VictoryShares USAA MSCI International Value Momentum ETF
ALTAR
Score™
8.5% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
18.4x P/Sales
ratio
0.8x
P/BV
ratio
1.0x Div.
yield
2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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) $342
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 301
Wgt avg mkt cap (mns) $22,641
Large cap (>$10bn) 58.4%
Mid cap ($2-10bn) 39.0%
Small cap (<$2bn) 1.0%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
MIZUHO FINANCIAL GROUP INC 1.8 %
METRO INC -A 1.0 %
BANQUE CANTONALE VAUDOIS-REG 1.0 %
HYDRO ONE LTD. 0.9 %
ORKLA ASA 0.9 %
LOBLAW COMPANIES LTD 0.8 %
SEGRO PLC 0.8 %
INTACT FINANCIAL CORP 0.8 %
IBERDROLA SA 0.7 %
ROCHE HOLDING AG-GENUSSCHEIN 0.7 %
Total 9.5 %

TOP COUNTRY EXPOSURE
JAPAN 30.1 %
CANADA 11.8 %
BRITAIN 8.8 %
FRANCE 8.5 %
GERMANY 7.7 %
SWEDEN 4.0 %
HONG KONG 3.6 %
ITALY 2.8 %
SWITZERLAND 2.8 %
NETHERLANDS 2.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-9.3% -1.4% -- -- -4.4%

Market Correlations
versus... Beta R-squared
S&P500 0.85 80%
MSCI EAFE 1.02 97%
MSCI Emg. Mkts. 0.74 80%

Technical Indicators
Recent close $40.69
30d moving avg. $40.99
Annualized volatility 17.1%
Short interest (ETF) 0.3%
Relative strength (RSI) 44

Liquidity measures
Avg. volume (thou.) 24
Turnover 0.3%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $9,370

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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 36.2 30 5 11.5 +3.0
PQIN PGIM QMA Strategic Alpha International Equity ETF 35.0 29 6 7.5 -1.1
GSIE Goldman Sachs ActiveBeta International Equity ETF 32.0 25 10 6.6 -1.9
ISZE iShares Edge MSCI Intl Size Factor ETF 31.4 30 5 7.1 -1.4
IQIN IQ 500 International ETF 30.2 25 10 8.7 +0.1
IMTM iShares Edge MSCI Intl Momentum Factor ETF 29.4 30 5 4.3 -4.3
EWJE iShares MSCI Japan Equal Weighted ETF 29.3 15 20 7.0 -1.6
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 29.1 45 -10 6.6 -1.9
INTF iShares Edge MSCI Multifactor Intl ETF 29.1 30 5 7.7 -0.8
CIL VictoryShares International Volatility Weighted Index ETF 29.0 45 -10 6.6 -2.0
JHMD John Hancock Multifactor Developed International ETF 28.3 39 -4 7.3 -1.2
FNDF Schwab Fundamental International Large Co. Index ETF 28.2 25 10 8.8 +0.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 28.0 45 -10 8.9 +0.4
EFV iShares MSCI EAFE Value ETF 27.7 39 -4 9.7 +1.1
FDT First Trust Developed Markets ex-US Alphadex Fund 27.6 80 -45 7.3 -1.3
RODM Hartford Multifactor Developed Markets (ex-US) ETF 27.5 29 6 7.6 -0.9
EFA iShares MSCI EAFE ETF 27.3 32 3 7.0 -1.6
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 27.0 24 11 6.9 -1.6
DWMF WisdomTree International Multifactor Fund 26.9 38 -3 6.2 -2.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 26.4 35 0 6.8 -1.7
IDMO Invesco S&P International Developed Momentum ETF 26.4 26 9 4.5 -4.1
GSID Goldman Sachs MarketBeta International Equity ETF 26.3 20 15 7.3 -1.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 26.2 20 15 7.0 -1.6
HFXI IQ 50 Percent Hedged FTSE International ETF 26.1 20 15 7.4 -1.1
QEFA SPDR MSCI EAFE Quality Mix ETF 26.1 30 5 6.8 -1.8
ESGD iShares MSCI EAFE ESG Optimized ETF 25.9 20 15 6.9 -1.7
BKIE BNY Mellon International Equity ETF 25.8 4 31 7.3 -1.2
PDEV Principal International Multi-Factor Core Index ETF 25.6 25 10 7.9 -0.6
SCHF Schwab International Equity ETF 25.3 6 29 7.3 -1.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 25.2 39 -4 6.5 -2.1
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 25.0 7 28 7.4 -1.1
QINT American Century Quality Diversified International ETF 25.0 39 -4 6.0 -2.5
IDEV iShares Core MSCI International Developed Markets ETF 24.9 5 30 7.2 -1.4
IEFA iShares Core MSCI EAFE ETF 24.4 7 28 7.2 -1.3
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 24.3 30 5 0.0 -8.5
SPDW SPDR Portfolio Developed World ex-US ETF 24.2 4 31 7.1 -1.5
JPIN JPMorgan Diversified Return International Equity ETF 24.0 37 -2 7.8 -0.7
ISDX Invesco Strategic Developed ex-US ETF 23.7 23 12 7.4 -1.2
VEA Vanguard FTSE Developed Markets ETF 23.4 5 30 7.3 -1.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 23.3 35 0 8.6 +0.1
IDY Pacific Global International Equity Income ETF 23.3 39 -4 8.0 -0.5
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 23.3 25 10 7.0 -1.6
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 23.3 25 10 6.4 -2.1
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 23.0 35 0 6.9 -1.7
SCIJ Global X Scientific Beta Japan ETF 22.6 40 -5 6.8 -1.8
EWJ iShares MSCI Japan ETF 22.3 49 -14 6.9 -1.7
DWM WisdomTree International Equity Fund 22.3 48 -13 8.3 -0.2
IPAC iShares Core MSCI Pacific ETF 22.2 9 26 7.0 -1.5
DBJP Xtrackers MSCI Japan Hedged Equity ETF 22.2 45 -10 6.9 -1.6
BBJP JPMorgan BetaBuilders Japan ETF 22.1 19 16 7.2 -1.4
TPIF Timothy Plan International ETF 22.0 62 -27 6.2 -2.3
IDLV Invesco S&P International Developed Low Volatility ETF 21.7 25 10 6.6 -2.0
QJPN SPDR MSCI Japan StrategicFactors ETF 21.6 14 21 7.3 -1.2
FLJP Franklin FTSE Japan ETF 21.5 9 26 7.3 -1.2
FLJH Franklin FTSE Japan Hedged ETF 21.4 9 26 7.3 -1.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 21.4 14 21 6.8 -1.7
IQSI IQ Candriam ESG International Equity ETF 21.3 15 20 7.3 -1.3
DIM WisdomTree International MidCap Dividend Fund 21.3 58 -23 7.6 -1.0
EWJV iShares MSCI Japan Value ETF 21.1 15 20 10.0 +1.5
FEP First Trust Europe AlphaDEX Fund 21.0 80 -45 7.3 -1.2
ACWX iShares MSCI ACWI ex U.S. ETF 20.8 32 3 7.3 -1.3
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 20.3 30 5 0.0 -8.5
CWI SPDR MSCI ACWI ex-US ETF 20.2 30 5 7.2 -1.4
LVIN Hartford Multifactor Low Volatility International Equity ETF 20.1 29 6 11.4 +2.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 20.0 40 -5 7.1 -1.5
AVDE Avantis International Equity ETF 19.9 23 12 7.6 -1.0
JPXN iShares JPX-Nikkei 400 ETF 19.8 48 -13 6.9 -1.6
VSGX Vanguard ESG International Stock ETF 19.8 17 18 7.1 -1.4
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 19.8 9 26 7.4 -1.2
IDLB Invesco FTSE International Low Beta Equal Weight ETF 19.7 45 -10 7.0 -1.6
RBIN Nationwide Risk-Based International Equity ETF 19.6 42 -7 6.0 -2.5
VPL Vanguard FTSE Pacific ETF 19.6 8 27 7.4 -1.1
VEU Vanguard FTSE All-World ex-US Index Fund 19.6 8 27 7.6 -1.0
FDEV Fidelity Targeted International Factor ETF 19.5 39 -4 6.4 -2.2
VGFO Virtus WMC Global Factor Opportunities ETF 19.3 49 -14 8.0 -0.5
SCID Global X Scientific Beta Europe ETF 19.2 39 -4 6.5 -2.1
VYMI Vanguard International High Dividend Yield ETF 19.2 27 8 10.3 +1.8
RNDM Developed International Equity Select ETF 19.1 65 -30 6.3 -2.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 19.0 39 -4 8.3 -0.3
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 18.9 30 5 0.0 -8.5
FLEE Franklin FTSE Europe ETF 18.8 9 26 7.0 -1.5
DBEU Xtrackers MSCI Europe Hedged Equity ETF 18.7 45 -10 6.6 -1.9
DOL WisdomTree International LargeCap Dividend Fund 18.6 48 -13 8.7 +0.1
IEV iShares Europe ETF 18.6 59 -24 6.8 -1.7
BBEU JPMorgan BetaBuilders Europe ETF 18.5 9 26 7.4 -1.2
IXUS ishares Core MSCI Total International Stock ETF 18.4 9 26 7.4 -1.2
FLEH Franklin FTSE Europe Hedged ETF 18.3 9 26 7.2 -1.3
EZU iShares MSCI Eurozone ETF 18.0 49 -14 6.6 -1.9
IEUR iShares Core MSCI Europe ETF 17.9 9 26 7.2 -1.3
VXUS Vanguard Total International Stock Index Fund 17.9 8 27 7.5 -1.0
VGK Vanguard FTSE Europe ETF 17.8 8 27 7.4 -1.2
FEUZ First Trust Eurozone AlphaDEX ETF 17.8 80 -45 7.5 -1.0
EFAV iShares Edge MSCI Min Vol EAFE ETF 17.4 20 15 5.4 -3.2
FEU SPDR Portfolio Europe ETF 17.4 9 26 7.3 -1.2
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 17.2 16 19 6.9 -1.6
FIVA Fidelity International Value Factor ETF 17.1 39 -4 9.7 +1.2
EURZ Xtrackers Eurozone Equity ETF 17.1 9 26 7.1 -1.5
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 17.0 80 -45 6.5 -2.0
EFG iShares MSCI EAFE Growth ETF 16.5 40 -5 4.4 -4.1

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 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 8.2 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.62 CATEGORY
AVERAGE
1.57
 
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.