 29.2% |
| Communication Services | 29.8% | 5.9% |
| Consumer Discretionary | 26.9% | 5.9% |
| Financials | 2.2% | 13.7% |
| Health Care | 1.4% | 12.7% |
| Other Sectors | 1.6% | 32.3% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FDN | +6.5% | +7.5% | +6.5% | +19.6% | +3.6% | +13.9% | — |
| USMV | +2.3% | +7.6% | +10.3% | +12.2% | +7.4% | +9.9% | 1.44% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in FDN vs USMV →
Shared Holdings(17)
The top 10 shared positions account for 86% of the overlap, led by CSCO, CRM and VRSN.
 CSCOCisco Systems, Inc. COM | 6.78% | 1.80% | 1.80% |
|---|---|---|---|
 CRMSalesforce Inc. COM | 4.53% | 0.88% | 0.88% |
 VRSNVerisign, Inc. COM | 1.08% | 0.76% | 0.76% |
 FFIVF5 Inc COM | 0.86% | 0.63% | 0.63% |
 ANETArista Networks Inc COM SHS | 4.18% | 0.52% | 0.52% |
 GOOGAlphabet Inc. CAP STK CL C | 4.33% | 0.45% | 0.45% |
 GDDYGoDaddy, Inc., Class A | 0.59% | 0.40% | 0.40% |
 WDAYWorkday, Inc., Class A | 1.46% | 0.38% | 0.38% |
 CIENCiena Corporation COM NEW | 2.89% | 0.33% | 0.33% |
 ZMZoom Communications, Inc., Class A | 1.13% | 0.25% | 0.25% |
 SNOWSnowflake, Inc., Class A | 2.72% | 0.24% | 0.24% |
 NFLXNetflix, Inc. COM | 8.98% | 0.23% | 0.23% |
 DASHDoorDash, Inc., Class A | 2.96% | 0.20% | 0.20% |
 AMZNAmazon.com, Inc. COM | 10.25% | 0.15% | 0.15% |
 METAMeta Platforms, Inc., Class A | 9.14% | 0.09% | 0.09% |
 DDOGDatadog, Inc., Class A | 2.04% | 0.06% | 0.06% |
 HUBSHubspot Inc COM | 0.68% | 0.05% | 0.05% |
Frequently Asked Questions
How much do FDN and USMV overlap?
FDN and USMV overlap by 7.4% of portfolio weight. They share 17 holdings (FDN holds 41 positions and USMV holds 170), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FDN and USMV?
The two portfolios are 7.4% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of FDN and USMV?
The largest positions held by both funds are CSCO, CRM, VRSN, FFIV and ANET. Together the top 10 shared positions account for 86% of the total overlap.
What does FDN own that USMV doesn't?
24 positions (35.3% of FDN) are unique to FDN, led by GOOGL, BKNG and NET. In the other direction, 153 positions (92.3% of USMV) are unique to USMV.