BDVL vs LENS: Grades, Fees and Holdings Compared

iShares Disciplined Volatility Equity Active ETF

BDVLANasdaq

Sarmaya Thematic ETF

LENSDCboe

Overlap

1.9%by weight

Expense ratio

BDVL −0.40pt a year

BDVL0.39%LENS0.79%

Avg volume · 30D

BDVL 22.5×the volume

BDVL236KLENS10.5K

BDVL vs LENS Performance

Oct 31, 2025 – Oct 30, 2026

+9.6%BDVL+27.0%LENS

Expense ratio: BDVL 0.39%, better; LENS 0.79%
Fund size: BDVL $1.77B; LENS $66M
1Y total return: BDVL +9.6%; LENS +27.0%, better
Holdings: BDVL 423; LENS 49
Avg volume (30D): BDVL 236K sh, better; LENS 10.5K sh
NAV per share: BDVL $26.44; LENS $42.74
52W range

ETF.net Grade

Pillar letters and Scores for BDVL, LENS, with each pillar’s weight
Pillar	BDVL	LENS
Cost30% weight	A79Higher	D30
Mission25% weight	Not scored	Not scored
Risk15% weight	A80Higher	F23
Tradability15% weight	B68Higher	B63
Holdings10% weight	A88Higher	C44
Durability5% weight	A93Higher	D35

Rank among Global Active Equity funds

How we build Categories ›

Same Category. BDVL and LENS 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 LENS 31st of 44 funds in the Global Active Equity Category.

Rank 1AAVTMAvantis Total Equity Markets ETF 1Score 79
Rank 1ABDVLiShares Disciplined Volatility Equity Active ETFScore 79
Rank 1ADFAWDimensional World Equity ETFScore 79
Rank 30DTOGATremblant Global ETFScore 38
Rank 31DLENSSarmaya Thematic ETFScore 37
Rank 32DMNVTMoonvest ETFScore 36

Our read on each fund

ETF.net Research

BDVLAiShares Disciplined Volatility Equity Active ETF

LENSDSarmaya Thematic 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.

LENS 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.

LENS 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.

LENS 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.

LENS No data

Full BDVL profile⁠

Full LENS profile⁠

BDVL vs LENS Holdings

How BDVL and LENS differ

Overlap by weight

1.9%

Shared holdings make up 12.8% of LENS and 1.9% of BDVL.

Level by level

Holdings4 in both1.9%
Sector10 Sectors23.9%
Countryby domicile59.8%
Asset classEquity100%

Sector

Sector weights in BDVL and LENS, widest gap first
Sector	More in BDVLMore in LENS	BDVL	LENS
Energy	LENS +45.4 points	4.1%	49.5%
Technology	BDVL +28.6 points	28.6%	0.0%
Materials	LENS +27.1 points	0.4%	27.5%
Industrials	BDVL +13.0 points	15.3%	2.3%
Health Care	BDVL +11.9 points	13.6%	1.7%
Communication	BDVL +7.0 points	7.0%	0.0%
Consumer Staples	BDVL +6.4 points	6.4%	0.0%
Consumer Discretionary	BDVL +4.6 points	4.6%	0.0%
Utilities	BDVL +4.5 points	4.5%	0.0%
Financials	LENS +3.6 points	15.4%	19.0%

Country, concentration and asset class

Country by domicile

Country weights in BDVL and LENS, widest gap first
Country	More in BDVLMore in LENS	BDVL	LENS
Canada	LENS +17.8 points	0.0%	17.8%
United States	BDVL +11.6 points	69.5%	57.9%
Japan	BDVL +8.1 points	8.1%	0.0%
South Africa	LENS +5.9 points	0.0%	5.9%
China	BDVL +5.4 points	5.4%	0.0%
Brazil	LENS +4.4 points	0.0%	4.4%
Taiwan	BDVL +3.5 points	3.5%	0.0%
Greece	LENS +2.9 points	0.0%	2.9%
Other countries (11)	BDVL +2.5 points	13.5%	11.0%

Outside the US: BDVL 62% developed, 38% emerging. LENS 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

BDVL17.0%
LENS42.2%

Securities held

BDVL401
LENS48

Asset class

BDVL: Equity
LENS: Equity

Holdings

Only in BDVL397
In both4
Only in LENS44

Only in BDVL

397 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%
Msci0.62%
Procter & Gamble0.61%
Verisign0.61%
Teledyne Technologies0.61%
Kroger0.61%
Lam Research0.60%
Workday Class A0.60%

Only in LENS

44 securities, 87.2% of LENS by weight

SPDR Gold MiniShares Trust7.79%
iShares Gold Trust Micro6.07%
First American Government Obligations Fund 12/01/20315.22%
Range Resources Corp3.29%
iShares Silver Trust2.78%
Agnico Eagle Mines Ltd2.76%
Kinross Gold Corp2.66%
Transocean Ltd2.61%
Phillips 662.61%
SLB Ltd2.43%
Devon Energy Corp2.42%
Gold Fields Ltd2.37%
Antero Resources Corp2.34%
Navios Maritime Partners LP2.28%
Skeena Resources Ltd2.04%
Petroleo Brasileiro SA - Petrobras2.02%
Sibanye Stillwater Ltd1.90%
Eni SpA1.83%
Hecla Mining Co1.81%
Coeur Mining Inc.1.77%
Forum Energy Technologies Inc1.72%
Gran Tierra Energy Inc1.65%
Repsol SA1.62%
Aris Mining Corp1.54%
Baker Hughes Co1.48%
First Majestic Silver Corp1.46%
Vale SA1.45%
Venture Global Inc1.43%
Marathon Petroleum Corp1.25%
Equinor ASA1.22%
CF Industries Holdings Inc1.22%
Valero Energy Corp1.19%
Halliburton Co1.19%
TechnipFMC PLC1.18%
Anglogold Ashanti Plc1.12%
TotalEnergies SE1.07%
Endeavour Silver Corp0.98%
National Energy Services Reunited Corp0.94%
BHP Group Ltd0.89%
Hudbay Minerals Inc0.88%
Y all Street Physical Silver ETF0.83%
Novagold Resources Inc0.79%
Cameco Corp0.66%
Guardian Metal Resources PLC0.44%

Weight gaps

All 4 Holdings in both funds, largest gap first.

Holding weights in BDVL and LENS, widest gap first
Holding	More in BDVLMore in LENS	BDVL	LENS
ChevronCVX	LENS +3.95 points	0.55%	4.50%
Exxonmobil Holdings CorpXOM	LENS +3.86 points	0.62%	4.48%
Cheniere EnergyLNG	LENS +2.19 points	0.36%	2.55%
ConocophillipsCOP	LENS +0.87 points	0.38%	1.25%

All 514 BDVL holdings⁠All LENS 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 LENS Cost

Overpaying LENS vs BDVL

$7,276

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

BDVL 0.39%
$7,898
LENS 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

BDVL 0.39%
LENS 0.79%
Overpaying

Year by year

Year	BDVL	LENS	Overpaying
10	$705	$1,405	$700
20	$2,725	$5,331	$2,606
30	$7,898	$15,174	$7,276

Expense ratio

0.39%BDVL, cheaper
0.79%LENS

BDVL0.39%LENS0.79%

0.22%1.19%

Middle half of Global Active Equity funds
Median 0.69%

BDVL 9th cheapest of 44 funds

LENS 30th cheapest of 44 funds

BDVL vs LENS Dividends

Last 12 months to Oct 30, 2026

Last payment: BDVL $0.22; LENS $0.62
Ex-dividend: BDVL Jun 15, 2026; LENS Dec 23, 2025
Paid on: BDVL Jun 18, 2026; LENS Dec 24, 2025
Frequency: BDVL Twice a year; LENS Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

BDVLTwice a year · 2 paymentsAll BDVL payments⁠

LENSIrregular · 1 paymentAll LENS payments⁠

BDVL vs LENS 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 2025LENS 27.4%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: BDVL 0.60since Oct 2025LENS 1.12since Feb 2025
Worst fallMax drawdown, 5 years: BDVL −7.7%since Sep 2025LENS −24.6%since Jan 2025
Market sensitivityBeta, 5 years: BDVL 0.61LENS 0.17; Market = 1

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