BDVL vs FORH

BDVLAiShares Disciplined Volatility Equity Active ETF

FORHFFormidable 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.

FORH Most global equity funds hand you the whole market cheaply. FORH goes the other way: a concentrated, actively picked stock book with an optional tail hedge built from options and volatility-linked funds.

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.

FORH The Fund seeks long-term capital appreciation.

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.

• FORH Two jobs in one wrapper: active stock selection plus a hedge the manager can switch on using put and call options, volatility-linked ETFs and ETNs.sec.govformidablefunds.com
• No index to hug. It is actively managed and non-diversified, so a handful of high-conviction names can carry the portfolio.sec.gov
• Running since 2021, so the strategy has a live record through real market swings rather than a backtest.formidablefunds.com

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.

• FORH The 1.19% fee sits well above the median for its global active-equity peers, where index-built rivals like GSWO and AVGE charge a fraction of that.
• Small and thinly traded, so spreads can be wider and larger orders may move the price more than in a giant index fund.
• Hedging is not free: options and volatility exposure can drag when markets climb steadily, and concentration cuts both ways.sec.govformidablefunds.com

Full BDVL profile⁠

Full FORH profile⁠