Aviance Capital Management’s iShares MSCI USA Min Vol Factor ETF USMV Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q2	–	Sell	-5,454	Closed	-$283K	–	284
2018 Q1	$283K	Buy	5,454 +2,041	+60%	+$108K	0.02%	175
2017 Q4	$180K	Sell	3,413 -412	-11%	-$21.4K	0.01%	183
2017 Q3	$193K	Sell	3,825 -3,304	-46%	-$165K	0.01%	178
2017 Q2	$349K	Sell	7,129 -2,273	-24%	-$111K	0.02%	154
2017 Q1	$449K	Sell	9,402 -6,406	-41%	-$300K	0.03%	157
2016 Q4	$715K	Sell	15,808 -967,599	-98%	-$43.2M	0.04%	143
2016 Q3	$44.7M	Buy	983,407 +28,807	+3%	+$1.33M	1.24%	19
2016 Q2	$44.1M	Buy	954,600 +168,669	+21%	+$7.49M	1.33%	18
2016 Q1	$34.5M	Sell	785,931 -66,536	-8%	-$2.77M	1.14%	23
2015 Q4	$35.6M	Buy	852,467 +71,211	+9%	+$2.97M	1.17%	21
2015 Q3	$30.9M	Buy	+781,256	New	+$31.9M	1.08%	22
2015 Q2	–	Sell	-56,581	Closed	-$2.33M	–	232
2015 Q1	$2.33M	Buy	56,581 +28,794	+104%	+$1.19M	0.09%	116
2014 Q4	$1.13M	Buy	27,787 +9,228	+50%	+$363K	0.04%	165
2014 Q3	$699K	Sell	18,559 -14,023	-43%	-$527K	0.03%	200
2014 Q2	$1.21M	Buy	32,582 +9,636	+42%	+$352K	0.05%	154
2014 Q1	$827K	Buy	22,946 +16,569	+260%	+$586K	0.04%	165
2013 Q4	$226K	Buy	+6,377	New	+$221K	0.12%	129