USAA MSCI Emerging Markets Value Momentum Blend Index
ALTAR
Score™
12.4% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
9.2x P/Sales
ratio
0.6x
P/BV
ratio
0.8x Div.
yield
4.0%


  • 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) $196
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 249
Wgt avg mkt cap (mns) $17,183
Large cap (>$10bn) 28.0%
Mid cap ($2-10bn) 67.3%
Small cap (<$2bn) 4.3%
Developed mkts 13.3%
Emerging mkts 86.7%

TOP TEN HOLDINGS
HUA NAN FINANCIAL HOLDINGS C 1.2 %
TAIWAN COOPERATIVE FINANCIAL 1.1 %
E.SUN FINANCIAL HOLDING CO 1.1 %
CHANG HWA COMMERCIAL BANK 1.1 %
PPB GROUP BERHAD 1.1 %
TAIWAN BUSINESS BANK 1.1 %
SINOPAC FINANCIAL HOLDINGS 1.0 %
RATCHABURI ELECTRICITY GENERATING 0.9 %
BTS GROUP HOLDINGS PCL 0.9 %
YUANTA FINANCIAL HOLDING CO 0.8 %
Total 10.2 %

TOP COUNTRY EXPOSURE
CHINA 21.4 %
SOUTH KOREA 18.9 %
TAIWAN 17.1 %
HONG KONG 9.0 %
BRAZIL 7.7 %
RUSSIA 3.7 %
THAILAND 3.1 %
POLAND 2.9 %
SOUTH AFRICA 2.3 %
MALAYSIA 2.1 %

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.
10.6% 10.6% -- -- -2.6%

Market Correlations
versus... Beta R-squared
S&P500 0.78 51%
MSCI EAFE 1.08 73%
MSCI Emg. Mkts. 0.94 93%

Technical Indicators
Recent close $45.65
30d moving avg. $44.32
Annualized volatility 15.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 7
Turnover 0.2%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $6,434

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the USAA MSCI Emerging Markets Value Momentum Blend Index 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™: 12.4%


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 28.6 45 0 9.1 -3.3
REEM Invesco Emerging Markets Revenue ETF 24.0 46 -1 11.0 -1.4
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 23.5 45 0 8.3 -4.1
EMMF WisdomTree Emerging Markets Multifactor Fund 23.3 48 -3 8.6 -3.8
CEZ Victory CEMP Emerging Market Volatility Weighted 21.0 50 -5 8.6 -3.8
ROAM Hartford Multifactor Emerging Markets 20.9 44 1 10.5 -1.9
EELV Invesco S&P Emg Mkts Low Volatility 20.9 29 16 10.2 -2.2
EEMO Invesco S&P Emg Mkts Momentum 20.8 30 15 7.5 -4.9
DGRE WisdomTree Emg Mkt Dividend Growth 20.6 32 13 8.3 -4.1
FEM First Trust Emerging Markets AlphaDEX 20.6 80 -35 9.8 -2.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity 19.7 49 -4 8.4 -4.0
JHEM John Hancock Multifactor Emerging Markets 18.7 55 -10 8.1 -4.3
EEM iShares MSCI Emerging Markets 18.3 67 -22 7.7 -4.7
DBEM Xtrackers MSCI Emg. Mkts. Hedged 17.7 65 -20 7.7 -4.7
FDEM Fidelity Targeted Emerging Markets Factor 17.6 45 0 8.3 -4.1
ESGE iShares MSCI EM ESG Optimized 17.6 25 20 8.5 -3.9
DVEM WisdomTree Emerging Markets Dividend 17.1 32 13 10.4 -2.0
PXH Invesco FTSE-RAFI Emerging Markets 17.0 50 -5 11.4 -1.0
EMXC iShares MSCI Emerging Markets ex China 16.9 49 -4 8.0 -4.4
IEMG iShares Core MSCI Emerging Markets 16.9 14 31 8.0 -4.4

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

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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:
USAA MSCI Emerging Markets Value Momentum Blend Index
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 10.1 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 12.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.48
 
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.