USMV vs. QLV ETF Comparison

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

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

$91.14

Average Daily Volume

2,252,906

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

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

$66.41

Average Daily Volume

3,582

Number of Holdings ^*

114

* may have additional holdings in another (foreign) market

Performance

Period	USMV	QLV
30 Days	1.97%	2.04%
60 Days	6.57%	5.15%
90 Days	8.42%	6.23%
12 Months	23.92%	26.75%

66 Overlapping Holdings

Symbol	Grade	Weight in USMV	Weight in QLV	Overlap
AAPL	C	0.97%	5.11%	0.97%
ABBV	C	1.22%	1.15%	1.15%
ABT	C	0.09%	0.95%	0.09%
ADI	C	0.25%	0.16%	0.16%
ADP	B	0.08%	0.87%	0.08%
AEE	C	0.22%	0.55%	0.22%
AEP	C	0.42%	0.59%	0.42%
AIZ	B	0.28%	0.77%	0.28%
AMGN	B	0.7%	0.82%	0.7%
AMZN	C	0.12%	2.13%	0.12%
AVGO	C	1.21%	0.34%	0.34%
AZO	D	0.99%	0.58%	0.58%
BAH	C	0.44%	0.51%	0.44%
BMRN	F	0.3%	0.48%	0.3%
BRK.A	C	1.49%	0.59%	0.59%
CB	B	1.5%	0.76%	0.76%
CME	C	0.51%	0.92%	0.51%
CMS	C	0.2%	0.55%	0.2%
CTVA	B	0.37%	0.57%	0.37%
DUK	C	1.55%	0.95%	0.95%
EA	D	0.78%	0.21%	0.21%
ED	C	1.22%	0.87%	0.87%
GD	B	0.06%	0.64%	0.06%
GILD	B	0.89%	0.98%	0.89%
GIS	B	0.77%	0.86%	0.77%
GOOG	D	0.14%	0.53%	0.14%
HRL	C	0.22%	0.44%	0.22%
HSY	C	0.35%	0.54%	0.35%
IBM	B	1.7%	1.77%	1.7%
JNJ	C	1.28%	1.9%	1.28%
K	B	0.81%	0.79%	0.79%
L	C	0.27%	0.11%	0.11%
LIN	B	0.17%	0.19%	0.17%
LLY	C	1.58%	2.85%	1.58%
LMT	C	0.88%	1.17%	0.88%
MCD	B	1.27%	1.97%	1.27%
MCK	F	1.14%	0.3%	0.3%
MKL	C	0.32%	0.5%	0.32%
MMC	C	1.16%	0.06%	0.06%
MRK	D	1.22%	2.76%	1.22%
MSFT	C	1.38%	7.68%	1.38%
NBIX	F	0.33%	0.43%	0.33%
NOC	B	1.52%	0.65%	0.65%
NVDA	D	0.54%	4.13%	0.54%
PEP	C	1.15%	1.69%	1.15%
PG	C	1.26%	3.43%	1.26%
PKG	B	0.18%	0.54%	0.18%
REGN	C	0.92%	0.71%	0.71%
ROP	C	1.31%	0.14%	0.14%
RSG	D	1.52%	0.58%	0.58%
SO	B	1.37%	0.72%	0.72%
T	C	0.71%	1.45%	0.71%
TMUS	C	1.7%	0.96%	0.96%
TRV	C	1.05%	0.64%	0.64%
TXN	C	1.38%	0.87%	0.87%
UNH	C	1.38%	0.07%	0.07%
V	C	0.83%	2.15%	0.83%
VRSK	D	0.4%	0.39%	0.39%
VZ	B	1.44%	1.7%	1.44%
WCN	D	1.55%	0.59%	0.59%
WEC	C	0.75%	0.84%	0.75%
WM	D	1.37%	0.66%	0.66%
WRB	C	0.3%	0.55%	0.3%
WTW	C	0.36%	0.83%	0.36%
XEL	B	0.42%	0.59%	0.42%
XOM	C	0.43%	1.13%	0.43%

USMV Overweight 104 Positions Relative to QLV

Symbol	Grade	Weight
PGR	B	1.68%
WMT	C	1.66%
MSI	B	1.64%
CSCO	C	1.29%
APH	D	1.29%
AJG	D	1.29%
ACN	C	1.28%
ORCL	C	1.12%
CBOE	C	0.87%
GDDY	C	0.81%
ACGL	C	0.8%
CTSH	C	0.77%
VRTX	D	0.75%
FCNCA	D	0.73%
ELV	C	0.72%
KDP	B	0.71%
TSN	C	0.69%
MA	B	0.67%
COR	D	0.66%
NOW	B	0.65%
VRSN	D	0.65%
ORLY	C	0.63%
KR	C	0.59%
BDX	D	0.59%
NEM	B	0.58%
FI	A	0.57%
MPC	F	0.56%
KEYS	C	0.54%
FANG	D	0.53%
ERIE	B	0.52%
MDLZ	B	0.52%
TDY	B	0.52%
YUM	D	0.51%
FFIV	B	0.49%
AON	B	0.49%
JNPR	B	0.49%
INCY	C	0.48%
FICO	B	0.48%
CL	D	0.47%
HUM	F	0.47%
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%
WDAY	D	0.42%
BMY	C	0.41%
CPB	C	0.39%
ROL	C	0.37%
CHD	D	0.37%
CMCSA	D	0.36%
AFG	B	0.34%
IT	B	0.34%
GEN	B	0.32%
CVX	D	0.3%
ICE	C	0.29%
FWONK	C	0.29%
HD	B	0.28%
GLW	C	0.28%
GRMN	D	0.27%
ANET	B	0.27%
ALNY	C	0.25%
PFE	C	0.24%
MOH	D	0.23%
D	C	0.23%
CI	C	0.23%
WMB	B	0.23%
HON	D	0.22%
KMB	D	0.22%
DTE	C	0.21%
NTAP	D	0.21%
AZPN	B	0.21%
MELI	B	0.2%
HUBS	D	0.18%
SNPS	D	0.17%
HOLX	B	0.17%
STX	C	0.17%
TW	B	0.17%
DPZ	F	0.17%
CDNS	D	0.16%
EOG	D	0.15%
CRWD	D	0.14%
MDT	C	0.14%
OXY	F	0.13%
UTHR	C	0.13%
HIG	B	0.12%
KO	C	0.11%
LNT	B	0.1%
DELL	D	0.1%
DGX	B	0.1%
RTX	C	0.09%
TEL	D	0.07%
FSLR	C	0.07%
PSX	F	0.06%
KNX	C	0.06%
OTIS	C	0.06%
ULTA	D	0.05%
VLO	F	0.05%
CVS	D	0.05%
BR	D	0.05%
ATO	B	0.05%
CRM	D	0.04%

USMV Underweight 48 Positions Relative to QLV

Symbol	Grade	Weight
META	B	-1.14%
PSA	B	-0.91%
ATR	B	-0.8%
TYL	C	-0.8%
CHKP	B	-0.79%
CHE	C	-0.78%
RGLD	C	-0.77%
DOX	C	-0.77%
GOOGL	D	-0.76%
WDFC	C	-0.76%
QGEN	C	-0.75%
QLYS	F	-0.74%
LSTR	D	-0.74%
AVY	C	-0.72%
STNG	D	-0.71%
SMMT	C	-0.62%
ALL	B	-0.61%
EQIX	C	-0.59%
ZM	C	-0.58%
CINF	B	-0.56%
DLR	B	-0.56%
ADC	C	-0.54%
JKHY	B	-0.54%
SON	C	-0.54%
PNW	C	-0.53%
TTEK	C	-0.53%
SIGI	D	-0.51%
HII	D	-0.51%
SCI	B	-0.51%
FLO	C	-0.51%
DTM	B	-0.5%
TSCO	C	-0.5%
CTRA	D	-0.49%
CALM	A	-0.48%
CHRW	B	-0.46%
NFG	B	-0.37%
CRUS	D	-0.36%
SLGN	B	-0.32%
DDS	F	-0.25%
BMI	A	-0.25%
SQSP	A	-0.24%
PM	C	-0.21%
JPM	D	-0.2%
ALKS	C	-0.19%
CAG	C	-0.16%
NCNO	D	-0.1%
CWAN	B	-0.07%
EXPD	C	-0.03%