USAA MSCI USA Small Cap Value Momentum Blend Index
ALTAR
Score™
6.6% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
15.5x P/Sales
ratio
0.7x
P/BV
ratio
1.4x Div.
yield
2.3%


  • 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 USA Small Cap Select Value Momentum Blend Index.

FUND BASICS
Category US Equities
Fund Sponsor USAA Asset Management
Website www.usaa.com
Inception date Oct 24, 2017
Assets (mns) $209
Currency USD
Expense ratio 24 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Volatility
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 518
Wgt avg mkt cap (mns) $3,028
Large cap (>$10bn) 1.5%
Mid cap ($2-10bn) 54.8%
Small cap (<$2bn) 43.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CAPITAL TRUST-CL A 0.6 %
HAWAIIAN ELECTRIC INDS 0.5 %
APOLLO COMMERCIAL REAL ESTAT 0.5 %
PS BUSINESS PARKS INC/CA 0.5 %
ARBOR REALTY TRUST INC 0.5 %
AIRCASTLE LTD 0.5 %
NORTHWESTERN CORP 0.5 %
CHIMERA INVESTMENT CORPORATION 0.5 %
EASTGROUP PROPERTIES INC 0.5 %
PORTLAND GENERAL ELECTRIC CO 0.5 %
Total 4.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.4 %
BERMUDA 1.8 %
PUERTO RICO 1.1 %
BRITAIN 0.5 %
CAYMAN ISLANDS 0.5 %
NETHERLANDS 0.4 %
IRELAND 0.3 %
ISRAEL 0.3 %
LUXEMBOURG 0.1 %


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.
14.7% 2.2% -- -- 2.8%

Market Correlations
versus... Beta R-squared
S&P500 1.03 80%
MSCI EAFE 0.98 55%
MSCI Emg. Mkts. 0.68 41%

Technical Indicators
Recent close $52.35
30d moving avg. $51.05
Annualized volatility 16.6%
Short interest (ETF) 0.4%
Relative strength (RSI) 73

Liquidity measures
Avg. volume (thou.) 85
Turnover 2.1%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $13,651

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: USVM Expense: 24 bp ALTAR Score™: 6.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH USVM
Ticker Fund
Name
Overlap1
vs USVM
(%)
Expense
ratio
(bp)
Savings
vs USVM
(bp)
ALTAR
Score™
(%)
ALTAR
vs USVM
(%)
FSMD Fidelity Small-Mid Factor ETF 36.8 29 -5 6.5 -0.1
SMLF iShares FactorSelect MSCI USA Small-Cap 35.7 30 -6 6.4 -0.2
PBSM Invesco PureBeta MSCI USA Small Cap 35.1 6 18 5.3 -1.3
ESML iShares MSCI USA Small-Cap ESG Optimized 32.2 17 7 4.9 -1.7
JPSE JPMorgan Diversified Return U.S. Small Cap Equity 31.9 29 -5 5.0 -1.6
SMMV iShares Edge MSCI Min Vol USA Small-Cap 29.8 20 4 5.2 -1.4
SCHA Schwab U.S. Small-Cap 29.7 4 20 5.1 -1.5
VB Vanguard Smallcap ETF 29.5 5 19 5.7 -0.9
VBR Vanguard Small-Cap Value ETF 29.4 7 17 7.8 +1.2
SPMD SPDR Portfolio Mid Cap 29.4 5 19 6.3 -0.2
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity 29.3 20 4 5.9 -0.7
DESC Xtrackers Russell 2000 Comprehensive Factor 28.9 30 -6 6.5 -0.1
SPSM SPDR Portfolio Small Cap 28.3 5 19 4.6 -2.0
IWM iShares Russell 2000 28.2 19 5 3.8 -2.8
IUSS Invesco Strategic US Small Company 27.9 23 1 6.4 -0.2
VTWO Vanguard Russell 2000 27.4 15 9 3.8 -2.8
PSM Principal U.S. Small-MidCap Multi-Factor Core Index 27.3 20 4 6.3 -0.2
FNDA Schwab Fundamental Small Cap 27.2 25 -1 6.2 -0.4
FYX First Trust Small Cap Core Alphadex 26.3 66 -42 5.7 -0.9
IWN iShares Russell 2000 Value 26.2 24 0 6.5 -0.0

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 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

Content on this tab for subscribers only

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 USA Small Cap 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 8.8 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 24 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 CATEGORY
AVERAGE
1.55
 
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.