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)	$342
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)	$56,815
Large cap (>$10bn)	81.2%
Mid cap ($2-10bn)	18.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	14.8 %
DUKE ENERGY CORP	1.7 %
AMERICAN ELECTRIC POWER	1.6 %
WESTAR ENERGY INC	1.5 %
PPL CORPORATION	1.5 %
FIRSTENERGY CORP	1.5 %
MDU RESOURCES GROUP INC	1.4 %
PINNACLE WEST CAPITAL	1.4 %
EXELON CORP	1.4 %
WESTERN UNION CO	1.4 %
CONSOLIDATED EDISON INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.0 %
	IRELAND	1.9 %
	BRITAIN	0.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.3%	13.2%	--	--	10.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	86%
MSCI EAFE	0.84	64%
MSCI Emg. Mkts.	0.56	50%

Technical Indicators
Recent close	$48.54
30d moving avg.	$50.17
Annualized volatility	11.5%
Short interest (ETF)	0.7%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	44
Turnover	0.6%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$23,569

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Victory CEMP US Large Cap High Dividend Volatility Wtd Idx ETF 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™:

8.0%

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 (%)
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	97.7	35	0	8.0	0.0
TPHD	Timothy Plan High Dividend Stock ETF	46.6	52	-17	6.7	-1.3
DTN	WisdomTree U.S. Dividend ex-Financials Fund	42.7	38	-3	8.0	-0.0
DVY	iShares Select Dividend ETF	41.3	39	-4	7.8	-0.3
USDY	Pacific Global US Equity Income ETF	37.0	29	6	7.7	-0.3
SPYD	SPDR S&P 500 High Dividend ETF	36.9	7	28	9.0	+0.9
DHS	WisdomTree U.S. High Dividend Fund	35.2	38	-3	7.9	-0.1
OYLD	Invesco Russell 1000 Yield Factor ETF	34.2	19	16	7.4	-0.7
SDOG	ALPS Sector Dividend Dogs ETF	33.8	40	-5	9.7	+1.6
VYM	Vanguard High Dividend Yield Index ETF	33.7	6	29	7.4	-0.7
RNDV	US Equity Dividend Select ETF	33.2	50	-15	8.0	0.0
JDIV	JPMorgan U.S. Dividend ETF	33.0	12	23	7.3	-0.8
LVHD	Legg Mason Low Volatility High Dividend ETF	32.5	27	8	6.6	-1.4
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	32.2	30	5	7.9	-0.2
ESGS	Columbia Sustainable U.S. Equity Income ETF	31.7	35	0	8.6	+0.6
SPDV	AAM S&P 500 High Dividend Value ETF	31.3	29	6	10.4	+2.3
FTA	First Trust Large Cap Value AlphaDEX Fund	31.1	60	-25	8.7	+0.6
SPVM	Invesco S&P 500 Value With Momentum ETF (old)	30.4	39	-4	8.6	+0.5
QDIV	Global X S&P 500 Quality Dividend ETF	30.4	20	15	7.9	-0.2
ONEY	SPDR Russell 1000 Yield Focus ETF	29.3	20	15	8.6	+0.5

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Dividend Volatility Wtd Idx ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.6	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.72	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.