VictoryShares Emerging Market High Dividend Volatility Wtd ETF
ALTAR
Score™
13.5% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
9.7x P/Sales
ratio
0.6x
P/BV
ratio
0.9x Div.
yield
5.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The VictoryShares Emerging Market High Div Volatility Wtd ETF tracks an index of roughly 100 emerging market stocks, screened for positive earnings and high dividend yield, with higher weighting going to lower volatility names.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Victory Capital Management
Website www.vcm.com
Inception date Oct 25, 2017
Assets (mns) $22
Currency USD
Expense ratio 51 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 100
Wgt avg mkt cap (mns) $13,626
Large cap (>$10bn) 33.0%
Mid cap ($2-10bn) 56.6%
Small cap (<$2bn) 10.4%
Developed mkts 1.7%
Emerging mkts 98.3%

TOP TEN HOLDINGS
MALAYAN BANKING BHD 2.3 %
WPG HOLDINGS CO LTD 2.1 %
CEZ AS 2.1 %
COMPAL ELECTRONICS 2.1 %
INVENTEC CO LTD 1.7 %
FORMOSA TAFFETA CO. 1.7 %
AGRICULTURAL BANK OF CHINA-H 1.6 %
PHOSAGRO OAO-GDR REG S 1.5 %
FAR EASTERN TEXTILE 1.5 %
BANK OF CHINA LTD - H 1.5 %
Total 18.1 %

TOP COUNTRY EXPOSURE
TAIWAN 21.3 %
CHINA 17.4 %
SOUTH AFRICA 9.8 %
RUSSIA 7.4 %
THAILAND 6.9 %
POLAND 5.0 %
MALAYSIA 4.7 %
PHILIPPINES 3.7 %
CZECH REPUBLIC 3.3 %
INDONESIA 3.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-17.8% -16.4% -- -- -4.8%

Market Correlations
versus... Beta R-squared
S&P500 0.85 60%
MSCI EAFE 1.03 76%
MSCI Emg. Mkts. 0.89 87%

Technical Indicators
Recent close $20.31
30d moving avg. $20.14
Annualized volatility 19.7%
Short interest (ETF) 0.4%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 7
Turnover 0.6%
Bid/Ask (% of price) 0.30%
ADV underlying (mns) $3,168

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the VictoryShares Emerging Market High Dividend Volatility Wtd ETF ETF based on the alternatives' overlap in portfolio holdings with CEY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CEY Expense: 51 bp ALTAR Score™: 13.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CEY
Ticker Fund
Name
Overlap1
vs CEY
(%)
Expense
ratio
(bp)
Savings
vs CEY
(bp)
ALTAR
Score™
(%)
ALTAR
vs CEY
(%)
DEM WisdomTree Emerging Markets High Dividend Fund 23.2 63 -12 13.9 +0.4
DVYE iShares Emerging Markets Dividend ETF 22.1 49 2 16.2 +2.7
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 19.8 50 1 10.3 -3.3
RNEM Emerging Markets Equity Select ETF 19.7 75 -24 10.4 -3.1
EDOG ALPS Emerging Sector Dividend Dogs ETF 18.5 60 -9 10.6 -2.9
EDIV SPDR S&P Emerging Markets Dividend ETF 17.8 49 2 11.0 -2.6
SDEM Global X SuperDividend Emerging Markets ETF 17.4 66 -15 15.9 +2.4
FEM First Trust Emerging Markets AlphaDEX Fund 15.3 80 -29 10.9 -2.6
EELV Invesco S&P Emerging Markets Low Volatility ETF 14.1 29 22 9.8 -3.8
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 13.9 39 12 12.7 -0.8
PXH Invesco FTSE RAFI Emerging Markets ETF 12.3 50 1 13.0 -0.5
ROAM Hartford Multifactor Emerging Markets ETF 11.8 44 7 14.6 +1.1
EYLD Cambria Emerging Shareholder Yield ETF 11.3 66 -15 16.1 +2.6
IQDE FlexShares International Quality Dividend Defensive Index Fd 11.2 47 4 12.1 -1.4
EWT iShares MSCI Taiwan ETF 10.4 59 -8 5.8 -7.8
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 10.1 45 6 13.4 -0.1
FLZA Franklin FTSE South Africa ETF 10.0 19 32 10.9 -2.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 9.9 44 7 8.9 -4.7
IQDF FlexShares International Quality Dividend Index Fund 9.7 47 4 12.2 -1.3
FLTW Franklin FTSE Taiwan ETF 9.6 19 32 6.2 -7.3
CHIX Global X China Financials ETF 9.5 66 -15 16.6 +3.1
ISEM Invesco Strategic Emerging Markets ETF 9.4 35 16 10.2 -3.3
EMMF WisdomTree Emerging Markets Multifactor Fund 9.4 48 3 9.4 -4.2
FXI iShares China Large-Cap ETF 9.3 74 -23 12.3 -1.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 9.1 95 -44 9.1 -4.4
IQDY FlexShares International Quality Dividend Dynamic Index Fund 9.0 47 4 12.5 -1.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 8.9 32 19 8.9 -4.6
ECOW Pacer Emerging Markets Cash Cows 100 ETF 8.8 70 -19 13.2 -0.3
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 8.4 45 6 9.0 -4.5
GVAL Cambria Global Value ETF 8.2 69 -18 10.8 -2.8
EZA iShares MSCI South Africa ETF 8.2 59 -8 7.4 -6.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 8.1 49 2 7.9 -5.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 7.8 49 2 8.6 -4.9
JHEM John Hancock Multifactor Emerging Markets ETF 7.5 49 2 8.4 -5.2
FRDM Freedom 100 Emerging Markets ETF 7.4 49 2 6.9 -6.7
EEMD AAM S&P Emerging Markets High Dividend Value ETF 7.1 50 1 20.5 +7.0
SDIV Global X SuperDividend ETF 7.1 59 -8 13.3 -0.2
XCEM Columbia EM Core ex-China ETF 6.7 16 35 7.3 -6.2
FDEM Fidelity Targeted Emerging Markets Factor ETF 6.6 45 6 9.6 -4.0
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 6.5 25 26 7.7 -5.9
EMFM Global X MSCI Next Emerging & Frontier ETF 6.5 66 -15 9.0 -4.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 6.4 30 21 8.7 -4.8
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 6.1 45 6 7.9 -5.6
FLRU Franklin FTSE Russia ETF 6.1 19 32 20.2 +6.7
EMXC iShares MSCI Emerging Markets ex China ETF 6.0 25 26 8.3 -5.2
GMF SPDR S&P Emerging Asia Pacific ETF 5.8 49 2 7.2 -6.3
BKEM BNY Mellon Emerging Markets Equity ETF 5.7 11 40 8.4 -5.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 5.7 15 36 8.6 -5.0
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 5.7 40 11 7.2 -6.4
SPEM SPDR Portfolio Emerging Markets ETF 5.6 11 40 7.8 -5.8
ERUS iShares MSCI Russia ETF 5.5 59 -8 16.1 +2.6
SCHE Schwab Emerging Markets Equity ETF 5.4 11 40 7.8 -5.7
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 5.3 20 31 10.9 -2.6
EEM iShares MSCI Emerging Markets ETF 5.1 68 -17 7.4 -6.1
VWO Vanguard FTSE Emerging Markets ETF 5.1 10 41 8.0 -5.5
FCA First Trust China AlphaDEX Fund 5.1 80 -29 13.8 +0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 5.1 65 -14 7.4 -6.1
ASEA Global X Southeast Asia ETF 5.0 65 -14 10.2 -3.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 5.0 36 15 8.2 -5.4
EPOL iShares MSCI Poland Capped ETF 4.9 59 -8 10.0 -3.5
DVEM WisdomTree Emerging Markets Dividend Fund 4.9 32 19 8.1 -5.4
EEMA iShares MSCI Emerging Markets Asia ETF 4.8 50 1 7.4 -6.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 4.8 59 -8 11.0 -2.5
IEMG iShares Core MSCI Emerging Markets ETF 4.7 13 38 7.9 -5.6
EWM iShares MSCI Malaysia ETF 4.7 49 2 5.5 -8.0
AFK VanEck Vectors Africa Index ETF 4.6 79 -28 8.6 -4.9
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 4.6 64 -13 4.6 -8.9
OBOR KraneShares MSCI One Belt One Road Index ETF 4.6 79 -28 8.9 -4.6
NUEM Nuveen ESG Emerging Markets Equity ETF 4.5 45 6 7.2 -6.3
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 4.4 63 -12 12.4 -1.1
GXC SPDR S&P China ETF 4.3 59 -8 7.7 -5.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 4.3 30 21 7.8 -5.7
LVIN Hartford Multifactor Low Volatility International Equity ETF 4.2 29 22 12.1 -1.4
AIA iShares Asia 50 ETF 4.1 50 1 8.0 -5.5
AVEM Avantis Emerging Markets Equity ETF 4.1 33 18 8.9 -4.6
FLCH Franklin FTSE China ETF 4.1 19 32 7.9 -5.6
CHIE Global X China Energy ETF 4.1 66 -15 10.8 -2.7
MCHI iShares MSCI China ETF 4.1 59 -8 7.5 -6.0
CHIL Global X MSCI China Large-Cap 50 ETF 4.1 29 22 7.9 -5.6
ESGE iShares ESG MSCI EM ETF 4.0 25 26 8.6 -4.9
BKF iShares MSCI BRIC ETF 4.0 69 -18 7.3 -6.2
FLAX Franklin FTSE Asia Ex Japan ETF 3.9 19 32 7.7 -5.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 3.7 68 -17 7.0 -6.5
VYMI Vanguard International High Dividend Yield ETF 3.5 32 19 10.1 -3.5
KOL VanEck Vectors Coal ETF 3.4 60 -9 19.9 +6.3
FTRI First Trust Indxx Global Natural Resources Income ETF 3.4 70 -19 9.4 -4.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 3.4 20 31 6.8 -6.7
PICK iShares MSCI Global Metals & Mining Producers ETF 3.3 39 12 7.1 -6.4
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 3.3 80 -29 17.3 +3.8
FILL iShares MSCI Global Energy Producers ETF 3.3 39 12 6.4 -7.1
EPHE iShares MSCI Philippines ETF 3.3 59 -8 8.4 -5.2
VIDI Vident International Equity Fund 3.2 59 -8 11.3 -2.3
DEW WisdomTree Global High Dividend Fund 3.1 58 -7 9.3 -4.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.0 32 19 6.1 -7.4
EIDO iShares MSCI Indonesia ETF 3.0 59 -8 10.0 -3.5
FLLA Franklin FTSE Latin America ETF 2.9 19 32 6.6 -7.0
KALL KraneShares FTSE Emerging Markets Plus ETF 2.9 49 2 7.8 -5.8

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 info ** ** ** ** ** ** **
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:
VictoryShares Emerging Market High Dividend Volatility Wtd 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 12.4 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 51 bp
Equals: ALTAR Score 13.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.45
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.