Victory CEMP US Small Cap Volatility Wtd
ALTAR
Score™
6.9% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
15.7x P/Sales
ratio
1.0x
P/BV
ratio
1.9x Div.
yield
1.8%


  • 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) $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
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 %
Total 3.7 %

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%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
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

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 %
info 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.
 

 

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.