SKOR vs. USMV ETF Comparison

Comparison of FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) to iShares MSCI USA Minimum Volatility ETF (USMV)

SKOR

FlexShares Credit-Scored US Corporate Bond Index Fund

SKOR Description

The investment seeks the price and yield performance, before fees and expenses, of the Northern Trust Credit-Scored US Corporate Bond IndexSM. The fund generally will invest at least 80% of its total assets in the securities of its underlying index. The index reflects the performance of a portfolio of US-dollar denominated bonds of companies that are considered by the index Provider to have higher credit quality, lower risk of default and the potential for higher yield, price appreciation and liquidity relative to the universe of securities comprising the Northern Trust US Investment-Grade Corporate Bond IndexSM. The fund is non-diversified

Grade (RS Rating)

Last Trade

$49.13

Average Daily Volume

41,088

Number of Holdings ^*

305

* 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

$91.28

Average Daily Volume

2,252,407

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	SKOR	USMV
30 Days	1.46%	1.97%
60 Days	3.18%	6.57%
90 Days	4.05%	8.42%
12 Months	10.13%	23.92%

87 Overlapping Holdings

Symbol	Grade	Weight in SKOR	Weight in USMV	Overlap
AAPL	C	0.09%	0.97%	0.09%
ABBV	C	0.08%	1.22%	0.08%
ADI	C	0.15%	0.25%	0.15%
ADP	B	0.07%	0.08%	0.07%
AEE	C	0.25%	0.22%	0.22%
AEP	C	0.02%	0.42%	0.02%
AFG	B	0.08%	0.34%	0.08%
AIZ	B	0.04%	0.28%	0.04%
AMGN	B	0.11%	0.7%	0.11%
AMZN	C	0.11%	0.12%	0.11%
AON	B	0.09%	0.49%	0.09%
APH	D	0.11%	1.29%	0.11%
ATO	B	0.17%	0.05%	0.05%
AVGO	C	0.04%	1.21%	0.04%
AZO	D	0.05%	0.99%	0.05%
BDX	D	0.08%	0.59%	0.08%
BMY	C	0.1%	0.41%	0.1%
BR	D	0.08%	0.05%	0.05%
CB	B	0.1%	1.5%	0.1%
CBOE	C	0.08%	0.87%	0.08%
CHD	D	0.18%	0.37%	0.18%
CI	C	0.14%	0.23%	0.14%
CL	D	0.09%	0.47%	0.09%
CMCSA	D	0.14%	0.36%	0.14%
CME	C	0.12%	0.51%	0.12%
CMS	C	0.08%	0.2%	0.08%
CPB	C	0.06%	0.39%	0.06%
CSCO	C	0.04%	1.29%	0.04%
CVS	D	0.16%	0.05%	0.05%
D	C	0.08%	0.23%	0.08%
DGX	B	0.07%	0.1%	0.07%
DTE	C	0.09%	0.21%	0.09%
DUK	C	0.08%	1.55%	0.08%
EA	D	0.04%	0.78%	0.04%
ED	C	0.11%	1.22%	0.11%
ELV	C	0.18%	0.72%	0.18%
GD	B	0.14%	0.06%	0.06%
GILD	B	0.13%	0.89%	0.13%
GIS	B	0.08%	0.77%	0.08%
HD	B	0.0%	0.28%	0.0%
HON	D	0.04%	0.22%	0.04%
HUM	F	0.12%	0.47%	0.12%
IBM	B	0.09%	1.7%	0.09%
JNJ	C	0.18%	1.28%	0.18%
K	B	0.11%	0.81%	0.11%
KDP	B	0.08%	0.71%	0.08%
KEYS	C	0.08%	0.54%	0.08%
KMB	D	0.08%	0.22%	0.08%
KO	C	0.08%	0.11%	0.08%
LMT	C	0.23%	0.88%	0.23%
LNT	B	0.1%	0.1%	0.1%
MA	B	0.04%	0.67%	0.04%
MCD	B	0.04%	1.27%	0.04%
MCK	F	0.09%	1.14%	0.09%
MDLZ	B	0.07%	0.52%	0.07%
MKL	C	0.11%	0.32%	0.11%
MMC	C	0.01%	1.16%	0.01%
MSFT	C	0.04%	1.38%	0.04%
MSI	B	0.04%	1.64%	0.04%
NOC	B	0.19%	1.52%	0.19%
NTAP	D	0.07%	0.21%	0.07%
ORCL	C	0.11%	1.12%	0.11%
ORLY	C	0.08%	0.63%	0.08%
OTIS	C	0.07%	0.06%	0.06%
PEP	C	0.24%	1.15%	0.24%
PG	C	0.06%	1.26%	0.06%
PGR	B	0.04%	1.68%	0.04%
PKG	B	0.07%	0.18%	0.07%
ROP	C	0.08%	1.31%	0.08%
RSG	D	0.04%	1.52%	0.04%
SO	B	0.1%	1.37%	0.1%
T	C	0.12%	0.71%	0.12%
TDY	B	0.14%	0.52%	0.14%
TEL	D	0.07%	0.07%	0.07%
TMUS	C	0.14%	1.7%	0.14%
TXN	C	0.07%	1.38%	0.07%
UNH	C	0.02%	1.38%	0.02%
V	C	0.1%	0.83%	0.1%
VLO	F	0.08%	0.05%	0.05%
VRSK	D	0.1%	0.4%	0.1%
VRSN	D	0.19%	0.65%	0.19%
VZ	B	0.03%	1.44%	0.03%
WEC	C	0.17%	0.75%	0.17%
WM	D	0.13%	1.37%	0.13%
WMT	C	0.02%	1.66%	0.02%
WTW	C	0.06%	0.36%	0.06%
XEL	B	0.14%	0.42%	0.14%

SKOR Overweight 218 Positions Relative to USMV

Symbol	Grade	Weight
LEN	B	0.32%
KMI	B	0.28%
FOXA	B	0.25%
SPG	B	0.22%
NXPI	F	0.21%
CHTR	D	0.2%
GM	C	0.2%
PHM	B	0.2%
NI	B	0.19%
MAS	B	0.19%
TPR	C	0.19%
PAA	C	0.19%
APD	B	0.19%
TMO	B	0.19%
CCI	C	0.18%
TD	B	0.17%
DOW	D	0.17%
GPN	D	0.17%
PM	C	0.17%
DG	F	0.16%
LII	B	0.16%
ARW	C	0.15%
ALL	B	0.15%
RPRX	C	0.14%
ALLY	F	0.14%
OKE	B	0.14%
WU	F	0.13%
BWA	D	0.13%
AMT	C	0.13%
JBHT	D	0.12%
BRX	B	0.12%
O	C	0.12%
AMCR	B	0.12%
INTC	F	0.12%
CM	B	0.11%
SWK	B	0.11%
BHP	D	0.11%
NVT	D	0.11%
ATHS	B	0.11%
UNP	C	0.11%
ARCC	B	0.11%
BMO	C	0.11%
DFS	C	0.11%
LH	C	0.11%
DLR	B	0.1%
BIDU	D	0.1%
WY	C	0.1%
CNP	C	0.1%
BKU	C	0.1%
TRMB	C	0.1%
INTU	C	0.1%
MO	C	0.1%
COST	B	0.1%
GS	C	0.1%
LHX	C	0.1%
VNT	F	0.09%
THG	B	0.09%
SBUX	C	0.09%
MET	B	0.09%
DHR	B	0.09%
CARR	B	0.09%
FHN	D	0.09%
DIS	D	0.09%
BXP	B	0.09%
CMA	B	0.09%
AGR	B	0.09%
HST	C	0.09%
ADBE	F	0.09%
FLO	C	0.09%
LAZ	B	0.09%
MLM	D	0.09%
BNS	B	0.09%
FITB	B	0.09%
PSA	B	0.08%
ADSK	C	0.08%
AWH	F	0.08%
QCOM	D	0.08%
BG	D	0.08%
FAF	B	0.08%
LEA	F	0.08%
HBAN	B	0.08%
EBAY	B	0.08%
CSL	B	0.08%
KLAC	D	0.08%
HP	F	0.08%
ORI	B	0.08%
H	C	0.08%
UPS	D	0.08%
DSS	F	0.08%
AMH	C	0.08%
EW	F	0.08%
DINO	F	0.08%
NDAQ	A	0.08%
WHR	D	0.08%
BRO	C	0.08%
WELL	C	0.08%
TT	B	0.08%
SPGI	B	0.08%
NFG	B	0.08%
JEF	B	0.08%
BLK	B	0.08%
KEY	B	0.08%
MMM	B	0.08%
MU	F	0.08%
GLPI	C	0.08%
SYF	C	0.08%
C	D	0.08%
EMR	D	0.07%
AVT	C	0.07%
KMPR	D	0.07%
PLD	C	0.07%
DHI	B	0.07%
PCG	C	0.07%
PPG	D	0.07%
CPT	B	0.07%
SBRA	C	0.07%
WB	D	0.07%
ALLE	B	0.07%
BAX	C	0.07%
CE	F	0.07%
ITW	C	0.07%
DOV	B	0.07%
A	C	0.07%
BKH	B	0.07%
ESS	B	0.07%
GSBD	D	0.07%
FMC	C	0.07%
NSC	C	0.07%
MKC	C	0.07%
USB	B	0.07%
AWK	B	0.07%
AMP	A	0.07%
CUBE	C	0.07%
HUBB	B	0.07%
CFG	C	0.07%
MCO	B	0.07%
STT	B	0.07%
SRE	C	0.07%
PEG	C	0.07%
HPQ	D	0.07%
AXP	B	0.07%
EPD	B	0.07%
BABA	B	0.07%
HSBC	B	0.07%
WFC	D	0.07%
ROK	D	0.06%
SKT	B	0.06%
REG	C	0.06%
WAB	A	0.06%
SCS	D	0.06%
GL	C	0.06%
BA	F	0.06%
ECL	B	0.06%
WPC	C	0.06%
AL	D	0.06%
TFC	C	0.06%
NNN	C	0.06%
SITC	D	0.05%
DT	C	0.05%
EFX	B	0.05%
RY	B	0.05%
BK	B	0.05%
AER	B	0.05%
DLTR	F	0.05%
ZTS	C	0.05%
PDM	B	0.04%
KIM	C	0.04%
STLD	F	0.04%
HPP	D	0.04%
VOYA	B	0.04%
KRG	B	0.04%
FTV	C	0.04%
RNR	C	0.04%
SJM	C	0.04%
RPM	B	0.04%
ARE	C	0.04%
CMI	C	0.04%
HII	D	0.04%
AXS	B	0.04%
HIW	B	0.04%
AIG	D	0.04%
CSX	D	0.04%
AFL	C	0.04%
ES	C	0.04%
MAR	C	0.04%
KRC	C	0.04%
SCHW	D	0.04%
SHW	B	0.04%
LOW	B	0.04%
DB	B	0.04%
EIX	C	0.04%
NEE	C	0.04%
MS	D	0.04%
FLS	D	0.03%
SYK	C	0.03%
GOOGL	D	0.03%
FNF	B	0.03%
HCA	B	0.03%
PNC	B	0.03%
PH	B	0.02%
CTAS	B	0.02%
AAP	F	0.02%
BDN	B	0.02%
MAA	B	0.02%
EQR	B	0.02%
PYPL	B	0.02%
AVB	B	0.02%
CLX	C	0.02%
AVY	C	0.02%
VTR	C	0.02%
COF	B	0.02%
MUFG	D	0.02%
CP	C	0.01%
JPM	D	0.01%
EQIX	C	0.0%
OHI	B	0.0%
PRU	C	0.0%
BAC	D	0.0%

SKOR Underweight 83 Positions Relative to USMV

Symbol	Grade	Weight
LLY	C	-1.58%
WCN	D	-1.55%
BRK.A	C	-1.49%
AJG	D	-1.29%
ACN	C	-1.28%
MRK	D	-1.22%
TRV	C	-1.05%
REGN	C	-0.92%
GDDY	C	-0.81%
ACGL	C	-0.8%
CTSH	C	-0.77%
VRTX	D	-0.75%
FCNCA	D	-0.73%
TSN	C	-0.69%
COR	D	-0.66%
NOW	B	-0.65%
KR	C	-0.59%
NEM	B	-0.58%
FI	A	-0.57%
MPC	F	-0.56%
NVDA	D	-0.54%
FANG	D	-0.53%
ERIE	B	-0.52%
YUM	D	-0.51%
FFIV	B	-0.49%
JNPR	B	-0.49%
INCY	C	-0.48%
FICO	B	-0.48%
UBER	C	-0.47%
PTC	D	-0.47%
AKAM	D	-0.45%
CDW	D	-0.45%
TJX	B	-0.45%
EG	C	-0.45%
KHC	C	-0.44%
BAH	C	-0.44%
XOM	C	-0.43%
WDAY	D	-0.42%
CTVA	B	-0.37%
ROL	C	-0.37%
HSY	C	-0.35%
IT	B	-0.34%
NBIX	F	-0.33%
GEN	B	-0.32%
WRB	C	-0.3%
CVX	D	-0.3%
BMRN	F	-0.3%
ICE	C	-0.29%
FWONK	C	-0.29%
GLW	C	-0.28%
L	C	-0.27%
GRMN	D	-0.27%
ANET	B	-0.27%
ALNY	C	-0.25%
PFE	C	-0.24%
MOH	D	-0.23%
WMB	B	-0.23%
HRL	C	-0.22%
AZPN	B	-0.21%
MELI	B	-0.2%
HUBS	D	-0.18%
SNPS	F	-0.17%
HOLX	C	-0.17%
STX	C	-0.17%
TW	B	-0.17%
LIN	B	-0.17%
DPZ	F	-0.17%
CDNS	D	-0.16%
EOG	D	-0.15%
CRWD	D	-0.14%
MDT	C	-0.14%
GOOG	D	-0.14%
OXY	F	-0.13%
UTHR	C	-0.13%
HIG	B	-0.12%
DELL	D	-0.1%
RTX	C	-0.09%
ABT	C	-0.09%
FSLR	C	-0.07%
PSX	F	-0.06%
KNX	C	-0.06%
ULTA	D	-0.05%
CRM	D	-0.04%