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)	$354
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	319
Wgt avg mkt cap (mns)	$27,449
Large cap (>$10bn)	59.7%
Mid cap ($2-10bn)	39.7%
Small cap (<$2bn)	0.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.6 %
NESTLE SA-REG	0.7 %
EMERA INC	0.7 %
ASX LTD	0.7 %
CGI GROUP INC - CL A	0.7 %
CAPITAMALL TRUST	0.7 %
MUENCHENER RUECKVER AG-REG	0.7 %
METRO INC -A	0.6 %
ISRAEL DISCOUNT BANK-A	0.6 %
THOMSON REUTERS CORPORATION	0.6 %
SWISS LIFE HOLDING AG-REG	0.6 %

TOP COUNTRY EXPOSURE
	JAPAN	27.6 %
	CANADA	10.6 %
	BRITAIN	9.1 %
	FRANCE	8.7 %
	GERMANY	5.7 %
	AUSTRALIA	5.7 %
	HONG KONG	4.4 %
	ISRAEL	3.9 %
	NETHERLANDS	3.8 %
	SWITZERLAND	3.5 %

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.
11.6%	5.0%	--	--	-3.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	70%
MSCI EAFE	1.06	95%
MSCI Emg. Mkts.	0.81	86%

Technical Indicators
Recent close	$45.92
30d moving avg.	$45.71
Annualized volatility	13.8%
Short interest (ETF)	0.4%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.2%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$18,424

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the USAA MSCI International Value Momentum Blend Index 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™:

8.2%

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 MSCI Int'l Developed Value Factor	38.8	30	5	10.5	+2.3
IQIN	IQ 500 International	35.5	25	10	8.5	+0.3
PQIN	PGIM QMA Strategic Alpha International Equity	35.1	29	6	7.4	-0.8
REFA	Invesco International Revenue ETF	34.7	42	-7	8.9	+0.7
GSIE	Goldman Sachs ActiveBeta Int'l Equity	34.6	25	10	6.7	-1.5
INTF	iShares FactorSelect MSCI International	31.8	30	5	8.4	+0.2
ISZE	iShares MSCI Int'l Developed Size Factor	31.4	30	5	6.8	-1.4
PXF	Invesco FTSE-RAFI Developed ex-US	31.3	45	-10	8.2	+0.0
JHMD	John Hancock Multifactor Developed International	31.2	45	-10	7.3	-0.9
FNDF	Schwab Fundamental Intl Large Cap	31.1	25	10	7.6	-0.6
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	30.9	45	-10	7.0	-1.2
CIL	Victory CEMP International Volatility Wtd	30.9	45	-10	7.0	-1.2
RODM	Lattice Developed Markets (Ex-US) Strategy	30.3	29	6	7.8	-0.4
EFA	iShares MSCI EAFE	28.8	31	4	7.0	-1.2
EFV	iShares MSCI EAFE Value	28.7	38	-3	9.1	+0.9
JPIN	JPMorgan Diversified Rtn. Int'l Equity	28.5	38	-3	7.5	-0.7
DBEF	Xtrackers MSCI EAFE Hedged	28.3	35	0	6.9	-1.3
PDEV	Principal International Multi-Factor Core Index	28.0	25	10	6.9	-1.3
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity	28.0	39	-4	6.3	-1.9
ISDX	Invesco Strategic Developed ex-US	27.9	23	12	7.8	-0.4

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	**	**	**	**	**	**	**
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 International Value Momentum Blend Index
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	8.9	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.63

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.