ETF Research Center

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)	$28
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	462
Wgt avg mkt cap (mns)	$1,779
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	38.1%
Small cap (<$2bn)	61.9%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	3.7 %
FIDELITY NATIONAL FINANCIAL INC -	0.4 %
SJW CORP	0.4 %
COLUMBIA FINANCIAL, INC.	0.4 %
AIRCASTLE LTD	0.4 %
NORTHWEST BANCSHARES INC	0.4 %
BRADY CORPORATION - CL A	0.4 %
ESCO TECHNOLOGIES INC	0.4 %
OCEANFIRST FINANCIAL CORP	0.4 %
NATIONAL HEALTHCARE CORP	0.4 %
CAPITOL FEDERAL FINANCIAL IN	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.4 %
	BERMUDA	0.5 %
	PUERTO RICO	0.4 %
	CAYMAN ISLANDS	0.2 %
	NETHERLANDS	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.
23.8%	23.8%	--	--	9.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	70%
MSCI EAFE	0.92	43%
MSCI Emg. Mkts.	0.52	24%

Technical Indicators
Recent close	$50.15
30d moving avg.	$49.35
Annualized volatility	15.4%
Short interest (ETF)	0.7%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$6,433

Distributions

FINDING ALTERNATIVE FUNDS

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

6.9%

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	Compass EMP US Discovery 500 Enhanced Vol.	99.7	35	0	6.9	0.0
TPSC	Timothy Plan US Small Cap Core	92.1	52	-17	6.5	-0.4
FYX	First Trust Small Cap Core Alphadex	46.5	66	-31	5.2	-1.7
SLY	SPDR S&P 600 Small Cap	43.3	15	20	5.9	-1.0
IJR	iShares Core S&P Small-Cap	43.3	7	28	5.9	-1.0
VIOO	Vanguard S&P Small-Cap 600	42.9	15	20	5.7	-1.2
EWSC	Invesco S&P Small Cap 600 Equal Weight	42.0	40	-5	5.4	-1.5
ISMD	Inspire Small/Mid Cap Impact	41.4	61	-26	4.7	-2.2
EES	WisdomTree SmallCap Earnings	41.0	38	-3	8.0	+1.1
RNSC	Small Cap US Equity Select	39.8	60	-25	5.7	-1.2
PSC	Principal U.S. Small Cap Index	37.8	38	-3	6.3	-0.6
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	37.7	29	6	4.6	-2.3
DES	WisdomTree Smallcap Dividend	36.2	38	-3	6.8	-0.1
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	34.5	20	15	5.5	-1.4
VIOV	Vanguard S&P Small-Cap 600 Value	34.2	20	15	7.0	+0.1
FYT	First Trust Small Cap Value AlphaDEX	33.7	76	-41	6.8	-0.1
SLYG	SPDR S&P600 Small Cap Growth	32.9	15	20	4.6	-2.3
IJT	iShares S&P 600 SmallCap Growth	32.8	25	10	4.4	-2.5
DGRS	WisdomTree US Small Cap Dividend Growth	32.3	38	-3	8.6	+1.7
VTWV	Vanguard Russell 2000 Value	32.2	20	15	6.2	-0.7

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Small Cap Volatility Wtd
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	12.4	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	6.9	%

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.