Independent Portfolio Consultants’s iShares MSCI USA Min Vol Factor ETF USMV Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q4	–	Sell	-29,855	Closed	-$1.36M	–	860
2016 Q3	$1.36M	Sell	29,855 -8,615	-22%	-$391K	0.43%	52
2016 Q2	$1.78M	Sell	38,470 -2,055	-5%	-$95K	0.56%	34
2016 Q1	$1.78M	Buy	+40,525	New	+$1.78M	0.5%	51