Meanwhile, the iShares Edge Min Vol USA ETF (USMV) and PowerShares S&P 500 Low Volatility Portfolio (SPLV) did what they've done all along -- see price swings that are less volatile than the broader market. The iShares MSCI Emerging Markets Minimum Volatility (EEMV) also outperformed its counterpart, the iShares MSCI Emerging Markets (EEM). Morgan Stanley's Adam Parker asked, "Is the Low-Beta Trade Going to End Badly?": "Investors chasing performance and yield have been attracted to low risk strategies, and there is concern that low risk strategies could underperform if rates rise, or become riskier if investor flows reverse." Julian Emanuel at UBS asked: "Min Vol/Max Risk?": "an influx of money into lower beta/lower volatility sectors ... and their respective passive ETFs as well as a new generation of 'minimum volatility' mutual fund products.