CDC
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
The VictoryShares US EQ Income Enhanced Volatility Wtd ETF tracks an index of 100 high-yield stocks pulled from the largest 500 US stocks, with an earnings screen and volatility weighting. The fund can hold up to 75% cash in downturns.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
38 bp
EXPENSES
$837.0 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Victory Capital Management |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 01, 2014 |
| Assets (mns) | $837 |
| Expense ratio | 38 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Technical |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| COCA-COLA CO/THE | 1.6 % |
| KIMBERLY-CLARK CORP | 1.6 % |
| PHILIP MORRIS INTERNATIONAL | 1.5 % |
| KINDER MORGAN INC | 1.4 % |
| WILLIAMS COS INC | 1.4 % |
| DUKE ENERGY CORP | 1.4 % |
| SOUTHERN CO | 1.3 % |
| PEPSICO INC | 1.3 % |
| PUBLIC SERVICE ENTERPRISE GP | 1.3 % |
| ALTRIA GROUP INC | 1.3 % |
Constituent Breakdown
| Number of holdings | 103 |
| Herfindahl-Hirschman Index | 103 |
| Wgt avg mkt cap (mns) | $74,025 |
| Large cap (>$10bn) | 99.0% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 96.6 % |
 |
IRELAND | 1.1 % |
 |
BRITAIN | 1.0 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 5.1% | 6.8% | -1.8% | 0.6% | 8.8% | -- | 9.1% | Volatility | 11.2% | 8.1% | 12.1% | 12.6% | 15.1% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.55 | 56% |
| MSCI EAFE | 0.60 | 62% |
| MSCI Emg Mkts | 0.42 | 31% |
Liquidity Measures
| Avg. volume (000) | 32 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $58,773 |
Technical Indicators
| Recent close | $61.10 |
| 30d moving avg. | $59.18 |
| Annualized volatility | 13.3% |
| Relative strength (RSI) | 49 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 2.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. CDC |
Expenses vs. CDC |
ALTAR Score™ vs. CDC |
|---|---|---|---|---|
| CDL | VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 98.7% | -3 bp | +0.0% |
| DVY | iShares Select Dividend ETF | 49.1% | 0 bp | +0.4% |
| SPYD | SPDR Portfolio S&P 500 High Dividend ETF | 46.3% | -31 bp | +0.6% |
| LVHD | Franklin U.S. Low Volatility High Dividend Index ETF | 42.5% | -11 bp | -0.7% |
| SPHD | Invesco S&P 500 High Dividend Low Volatility ETF | 41.8% | -8 bp | +0.4% |
| FTA | First Trust Large Cap Value AlphaDEX Fund | 41.2% | +21 bp | +0.3% |
| DHS | WisdomTree U.S. High Dividend Fund | 40.1% | 0 bp | 0.0% |
| SDOG | ALPS Sector Dividend Dogs ETF | 37.7% | -2 bp | +1.2% |
| FDL | First Trust Morningstar Dividend Leaders Index Fund | 37.5% | +7 bp | +1.0% |
| HDV | iShares Core High Dividend ETF | 37.0% | -30 bp | +0.0% |
Risk and Returns: CDC vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
CDC
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
CDC
8.1%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 8.1% |
Recommendation
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.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. CDC's ALTAR Score™ is approximately
1.0 standard deviations
above
the category average. This places CDC in the 84th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
CDC
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| CDC (38 bp) Percentile rank | 40 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CDC | 38.0 | 4.4 | 42.4 |
| Peer Avg. | 36.9 | 15.0 | 51.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .