Victory CEMP Emerging Market Volatility Wtd Index ETF
ALTAR
Score™
13.0% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
9.6x P/Sales
ratio
0.7x
P/BV
ratio
0.9x Div.
yield
4.6%


  • 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) $36
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) $14,851
Large cap (>$10bn) 26.7%
Mid cap ($2-10bn) 59.5%
Small cap (<$2bn) 13.8%
Developed mkts 8.0%
Emerging mkts 92.1%

TOP TEN HOLDINGS
TAIWAN COOPERATIVE FINANCIAL 0.6 %
MALAYAN BANKING BHD 0.6 %
FIRST FINANCIAL HOLDING CO 0.6 %
TAISHIN FINANCIAL HOLDING 0.6 %
PPB GROUP BERHAD 0.6 %
KUALA LUMPUR KEPONG BHD 0.6 %
CHINA STEEL CORP 0.5 %
HUA NAN FINANCIAL HOLDINGS C 0.5 %
CHUNGHWA TELECOM CO., LTD 0.5 %
COMPAL ELECTRONICS 0.5 %
Total 5.5 %

TOP COUNTRY EXPOSURE
TAIWAN 21.1 %
CHINA 18.4 %
INDIA 11.0 %
MALAYSIA 6.7 %
THAILAND 5.7 %
SOUTH AFRICA 5.0 %
HONG KONG 4.9 %
BRAZIL 4.5 %
MEXICO 3.7 %
PHILIPPINES 2.6 %

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.
-28.5% -24.5% -- -- -1.2%

Market Correlations
versus... Beta R-squared
S&P500 0.87 59%
MSCI EAFE 1.01 77%
MSCI Emg. Mkts. 0.92 94%

Technical Indicators
Recent close $18.22
30d moving avg. $21.16
Annualized volatility 17.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 32

Liquidity measures
Avg. volume (thou.) 9
Turnover 0.5%
Bid/Ask (% of price) 0.62%
ADV underlying (mns) $12,645

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Victory CEMP Emerging Market Volatility Wtd Index ETF 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™: 13.0%


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 ETF 34.1 55 -5 11.3 -1.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 33.5 45 5 10.9 -2.1
RNEM Emerging Markets Equity Select ETF 32.6 75 -25 11.9 -1.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 32.5 30 20 11.3 -1.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 31.1 45 5 10.7 -2.3
SCHE Schwab Emerging Markets Equity ETF 30.5 13 37 10.7 -2.3
EELV Invesco S&P Emerging Markets Low Volatility ETF 30.1 29 21 12.8 -0.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 29.3 30 20 10.6 -2.4
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 29.3 39 11 15.7 +2.7
EEM iShares MSCI Emerging Markets ETF 29.1 68 -18 10.4 -2.6
PXH Invesco FTSE RAFI Emerging Markets ETF 29.1 50 0 16.4 +3.4
VWO Vanguard FTSE Emerging Markets ETF 29.1 10 40 10.8 -2.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 28.4 32 18 11.8 -1.2
GMF SPDR S&P Emerging Asia Pacific ETF 28.1 49 1 9.7 -3.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 28.0 65 -15 10.3 -2.7
EEMA iShares MSCI Emerging Markets Asia ETF 27.9 50 0 10.3 -2.7
IEMG iShares Core MSCI Emerging Markets ETF 27.8 14 36 10.9 -2.1
PBEE Invesco PureBeta FTSE Emerging Markets ETF 27.4 14 36 11.7 -1.3
SPEM SPDR Portfolio Emerging Markets ETF 27.0 11 39 10.5 -2.5
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 26.8 25 25 10.1 -2.9
EMMF WisdomTree Emerging Markets Multifactor Fund 26.4 48 2 12.3 -0.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 25.7 49 1 10.6 -2.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 25.2 49 1 11.9 -1.1
FLAX Franklin FTSE Asia Ex Japan ETF 24.3 19 31 10.3 -2.7
DVEM WisdomTree Emerging Markets Dividend Fund 24.1 32 18 11.3 -1.7
ROAM Hartford Multifactor Emerging Markets ETF 24.1 44 6 18.5 +5.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 24.0 59 -9 13.5 +0.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 24.0 68 -18 9.8 -3.2
ISEM Invesco Strategic Emerging Markets ETF 24.0 35 15 12.2 -0.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 23.9 20 30 9.4 -3.6
EMXC iShares MSCI Emerging Markets ex China ETF 23.9 49 1 10.8 -2.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 23.8 32 18 8.7 -4.3
AVEM Avantis Emerging Markets Equity ETF 23.7 33 17 12.1 -0.9
EMCG WisdomTree Emerging Markets Consumer Growth Fund 23.2 32 18 9.5 -3.5
DEM WisdomTree Emerging Markets High Dividend Fund 22.8 63 -13 17.3 +4.3
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 22.7 64 -14 8.1 -4.9
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 22.2 45 5 16.7 +3.8
ESGE iShares ESG MSCI EM ETF 21.9 25 25 11.9 -1.1
BKF iShares MSCI BRIC ETF 20.8 69 -19 10.4 -2.6
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 20.5 51 -1 21.3 +8.3
FDEM Fidelity Targeted Emerging Markets Factor ETF 20.3 45 5 12.1 -0.9
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 18.9 40 10 9.3 -3.7
EWT iShares MSCI Taiwan ETF 18.9 59 -9 7.9 -5.1
FLTW Franklin FTSE Taiwan ETF 17.6 19 31 8.3 -4.7
AXJL WisdomTree Asia Pacific ex-Japan Fund 17.5 48 2 11.4 -1.6
FEM First Trust Emerging Markets AlphaDEX Fund 17.5 80 -30 15.1 +2.1
MCHI iShares MSCI China ETF 16.9 59 -9 10.5 -2.5
GXC SPDR S&P China ETF 16.1 59 -9 10.3 -2.7
FLCH Franklin FTSE China ETF 16.1 19 31 10.6 -2.4
LVHE Legg Mason Emerging Markets Low Volatility High Dividend ETF 15.3 51 -1 13.6 +0.6
EEMO Invesco S&P Emerging Markets Momentum ETF 15.2 30 20 12.7 -0.3
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 14.7 45 5 12.2 -0.7
KALL KraneShares FTSE Emerging Markets Plus ETF 14.6 49 1 10.3 -2.7
CN Xtrackers MSCI All China Equity ETF 13.8 50 0 10.6 -2.4
NUEM Nuveen ESG Emerging Markets Equity ETF 13.6 45 5 9.6 -3.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 13.5 95 -45 12.7 -0.3
EMFM Global X MSCI Next Emerging & Frontier ETF 12.8 55 -5 10.6 -2.4
EDIV SPDR S&P Emerging Markets Dividend ETF 11.5 49 1 13.8 +0.9
XCEM Columbia EM Core ex-China ETF 11.5 16 34 9.8 -3.2
WCHN WisdomTree ICBCCS S&P China 500 Fund 11.1 55 -5 10.0 -3.0
PIE Invesco DWA Emerging Markets Momentum ETF 11.1 90 -40 7.1 -5.9
ECOW Pacer Emerging Markets Cash Cows 100 ETF 10.8 70 -20 16.0 +3.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 10.6 20 30 12.8 -0.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 10.5 40 10 9.2 -3.8
VYMI Vanguard International High Dividend Yield ETF 10.5 32 18 12.6 -0.4
FLLA Franklin FTSE Latin America ETF 10.1 19 31 9.7 -3.3
FXI iShares China Large-Cap ETF 10.1 74 -24 15.1 +2.1
VSGX Vanguard ESG International Stock ETF 9.9 17 33 9.3 -3.7
VEU Vanguard FTSE All-World ex-US Index Fund 9.9 8 42 9.8 -3.2
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 9.8 60 -10 10.4 -2.6
EPI WisdomTree India Earnings Fund 9.8 85 -35 13.9 +0.9
VXUS Vanguard Total International Stock Index Fund 9.7 8 42 9.8 -3.2
IXUS ishares Core MSCI Total International Stock ETF 9.7 9 41 9.7 -3.3
DVYE iShares Emerging Markets Dividend ETF 9.6 49 1 15.4 +2.5
FLIN Franklin FTSE India ETF 9.6 19 31 9.0 -4.0
ACWX iShares MSCI ACWI ex U.S. ETF 9.3 32 18 9.6 -3.4
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 9.2 16 34 8.9 -4.1
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 9.0 63 -13 16.8 +3.8
PIN Invesco India ETF 8.5 82 -32 9.1 -3.9
FRDM Freedom 100 Emerging Markets ETF 8.3 49 1 9.7 -3.3
IXSE WisdomTree India Ex-State-Owned Enterprises Fund 8.3 58 -8 8.0 -5.0
CWI SPDR MSCI ACWI ex-US ETF 8.2 30 20 9.5 -3.5
LVIN Hartford Multifactor Low Volatility International Equity ETF 8.1 29 21 15.0 +2.0
INDA iShares MSCI India ETF 7.8 69 -19 8.6 -4.4
ACWV iShares Edge MSCI Min Vol Global ETF 7.6 20 30 6.9 -6.1
IQDY FlexShares International Quality Dividend Dynamic Index Fund 7.5 47 3 17.5 +4.5
IQDE FlexShares International Quality Dividend Defensive Index Fd 7.5 47 3 15.9 +2.9
IQDF FlexShares International Quality Dividend Index Fund 7.4 47 3 16.5 +3.5
VIDI Vident International Equity Fund 7.2 59 -9 15.3 +2.3
ECON Columbia Emerging Markets Consumer ETF 7.1 59 -9 5.9 -7.1
DNL WisdomTree Global ex-US Dividend Growth Fund 6.9 58 -8 9.7 -3.3
EWM iShares MSCI Malaysia ETF 6.5 49 1 7.7 -5.3
CHIX Global X China Financials ETF 6.4 65 -15 19.6 +6.6
FCA First Trust China AlphaDEX Fund 6.3 80 -30 17.4 +4.4
PACA Xtrackers MSCI Latin America Pacific Alliance ETF 6.2 45 5 10.6 -2.4
ACWF iShares FactorSelect MSCI Global ETF 6.2 35 15 10.3 -2.7
DEW WisdomTree Global High Dividend Fund 6.0 58 -8 11.7 -1.3
AIA iShares Asia 50 ETF 6.0 50 0 10.4 -2.6
CXSE WisdomTree China ex-State-Owned Enterprises Fund 6.0 32 18 8.3 -4.7
EDOG ALPS Emerging Sector Dividend Dogs ETF 5.9 60 -10 13.9 +0.9

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:
Victory CEMP Emerging Market Volatility Wtd Index ETF
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 11.9 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 13.0 %
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.