Victory CEMP Emerging Market Volatility Weighted
ALTAR
Score™
9.2% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
12.5x P/Sales
ratio
0.9x
P/BV
ratio
1.4x Div.
yield
3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
CEZ tracks an index of emerging market equities. The index selects the largest 500 firms that meet a screen for 4 straight quarters of positive earnings. Stocks are weighted inversely by volatility.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Victory Capital Management
Website compassempetf.com
Inception date Mar 23, 2016
Assets (mns) $45
Currency USD
Expense ratio 50 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 499
Wgt avg mkt cap (mns) $15,240
Large cap (>$10bn) 33.8%
Mid cap ($2-10bn) 58.2%
Small cap (<$2bn) 7.8%
Developed mkts 6.8%
Emerging mkts 93.2%

TOP TEN HOLDINGS
MALAYAN BANKING BHD 0.6 %
TAIWAN COOPERATIVE FINANCIAL 0.5 %
TAISHIN FINANCIAL HOLDING 0.5 %
FIRST FINANCIAL HOLDING CO 0.5 %
CHINA STEEL CORP 0.5 %
PPB GROUP BERHAD 0.5 %
HUA NAN FINANCIAL HOLDINGS C 0.5 %
KUALA LUMPUR KEPONG BHD 0.5 %
PUBLIC BANK BHD-FOREIGN MKT 0.4 %
CHINATRUST FINANCIAL HOLDING 0.4 %
Total 4.8 %

TOP COUNTRY EXPOSURE
TAIWAN 18.8 %
CHINA 15.1 %
INDIA 11.3 %
SOUTH AFRICA 6.6 %
THAILAND 6.5 %
MALAYSIA 6.1 %
BRAZIL 5.8 %
MEXICO 4.6 %
HONG KONG 4.4 %
INDONESIA 3.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
6.5% 9.5% -- -- 7.1%

Market Correlations
versus... Beta R-squared
S&P500 0.65 42%
MSCI EAFE 0.86 62%
MSCI Emg. Mkts. 0.82 90%

Technical Indicators
Recent close $25.26
30d moving avg. $25.18
Annualized volatility 12.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.1%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $7,405

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Victory CEMP Emerging Market Volatility Weighted ETF based on the alternatives' overlap in portfolio holdings with CEZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CEZ Expense: 50 bp ALTAR Score™: 9.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CEZ
Ticker Fund
Name
Overlap1
vs CEZ
(%)
Expense
ratio
(bp)
Savings
vs CEZ
(bp)
ALTAR
Score™
(%)
ALTAR
vs CEZ
(%)
JHEM John Hancock Multifactor Emerging Markets 34.2 55 -5 8.8 -0.3
JPEM JPMorgan Diversified Rtn Emg Mkt Equity 34.0 45 5 8.8 -0.3
DVEM WisdomTree Emerging Markets Dividend 33.9 32 18 11.2 +2.1
RNEM First Trust Emerging Markets Equity Select 33.1 75 -25 9.7 +0.5
EMEM Virtus Glovista Emerging Markets 32.4 67 -17 9.2 +0.1
QEMM SPDR MSCI Emerging Markets Quality Mix 32.3 30 20 9.3 +0.1
SCHE Schwab Emerging Markets Equity 32.0 13 37 8.7 -0.4
EEM iShares MSCI Emerging Markets 31.1 67 -17 8.6 -0.6
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 30.6 30 20 8.6 -0.6
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 30.4 45 5 9.2 +0.0
DBEM Xtrackers MSCI Emg. Mkts. Hedged 30.3 65 -15 8.5 -0.6
VWO Vanguard Emerging Markets 30.2 12 38 8.8 -0.4
PBEE Invesco PureBeta FTSE Emerging Markets 29.7 14 36 9.3 +0.1
PXH Invesco FTSE-RAFI Emerging Markets 29.7 50 0 12.5 +3.4
IEMG iShares Core MSCI Emerging Markets 29.4 14 36 8.6 -0.5
REEM Invesco Emerging Markets Revenue ETF 27.8 46 4 11.7 +2.6
GMF SPDR S&P Emerging Asia Pacific 27.7 49 1 8.2 -1.0
EEMA iShares MSCI Emg Mkts Asia 27.5 50 0 8.7 -0.4
EELV Invesco S&P Emg Mkts Low Volatility 27.5 29 21 10.1 +1.0
SPEM SPDR Portfolio Emerging Markets 27.3 11 39 8.5 -0.7

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 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
  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 Emerging Market Volatility Weighted
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.7 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 9.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.49
 
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.