VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
ALTAR
Score™
14.3% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
8.1x P/Sales
ratio
0.5x
P/BV
ratio
0.6x Div.
yield
4.1%


  • 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) $158
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 236
Wgt avg mkt cap (mns) $13,935
Large cap (>$10bn) 27.4%
Mid cap ($2-10bn) 61.8%
Small cap (<$2bn) 10.2%
Developed mkts 11.8%
Emerging mkts 88.2%

TOP TEN HOLDINGS
TAIWAN COOPERATIVE FINANCIAL 1.4 %
HUA NAN FINANCIAL HOLDINGS C 1.3 %
E.SUN FINANCIAL HOLDING CO 1.3 %
PPB GROUP BERHAD 1.2 %
TAIWAN BUSINESS BANK 1.2 %
CHANG HWA COMMERCIAL BANK 1.1 %
SINOPAC FINANCIAL HOLDINGS 1.1 %
TAIWAN CEMENT 0.9 %
CHICONY ELECTRONICS CO LTD 0.9 %
RICHTER GEDEON NYRT. 0.8 %
Total 11.0 %

TOP COUNTRY EXPOSURE
CHINA 23.9 %
SOUTH KOREA 19.7 %
TAIWAN 18.6 %
HONG KONG 7.1 %
BRAZIL 5.7 %
RUSSIA 4.6 %
POLAND 2.7 %
SOUTH AFRICA 2.5 %
MALAYSIA 2.2 %
TURKEY 1.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-19.7% -17.3% -- -- -10.5%

Market Correlations
versus... Beta R-squared
S&P500 0.85 64%
MSCI EAFE 1.03 78%
MSCI Emg. Mkts. 0.91 94%

Technical Indicators
Recent close $36.43
30d moving avg. $35.52
Annualized volatility 19.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 11
Turnover 0.3%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $8,761

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 14.3%


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 27.2 45 0 10.4 -3.8
EMMF WisdomTree Emerging Markets Multifactor Fund 26.9 48 -3 10.4 -3.8
EEMO Invesco S&P Emerging Markets Momentum ETF 23.3 30 15 7.6 -6.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 23.1 45 0 9.1 -5.1
ROAM Hartford Multifactor Emerging Markets ETF 22.5 44 1 15.9 +1.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 22.2 49 -4 9.6 -4.7
EELV Invesco S&P Emerging Markets Low Volatility ETF 21.6 29 16 10.3 -3.9
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 20.5 50 -5 10.6 -3.7
DVEM WisdomTree Emerging Markets Dividend Fund 20.5 32 13 9.6 -4.6
JHEM John Hancock Multifactor Emerging Markets ETF 19.4 55 -10 9.5 -4.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 18.7 32 13 10.1 -4.2
FEM First Trust Emerging Markets AlphaDEX Fund 18.4 80 -35 12.4 -1.9
EEM iShares MSCI Emerging Markets ETF 18.4 68 -23 8.8 -5.4
PXH Invesco FTSE RAFI Emerging Markets ETF 18.0 50 -5 14.6 +0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 17.6 65 -20 8.9 -5.3
EEMA iShares MSCI Emerging Markets Asia ETF 17.6 50 -5 9.0 -5.3
EMXC iShares MSCI Emerging Markets ex China ETF 17.0 49 -4 8.9 -5.3
IEMG iShares Core MSCI Emerging Markets ETF 16.9 14 31 9.3 -5.0
EWY iShares MSCI South Korea ETF 16.9 59 -14 9.8 -4.4
ESGE iShares ESG MSCI EM ETF 16.9 25 20 10.3 -4.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 16.7 30 15 9.3 -5.0
FDEM Fidelity Targeted Emerging Markets Factor ETF 16.4 45 0 10.4 -3.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 16.4 59 -14 11.8 -2.5
AVEM Avantis Emerging Markets Equity ETF 16.3 33 12 10.1 -4.1
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 16.1 25 20 8.9 -5.4
EMCG WisdomTree Emerging Markets Consumer Growth Fund 16.0 32 13 8.0 -6.3
BKF iShares MSCI BRIC ETF 15.5 69 -24 9.0 -5.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 15.5 45 0 9.4 -4.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 15.2 30 15 9.8 -4.4
FLKR Franklin FTSE South Korea ETF 15.0 9 36 10.4 -3.9
EWT iShares MSCI Taiwan ETF 15.0 59 -14 6.7 -7.6
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 14.9 49 -4 8.9 -5.4
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 14.9 39 6 14.0 -0.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 14.7 68 -23 8.5 -5.7
NUEM Nuveen ESG Emerging Markets Equity ETF 14.6 45 0 8.2 -6.1
FLAX Franklin FTSE Asia Ex Japan ETF 14.3 19 26 9.1 -5.2
FLTW Franklin FTSE Taiwan ETF 14.3 19 26 7.0 -7.3
PBEE Invesco PureBeta FTSE Emerging Markets ETF 14.2 14 31 10.1 -4.2
ISEM Invesco Strategic Emerging Markets ETF 14.1 35 10 11.1 -3.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 13.8 32 13 7.3 -7.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 13.6 95 -50 10.9 -3.4
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 13.4 64 -19 5.8 -8.4
VWO Vanguard FTSE Emerging Markets ETF 13.3 10 35 9.4 -4.9
VIDI Vident International Equity Fund 13.3 59 -14 12.6 -1.7
SCHE Schwab Emerging Markets Equity ETF 13.3 13 32 9.2 -5.1
DEM WisdomTree Emerging Markets High Dividend Fund 13.0 63 -18 14.9 +0.6
PIE Invesco DWA Emerging Markets Momentum ETF 12.8 90 -45 6.1 -8.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 12.8 20 25 8.1 -6.2
MCHI iShares MSCI China ETF 12.5 59 -14 9.6 -4.7
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 12.5 40 5 8.1 -6.1
RNEM Emerging Markets Equity Select ETF 12.4 75 -30 11.2 -3.1
FKO First Trust South Korea AlphadDEX Fund 12.3 80 -35 9.8 -4.4
FLCH Franklin FTSE China ETF 12.2 19 26 9.7 -4.5
GMF SPDR S&P Emerging Asia Pacific ETF 12.1 49 -4 8.5 -5.8
BICK First Trust BICK Index Fund 11.8 64 -19 4.8 -9.4
ECOW Pacer Emerging Markets Cash Cows 100 ETF 11.8 70 -25 13.7 -0.5
GXC SPDR S&P China ETF 11.8 59 -14 9.4 -4.8
SPEM SPDR Portfolio Emerging Markets ETF 11.7 11 34 9.1 -5.2
AXJL WisdomTree Asia Pacific ex-Japan Fund 10.6 48 -3 10.1 -4.2
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 10.4 51 -6 14.3 +0.1
FXI iShares China Large-Cap ETF 10.1 74 -29 14.2 -0.0
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 9.8 80 -35 8.7 -5.6
CN Xtrackers MSCI All China Equity ETF 9.5 50 -5 9.9 -4.4
DOGS Arrow Dogs of the World ETF 9.3 134 -89 11.7 -2.6
KALL KraneShares FTSE Emerging Markets Plus ETF 9.2 49 -4 9.6 -4.6
XCEM Columbia EM Core ex-China ETF 9.0 16 29 8.3 -6.0
FCA First Trust China AlphaDEX Fund 8.8 80 -35 15.9 +1.6
LVIN Hartford Multifactor Low Volatility International Equity ETF 8.6 29 16 13.0 -1.2
OBOR KraneShares MSCI One Belt One Road Index ETF 8.1 79 -34 10.4 -3.8
CHII Global X China Industrials ETF 8.1 66 -21 12.7 -1.5
EEMD AAM S&P Emerging Markets High Dividend Value ETF 7.3 50 -5 22.1 +7.8
EYLD Cambria Emerging Shareholder Yield ETF 7.2 66 -21 17.8 +3.6
WCHN WisdomTree ICBCCS S&P China 500 Fund 7.2 55 -10 9.3 -5.0
ACWF iShares FactorSelect MSCI Global ETF 7.0 35 10 8.4 -5.9
CHIX Global X China Financials ETF 6.9 65 -20 19.7 +5.5
AIA iShares Asia 50 ETF 6.9 50 -5 9.4 -4.9
CXSE WisdomTree China ex-State-Owned Enterprises Fund 6.8 32 13 7.4 -6.8
DVYE iShares Emerging Markets Dividend ETF 6.6 49 -4 13.6 -0.7
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 6.2 63 -18 13.9 -0.4
SDEM Global X SuperDividend Emerging Markets ETF 6.2 67 -22 23.7 +9.4
FLLA Franklin FTSE Latin America ETF 6.1 19 26 7.6 -6.7
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 6.0 40 5 7.9 -6.4
ACWX iShares MSCI ACWI ex U.S. ETF 6.0 32 13 8.0 -6.2
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 5.9 20 25 11.6 -2.7
VYMI Vanguard International High Dividend Yield ETF 5.7 32 13 10.8 -3.4
FLBR Franklin FTSE Brazil ETF 5.7 19 26 6.0 -8.2
EWZ iShares MSCI Brazil Capped ETF 5.6 59 -14 5.4 -8.9
VXUS Vanguard Total International Stock Index Fund 5.4 8 37 8.3 -6.0
IXUS ishares Core MSCI Total International Stock ETF 5.3 9 36 8.1 -6.2
VEU Vanguard FTSE All-World ex-US Index Fund 5.1 8 37 8.3 -6.0
VSGX Vanguard ESG International Stock ETF 5.1 17 28 7.9 -6.4
FRDM Freedom 100 Emerging Markets ETF 5.0 49 -4 8.1 -6.2
DWCR Arrow DWA Country Rotation ETF 4.8 95 -50 18.5 +4.2
GVAL Cambria Global Value ETF 4.8 69 -24 12.2 -2.0
FBZ First Trust Brazil AlphaDEX Fund 4.6 80 -35 6.3 -8.0
ERUS iShares MSCI Russia ETF 4.6 59 -14 16.2 +1.9
JPIN JPMorgan Diversified Return International Equity ETF 4.5 38 7 8.5 -5.8
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 4.4 16 29 7.5 -6.7
EMFM Global X MSCI Next Emerging & Frontier ETF 4.3 55 -10 9.2 -5.0
CWI SPDR MSCI ACWI ex-US ETF 4.3 30 15 8.1 -6.2

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 14.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 CATEGORY
AVERAGE
1.45
 
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.