VictoryShares US Small Cap Volatility Weighted Index ETF
ALTAR
Score™		 8.0% info Recommen-
dation		 OVERWEIGHT
2020E    2021E
P/E
ratio		 21.2x P/Sales
ratio		 0.9x
P/BV
ratio		 1.6x Div.
yield		 2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The VictoryShares US Small Cap Volatility Wtd Index fund tracks an index composed of 500 of the largest companies domiciled in the US that are no larger than 3 billion in market capitalization. These stocks are then weighted by inverse volatility.

FUND BASICS
Category US Equities
Fund Sponsor Victory Capital Management
Website www.compassempfunds.com
Inception date Jul 08, 2015
Assets (mns) $16
Currency USD
Expense ratio 35 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 442
Wgt avg mkt cap (mns) $1,496
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 26.4%
Small cap (<$2bn) 73.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
WEIS MARKETS INC 0.5 %
COLUMBIA FINANCIAL, INC. 0.5 %
CAPITOL FEDERAL FINANCIAL IN 0.4 %
WERNER ENTERPRISES INC 0.4 %
CHESAPEAKE UTILITIES CORP 0.4 %
TOOTSIE ROLL INDS 0.4 %
WD-40 CO 0.4 %
ACUSHNET HOLDINGS CORP. 0.4 %
AMERICAN STATES WATER CO 0.4 %
WESTAMERICA BANCORPORATION 0.4 %
Total 4.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.1 %
PUERTO RICO 0.7 %
BERMUDA 0.3 %
CAYMAN ISLANDS 0.2 %
NETHERLANDS 0.1 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-20.6% -7.7% -- -- 3.8%

Market Correlations
versus... Beta R-squared
S&P500 1.22 84%
MSCI EAFE 1.25 75%
MSCI Emg. Mkts. 0.88 58%

Technical Indicators
Recent close $41.10
30d moving avg. $36.64
Annualized volatility 22.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.8%
Bid/Ask (% of price) 0.35%
ADV underlying (mns) $7,705

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the VictoryShares US Small Cap Volatility Weighted Index ETF ETF based on the alternatives' overlap in portfolio holdings with CSA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CSA Expense: 35 bp ALTAR Score™: 8.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CSA
Ticker Fund
Name		 Overlap1
vs CSA
(%)		 Expense
ratio
(bp)		 Savings
vs CSA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs CSA
(%)
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 77.4 35 0 8.1 +0.1
TPSC Timothy Plan US Small Cap Core ETF 70.6 52 -17 7.5 -0.5
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 62.0 39 -4 6.1 -2.0
SLY SPDR S&P 600 Small Cap ETF 40.3 15 20 6.8 -1.3
SPSM SPDR Portfolio Small Cap ETF 40.3 5 30 6.9 -1.2
IJR iShares Core S&P Small Cap ETF 40.2 7 28 6.8 -1.2
VIOO Vanguard S&P Small-Cap 600 ETF 39.9 10 25 6.7 -1.3
EES WisdomTree SmallCap Earnings Fund 39.5 38 -3 10.9 +2.9
FYX First Trust Small Cap Core AlphaDEX Fund 38.8 63 -28 6.3 -1.8
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 37.7 40 -5 6.1 -1.9
CSML IQ Chaikin U.S. Small Cap ETF 37.3 35 0 4.5 -3.5
DES WisdomTree U.S. SmallCap Dividend Fund 35.3 38 -3 8.3 +0.3
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 34.9 29 6 5.8 -2.3
RNSC Small Cap US Equity Select ETF 34.1 60 -25 7.3 -0.8
PSC Principal U.S. Small Cap Index ETF 33.4 38 -3 6.9 -1.2
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 32.5 20 15 5.9 -2.1
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 31.8 29 6 1.8 -6.2
ISMD Inspire Small/Mid Cap Impact ETF 31.3 61 -26 6.6 -1.4
SLYG SPDR S&P 600 Small Cap Growth ETF 30.9 15 20 5.1 -2.9
IJT iShares S&P Small-Cap 600 Growth ETF 30.8 25 10 5.0 -3.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 30.8 16 19 5.1 -2.9
IWN iShares Russell 2000 Value ETF 30.0 24 11 6.9 -1.1
VTWV Vanguard Russell 2000 Value Index Fund 29.6 15 20 7.0 -1.0
ROGS Hartford Multifactor Global Small Cap ETF 29.5 34 1 7.8 -0.2
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 29.5 35 0 6.1 -2.0
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 29.0 38 -3 8.7 +0.7
FYT First Trust Small Cap Value AlphaDEX Fund 28.6 72 -37 8.6 +0.6
AFSM First Trust Active Factor Small Cap ETF 28.4 75 -40 5.6 -2.5
SLYV SPDR S&P 600 Small Cap Value ETF 28.3 15 20 8.8 +0.8
IJS iShares S&P Small-cap 600 Value ETF 28.3 25 10 8.7 +0.7
VIOV Vanguard S&P Small-Cap 600 Value ETF 28.2 15 20 8.7 +0.7
RWJ Invesco S&P SmallCap 600 Revenue ETF 28.1 39 -4 6.6 -1.4
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 28.0 12 23 7.8 -0.2
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 27.9 29 6 9.7 +1.7
IWM iShares Russell 2000 ETF 27.7 19 16 3.5 -4.5
AVUV Avantis U.S. Small Cap Value ETF 27.3 25 10 8.6 +0.5
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 27.0 39 -4 4.3 -3.8
VTWO Vanguard Russell 2000 Index Fund 26.8 10 25 3.6 -4.4
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 26.0 30 5 7.4 -0.6
SQLV Legg Mason Small-Cap Quality Value 24.8 62 -27 6.7 -1.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 24.7 25 10 6.2 -1.8
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 24.6 24 11 7.5 -0.6
IWO iShares Russell 2000 Growth ETF 24.1 24 11 0.7 -7.3
VTWG Vanguard Russell 2000 Growth Index Fund 23.5 15 20 0.8 -7.2
IUSS Invesco Strategic US Small Company ETF 23.3 23 12 5.8 -2.3
FYC First Trust Small Cap Growth AlphaDEX Fund 22.7 70 -35 2.5 -5.6
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 22.1 35 0 9.2 +1.1
SCHA Schwab U.S. Small-Cap ETF 21.6 4 31 4.7 -3.3
VFMF Vanguard U.S. Multifactor ETF 21.3 18 17 7.2 -0.9
JKJ iShares Morningstar Small-Cap ETF 20.0 25 10 6.3 -1.8
FSMD Fidelity Small-Mid Factor ETF 19.4 29 6 6.8 -1.3
XSHQ Invesco S&P SmallCap Quality ETF 18.8 29 6 5.9 -2.2
VBR Vanguard Small Cap Value Index Fund 18.7 7 28 8.1 +0.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 18.6 17 18 4.8 -3.3
NUSC Nuveen ESG Small-Cap ETF 17.9 40 -5 4.9 -3.2
PBSM Invesco PureBeta MSCI USA Small Cap ETF 17.6 6 29 5.0 -3.1
VFQY Vanguard U.S. Quality Factor ETF 17.1 13 22 5.9 -2.1
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 17.1 20 15 5.9 -2.1
XSLV Invesco S&P SmallCap Low Volatility ETF 16.8 25 10 5.8 -2.3
RZG Invesco S&P Smallcap 600 Pure Growth ETF 16.5 35 0 6.1 -2.0
JKL iShares Morningstar Small Cap Value ETF 16.4 30 5 9.4 +1.3
DWAS Invesco DWA SmallCap Momentum ETF 15.6 60 -25 -1.1 -9.1
VFVA Vanguard U.S. Value Factor ETF 15.2 13 22 11.4 +3.3
FAB First Trust Multi Cap Value AlphaDEX Fund 15.0 71 -36 9.1 +1.1
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 15.0 80 -45 5.4 -2.6
JSML Janus Henderson Small Cap Growth Alpha ETF 14.5 35 0 6.0 -2.0
EZM WisdomTree U.S. MidCap Earnings Fund 14.3 38 -3 8.9 +0.8
BUY USCF SummerHaven SHPEI Index Fund 14.3 80 -45 10.1 +2.1
BFOR Barron's 400 ETF 14.2 66 -31 6.2 -1.9
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 14.0 48 -13 6.2 -1.9
IWC iShares Micro-Cap ETF 13.7 60 -25 -4.0 -12.1
VB Vanguard Small-Cap ETF 13.5 5 30 5.3 -2.7
QABA First Trust NASDAQ ABA Community Bank Index Fund 13.4 60 -25 10.0 +2.0
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 12.9 20 15 9.2 +1.2
PXSG Invesco S&P SmallCap Momentum ETF 12.7 39 -4 5.0 -3.0
XSVM Invesco S&P SmallCap Value with Momentum ETF 12.6 39 -4 9.8 +1.8
EWMC Invesco S&P MidCap 400 Equal Weight ETF 12.5 40 -5 6.5 -1.5
CALF Pacer US Small Cap Cash Cows 100 ETF 12.1 59 -24 10.9 +2.9
PSCI Invesco S&P SmallCap Industrials ETF 11.9 29 6 6.5 -1.6
VXF Vanguard Extended Market Index Fund 11.4 7 28 3.8 -4.3
VFLQ Vanguard U.S. Liquidity Factor ETF 11.1 13 22 3.4 -4.6
JHSC John Hancock Multifactor Small Cap ETF 11.1 50 -15 5.7 -2.4
KRE SPDR S&P Regional Banking ETF 11.0 35 0 10.3 +2.3
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 11.0 35 0 5.1 -2.9
JKK iShares Morningstar Small-Cap Growth ETF 10.9 30 5 1.3 -6.7
MDYV SPDR S&P 400 Mid Cap Value ETF 10.7 15 20 8.1 +0.0
IJJ iShares S&P Mid-Cap 400 Value ETF 10.7 25 10 8.0 -0.1
IVOV Vanguard S&P Mid-Cap 400 Value ETF 10.7 15 20 8.1 +0.1
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 10.5 29 6 8.5 +0.4
SMDY Syntax Stratified MidCap ETF 10.3 30 5 6.1 -2.0
VUSE Vident Core US Equity Fund 10.2 48 -13 7.5 -0.5
PSCF Invesco S&P SmallCap Financials ETF 9.3 29 6 11.2 +3.1
KBE SPDR S&P Bank ETF 8.9 35 0 10.3 +2.3
TUSA First Trust Total US Market AlphaDEX ETF 8.9 70 -35 5.9 -2.1
VBK Vanguard Small-Cap Growth Index Fund 8.7 7 28 2.5 -5.5
RWK Invesco S&P MidCap 400 Revenue ETF 8.7 39 -4 7.3 -0.8
FAD First Trust Multi Cap Growth AlphaDEX Fund 8.5 66 -31 2.5 -5.5
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 8.3 60 -25 8.1 +0.0
FDM First Trust Dow Jones Select Microcap Index Fund 8.3 60 -25 7.5 -0.5

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 Small Cap Volatility Weighted 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 12.7 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 8.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.57 CATEGORY
AVERAGE		 1.53
 
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.