VictoryShares Emerging Market High Dividend Volatility Wtd ETF
ALTAR
Score™
21.3% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
7.1x P/Sales
ratio
0.5x
P/BV
ratio
0.6x Div.
yield
7.7%


  • 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 26, 2017
Assets (mns) $23
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) $17,031
Large cap (>$10bn) 26.9%
Mid cap ($2-10bn) 53.6%
Small cap (<$2bn) 19.5%
Developed mkts 6.0%
Emerging mkts 94.0%

TOP TEN HOLDINGS
MALAYAN BANKING BHD 2.9 %
COMPAL ELECTRONICS 2.2 %
WPG HOLDINGS CO LTD 2.2 %
AGRICULTURAL BANK OF CHINA-H 2.0 %
CHINA CONSTRUCTION BANK-H 1.9 %
QUANTA COMPUTER INC 1.8 %
CEZ AS 1.8 %
PETRONAS GAS BHD 1.8 %
BANK OF CHINA LTD - H 1.8 %
TAIWAN CEMENT 1.8 %
Total 20.2 %

TOP COUNTRY EXPOSURE
TAIWAN 24.0 %
CHINA 21.4 %
SOUTH AFRICA 8.8 %
RUSSIA 8.2 %
THAILAND 4.8 %
MALAYSIA 4.7 %
TURKEY 3.4 %
HONG KONG 3.3 %
CZECH REPUBLIC 2.8 %
POLAND 2.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-28.6% -25.1% -- -- -10.6%

Market Correlations
versus... Beta R-squared
S&P500 0.88 57%
MSCI EAFE 1.04 74%
MSCI Emg. Mkts. 0.94 88%

Technical Indicators
Recent close $16.65
30d moving avg. $19.02
Annualized volatility 19.6%
Short interest (ETF) 3.4%
Relative strength (RSI) 31

Liquidity measures
Avg. volume (thou.) 41
Turnover 2.9%
Bid/Ask (% of price) 0.58%
ADV underlying (mns) $2,525

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 21.3%


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 27.0 63 -12 17.3 -4.0
DVYE iShares Emerging Markets Dividend ETF 23.8 49 2 15.4 -5.8
RNEM Emerging Markets Equity Select ETF 20.6 75 -24 11.9 -9.4
CEZ Victory CEMP Emerging Market Volatility Wtd Index ETF 20.5 50 1 13.0 -8.3
LVHE Legg Mason Emerging Markets Low Volatility High Dividend ETF 19.8 51 0 13.6 -7.7
SDEM Global X SuperDividend Emerging Markets ETF 18.0 67 -16 26.6 +5.3
EDOG ALPS Emerging Sector Dividend Dogs ETF 18.0 60 -9 13.9 -7.4
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 16.7 39 12 15.7 -5.6
PXH Invesco FTSE RAFI Emerging Markets ETF 15.8 50 1 16.4 -4.8
ECOW Pacer Emerging Markets Cash Cows 100 ETF 15.5 70 -19 16.0 -5.2
FEM First Trust Emerging Markets AlphaDEX Fund 14.8 80 -29 15.1 -6.2
EDIV SPDR S&P Emerging Markets Dividend ETF 14.5 49 2 13.8 -7.4
EELV Invesco S&P Emerging Markets Low Volatility ETF 14.3 29 22 12.8 -8.4
CHIX Global X China Financials ETF 13.1 65 -14 19.6 -1.7
IQDY FlexShares International Quality Dividend Dynamic Index Fund 12.8 47 4 17.5 -3.8
IQDE FlexShares International Quality Dividend Defensive Index Fd 12.3 47 4 15.9 -5.4
FXI iShares China Large-Cap ETF 12.0 74 -23 15.1 -6.2
EYLD Cambria Emerging Shareholder Yield ETF 12.0 66 -15 21.5 +0.3
ROAM Hartford Multifactor Emerging Markets ETF 11.8 44 7 18.5 -2.7
IQDF FlexShares International Quality Dividend Index Fund 11.8 47 4 16.5 -4.8
EWT iShares MSCI Taiwan ETF 11.2 59 -8 7.9 -13.4
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 11.2 45 6 16.7 -4.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 10.9 45 6 10.9 -10.4
FLTW Franklin FTSE Taiwan ETF 10.6 19 32 8.3 -13.0
EMMF WisdomTree Emerging Markets Multifactor Fund 9.9 48 3 12.3 -9.0
JHEM John Hancock Multifactor Emerging Markets ETF 9.9 55 -4 11.3 -10.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 9.8 32 19 11.8 -9.5
EEMD AAM S&P Emerging Markets High Dividend Value ETF 9.8 50 1 26.2 +4.9
AXJL WisdomTree Asia Pacific ex-Japan Fund 9.7 48 3 11.4 -9.9
ISEM Invesco Strategic Emerging Markets ETF 9.4 35 16 12.2 -9.1
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 9.2 45 6 12.2 -9.0
FDEM Fidelity Targeted Emerging Markets Factor ETF 8.8 45 6 12.1 -9.1
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 8.8 95 -44 12.7 -8.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 8.5 59 -8 13.5 -7.7
FLZA Franklin FTSE South Africa ETF 8.5 19 32 15.3 -5.9
PBEE Invesco PureBeta FTSE Emerging Markets ETF 8.3 14 37 11.7 -9.6
FCA First Trust China AlphaDEX Fund 8.3 80 -29 17.4 -3.9
GMF SPDR S&P Emerging Asia Pacific ETF 8.3 49 2 9.7 -11.5
SCHE Schwab Emerging Markets Equity ETF 8.2 13 38 10.7 -10.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 8.1 49 2 11.9 -9.4
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 8.0 40 11 9.3 -12.0
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 8.0 20 31 12.8 -8.5
SPEM SPDR Portfolio Emerging Markets ETF 7.9 11 40 10.5 -10.7
GXC SPDR S&P China ETF 7.7 59 -8 10.3 -10.9
EEM iShares MSCI Emerging Markets ETF 7.7 68 -17 10.4 -10.9
BKF iShares MSCI BRIC ETF 7.7 69 -18 10.4 -10.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 7.6 45 6 10.7 -10.6
FLCH Franklin FTSE China ETF 7.6 19 32 10.6 -10.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 7.6 49 2 10.6 -10.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 7.5 30 21 11.3 -10.0
MCHI iShares MSCI China ETF 7.5 59 -8 10.5 -10.8
VWO Vanguard FTSE Emerging Markets ETF 7.5 10 41 10.8 -10.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 7.5 65 -14 10.3 -11.0
EEMA iShares MSCI Emerging Markets Asia ETF 7.2 50 1 10.3 -10.9
IEMG iShares Core MSCI Emerging Markets ETF 7.1 14 37 10.9 -10.4
CHIL Global X MSCI China Large-Cap 50 ETF 6.8 29 22 10.8 -10.5
DVEM WisdomTree Emerging Markets Dividend Fund 6.8 32 19 11.3 -10.0
GVAL Cambria Global Value ETF 6.8 69 -18 14.2 -7.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 6.7 30 21 10.6 -10.7
AVEM Avantis Emerging Markets Equity ETF 6.6 33 18 12.1 -9.2
FRDM Freedom 100 Emerging Markets ETF 6.6 49 2 9.7 -11.5
FLRU Franklin FTSE Russia ETF 6.5 19 32 24.5 +3.2
EMXC iShares MSCI Emerging Markets ex China ETF 6.3 49 2 10.8 -10.5
KALL KraneShares FTSE Emerging Markets Plus ETF 6.3 49 2 10.3 -11.0
NUEM Nuveen ESG Emerging Markets Equity ETF 6.2 45 6 9.6 -11.7
AIA iShares Asia 50 ETF 6.2 50 1 10.4 -10.8
ERUS iShares MSCI Russia ETF 6.1 59 -8 19.1 -2.1
EZA iShares MSCI South Africa ETF 6.1 59 -8 13.0 -8.3
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 6.1 25 26 10.1 -11.2
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 6.0 63 -12 16.8 -4.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 6.0 68 -17 9.8 -11.5
FLAX Franklin FTSE Asia Ex Japan ETF 5.9 19 32 10.3 -11.0
XCEM Columbia EM Core ex-China ETF 5.9 16 35 9.8 -11.5
CN Xtrackers MSCI All China Equity ETF 5.9 50 1 10.6 -10.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 5.9 20 31 9.4 -11.9
WCHN WisdomTree ICBCCS S&P China 500 Fund 5.6 55 -4 10.0 -11.2
ESGE iShares ESG MSCI EM ETF 5.5 25 26 11.9 -9.4
EMCG WisdomTree Emerging Markets Consumer Growth Fund 5.3 32 19 9.5 -11.8
EMFM Global X MSCI Next Emerging & Frontier ETF 5.2 55 -4 10.6 -10.7
FTRI First Trust Indxx Global Natural Resources Income ETF 5.0 70 -19 14.3 -7.0
KOL VanEck Vectors Coal ETF 4.9 60 -9 25.1 +3.9
EWM iShares MSCI Malaysia ETF 4.7 49 2 7.7 -13.6
VYMI Vanguard International High Dividend Yield ETF 4.5 32 19 12.6 -8.7
VIDI Vident International Equity Fund 4.4 59 -8 15.3 -6.0
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 4.4 80 -29 19.6 -1.7
OBOR KraneShares MSCI One Belt One Road Index ETF 4.3 79 -28 12.0 -9.3
AFK VanEck Vectors Africa Index ETF 4.2 78 -27 4.8 -16.5
MOTI VanEck Vectors Morningstar International Moat ETF 4.2 57 -6 10.8 -10.4
CHIE Global X China Energy ETF 4.2 66 -15 11.5 -9.7
DOGS Arrow Dogs of the World ETF 4.0 134 -83 14.7 -6.5
PICK iShares MSCI Global Metals & Mining Producers ETF 4.0 39 12 11.1 -10.2
SDIV Global X SuperDividend ETF 3.8 58 -7 24.9 +3.6
LVIN Hartford Multifactor Low Volatility International Equity ETF 3.5 29 22 15.0 -6.3
DEW WisdomTree Global High Dividend Fund 3.5 58 -7 11.7 -9.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.4 32 19 8.7 -12.5
ACWF iShares FactorSelect MSCI Global ETF 3.4 35 16 10.3 -11.0
BICK First Trust BICK Index Fund 3.4 64 -13 6.6 -14.7
FILL iShares MSCI Global Energy Producers ETF 3.0 39 12 8.7 -12.6
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 3.0 64 -13 8.1 -13.2
EEMO Invesco S&P Emerging Markets Momentum ETF 2.9 30 21 12.7 -8.6

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 11.8 %
Divided by: Fwd. P/BV 0.5 x
Less: Expense ratio 51 bp
Equals: ALTAR Score 21.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 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.