BDVL vs FGSM: Grades, Fees and Holdings Compared

iShares Disciplined Volatility Equity Active ETF

BDVLANasdaq

Frontier Asset Global Small Cap Equity ETF

FGSMCNYSE Arca

Overlap

0.0%by weight

Expense ratio

BDVL −0.43pt a year

BDVL0.39%FGSM0.82%

Avg volume · 30D

BDVL 69.4×the volume

BDVL236KFGSM3.41K

BDVL vs FGSM Performance

Oct 31, 2025 – Nov 2, 2026

+9.7%BDVL+19.5%FGSM

Expense ratio: BDVL 0.39%, better; FGSM 0.82%
Fund size: BDVL $1.77B; FGSM $47M
1Y total return: BDVL +9.7%; FGSM +19.5%, better
Yield (12M): BDVL No data; FGSM 1.41%
Holdings: BDVL 423; FGSM 7
Avg volume (30D): BDVL 236K sh, better; FGSM 3.41K sh
NAV per share: BDVL $26.44; FGSM $34.46
52W range

ETF.net Grade

Pillar letters and Scores for BDVL, FGSM, with each pillar’s weight
Pillar	BDVL	FGSM
Cost30% weight	A79Higher	D26
Mission25% weight	Not scored	Not scored
Risk15% weight	A80Higher	B65
Tradability15% weight	B68Higher	C52
Holdings10% weight	A89Higher	D31
Durability5% weight	A93Higher	D35

Rank among Global Active Equity funds

How we build Categories ›

Same Category. BDVL and FGSM are both graded against the same 44 Global Active Equity funds, so their Grades compare head to head.

Global Active Equity⁠

Category · 44 funds

See all 44 ›

BDVL ranks 1st and FGSM 27th of 44 funds in the Global Active Equity Category.

Rank 1AAVGEAvantis All Equity Markets ETFScore 79
Rank 1AAVTMAvantis Total Equity Markets ETF 1Score 79
Rank 1ABDVLiShares Disciplined Volatility Equity Active ETFScore 79
Rank 1ADFAWDimensional World Equity ETFScore 79
Rank 26CINFLHorizon Kinetics Inflation Beneficiaries ETFScore 41
Rank 27CFGSMFrontier Asset Global Small Cap Equity ETFScore 40
Rank 28DCDIGCity Different Investments Global Equity ETFScore 39

Our read on each fund

ETF.net Research

BDVLAiShares Disciplined Volatility Equity Active ETF

FGSMCFrontier Asset Global Small Cap Equity ETF

In short

BDVL A global low-volatility fund with an active engine: a quant model picks roughly 500 stocks on low vol, quality and value, scored against MSCI's ACWI Minimum Volatility Index. Fee: 0.39% net of a waiver through June 30, 2028.

FGSM No data

Stated mandate

BDVL The Fund seeks risk-adjusted total return through active management of equity exposure, with a focus on managing volatility relative to the broad equity market.

FGSM No data

Why people hold it

BDVL Costs 0.39% net of a waiver through June 30, 2028, below the median fee among global active equity peers and under sibling fund BFLX at 0.40%.
Roughly 500 holdings worldwide, so no single stock runs the show. Its holdings build and risk profile rank among the strongest in its peer group.
Built to hold core equity exposure while leaning toward stocks that have shown smaller price swings than the broad market.ishares.com
Trading since 2017, a long life for an active equity ETF, and it has gathered billions from investors along the way.

FGSM No data

Worth knowing

BDVL A model, not an index, picks the names. Active discretion cuts both ways against the MSCI minimum-volatility benchmark it is measured by.
The low-vol tilt means lighter exposure to the market's most volatile high-flyers, which shapes how it behaves when those names run.
Cheaper active options sit in the same category: AVTM at 0.22% and AVGE at 0.23% deliver broad global equity without the volatility focus.

FGSM No data

Full BDVL profile⁠

Full FGSM profile⁠

BDVL vs FGSM Holdings

How BDVL and FGSM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BDVL and 0.0% of FGSM.

Level by level

Holdings0 in both0.0%
Sector11 Sectors68.1%
Countryby domicile73.0%
Asset classEquity100%

Sector

Sector weights in BDVL and FGSM, widest gap first
Sector	More in BDVLMore in FGSM	BDVL	FGSM
Technology	BDVL +17.1 points	28.6%	11.5%
Materials	FGSM +10.3 points	0.4%	10.7%
Consumer Discretionary	FGSM +9.6 points	4.6%	14.2%
Health Care	BDVL +5.6 points	13.6%	8.0%
Real Estate	FGSM +4.4 points	0.0%	4.4%
Communication	BDVL +4.1 points	7.0%	2.9%
Industrials	FGSM +3.9 points	15.3%	19.2%
Energy	FGSM +3.3 points	4.1%	7.4%
Utilities	BDVL +2.6 points	4.5%	1.9%
Consumer Staples	BDVL +2.4 points	6.4%	4.0%
Financials	FGSM +0.5 points	15.4%	15.9%

Country, concentration and asset class

Country by domicile

Country weights in BDVL and FGSM, widest gap first
Country	More in BDVLMore in FGSM	BDVL	FGSM
United States	BDVL +11.7 points	69.5%	57.8%
China	BDVL +5.2 points	5.4%	0.2%
Japan	FGSM +4.9 points	8.1%	13.0%
Canada	FGSM +4.7 points	0.0%	4.7%
United Kingdom	FGSM +4.1 points	1.2%	5.3%
Australia	FGSM +3.6 points	0.0%	3.6%
Taiwan	BDVL +3.5 points	3.5%	0.0%
India	BDVL +2.8 points	2.8%	0.0%
Other countries (24)	FGSM +5.9 points	9.5%	15.4%

Outside the US: BDVL 62% developed, 38% emerging. FGSM 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

BDVL17.0%
FGSM100.0%

Securities held

BDVL401
FGSM6

Asset class

BDVL: Equity
FGSM: Equity

Holdings

Only in BDVL401
In both0
Only in FGSM6

Only in BDVL

401 securities, 100% of BDVL by weight

Asml Holding1.95%
Mastercard Class A1.88%
Microsoft1.73%
Amazon.com Inc1.33%
Progressive1.17%
Taiwan Semiconductor Manufacturing1.11%
Coca-Cola1.10%
Southern1.07%
Airbus Group1.02%
Howmet Aerospace1.02%
Visa Class A1.00%
Alphabet Class C0.98%
Deutsche Telekom N AG0.93%
Broadcom Inc0.92%
Salesforce0.90%
Keysight Technologies0.87%
Travelers Companies0.86%
Republic Services Inc0.86%
Duke Energy Corp0.86%
Meta Platforms Class A0.80%
Waste Management Inc0.80%
Costco Wholesale Corp0.80%
Motorola Solutions Inc0.79%
Bank of China Ltd H0.78%
Novartis AG0.77%
Autodesk0.77%
Vertex Pharmaceuticals0.76%
Gilead Sciences0.74%
Vertiv Holdings Class A0.73%
United Parcel Service Inc Class B0.73%
Northrop Grumman Corp0.72%
Cencora0.70%
Rolls-Royce Holdings PLC0.69%
Intel Corporation0.69%
S&P Global0.69%
NVIDIA0.68%
Steris0.67%
Elevance Health Inc0.66%
Honeywell International Inc0.66%
Trane Technologies PLC0.66%
Otsuka Corp0.64%
Occidental Petroleum Corp0.64%
Rwe AG0.62%
Exxonmobil Holdings Corp0.62%
Msci0.62%
Procter & Gamble0.61%
Verisign0.61%
Teledyne Technologies0.61%
Kroger0.61%
Lam Research0.60%

Only in FGSM

6 securities, 99.8% of FGSM by weight

Avantis Intl S/C Value Etf27.46%
Ishares Core S&P Small-Cap E21.90%
Ishares Us Smallcap Equity F18.55%
Ishares International Small14.02%
Avantis Us Small Cap Value11.64%
Neuberger Small-Mid Cap Etf6.28%

Weight gaps

BDVL and FGSM share no securities.

All 514 BDVL holdings⁠All FGSM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BDVL vs FGSM Cost

Overpaying FGSM vs BDVL

$7,791

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BDVL 0.39%
$7,898
FGSM 0.82%
$15,689

Amount$10,000

Years30 years

Cost over time

BDVL 0.39%
FGSM 0.82%
Overpaying

Year by year

Year	BDVL	FGSM	Overpaying
10	$705	$1,457	$752
20	$2,725	$5,519	$2,794
30	$7,898	$15,689	$7,791

Expense ratio

0.39%BDVL, cheaper
0.82%FGSM

BDVL0.39%FGSM0.82%

0.22%1.19%

Middle half of Global Active Equity funds
Median 0.69%

BDVL 9th cheapest of 44 funds

FGSM 33rd cheapest of 44 funds

BDVL vs FGSM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BDVL No data; FGSM 1.41%
Payout (12M): BDVL No data; FGSM $0.49
Last payment: BDVL $0.22; FGSM $0.05
Ex-dividend: BDVL Jun 15, 2026; FGSM Sep 29, 2026
Paid on: BDVL Jun 18, 2026; FGSM Oct 6, 2026
Frequency: BDVL Twice a year; FGSM Quarterly

Distribution history

Per share, 2025 to 2026, same scale for both

BDVLTwice a year · 2 paymentsAll BDVL payments⁠

FGSMQuarterly · 7 paymentsAll FGSM payments⁠

BDVL vs FGSM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BDVL 8.7%since Oct 2025FGSM 12.1%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: BDVL 0.60since Oct 2025FGSM 1.23since Jan 2025
Worst fallMax drawdown, 5 years: BDVL −7.7%since Sep 2025FGSM −17.7%since Dec 2024
Market sensitivityBeta, 5 years: BDVL 0.61FGSM 0.73; Market = 1

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