Since a lot of people are heavily invested in the minimum vol ETFs, I wanted to check the subject index methodology, especially reconstituting date and turnover limits. (The thought being if the beaten down stocks are thrown out and USMV may not recover as well and also the down draft if lasts longer might take turns where by the less beaten down might get beaten down more when there is exhaustion in the more beaten down stocks.) USMV has been beaten down quite a bit (QQQ turned out to be minimum volatility!).
Next review date for the subject index is May based on the co-variances as of April.
5.0 Additional Setup constraints for Semi-Annual Index Reviews The one way turnover of the MSCI Minimum Volatility Index is constrained to a maximum of 10%
APPENDIX III: HANDLING INFEASIBLE OPTIMIZATIONS During the semi-annual index review, in the event that there is no optimal solution that satisfies all the optimization constraints defined in Section 3.2, the following constraints will be relaxed, until an optimal solution is found: Relax the turnover constraint in steps of 5%, up to a maximum of 30%