QLV vs. USMV ETF Comparison

Comparison of FlexShares US Quality Low Volatility Index Fund (QLV) to iShares MSCI USA Minimum Volatility ETF (USMV)

QLV

FlexShares US Quality Low Volatility Index Fund

QLV Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Developed Markets ex-US Quality Low Volatility IndexSM. The underlying index is designed to reflect the performance of a selection of companies that, in aggregate, possess lower overall absolute volatility characteristics relative to a broad universe of securities domiciled in developed market countries, excluding the U.S. The fund will invest at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs based on the securities in the underlying index. It is non-diversified.

Grade (RS Rating)

Last Trade

$66.27

Average Daily Volume

8,499

Number of Holdings ^*

114

* 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

$91.37

Average Daily Volume

1,672,443

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	QLV	USMV
30 Days	-1.94%	-1.62%
60 Days	0.18%	0.54%
90 Days	1.83%	2.02%
12 Months	24.13%	24.03%

67 Overlapping Holdings

Symbol	Grade	Weight in QLV	Weight in USMV	Overlap
AAPL	C	5.13%	0.96%	0.96%
ABBV	F	0.97%	1.22%	0.97%
ABT	A	0.92%	0.09%	0.09%
ADI	D	0.15%	0.24%	0.15%
ADP	B	0.92%	0.09%	0.09%
AEE	A	0.56%	0.23%	0.23%
AEP	C	0.52%	0.38%	0.38%
AIZ	A	0.84%	0.3%	0.3%
AMGN	D	0.73%	0.67%	0.67%
AMZN	B	2.5%	0.14%	0.14%
AVGO	C	0.4%	1.29%	0.4%
AZO	C	0.56%	0.96%	0.56%
BAH	D	0.5%	0.5%	0.5%
BMRN	F	0.37%	0.23%	0.23%
BRK.A	B	0.59%	1.5%	0.59%
CB	C	0.72%	1.42%	0.72%
CME	A	0.91%	0.51%	0.51%
CMS	C	0.53%	0.19%	0.19%
COR	B	0.2%	0.67%	0.2%
CTVA	C	0.57%	0.37%	0.37%
DUK	C	0.87%	1.46%	0.87%
EA	A	0.23%	0.83%	0.23%
ED	C	0.77%	1.12%	0.77%
GD	D	0.61%	0.06%	0.06%
GILD	C	1.11%	1.01%	1.01%
GIS	F	0.72%	0.67%	0.67%
GOOG	B	0.62%	0.16%	0.16%
HRL	D	0.4%	0.2%	0.2%
HSY	F	0.46%	0.3%	0.3%
IBM	C	1.77%	1.65%	1.65%
JNJ	D	1.68%	1.17%	1.17%
K	B	0.77%	0.79%	0.77%
L	A	0.11%	0.27%	0.11%
LIN	D	0.19%	0.16%	0.16%
LLY	F	2.4%	1.39%	1.39%
LMT	D	1.07%	0.85%	0.85%
MCD	D	1.97%	1.25%	1.25%
MCK	A	0.35%	1.32%	0.35%
MKL	A	0.54%	0.33%	0.33%
MMC	D	0.05%	1.11%	0.05%
MRK	F	2.29%	1.06%	1.06%
MSFT	D	7.86%	1.32%	1.32%
NBIX	C	0.43%	0.33%	0.33%
NOC	D	0.6%	1.5%	0.6%
NVDA	A	5.54%	0.66%	0.66%
PEP	F	1.52%	1.05%	1.05%
PG	C	3.17%	1.18%	1.18%
PKG	B	0.61%	0.2%	0.2%
REGN	F	0.47%	0.64%	0.47%
ROP	C	0.14%	1.31%	0.14%
RSG	A	0.58%	1.52%	0.58%
SO	C	0.68%	1.33%	0.68%
T	A	1.46%	0.72%	0.72%
TMUS	B	1.14%	1.92%	1.14%
TRV	A	0.66%	1.11%	0.66%
TXN	C	0.86%	1.49%	0.86%
UNH	C	0.07%	1.4%	0.07%
V	A	2.25%	0.86%	0.86%
VRSK	B	0.39%	0.42%	0.39%
VZ	C	1.58%	1.27%	1.27%
WCN	A	0.57%	1.5%	0.57%
WEC	A	0.83%	0.75%	0.75%
WM	B	0.68%	1.44%	0.68%
WRB	B	0.53%	0.3%	0.3%
WTW	B	0.87%	0.38%	0.38%
XEL	A	0.62%	0.44%	0.44%
XOM	B	1.15%	0.45%	0.45%

QLV Overweight 47 Positions Relative to USMV

Symbol	Grade	Weight
META	C	1.27%
QLYS	C	0.89%
ATR	B	0.89%
GOOGL	B	0.87%
PSA	C	0.84%
WDFC	B	0.81%
TYL	B	0.81%
RGLD	C	0.77%
DOX	D	0.76%
LSTR	D	0.74%
CHE	F	0.74%
CHKP	D	0.72%
ZM	B	0.7%
QGEN	F	0.67%
DTM	A	0.65%
DLR	A	0.65%
AVY	D	0.64%
CALM	A	0.62%
EQIX	A	0.62%
ALL	A	0.62%
SMMT	D	0.61%
CINF	A	0.59%
SIGI	B	0.55%
STNG	D	0.55%
JKHY	D	0.53%
SCI	A	0.53%
CTRA	B	0.53%
ADC	A	0.52%
PNW	B	0.52%
TSCO	D	0.5%
SON	F	0.49%
CHRW	B	0.49%
FLO	D	0.47%
TTEK	F	0.46%
NFG	A	0.37%
HII	F	0.36%
SLGN	A	0.33%
DDS	B	0.3%
BMI	C	0.28%
CRUS	F	0.26%
PM	A	0.21%
JPM	A	0.21%
ALKS	C	0.19%
NCNO	B	0.13%
CAG	F	0.13%
CWAN	B	0.09%
EXPD	D	0.03%

QLV Underweight 103 Positions Relative to USMV

Symbol	Grade	Weight
MSI	B	-1.83%
WMT	A	-1.7%
PGR	B	-1.68%
CSCO	B	-1.46%
APH	B	-1.46%
ORCL	A	-1.28%
ACN	C	-1.26%
AJG	B	-1.25%
GDDY	A	-0.92%
FCNCA	A	-0.84%
CBOE	C	-0.8%
VRTX	D	-0.78%
CTSH	C	-0.78%
NOW	B	-0.72%
ACGL	D	-0.71%
MA	B	-0.69%
ORLY	B	-0.67%
TSN	B	-0.66%
FI	A	-0.66%
VRSN	F	-0.64%
KDP	D	-0.61%
INCY	C	-0.61%
KR	B	-0.61%
FICO	B	-0.59%
TDY	B	-0.58%
KEYS	C	-0.58%
BDX	F	-0.57%
FFIV	B	-0.55%
ELV	F	-0.54%
FANG	D	-0.54%
AON	B	-0.53%
MPC	D	-0.52%
YUM	D	-0.51%
PTC	B	-0.51%
JNPR	D	-0.48%
NEM	D	-0.47%
MDLZ	F	-0.45%
UBER	F	-0.45%
BMY	A	-0.44%
TJX	A	-0.43%
WDAY	C	-0.42%
ERIE	F	-0.42%
EG	D	-0.42%
HUM	D	-0.41%
KHC	F	-0.4%
CDW	F	-0.4%
CL	D	-0.4%
CMCSA	B	-0.39%
AKAM	F	-0.39%
CHD	A	-0.37%
IT	C	-0.36%
ROL	B	-0.36%
GEN	B	-0.35%
CPB	D	-0.34%
AFG	A	-0.34%
CVX	A	-0.33%
GRMN	B	-0.33%
FWONK	B	-0.31%
GLW	B	-0.31%
ANET	C	-0.3%
WMB	A	-0.29%
HD	A	-0.29%
ICE	C	-0.27%
ALNY	D	-0.25%
AZPN	A	-0.23%
HUBS	B	-0.23%
HON	B	-0.23%
NTAP	C	-0.22%
D	C	-0.22%
MOH	F	-0.21%
PFE	F	-0.21%
CI	D	-0.2%
KMB	C	-0.2%
DTE	C	-0.19%
SNPS	C	-0.19%
TW	A	-0.19%
DPZ	C	-0.19%
EOG	A	-0.17%
STX	D	-0.17%
MELI	D	-0.17%
CDNS	B	-0.17%
CRWD	B	-0.17%
HOLX	D	-0.16%
UTHR	C	-0.15%
MDT	D	-0.13%
HIG	B	-0.12%
OXY	F	-0.12%
DELL	B	-0.11%
KO	D	-0.1%
DGX	A	-0.1%
RTX	D	-0.09%
LNT	A	-0.09%
KNX	B	-0.07%
TEL	C	-0.07%
FSLR	F	-0.06%
OTIS	C	-0.06%
ULTA	F	-0.05%
VLO	C	-0.05%
BR	B	-0.05%
CRM	B	-0.05%
PSX	C	-0.05%
ATO	A	-0.05%
CVS	F	-0.04%