ETF Research Center

The Victory CEMP US Large Cap High Div Volatility Wtd ETF tracks the performance of the Compass EMP US Large Cap High Dividend 100 Volatility Weighted Index by investing in large dividend-paying US common stocks.

FUND BASICS
Category	US Equities
Fund Sponsor	Victory Capital Management
Website	www.compassempfunds.com
Inception date	Jul 08, 2015
Assets (mns)	$354
Currency	USD
Expense ratio	35 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Volatility
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	99
Wgt avg mkt cap (mns)	$57,774
Large cap (>$10bn)	80.1%
Mid cap ($2-10bn)	19.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	13.9 %
WESTERN UNION CO	1.5 %
DUKE ENERGY CORP	1.5 %
AMERICAN ELECTRIC POWER	1.4 %
PPL CORPORATION	1.4 %
WESTAR ENERGY INC	1.4 %
PUBLIC SERVICE ENTERPRISE GP	1.4 %
CONSOLIDATED EDISON INC	1.4 %
FIRSTENERGY CORP	1.4 %
MDU RESOURCES GROUP INC	1.3 %
GENUINE PARTS CO	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.9 %
	IRELAND	1.9 %
	BRITAIN	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.8%	12.2%	--	--	11.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.87	87%
MSCI EAFE	0.80	61%
MSCI Emg. Mkts.	0.55	46%

Technical Indicators
Recent close	$49.10
30d moving avg.	$49.17
Annualized volatility	11.2%
Short interest (ETF)	0.1%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	26
Turnover	0.4%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$26,087

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Victory CEMP US Large Cap High Div Volatility Wtd ETF based on the alternatives' overlap in portfolio holdings with CDL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CDL

Expense:

35 bp

ALTAR Score™:

7.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CDL
Ticker	Fund Name	Overlap¹ vs CDL (%)	Expense ratio (bp)	Savings vs CDL (bp)	ALTAR Score™ (%)	ALTAR vs CDL (%)
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	97.7	35	0	7.8	-0.0
TPHD	Timothy Plan High Dividend Stock	47.8	52	-17	6.7	-1.1
DVY	iShares Select Dividend	41.8	39	-4	8.0	+0.2
DTN	WisdomTree Dividend Ex-Financials	40.4	38	-3	7.8	+0.1
USDY	Pacific Global US Equity Income	39.2	29	6	7.5	-0.3
SPYD	SPDR Portfolio S&P 500 High Dividend	37.5	7	28	9.2	+1.4
RNDV	US Equity Dividend Select	35.4	50	-15	7.7	-0.1
VYM	Vanguard High Dividend Yield ETF	33.8	6	29	7.2	-0.5
SPDV	AAM S&P 500 High Dividend Value	33.7	29	6	10.8	+3.0
FTA	First Trust Large Cap Value	33.6	62	-27	8.6	+0.8
OYLD	Invesco Russell 1000 Yield Factor ETF	33.4	19	16	7.1	-0.7
SPHD	Invesco S&P 500 High Dividend	33.3	30	5	7.8	0.0
LVHD	Legg Mason Low Volatility High Dividend ETF	32.5	27	8	6.8	-1.0
ESGS	Columbia Sustainable U.S. Equity Income	32.4	35	0	8.3	+0.6
JDIV	JPMorgan U.S. Dividend	31.7	12	23	7.5	-0.3
VALQ	American Century STOXX U.S. Quality Value	31.7	29	6	8.0	+0.2
QDIV	Global X S&P 500 Quality Dividend	31.2	20	15	7.1	-0.7
ONEY	SPDR Russell 1000 Yield Focus	30.1	20	15	8.3	+0.5
DHS	WisdomTree Equity Income	29.3	38	-3	7.2	-0.6
MAGA	Point Bridge GOP Stock Tracker	28.4	72	-37	6.5	-1.3

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Victory CEMP US Large Cap High Div Volatility Wtd
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.4	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	7.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.73	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.