LSAF vs. USMV ETF Comparison

Comparison of LeaderShares AlphaFactor US Core Equity ETF (LSAF) to iShares MSCI USA Minimum Volatility ETF (USMV)

LSAF

LeaderShares AlphaFactor US Core Equity ETF

LSAF Description

The investment seeks to provide investment results that correspond generally, before fees and expenses, to the performance of the AlphaFactor® US Core Equity Index. Under normal circumstances, at least 80% of the fund's net assets, including any borrowings for investment purposes, will be invested in a diversified portfolio of equity securities of U.S. common stocks included in the index. The index utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization.

Grade (RS Rating)

Last Trade

$43.63

Average Daily Volume

11,395

Number of Holdings ^*

* may have additional holdings in another (foreign) market

USMV

iShares MSCI USA Minimum Volatility ETF

USMV Description

The investment seeks the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market. The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities in the underlying index. The underlying index follows a rules-based methodology to determine weights for securities in the index that seeks to minimize total risk of the MSCI USA Index. Components primarily include consumer staples, healthcare and information technology companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$93.46

Average Daily Volume

1,630,912

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	LSAF	USMV
30 Days	5.32%	1.70%
60 Days	6.52%	2.42%
90 Days	9.24%	4.02%
12 Months	34.17%	25.63%

16 Overlapping Holdings

Symbol	Grade	Weight in LSAF	Weight in USMV	Overlap
AAPL	C	0.93%	0.99%	0.93%
AZO	C	0.92%	0.98%	0.92%
BR	A	1.0%	0.05%	0.05%
CI	F	0.9%	0.21%	0.21%
FI	A	1.15%	0.69%	0.69%
FICO	B	1.14%	0.59%	0.59%
GEN	B	1.02%	0.35%	0.35%
HIG	B	0.97%	0.12%	0.12%
IT	C	0.97%	0.35%	0.35%
LMT	D	0.88%	0.82%	0.82%
MPC	D	0.93%	0.54%	0.54%
ORLY	B	0.99%	0.68%	0.68%
PSX	C	0.95%	0.06%	0.06%
TMUS	B	1.08%	1.95%	1.08%
UTHR	C	0.97%	0.14%	0.14%
WRB	A	1.04%	0.31%	0.31%

LSAF Overweight 83 Positions Relative to USMV

Symbol	Grade	Weight
TRGP	B	1.34%
VST	B	1.32%
EXEL	B	1.27%
SYF	B	1.24%
UNM	A	1.21%
OWL	A	1.19%
AAON	B	1.18%
BKNG	A	1.17%
EXPE	B	1.17%
GM	B	1.17%
PLNT	A	1.16%
DUOL	A	1.15%
FTNT	C	1.15%
AMP	A	1.15%
NTNX	A	1.14%
GS	A	1.14%
CPAY	A	1.13%
STLD	B	1.09%
LOPE	B	1.08%
CMI	A	1.08%
MAR	B	1.08%
PRI	A	1.06%
WSO	A	1.05%
EQH	B	1.05%
GWRE	A	1.04%
RS	B	1.04%
MO	A	1.04%
FOXA	B	1.04%
AXP	A	1.03%
HLT	A	1.03%
JBL	B	1.03%
MUSA	A	1.02%
ORI	A	1.02%
RL	B	1.01%
EXP	A	1.01%
AMG	B	1.0%
LPX	B	1.0%
EEFT	B	1.0%
LNW	D	0.99%
REG	B	0.98%
MET	A	0.98%
AIG	B	0.98%
H	B	0.97%
FIS	C	0.97%
WWD	B	0.96%
GOOGL	C	0.96%
AFL	B	0.95%
DVA	B	0.95%
CAT	B	0.94%
SPGI	C	0.94%
LOW	D	0.93%
COLM	B	0.93%
POST	C	0.93%
PVH	C	0.93%
TOL	B	0.93%
CSL	C	0.93%
SNX	C	0.92%
GPK	C	0.92%
MTG	C	0.92%
PSN	D	0.91%
SPB	C	0.9%
COKE	C	0.9%
TXT	D	0.9%
EBAY	D	0.89%
AN	C	0.89%
MAS	D	0.88%
DD	D	0.88%
NSA	D	0.87%
KBR	F	0.87%
NVR	D	0.86%
LEN	D	0.85%
SAIC	F	0.85%
THC	D	0.85%
BLDR	D	0.85%
BLD	D	0.84%
HRB	D	0.84%
PHM	D	0.84%
MHK	D	0.81%
FBIN	D	0.8%
HCA	F	0.78%
WMS	D	0.77%
MTD	D	0.76%
CROX	D	0.67%

LSAF Underweight 154 Positions Relative to USMV

Symbol	Grade	Weight
MSI	B	-1.81%
WMT	A	-1.78%
PGR	A	-1.67%
IBM	C	-1.66%
WCN	A	-1.56%
RSG	A	-1.55%
BRK.A	B	-1.55%
DUK	C	-1.49%
CSCO	B	-1.47%
CB	C	-1.47%
APH	A	-1.44%
WM	A	-1.44%
NOC	D	-1.43%
TXN	C	-1.39%
VZ	C	-1.35%
SO	D	-1.35%
MCK	B	-1.35%
MSFT	F	-1.34%
UNH	C	-1.34%
ORCL	B	-1.31%
ROP	B	-1.3%
ACN	C	-1.29%
AJG	B	-1.27%
MCD	D	-1.25%
LLY	F	-1.25%
PG	A	-1.23%
AVGO	D	-1.19%
JNJ	D	-1.18%
TRV	B	-1.15%
ED	D	-1.13%
MMC	B	-1.11%
ABBV	D	-1.04%
MRK	F	-1.01%
PEP	F	-1.01%
GDDY	A	-1.0%
GILD	C	-0.94%
V	A	-0.9%
EA	A	-0.89%
FCNCA	A	-0.88%
CBOE	B	-0.85%
K	A	-0.8%
WEC	A	-0.78%
CTSH	B	-0.76%
NOW	A	-0.75%
T	A	-0.74%
TSN	B	-0.71%
MA	C	-0.7%
VRTX	F	-0.69%
ACGL	D	-0.68%
COR	B	-0.67%
NVDA	C	-0.67%
GIS	D	-0.66%
VRSN	F	-0.64%
KR	B	-0.61%
AMGN	D	-0.59%
REGN	F	-0.59%
KDP	D	-0.59%
TDY	B	-0.57%
BDX	F	-0.56%
KEYS	A	-0.55%
FANG	D	-0.55%
FFIV	B	-0.55%
INCY	C	-0.53%
AON	A	-0.53%
CME	A	-0.53%
PTC	A	-0.52%
ELV	F	-0.52%
YUM	B	-0.5%
BMY	B	-0.49%
XEL	A	-0.46%
NEM	D	-0.46%
UBER	D	-0.45%
JNPR	F	-0.45%
TJX	A	-0.45%
XOM	B	-0.45%
MDLZ	F	-0.44%
WDAY	B	-0.43%
EG	C	-0.43%
ERIE	D	-0.42%
VRSK	A	-0.42%
CL	D	-0.41%
CHD	B	-0.4%
HUM	C	-0.4%
BAH	F	-0.39%
CMCSA	B	-0.39%
AEP	D	-0.39%
AKAM	D	-0.39%
KHC	F	-0.38%
WTW	B	-0.38%
CTVA	C	-0.38%
ROL	B	-0.36%
AFG	A	-0.35%
CDW	F	-0.35%
CVX	A	-0.34%
MKL	A	-0.34%
GRMN	B	-0.33%
CPB	D	-0.33%
AIZ	A	-0.32%
NBIX	C	-0.32%
WMB	A	-0.31%
GLW	B	-0.31%
FWONK	B	-0.31%
HSY	F	-0.3%
HD	A	-0.3%
ANET	C	-0.29%
ICE	C	-0.28%
L	A	-0.28%
HON	B	-0.25%
AEE	A	-0.24%
HUBS	A	-0.24%
ADI	D	-0.23%
D	C	-0.23%
AZPN	A	-0.23%
ALNY	D	-0.22%
NTAP	C	-0.22%
BMRN	D	-0.22%
HRL	D	-0.21%
KMB	D	-0.21%
TW	A	-0.2%
DTE	C	-0.2%
PKG	A	-0.2%
PFE	D	-0.2%
DPZ	C	-0.19%
CRWD	B	-0.19%
CMS	C	-0.19%
CDNS	B	-0.18%
MELI	D	-0.18%
MOH	F	-0.18%
SNPS	B	-0.18%
EOG	A	-0.17%
HOLX	D	-0.16%
LIN	D	-0.16%
STX	D	-0.16%
GOOG	C	-0.16%
AMZN	C	-0.14%
MDT	D	-0.13%
DELL	C	-0.12%
OXY	D	-0.12%
DGX	A	-0.11%
KO	D	-0.1%
LNT	A	-0.1%
RTX	C	-0.09%
ADP	B	-0.09%
ABT	B	-0.09%
OTIS	C	-0.07%
TEL	B	-0.07%
ATO	A	-0.06%
FSLR	F	-0.06%
KNX	B	-0.06%
VLO	C	-0.05%
CRM	B	-0.05%
GD	F	-0.05%
ULTA	F	-0.04%
CVS	D	-0.04%