ETF Research Center

The fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI World ex USA Select Value Momentum Blend Index.

FUND BASICS
Category	International Equities
Fund Sponsor	USAA Asset Management
Website	www.usaa.com
Inception date	Oct 24, 2017
Assets (mns)	$331
Currency	USD
Expense ratio	35 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	321
Wgt avg mkt cap (mns)	$28,768
Large cap (>$10bn)	63.8%
Mid cap ($2-10bn)	36.1%
Small cap (<$2bn)	0.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	7.4 %
HYDRO ONE LTD.	1.0 %
NESTLE SA-REG	0.8 %
EMERA INC	0.8 %
SEGRO PLC	0.8 %
MUENCHENER RUECKVER AG-REG	0.7 %
THOMSON REUTERS CORPORATION	0.7 %
HANNOVER RUECKVERSICHERU-REG	0.7 %
TRANSCANADA CORP	0.7 %
IBERDROLA SA	0.7 %
ASX LTD	0.7 %

TOP COUNTRY EXPOSURE
	JAPAN	26.0 %
	BRITAIN	10.6 %
	CANADA	10.1 %
	FRANCE	9.1 %
	AUSTRALIA	6.3 %
	GERMANY	6.2 %
	SWITZERLAND	4.8 %
	ISRAEL	3.9 %
	NETHERLANDS	3.5 %
	ITALY	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.5%	3.6%	--	--	-2.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	70%
MSCI EAFE	1.05	95%
MSCI Emg. Mkts.	0.75	82%

Technical Indicators
Recent close	$43.00
30d moving avg.	$45.77
Annualized volatility	13.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	32

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.2%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$17,081

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the VictoryShares USAA MSCI International Value Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with UIVM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

UIVM

Expense:

35 bp

ALTAR Score™:

8.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH UIVM
Ticker	Fund Name	Overlap¹ vs UIVM (%)	Expense ratio (bp)	Savings vs UIVM (bp)	ALTAR Score™ (%)	ALTAR vs UIVM (%)
IVLU	iShares Edge MSCI Intl Value Factor ETF	37.1	30	5	11.4	+2.8
PQIN	PGIM QMA Strategic Alpha International Equity ETF	36.6	29	6	7.7	-0.8
IQIN	IQ 500 International ETF	36.3	25	10	9.1	+0.6
GSIE	Goldman Sachs ActiveBeta International Equity ETF	35.9	25	10	6.9	-1.6
TPIF	Timothy Plan International ETF	35.0	62	-27	6.8	-1.8
REFA	Invesco International Revenue ETF	34.8	42	-7	8.8	+0.2
ISZE	iShares Edge MSCI Intl Size Factor ETF	32.8	30	5	7.1	-1.4
JHMD	John Hancock Multifactor Developed International ETF	32.7	45	-10	7.5	-1.0
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	32.2	45	-10	8.6	+0.1
INTF	iShares Edge MSCI Multifactor Intl ETF	32.1	30	5	8.5	-0.1
FNDF	Schwab Fundamental International Large Co. Index ETF	31.9	25	10	8.8	+0.3
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	31.9	29	6	8.1	-0.5
IMTM	iShares Edge MSCI Intl Momentum Factor ETF	31.5	30	5	4.8	-3.7
CIZ	Victory CEMP Developed Enhanced Volatility Weighted Index ET	31.2	45	-10	7.2	-1.4
CIL	Victory CEMP International Volatility Weighted Index ETF	31.2	45	-10	7.2	-1.3
QEFA	SPDR MSCI EAFE Quality Mix ETF	31.0	30	5	6.9	-1.7
EFA	iShares MSCI EAFE ETF	30.7	32	3	7.2	-1.3
PDEV	Principal International Multi-Factor Core Index ETF	30.4	25	10	6.9	-1.6
JPGE	JPMorgan Diversified Return Global Equity ETF	29.8	29	6	7.3	-1.2
ESGD	iShares MSCI EAFE ESG Optimized ETF	29.8	20	15	7.2	-1.3

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	**	**	**	**	**	**	**
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 International Value Momentum ETF
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	9.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	8.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	CATEGORY AVERAGE	1.64

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.