VictoryShares US 500 Enhanced Volatility Weighted Index ETF
ALTAR
Score™		 5.8% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 21.7x P/Sales
ratio		 1.9x
P/BV
ratio		 3.0x Div.
yield		 1.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The VictoryShares US 500 Enhanced Volatility Wtd Index ETF tracks an index of the largest US stocks by market cap, screened for positive earnings and weighted by volatility. The fund can move to 75% cash maximum in market downturns.

FUND BASICS
Category US Equities
Fund Sponsor Victory Capital Management
Website www.compassempfunds.com
Inception date Jul 01, 2014
Assets (mns) $640
Currency USD
Expense ratio 35 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 499
Wgt avg mkt cap (mns) $62,848
Large cap (>$10bn) 80.5%
Mid cap ($2-10bn) 19.4%
Small cap (<$2bn) 0.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
VERIZON COMMUNICATIONS INC 0.4 %
COSTCO WHOLESALE CORP 0.3 %
C.H. ROBINSON WORLDWIDE INC 0.3 %
DOLLAR GENERAL CORP 0.3 %
EXPEDITORS INTL WASH INC 0.3 %
HORMEL FOODS CORP 0.3 %
CLOROX COMPANY 0.3 %
JOHNSON & JOHNSON 0.3 %
WAL-MART STORES INC 0.3 %
MORNINGSTAR INC 0.3 %
Total 3.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.7 %
IRELAND 2.2 %
BERMUDA 1.0 %
SWITZERLAND 0.6 %
BRITAIN 0.6 %
CAYMAN ISLANDS 0.2 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
4.2% 11.6% 11.2% -- 9.4%

Market Correlations
versus... Beta R-squared
S&P500 0.68 75%
MSCI EAFE 0.65 57%
MSCI Emg. Mkts. 0.43 39%

Technical Indicators
Recent close $54.44
30d moving avg. $54.53
Annualized volatility 14.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 29
Turnover 0.3%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $19,136

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the VictoryShares US 500 Enhanced Volatility Weighted Index ETF ETF based on the alternatives' overlap in portfolio holdings with CFO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CFO Expense: 35 bp ALTAR Score™: 5.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CFO
Ticker Fund
Name		 Overlap1
vs CFO
(%)		 Expense
ratio
(bp)		 Savings
vs CFO
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs CFO
(%)
CFA VictoryShares US 500 Volatility Weighted Index ETF 97.6 35 0 5.8 +0.0
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 71.4 9 26 6.0 +0.2
RSP Invesco S&P 500 Equal Weight ETF 69.0 20 15 6.7 +0.8
EUSA iShares MSCI USA Equal Weighted ETF 68.8 15 20 6.2 +0.4
SIZE iShares Edge MSCI USA Size Factor ETF 66.6 15 20 6.2 +0.4
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 62.0 29 6 7.0 +1.2
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 60.5 17 18 6.4 +0.6
ONEO SPDR Russell 1000 Momentum Focus ETF 58.8 20 15 6.5 +0.7
JHML John Hancock Multifactor Large Cap ETF 58.8 29 6 5.7 -0.1
SCIU Global X Scientific Beta US ETF 56.7 19 16 5.8 +0.0
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 56.0 35 0 5.5 -0.3
TPLC Timothy Plan US Large Cap Core ETF 53.3 52 -17 5.4 -0.4
FEX First Trust Large Cap Core AlphaDEX Fund 52.9 60 -25 6.0 +0.2
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 51.7 17 18 6.5 +0.7
JPUS JPMorgan Diversified Return U.S. Equity ETF 51.2 18 17 6.3 +0.5
RNLC Large Cap US Equity Select ETF 50.5 60 -25 6.2 +0.4
JHMM John Hancock Multifactor Mid Cap ETF 50.0 42 -7 5.7 -0.2
BKMC BNY Mellon US Mid Cap Core Equity ETF 49.8 4 31 5.4 -0.4
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 49.6 9 26 5.9 +0.1
IWR iShares Russell Midcap ETF 49.1 19 16 5.6 -0.2
AVUS Avantis U.S. Equity ETF 47.4 15 20 6.0 +0.2
RBUS Nationwide Risk-Based U.S. Equity ETF 47.3 30 5 4.7 -1.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 45.2 30 5 6.8 +1.0
BFOR Barron's 400 ETF 44.8 65 -30 6.7 +0.9
SCHX Schwab U.S. Large-Cap ETF 44.7 3 32 5.5 -0.3
EQAL Invesco Russell 1000 Equal Weight ETF 44.4 20 15 6.0 +0.2
QUS SPDR MSCI USA StrategicFactors ETF 44.3 15 20 6.0 +0.2
RVRS Reverse Cap Weighted U.S. Large Cap ETF 44.3 29 6 7.7 +1.9
SCHK Schwab 1000 Index ETF 44.2 5 30 5.6 -0.3
IYY iShares Dow Jones U.S. ETF 44.1 20 15 5.4 -0.4
PBUS Invesco PureBeta MSCI USA ETF 44.1 4 31 5.6 -0.2
IWB iShares Russell 1000 ETF 44.1 15 20 5.5 -0.4
ROUS Hartford Multifactor US Equity ETF 44.0 19 16 6.5 +0.7
PBP Invesco S&P 500 BuyWrite ETF 43.6 49 -14 5.3 -0.5
VONE Vanguard Russell 1000 ETF 43.6 8 27 5.5 -0.3
BBUS JP Morgan Betabuilders U.S. Equity ETF 43.4 2 33 5.6 -0.2
ONEV SPDR Russell 1000 Low Volatility Focus ETF 43.2 20 15 7.1 +1.2
IVV iShares Core S&P 500 ETF 43.1 3 32 5.8 -0.0
VTHR Vanguard Russell 3000 Index Fund 43.0 10 25 5.4 -0.4
SPY SPDR S&P 500 ETF Trust 43.0 9 26 5.7 -0.1
IWD iShares Russell 1000 Value ETF 42.9 19 16 7.0 +1.2
SPLG SPDR Portfolio Large Cap ETF 42.9 3 32 5.8 -0.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 42.9 7 28 5.6 -0.2
XYLG Global X S&P 500 Covered Call & Growth ETF 42.9 60 -25 5.3 -0.5
SPTM SPDR Portfolio Total Stock Market ETF 42.9 3 32 5.9 +0.1
VV Vanguard Large-Cap Index Fund 42.8 4 31 5.6 -0.3
HSPX Global X S&P 500 Covered Call ETF 42.8 60 -25 5.3 -0.5
SCHB Schwab U.S. Broad Market ETF 42.8 3 32 5.5 -0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 42.8 20 15 5.7 -0.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 42.7 3 32 5.4 -0.4
IWV iShares Russell 3000 ETF 42.6 20 15 5.3 -0.5
VONV Vanguard Russell 1000 Value Index Fund 42.6 8 27 7.1 +1.3
EPS WisdomTree U.S. Earnings 500 Fund 42.5 8 27 6.9 +1.1
VOO VANGUARD S&P 500 ETF 42.4 3 32 5.8 +0.0
SPXE ProShares S&P 500 Ex-Energy ETF 42.0 27 8 5.7 -0.2
SCHV Schwab U.S. Large-Cap Value ETF 42.0 4 31 6.9 +1.1
PRF Invesco FTSE RAFI US 1000 ETF 41.9 39 -4 7.2 +1.3
VTI Vanguard Total Stock Market Index Fund 41.9 3 32 5.4 -0.4
FNDX Schwab Fundamental U.S. Large Co. Index ETF 41.6 25 10 7.1 +1.3
SFY SoFi Select 500 ETF 41.3 0 35 5.4 -0.5
ESGU iShares MSCI USA ESG Optimized ETF 41.1 15 20 5.5 -0.3
FNDB Schwab Fundamental U.S. Broad Market Index ETF 41.0 25 10 7.2 +1.4
CATH Global X S&P 500 Catholic Values Custom ETF 41.0 29 6 5.5 -0.3
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 40.9 24 11 6.2 +0.4
TUSA First Trust Total US Market AlphaDEX ETF 40.9 70 -35 6.0 +0.2
SPXT ProShares S&P 500 Ex-Technology ETF 40.8 27 8 5.5 -0.3
VLU SPDR S&P 1500 Value Tilt ETF 40.4 12 23 7.6 +1.8
ESGV Vanguard ESG U.S. Stock ETF 40.4 12 23 5.5 -0.3
EXT WisdomTree U.S. Total Earnings Fund 40.2 28 7 5.9 +0.0
RWL Invesco S&P 500 Revenue ETF 40.1 39 -4 7.5 +1.7
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 40.0 29 6 6.2 +0.4
IUS Invesco Strategic US ETF 39.8 19 16 6.8 +1.0
SPXN ProShares S&P 500 Ex-Financials ETF 39.3 27 8 5.4 -0.4
VOOV Vanguard S&P 500 Value ETF 38.9 10 25 7.4 +1.6
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 38.8 75 -40 4.0 -1.8
IVE iShares S&P 500 Value ETF 38.8 18 17 7.3 +1.5
IWS iShares Russell Mid-Cap Value ETF 38.8 24 11 7.2 +1.3
AFLG First Trust Active Factor Large Cap ETF 38.7 55 -20 5.9 +0.1
SPYV SPDR Portfolio S&P 500 Value ETF 38.7 4 31 7.4 +1.6
IUSV iShares Core S&P U.S. Value ETF 38.6 4 31 7.5 +1.7
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 38.3 25 10 6.6 +0.8
VO Vanguard Mid-Cap Index Fund 38.1 4 31 5.3 -0.6
SPXV ProShares S&P 500 Ex-Health Care ETF 37.4 27 8 5.5 -0.3
JQUA JPMorgan U.S. Quality Factor ETF 36.6 12 23 5.5 -0.3
KOKU Xtrackers MSCI Kokusai Equity ETF 36.3 9 26 6.0 +0.1
TOK iShares MSCI Kokusai ETF 36.2 25 10 5.8 -0.0
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 36.0 20 15 5.3 -0.5
MMTM SPDR S&P 1500 Momentum Tilt ETF 36.0 12 23 5.6 -0.3
DIVB iShares U.S. Dividend & Buyback ETF 36.0 25 10 7.1 +1.3
JMOM JPMorgan U.S. Momentum Factor ETF 35.6 12 23 3.5 -2.3
FAD First Trust Multi Cap Growth AlphaDEX Fund 35.5 66 -31 2.4 -3.4
JMIN JPMorgan U.S. Minimum Volatility ETF 35.2 12 23 5.6 -0.3
FLQL Franklin LibertyQ U.S. Equity ETF 34.9 15 20 6.2 +0.4
URTH iShares MSCI World ETF 34.7 24 11 5.9 +0.1
ETHO Etho Climate Leadership U.S. ETF 34.6 47 -12 4.5 -1.3
DTD WisdomTree U.S.Total Dividend Fund 34.6 28 7 7.0 +1.2
VTV Vanguard Value Index Fund 34.6 4 31 7.4 +1.6
MGC Vanguard Mega Cap Index Fund 34.5 7 28 5.6 -0.2
MXDU Nationwide Maximum Diversification US Core Equity ETF 34.5 34 1 4.8 -1.0
IQSU IQ Candriam ESG US Equity ETF 33.7 9 26 5.7 -0.2

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 US 500 Enhanced Volatility Weighted Index ETF
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 17.1 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.54 CATEGORY
AVERAGE		 1.51
 
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.