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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)	$184
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	241
Wgt avg mkt cap (mns)	$15,650
Large cap (>$10bn)	25.5%
Mid cap ($2-10bn)	67.2%
Small cap (<$2bn)	7.2%
Developed mkts	13.1%
Emerging mkts	86.9%

TOP TEN HOLDINGS
Total	11.0 %
HUA NAN FINANCIAL HOLDINGS C	1.2 %
TAIWAN COOPERATIVE FINANCIAL	1.2 %
RATCHABURI ELECTRICITY GENERATING	1.2 %
E.SUN FINANCIAL HOLDING CO	1.1 %
TAIWAN BUSINESS BANK	1.1 %
BTS GROUP HOLDINGS PCL	1.1 %
PPB GROUP BERHAD	1.1 %
ISHARES MSCI INDIA	1.0 %
SINOPAC FINANCIAL HOLDINGS	1.0 %
ELECTRICITY GENERATING PUBLIC CO.,	1.0 %

TOP COUNTRY EXPOSURE
	SOUTH KOREA	20.8 %
	CHINA	19.7 %
	TAIWAN	17.1 %
	HONG KONG	8.9 %
	BRAZIL	7.2 %
	THAILAND	4.0 %
	RUSSIA	3.5 %
	POLAND	3.3 %
	MALAYSIA	1.8 %
	GREECE	1.7 %

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.
3.8%	5.6%	--	--	-5.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	52%
MSCI EAFE	1.04	73%
MSCI Emg. Mkts.	0.94	92%

Technical Indicators
Recent close	$43.85
30d moving avg.	$43.37
Annualized volatility	15.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.1%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$4,622

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™:

13.1%

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	28.1	45	0	10.1	-3.0
REEM	Invesco Emerging Markets Revenue ETF	25.0	46	-1	11.7	-1.4
EMMF	WisdomTree Emerging Markets Multifactor Fund	22.8	48	-3	10.0	-3.1
EELV	Invesco S&P Emg Mkts Low Volatility	22.5	29	16	10.1	-3.0
ROAM	Hartford Multifactor Emerging Markets	22.1	44	1	11.1	-2.0
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	21.9	45	0	9.2	-3.9
DGRE	WisdomTree Emg Mkt Dividend Growth	21.3	32	13	9.1	-4.0
EEMO	Invesco S&P Emg Mkts Momentum	21.1	30	15	8.1	-5.0
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity	20.3	49	-4	9.0	-4.1
CEZ	Victory CEMP Emerging Market Volatility Weighted	20.1	50	-5	9.2	-3.9
FEM	First Trust Emerging Markets AlphaDEX	19.8	80	-35	11.0	-2.1
ESGE	iShares MSCI EM ESG Optimized	18.8	25	20	9.3	-3.8
JHEM	John Hancock Multifactor Emerging Markets	18.8	55	-10	8.8	-4.3
RFEM	First Trust Riverfront Dynamic Emerging Markets	18.7	95	-50	10.7	-2.4
FDEM	Fidelity Targeted Emerging Markets Factor	18.4	45	0	8.7	-4.4
EEM	iShares MSCI Emerging Markets	18.4	67	-22	8.6	-4.5
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	18.0	65	-20	8.5	-4.6
DVEM	WisdomTree Emerging Markets Dividend	17.7	32	13	11.2	-1.9
EWY	iShares MSCI Korea	17.5	59	-14	9.8	-3.3
EMXC	iShares MSCI Emerging Markets ex China	17.4	49	-4	8.6	-4.5

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	**	**	**	**	**	**	**
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	0.7	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	13.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.49

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.