VictoryShares US 500 Enhanced Volatility Weighted Index ETF
ALTAR
Score™		 5.1% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 24.3x P/Sales
ratio		 2.2x
P/BV
ratio		 3.6x Div.
yield		 1.4%


  • 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) $775
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) $68,304
Large cap (>$10bn) 87.5%
Mid cap ($2-10bn) 12.4%
Small cap (<$2bn) 0.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MORNINGSTAR INC 0.4 %
BIO-TECHNE CORPORATION 0.3 %
F5 NETWORKS INC 0.3 %
VERIZON COMMUNICATIONS INC 0.3 %
ALEXION PHARMACEUTICALS INC 0.3 %
NUANCE COMMUNICATIONS INC 0.3 %
PERKINELMER INC 0.3 %
NOVOCURE LIMITED 0.3 %
COSTCO WHOLESALE CORP 0.3 %
TORO CO 0.3 %
Total 3.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.1 %
IRELAND 2.2 %
BERMUDA 1.0 %
SWITZERLAND 0.8 %
BRITAIN 0.5 %
CAYMAN ISLANDS 0.2 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
19.9% 19.9% 13.3% -- 11.4%

Market Correlations
versus... Beta R-squared
S&P500 0.71 77%
MSCI EAFE 0.65 64%
MSCI Emg. Mkts. 0.48 44%

Technical Indicators
Recent close $64.01
30d moving avg. $62.55
Annualized volatility 15.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 37
Turnover 0.3%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $233,557

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 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™: 5.1%


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 98.7 35 0 5.0 -0.0
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 71.9 9 26 5.0 -0.1
RSP Invesco S&P 500 Equal Weight ETF 69.9 20 15 5.6 +0.5
EUSA iShares MSCI USA Equal Weighted ETF 69.4 15 20 5.1 +0.0
SIZE iShares MSCI USA Size Factor ETF 68.9 15 20 5.1 +0.1
TPLC Timothy Plan US Large Cap Core ETF 64.9 52 -17 4.4 -0.6
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 62.6 29 6 6.0 +0.9
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 61.9 17 18 5.6 +0.6
ONEO SPDR Russell 1000 Momentum Focus ETF 59.6 20 15 5.6 +0.5
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 59.4 35 0 5.1 +0.0
JHML John Hancock Multifactor Large Cap ETF 58.8 29 6 4.9 -0.2
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 56.3 29 6 7.2 +2.2
FEX First Trust Large Cap Core AlphaDEX Fund 55.6 60 -25 4.7 -0.4
RNLC Large Cap US Equity Select ETF 51.7 60 -25 5.2 +0.2
BKMC BNY Mellon US Mid Cap Core Equity ETF 51.4 4 31 4.9 -0.2
DYNF BlackRock U.S. Equity Factor Rotation ETF 51.0 30 5 5.2 +0.2
JHMM John Hancock Multifactor Mid Cap ETF 50.9 42 -7 4.7 -0.4
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 50.0 17 18 6.1 +1.0
JPUS JPMorgan Diversified Return U.S. Equity ETF 49.5 18 17 5.6 +0.5
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 49.3 9 26 4.8 -0.3
IWR iShares Russell Midcap ETF 48.7 19 16 4.7 -0.4
ESGV Vanguard ESG U.S. Stock ETF 47.2 12 23 4.5 -0.6
AVUS Avantis U.S. Equity ETF 46.2 15 20 4.8 -0.3
RVRS Reverse Cap Weighted U.S. Large Cap ETF 45.9 29 6 6.1 +1.1
DFAU Dimensional US Core Equity Market ETF 45.9 12 23 4.7 -0.4
VOOV Vanguard S&P 500 Value ETF 45.7 10 25 6.6 +1.5
SCHX Schwab U.S. Large-Cap ETF 44.3 3 32 4.6 -0.5
PBUS Invesco PureBeta MSCI USA ETF 44.1 4 31 4.6 -0.5
QUS SPDR MSCI USA StrategicFactors ETF 43.9 15 20 5.3 +0.2
EQAL Invesco Russell 1000 Equal Weight ETF 43.9 20 15 5.0 -0.0
EPS WisdomTree U.S. Earnings 500 Fund 43.9 8 27 5.9 +0.9
SCHK Schwab 1000 Index ETF 43.8 5 30 4.6 -0.5
RBUS Nationwide Risk-Based U.S. Equity ETF 43.7 30 5 4.6 -0.5
VONV Vanguard Russell 1000 Value Index Fund 43.7 8 27 6.1 +1.1
IWB iShares Russell 1000 ETF 43.7 15 20 4.5 -0.6
IYY iShares Dow Jones U.S. ETF 43.7 20 15 4.4 -0.7
PBP Invesco S&P 500 BuyWrite ETF 43.5 49 -14 4.3 -0.7
ROUS Hartford Multifactor US Equity ETF 43.3 19 16 5.9 +0.8
BFOR Barron's 400 ETF 43.3 65 -30 5.5 +0.5
XYLG Global X S&P 500 Covered Call & Growth ETF 43.3 60 -25 4.4 -0.7
SPLG SPDR Portfolio Large Cap ETF 43.0 3 32 4.7 -0.3
BBUS JP Morgan Betabuilders U.S. Equity ETF 42.9 2 33 4.6 -0.4
VTHR Vanguard Russell 3000 Index Fund 42.9 10 25 4.4 -0.7
SPY SPDR S&P 500 ETF Trust 42.8 9 26 4.7 -0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 42.8 20 15 4.8 -0.3
IVV iShares Core S&P 500 ETF 42.8 3 32 4.7 -0.3
VV Vanguard Large-Cap Index Fund 42.7 4 31 4.6 -0.5
ONEV SPDR Russell 1000 Low Volatility Focus ETF 42.6 20 15 6.2 +1.1
IWD iShares Russell 1000 Value ETF 42.5 19 16 6.0 +1.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 42.4 7 28 4.5 -0.5
SPTM SPDR Portfolio Total Stock Market ETF 42.4 3 32 4.8 -0.3
IVE iShares S&P 500 Value ETF 42.3 18 17 6.3 +1.2
SPYV SPDR Portfolio S&P 500 Value ETF 42.3 4 31 6.4 +1.4
VOO VANGUARD S&P 500 ETF 42.2 3 32 4.8 -0.2
SCHB Schwab U.S. Broad Market ETF 42.0 3 32 4.5 -0.6
SCHV Schwab U.S. Large-Cap Value ETF 42.0 4 31 6.1 +1.0
IWV iShares Russell 3000 ETF 41.9 20 15 4.3 -0.8
ITOT iShares Core S&P Total U.S. Stock Market ETF 41.9 3 32 4.4 -0.7
SPXE ProShares S&P 500 Ex-Energy ETF 41.8 27 8 4.6 -0.5
IUSV iShares Core S&P U.S. Value ETF 41.7 4 31 6.4 +1.4
TUSA First Trust Total US Market AlphaDEX ETF 41.6 70 -35 4.8 -0.3
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 41.4 30 5 5.0 -0.0
VONE Vanguard Russell 1000 ETF 41.4 8 27 4.6 -0.5
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 41.3 24 11 5.4 +0.4
CATH Global X S&P 500 Catholic Values Custom ETF 41.3 29 6 4.6 -0.5
VTI Vanguard Total Stock Market Index Fund 41.3 3 32 4.4 -0.7
PRF Invesco FTSE RAFI US 1000 ETF 41.1 39 -4 5.8 +0.7
ESGU iShares MSCI USA ESG Optimized ETF 41.1 15 20 4.4 -0.6
SFY SoFi Select 500 ETF 40.9 0 35 4.6 -0.5
FNDX Schwab Fundamental U.S. Large Co. Index ETF 40.5 25 10 5.8 +0.7
RESP WisdomTree US ESG Fund of Benef Interest 40.5 28 7 5.1 -0.0
XVV iShares ESG Screened S&P 500 ETF 40.4 8 27 4.9 -0.2
SPXT ProShares S&P 500 Ex-Technology ETF 40.0 27 8 4.9 -0.2
RWL Invesco S&P 500 Revenue ETF 39.9 39 -4 6.2 +1.2
VO Vanguard Mid-Cap Index Fund 39.7 4 31 4.5 -0.5
FNDB Schwab Fundamental U.S. Broad Market Index ETF 39.6 25 10 5.7 +0.6
VLU SPDR S&P 1500 Value Tilt ETF 39.3 12 23 6.1 +1.1
SPXN ProShares S&P 500 Ex-Financials ETF 38.7 27 8 4.4 -0.7
AFLG First Trust Active Factor Large Cap ETF 38.7 55 -20 4.7 -0.4
IUS Invesco Strategic US ETF 38.5 19 16 5.5 +0.4
IWS iShares Russell Mid-Cap Value ETF 38.5 24 11 5.9 +0.9
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 38.3 20 15 4.6 -0.5
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 37.4 60 -25 4.6 -0.4
SPXV ProShares S&P 500 Ex-Health Care ETF 37.2 27 8 4.3 -0.8
MMTM SPDR S&P 1500 Momentum Tilt ETF 37.2 12 23 4.0 -1.1
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 36.6 25 10 4.9 -0.2
VTV Vanguard Value Index Fund 36.2 4 31 6.6 +1.5
JQUA JPMorgan U.S. Quality Factor ETF 36.1 12 23 5.1 -0.0
TOK iShares MSCI Kokusai ETF 36.0 25 10 4.9 -0.2
KOKU Xtrackers MSCI Kokusai Equity ETF 35.9 9 26 5.0 -0.0
DIVB iShares U.S. Dividend & Buyback ETF 35.5 25 10 5.9 +0.8
IQSU IQ Candriam ESG US Equity ETF 35.4 9 26 4.5 -0.6
USXF iShares ESG Advanced MSCI USA ETF 35.4 10 25 4.5 -0.5
ETHO Etho Climate Leadership U.S. ETF 35.1 47 -12 3.6 -1.4
FAB First Trust Multi Cap Value AlphaDEX Fund 34.6 71 -36 7.5 +2.5
URTH iShares MSCI World ETF 34.6 24 11 5.0 -0.1
DTD WisdomTree U.S.Total Dividend Fund 34.3 28 7 6.3 +1.2

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 3.2 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 5.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.53 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.