ETF Research Center

The Victory CEMP 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 02, 2014
Assets (mns)	$730
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	498
Wgt avg mkt cap (mns)	$50,450
Large cap (>$10bn)	74.7%
Mid cap ($2-10bn)	25.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	3.2 %
CITRIX SYSTEMS INC	0.3 %
NEXTERA ENERGY GROUP	0.3 %
REPUBLIC SERVICES INC	0.3 %
EVERSOURCE ENERGY	0.3 %
SEMPRA ENERGY	0.3 %
DUKE ENERGY CORP	0.3 %
WESTERN UNION CO	0.3 %
DTE ENERGY COMPANY	0.3 %
ALLIANT ENERGY CORP	0.3 %
AMERICAN ELECTRIC POWER	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	IRELAND	1.7 %
	SWITZERLAND	0.7 %
	BERMUDA	0.5 %
	BRITAIN	0.2 %
	CHINA	0.1 %

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.
14.7%	6.2%	8.5%	--	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	88%
MSCI EAFE	0.77	51%
MSCI Emg. Mkts.	0.49	35%

Technical Indicators
Recent close	$51.05
30d moving avg.	$50.02
Annualized volatility	11.9%
Short interest (ETF)	0.2%
Relative strength (RSI)	80

Liquidity measures
Avg. volume (thou.)	65
Turnover	0.5%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$117,390

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Victory CEMP US 500 Enhanced Volatility Wtd 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™:

6.1%

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	Compass EMP US 500 Volatility Weighted	99.1	35	0	6.1	0.0
RSP	Invesco S&P 500 Equal Weight	67.0	20	15	6.8	+0.8
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	65.8	9	26	6.4	+0.3
EUSA	iShares MSCI USA Equal Weight	63.2	15	20	6.5	+0.4
SIZE	iShares MSCI USA Size Factor	63.1	15	20	6.3	+0.2
USEQ	Invesco Russell 1000 Enhanced Equal Weight	60.6	29	6	6.7	+0.6
TPLC	Timothy Plan US Large Cap Core	58.5	52	-17	5.6	-0.5
DEUS	Xtrackers Russell 1000 Comprehensive Factor	57.6	17	18	6.3	+0.3
JHML	John Hancock Multifactor Large Cap	56.7	34	1	6.0	-0.1
ONEO	SPDR Russell 1000 Momentum Focus	56.2	20	15	6.4	+0.4
SCIU	Global X Scientific Beta US	51.7	19	16	5.7	-0.4
JHMM	John Hancock Multifactor Mid Cap	51.5	44	-9	5.9	-0.2
RNLC	Large Cap US Equity Select	51.3	60	-25	6.4	+0.3
JPUS	JPMorgan Diversified Return U.S. Equity	51.1	19	16	6.3	+0.2
FEX	First Trust Large Cap Core Alphadex	50.9	61	-26	6.4	+0.3
EQAL	Invesco Russel 1000 Equal Weight	50.5	20	15	6.0	-0.1
USLB	Invesco Russell 1000 Low Beta Equal Weight	48.8	35	0	5.8	-0.3
IWR	iShares Russell Midcap	48.4	19	16	5.9	-0.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	48.1	9	26	6.4	+0.3
AVUS	Avantis U.S. Equity	46.7	15	20	6.1	-0.0

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	**	**	**	**	**	**	**
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

	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 US 500 Enhanced Volatility Wtd
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	17.2	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.55

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.