USMV vs. LKOR ETF Comparison

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

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

2,252,906

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

LKOR

FlexShares Credit-Scored US Long Corporate Bond Index Fund

LKOR Description

Flexshares Trust - FlexShares Credit-Scored US Long Corporate Bond Index Fund is an exchange traded fund launched by Northern Trust Corporation. It is managed by Northern Trust Investments, Incorporated. The fund invests in fixed income markets of the United States. It invests in US-dollar denominated investment grade bonds of companies rated BBB or higher by S&P or Fitch or Baa3 or higher by Moody's and with maturities greater than or equal to ten years. The fund seeks to track the performance of the Northern Trust Credit-Scored US Long Corporate Bond Index, by employing representative sampling methodology. Flexshares Trust - FlexShares Credit-Scored US Long Corporate Bond Index Fund was formed on September 23, 2015 and is domiciled in the United States.

Grade (RS Rating)

Last Trade

$45.76

Average Daily Volume

9,046

Number of Holdings ^*

163

* may have additional holdings in another (foreign) market

Performance

Period	USMV	LKOR
30 Days	1.97%	1.99%
60 Days	6.57%	7.06%
90 Days	8.42%	7.40%
12 Months	23.92%	15.92%

63 Overlapping Holdings

Symbol	Grade	Weight in USMV	Weight in LKOR	Overlap
AAPL	C	0.97%	0.17%	0.17%
ABBV	C	1.22%	0.33%	0.33%
ACGL	C	0.8%	0.55%	0.55%
AEE	C	0.22%	0.24%	0.22%
AEP	C	0.42%	0.28%	0.28%
AIZ	B	0.28%	0.18%	0.18%
AMGN	B	0.7%	0.23%	0.23%
AMZN	C	0.12%	0.18%	0.12%
AON	B	0.49%	0.13%	0.13%
ATO	B	0.05%	0.23%	0.05%
AVGO	C	1.21%	0.2%	0.2%
BDX	D	0.59%	0.23%	0.23%
CHD	D	0.37%	0.11%	0.11%
CMCSA	D	0.36%	0.24%	0.24%
CMS	C	0.2%	0.24%	0.2%
CPB	C	0.39%	0.18%	0.18%
CSCO	C	1.29%	0.23%	0.23%
CVS	D	0.05%	0.36%	0.05%
D	C	0.23%	0.23%	0.23%
DUK	C	1.55%	0.5%	0.5%
EA	D	0.78%	0.09%	0.09%
ED	C	1.22%	0.29%	0.29%
EG	C	0.45%	0.2%	0.2%
ELV	C	0.72%	0.1%	0.1%
GILD	B	0.89%	0.35%	0.35%
GLW	C	0.28%	0.1%	0.1%
HD	B	0.28%	0.19%	0.19%
HIG	B	0.12%	0.2%	0.12%
HON	D	0.22%	0.25%	0.22%
HUM	F	0.47%	0.07%	0.07%
IBM	B	1.7%	0.23%	0.23%
JNJ	C	1.28%	0.12%	0.12%
KDP	B	0.71%	0.24%	0.24%
KMB	D	0.22%	0.26%	0.22%
KO	C	0.11%	0.19%	0.11%
LMT	C	0.88%	0.24%	0.24%
LNT	B	0.1%	0.4%	0.1%
MA	B	0.67%	0.22%	0.22%
MCD	B	1.27%	0.12%	0.12%
MCK	F	1.14%	0.23%	0.23%
MDLZ	B	0.52%	0.09%	0.09%
MKL	C	0.32%	0.24%	0.24%
MMC	C	1.16%	0.24%	0.24%
MSFT	C	1.38%	0.1%	0.1%
NEM	B	0.58%	0.24%	0.24%
NOC	B	1.52%	0.26%	0.26%
NVDA	D	0.54%	0.21%	0.21%
ORCL	C	1.12%	0.25%	0.25%
OTIS	C	0.06%	0.1%	0.06%
PGR	B	1.68%	0.23%	0.23%
REGN	C	0.92%	0.17%	0.17%
SO	B	1.37%	0.11%	0.11%
T	C	0.71%	0.09%	0.09%
TEL	D	0.07%	0.28%	0.07%
TXN	C	1.38%	0.23%	0.23%
UNH	C	1.38%	0.16%	0.16%
V	C	0.83%	0.4%	0.4%
VRSK	D	0.4%	0.1%	0.1%
VZ	B	1.44%	0.18%	0.18%
WEC	C	0.75%	0.24%	0.24%
WRB	C	0.3%	0.23%	0.23%
WTW	C	0.36%	0.1%	0.1%
XOM	C	0.43%	0.12%	0.12%

USMV Overweight 107 Positions Relative to LKOR

Symbol	Grade	Weight
TMUS	C	1.7%
WMT	C	1.66%
MSI	B	1.64%
LLY	C	1.58%
WCN	D	1.55%
RSG	D	1.52%
CB	B	1.5%
BRK.A	C	1.49%
WM	D	1.37%
ROP	C	1.31%
APH	D	1.29%
AJG	D	1.29%
ACN	C	1.28%
PG	C	1.26%
MRK	D	1.22%
PEP	C	1.15%
TRV	C	1.05%
AZO	D	0.99%
CBOE	C	0.87%
K	B	0.81%
GDDY	C	0.81%
CTSH	C	0.77%
GIS	B	0.77%
VRTX	D	0.75%
FCNCA	D	0.73%
TSN	C	0.69%
COR	D	0.66%
NOW	B	0.65%
VRSN	D	0.65%
ORLY	C	0.63%
KR	C	0.59%
FI	A	0.57%
MPC	F	0.56%
KEYS	C	0.54%
FANG	D	0.53%
ERIE	B	0.52%
TDY	B	0.52%
CME	C	0.51%
YUM	D	0.51%
FFIV	B	0.49%
JNPR	B	0.49%
INCY	C	0.48%
FICO	B	0.48%
CL	D	0.47%
UBER	C	0.47%
PTC	D	0.47%
AKAM	D	0.45%
CDW	D	0.45%
TJX	B	0.45%
KHC	C	0.44%
BAH	C	0.44%
WDAY	D	0.42%
XEL	B	0.42%
BMY	C	0.41%
CTVA	B	0.37%
ROL	C	0.37%
HSY	C	0.35%
AFG	B	0.34%
IT	B	0.34%
NBIX	F	0.33%
GEN	B	0.32%
CVX	D	0.3%
BMRN	F	0.3%
ICE	C	0.29%
FWONK	C	0.29%
L	C	0.27%
GRMN	D	0.27%
ANET	B	0.27%
ALNY	C	0.25%
ADI	C	0.25%
PFE	C	0.24%
MOH	D	0.23%
CI	C	0.23%
WMB	B	0.23%
HRL	C	0.22%
DTE	C	0.21%
NTAP	D	0.21%
AZPN	B	0.21%
MELI	B	0.2%
HUBS	D	0.18%
PKG	B	0.18%
SNPS	D	0.17%
HOLX	B	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%
DELL	D	0.1%
DGX	B	0.1%
RTX	C	0.09%
ABT	C	0.09%
ADP	B	0.08%
FSLR	C	0.07%
PSX	F	0.06%
GD	B	0.06%
KNX	C	0.06%
ULTA	D	0.05%
VLO	F	0.05%
BR	D	0.05%
CRM	D	0.04%

USMV Underweight 100 Positions Relative to LKOR

Symbol	Grade	Weight
PM	C	-0.7%
SCCO	D	-0.64%
HSBC	B	-0.48%
FITB	B	-0.39%
KOF	D	-0.37%
INTC	F	-0.37%
BA	F	-0.37%
HPE	D	-0.37%
NI	B	-0.37%
DOW	D	-0.32%
CAH	C	-0.31%
CP	C	-0.29%
NNN	C	-0.29%
RF	B	-0.28%
AMT	C	-0.27%
JEF	B	-0.26%
MMM	B	-0.26%
CHTR	D	-0.26%
LOW	B	-0.25%
WFC	D	-0.25%
CAG	C	-0.24%
GWW	B	-0.24%
BHP	D	-0.24%
HCA	B	-0.24%
DOV	B	-0.24%
HPQ	D	-0.24%
OKE	B	-0.24%
FOXA	B	-0.24%
LH	C	-0.23%
LYB	D	-0.23%
AIG	D	-0.23%
SBUX	C	-0.23%
BAC	D	-0.23%
EXC	C	-0.22%
MRO	C	-0.22%
VMI	D	-0.22%
EL	F	-0.21%
SRE	C	-0.21%
GS	C	-0.21%
SHW	B	-0.21%
EIX	C	-0.21%
C	C	-0.21%
KLAC	D	-0.2%
PAA	C	-0.2%
MO	C	-0.2%
STZ	D	-0.19%
NDAQ	A	-0.19%
ZTS	C	-0.19%
CCI	C	-0.19%
KMI	B	-0.19%
LEA	F	-0.18%
EBAY	B	-0.18%
ARE	C	-0.18%
EPD	B	-0.18%
SPGI	B	-0.16%
UNP	C	-0.16%
HAL	F	-0.14%
MS	D	-0.14%
MET	B	-0.14%
JCI	B	-0.13%
APTV	D	-0.13%
EFX	B	-0.13%
HAS	B	-0.13%
GM	C	-0.13%
TT	B	-0.12%
WELL	C	-0.12%
IFF	B	-0.12%
VTR	C	-0.12%
GOOGL	D	-0.12%
EMR	D	-0.12%
IPG	C	-0.12%
AFL	C	-0.12%
NSC	C	-0.12%
MCO	B	-0.12%
CSX	D	-0.12%
PRU	C	-0.11%
BWA	D	-0.11%
MLM	D	-0.11%
DG	F	-0.11%
REG	C	-0.11%
RJF	C	-0.11%
OC	D	-0.11%
MAS	B	-0.11%
FMC	C	-0.11%
BABA	B	-0.11%
KIM	C	-0.1%
SJM	C	-0.1%
DHR	B	-0.1%
WBA	F	-0.1%
RPM	B	-0.1%
BHF	F	-0.1%
BIIB	F	-0.09%
RPRX	C	-0.09%
PCG	C	-0.09%
JPM	D	-0.09%
ITW	C	-0.06%
SIGI	D	-0.06%
LHX	C	-0.05%
FTV	C	-0.05%
ALL	B	-0.04%