VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
ALTAR
Score™
13.5% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
9.2x P/Sales
ratio
0.5x
P/BV
ratio
0.7x Div.
yield
3.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The USAA MSCI Emerging Markets Value Momentum Blend Index ETF tracks a multi-factor-selected, volatility-weighted index of stocks from emerging economies.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor USAA Asset Management
Website www.usaa.com
Inception date Oct 24, 2017
Assets (mns) $266
Currency USD
Expense ratio 45 bp
Distributions Semi-annual

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Volatility
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 233
Wgt avg mkt cap (mns) $16,542
Large cap (>$10bn) 32.9%
Mid cap ($2-10bn) 57.3%
Small cap (<$2bn) 7.9%
Developed mkts 15.6%
Emerging mkts 84.4%

TOP TEN HOLDINGS
TAIWAN COOPERATIVE FINANCIAL 1.1 %
UNITED MICROELECTRONICS CORP 1.0 %
HANWHA CHEMICAL CORP 0.9 %
YUANTA FINANCIAL HOLDING CO 0.9 %
KT&G CORP 0.8 %
KIA MOTORS CORPORATION 0.8 %
GREAT WALL MOTOR COMPANY-H 0.8 %
E.SUN FINANCIAL HOLDING CO 0.8 %
WEG SA 0.8 %
SK TELECOM CO., LTD. 0.8 %
Total 8.8 %

TOP COUNTRY EXPOSURE
CHINA 28.0 %
SOUTH KOREA 25.8 %
TAIWAN 10.8 %
HONG KONG 8.6 %
BRAZIL 4.9 %
TURKEY 4.5 %
RUSSIA 3.8 %
POLAND 2.6 %
SOUTH AFRICA 2.3 %
MALAYSIA 2.3 %

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.
-11.9% -6.2% -- -- -5.9%

Market Correlations
versus... Beta R-squared
S&P500 0.82 62%
MSCI EAFE 0.99 75%
MSCI Emg. Mkts. 0.89 93%

Technical Indicators
Recent close $43.31
30d moving avg. $41.25
Annualized volatility 18.5%
Short interest (ETF) 9.6%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 56
Turnover 0.9%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $14,159

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the VictoryShares USAA MSCI Emerging Markets Value Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with UEVM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: UEVM Expense: 45 bp ALTAR Score™: 13.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH UEVM
Ticker Fund
Name
Overlap1
vs UEVM
(%)
Expense
ratio
(bp)
Savings
vs UEVM
(bp)
ALTAR
Score™
(%)
ALTAR
vs UEVM
(%)
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 26.0 45 0 8.8 -4.7
EMMF WisdomTree Emerging Markets Multifactor Fund 24.2 48 -3 9.4 -4.1
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 23.3 49 -4 8.6 -4.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 22.7 45 0 7.2 -6.3
FEM First Trust Emerging Markets AlphaDEX Fund 22.6 80 -35 11.8 -1.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 22.0 32 13 8.1 -5.4
ROAM Hartford Multifactor Emerging Markets ETF 21.9 44 1 12.3 -1.2
DVEM WisdomTree Emerging Markets Dividend Fund 21.0 32 13 7.0 -6.5
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 20.9 50 -5 10.1 -3.4
EWY iShares MSCI South Korea ETF 20.8 59 -14 7.6 -5.9
JHEM John Hancock Multifactor Emerging Markets ETF 20.2 49 -4 8.3 -5.2
EELV Invesco S&P Emerging Markets Low Volatility ETF 19.3 29 16 9.6 -3.9
EEMA iShares MSCI Emerging Markets Asia ETF 19.2 50 -5 7.4 -6.1
EEM iShares MSCI Emerging Markets ETF 19.0 68 -23 7.0 -6.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 18.5 30 15 7.3 -6.2
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 18.4 65 -20 7.0 -6.5
FLKR Franklin FTSE South Korea ETF 18.4 9 36 7.9 -5.6
FDEM Fidelity Targeted Emerging Markets Factor ETF 18.2 45 0 8.1 -5.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 17.8 36 9 7.7 -5.8
PXH Invesco FTSE RAFI Emerging Markets ETF 17.6 50 -5 12.7 -0.8
IEMG iShares Core MSCI Emerging Markets ETF 17.4 13 32 7.5 -6.0
AVEM Avantis Emerging Markets Equity ETF 17.3 33 12 8.1 -5.4
ESGE iShares ESG Aware MSCI EM ETF 17.1 25 20 8.1 -5.4
EMXC iShares MSCI Emerging Markets ex China ETF 16.9 25 20 7.4 -6.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 16.5 68 -23 6.7 -6.8
EEMO Invesco S&P Emerging Markets Momentum ETF 16.5 29 16 4.0 -9.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 16.3 44 1 8.5 -5.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 16.2 32 13 5.7 -7.8
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 16.2 80 -35 8.3 -5.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 16.0 30 15 8.2 -5.3
BKF iShares MSCI BRIC ETF 15.9 69 -24 7.2 -6.3
FLAX Franklin FTSE Asia Ex Japan ETF 15.9 19 26 7.2 -6.3
BKEM BNY Mellon Emerging Markets Equity ETF 15.8 11 34 7.8 -5.7
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 15.4 25 20 7.6 -5.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 15.4 59 -14 10.2 -3.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 15.4 39 6 12.2 -1.3
FKO First Trust South Korea AlphadDEX Fund 15.4 80 -35 9.9 -3.6
LDEM iShares ESG MSCI EM Leaders ETF 15.2 16 29 7.4 -6.1
VIDI Vident International Equity Fund 14.4 59 -14 10.4 -3.1
NUEM Nuveen ESG Emerging Markets Equity ETF 14.3 45 0 6.4 -7.1
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 14.3 49 -4 6.9 -6.6
PBEE Invesco PureBeta FTSE Emerging Markets ETF 14.1 15 30 8.2 -5.3
SCHE Schwab Emerging Markets Equity ETF 14.1 11 34 7.5 -6.0
MCHI iShares MSCI China ETF 13.8 59 -14 7.6 -5.9
ISEM Invesco Strategic Emerging Markets ETF 13.7 35 10 10.2 -3.3
RNEM Emerging Markets Equity Select ETF 13.7 75 -30 10.5 -3.0
FLCH Franklin FTSE China ETF 13.4 19 26 8.1 -5.4
VWO Vanguard FTSE Emerging Markets ETF 13.4 10 35 7.6 -5.9
BICK First Trust BICK Index Fund 13.1 64 -19 4.4 -9.1
GXC SPDR S&P China ETF 13.0 59 -14 7.5 -6.0
ECOW Pacer Emerging Markets Cash Cows 100 ETF 12.8 74 -29 12.5 -1.0
GMF SPDR S&P Emerging Asia Pacific ETF 12.5 49 -4 6.7 -6.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 12.5 20 25 6.3 -7.2
SPEM SPDR Portfolio Emerging Markets ETF 12.1 11 34 7.3 -6.2
DEM WisdomTree Emerging Markets High Dividend Fund 11.3 63 -18 13.4 -0.1
CN Xtrackers MSCI All China Equity ETF 10.6 50 -5 7.8 -5.7
KALL KraneShares FTSE Emerging Markets Plus ETF 10.5 49 -4 7.6 -5.9
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 10.5 95 -50 8.2 -5.3
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 10.3 40 5 6.9 -6.6
EWT iShares MSCI Taiwan ETF 10.2 59 -14 5.6 -7.9
XCEM Columbia EM Core ex-China ETF 9.8 16 29 6.6 -6.9
FXI iShares China Large-Cap ETF 9.6 74 -29 12.6 -0.9
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 9.5 51 -6 19.6 +6.1
FLTW Franklin FTSE Taiwan ETF 9.5 19 26 5.8 -7.7
PIE Invesco DWA Emerging Markets Momentum ETF 9.4 90 -45 4.7 -8.8
FDT First Trust Developed Markets ex-US Alphadex Fund 9.4 80 -35 8.1 -5.4
KESG KraneShares MSCI China ESG Leaders Index ETF 9.3 59 -14 9.5 -4.0
CHIX Global X China Financials ETF 9.3 66 -21 19.1 +5.6
LVIN Hartford Multifactor Low Volatility International Equity ETF 9.1 29 16 10.9 -2.6
EEMD AAM S&P Emerging Markets High Dividend Value ETF 8.6 50 -5 17.9 +4.4
FCA First Trust China AlphaDEX Fund 8.4 80 -35 13.9 +0.4
CXSE WisdomTree China ex-State-Owned Enterprises Fund 8.2 32 13 6.1 -7.4
EDIV SPDR S&P Emerging Markets Dividend ETF 8.1 49 -4 11.2 -2.3
AIA iShares Asia 50 ETF 7.8 50 -5 7.2 -6.3
DVYE iShares Emerging Markets Dividend ETF 7.7 49 -4 17.2 +3.7
VSGX Vanguard ESG International Stock ETF 7.1 17 28 6.7 -6.8
OBOR KraneShares MSCI One Belt One Road Index ETF 7.1 79 -34 7.9 -5.6
CHII Global X China Industrials ETF 7.1 66 -21 11.3 -2.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 6.9 40 5 6.6 -6.9
VYMI Vanguard International High Dividend Yield ETF 6.7 27 18 9.4 -4.1
ACWF iShares FactorSelect MSCI Global ETF 6.6 35 10 7.5 -6.0
SDEM Global X SuperDividend Emerging Markets ETF 6.6 66 -21 17.2 +3.7
FRDM Freedom 100 Emerging Markets ETF 6.6 49 -4 5.9 -7.6
ACWX iShares MSCI ACWI ex U.S. ETF 6.5 32 13 6.7 -6.8
IXUS ishares Core MSCI Total International Stock ETF 6.2 9 36 6.9 -6.6
VEU Vanguard FTSE All-World ex-US Index Fund 5.8 8 37 7.0 -6.5
CHIQ Global X China Consumer ETF 5.6 65 -20 5.5 -8.0
VXUS Vanguard Total International Stock Index Fund 5.5 8 37 7.0 -6.5
FLLA Franklin FTSE Latin America ETF 5.2 19 26 6.1 -7.4
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 5.2 20 25 10.5 -3.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 5.1 16 29 6.4 -7.1
CHIL Global X MSCI China Large-Cap 50 ETF 5.0 29 16 7.6 -5.9
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 4.9 80 -35 10.5 -3.0
JPIN JPMorgan Diversified Return International Equity ETF 4.8 37 8 7.3 -6.2
FLBR Franklin FTSE Brazil ETF 4.8 19 26 4.8 -8.7
IQDF FlexShares International Quality Dividend Index Fund 4.7 47 -2 8.4 -5.1
EWZ iShares MSCI Brazil Capped ETF 4.7 59 -14 4.5 -9.0
FBZ First Trust Brazil AlphaDEX Fund 4.6 80 -35 6.6 -6.9

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 USAA MSCI Emerging Markets Value Momentum ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.8 %
Divided by: Fwd. P/BV 0.6 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 13.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.38 CATEGORY
AVERAGE
1.40
 
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.