Victory CEMP US Small Cap Volatility Weighted Index ETF
ALTAR
Score™
7.9% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
13.6x P/Sales
ratio
0.9x
P/BV
ratio
1.6x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Victory CEMP 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) $27
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 457
Wgt avg mkt cap (mns) $1,555
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 35.2%
Small cap (<$2bn) 64.9%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
COHEN & STEERS INC 0.4 %
FIDELITY NATIONAL FINANCIAL INC - 0.4 %
SJW CORP 0.4 %
COLUMBIA FINANCIAL, INC. 0.4 %
AMERISAFE INC 0.4 %
GIBRALTAR INDUSTRIES INC 0.4 %
AIRCASTLE LTD 0.4 %
ESCO TECHNOLOGIES INC 0.4 %
OTTER TAIL CORP 0.4 %
NORTHWEST BANCSHARES INC 0.4 %
Total 3.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.1 %
BERMUDA 0.6 %
PUERTO RICO 0.4 %
CAYMAN ISLANDS 0.2 %
NETHERLANDS 0.1 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-4.8% 7.9% -- -- 8.4%

Market Correlations
versus... Beta R-squared
S&P500 1.08 69%
MSCI EAFE 0.96 46%
MSCI Emg. Mkts. 0.58 28%

Technical Indicators
Recent close $45.14
30d moving avg. $48.56
Annualized volatility 15.7%
Short interest (ETF) 1.0%
Relative strength (RSI) 36

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.5%
Bid/Ask (% of price) 0.23%
ADV underlying (mns) $5,766

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Victory CEMP 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™: 7.9%


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 Victory CEMP US Discovery Enhanced Volatility Weighted Idx E 99.3 35 0 7.9 0.0
TPSC Timothy Plan US Small Cap Core ETF 91.5 52 -17 7.5 -0.4
FYX First Trust Small Cap Core AlphaDEX Fund 46.6 63 -28 5.6 -2.3
IJR iShares Core S&P Small Cap ETF 43.1 7 28 6.6 -1.3
SPSM SPDR Portfolio Small Cap ETF 43.0 5 30 6.6 -1.3
SLY SPDR S&P 600 Small Cap ETF 43.0 15 20 6.5 -1.4
VIOO Vanguard S&P Small-Cap 600 ETF 42.5 10 25 6.4 -1.5
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 41.9 40 -5 5.8 -2.1
ISMD Inspire Small/Mid Cap Impact ETF 41.3 61 -26 5.6 -2.4
EES WisdomTree SmallCap Earnings Fund 41.2 38 -3 9.7 +1.8
RNSC Small Cap US Equity Select ETF 39.0 60 -25 6.3 -1.6
PSC Principal U.S. Small Cap Index ETF 37.5 38 -3 7.1 -0.8
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 37.2 29 6 4.4 -3.5
DES WisdomTree U.S. SmallCap Dividend Fund 36.2 38 -3 7.9 -0.1
FYT First Trust Small Cap Value AlphaDEX Fund 34.0 72 -37 8.1 +0.2
IJT iShares S&P Small-Cap 600 Growth ETF 33.6 25 10 5.3 -2.6
SLYG SPDR S&P 600 Small Cap Growth ETF 33.5 15 20 5.4 -2.5
VIOG Vanguard S&P Small-Cap 600 Growth ETF 33.5 16 19 5.2 -2.7
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 33.4 20 15 5.9 -2.0
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 32.7 39 -4 5.6 -2.3

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 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 12.6 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 7.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 CATEGORY
AVERAGE
1.56
 
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.