CFO
VictoryShares US 500 Enhanced Volatility Wtd ETF
The VictoryShares US 500 Enhanced Volatility Wtd Index ETF tracks an index of the largest US stocks by market cap, screened for positive earnings and weighted by volatility. The fund can move to 75% cash maximum in market downturns.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
40 bp
EXPENSES
$434.0 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) | $434 |
| Expense ratio | 40 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| 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
| BERKSHIRE HATHAWAY INC-CL B | 0.4 % |
| COCA-COLA CO/THE | 0.4 % |
| REPUBLIC SERVICES INC | 0.4 % |
| KIMBERLY-CLARK CORP | 0.4 % |
| T-MOBILE US, INC. | 0.4 % |
| COLGATE-PALMOLIVE CO | 0.4 % |
| AMPHENOL CORP-CL A | 0.3 % |
| LOEWS CORP | 0.3 % |
| PHILIP MORRIS INTERNATIONAL | 0.3 % |
| PROCTER & GAMBLE CO/THE | 0.3 % |
Constituent Breakdown
| Number of holdings | 504 |
| Herfindahl-Hirschman Index | 21 |
| Wgt avg mkt cap (mns) | $105,312 |
| Large cap (>$10bn) | 97.3% |
| Mid cap ($2-10bn) | 2.1% |
| Small cap (<$2bn) | 0.2% |
| Developed mkts. | 99.9% |
| Emerging mkts. | 0.2% |
Country Exposure
 |
UNITED STATES | 93.9 % |
 |
IRELAND | 1.8 % |
 |
SWITZERLAND | 0.8 % |
 |
BERMUDA | 0.6 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 6.9% | 6.6% | 3.2% | -1.0% | 7.7% | -- | 8.4% | Volatility | 9.8% | 9.7% | 12.0% | 12.8% | 13.8% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.62 | 75% |
| MSCI EAFE | 0.60 | 64% |
| MSCI Emg Mkts | 0.40 | 30% |
Liquidity Measures
| Avg. volume (000) | 14 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.08% |
| ADV of underlying (mns) | $489,935 |
Technical Indicators
| Recent close | $65.27 |
| 30d moving avg. | $64.86 |
| Annualized volatility | 13.0% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 2.6% |
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. CFO |
Expenses vs. CFO |
ALTAR Score™ vs. CFO |
|---|---|---|---|---|
| CFA | VictoryShares US 500 Volatility Wtd ETF | 98.1% | -5 bp | +0.0% |
| GSEW | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 75.1% | -31 bp | +0.2% |
| RSP | Invesco S&P 500 Equal Weight ETF | 72.5% | -20 bp | +0.3% |
| EUSA | iShares MSCI USA Equal Weighted ETF | 72.4% | -31 bp | +0.1% |
| SIZE | iShares MSCI USA Size Factor ETF | 71.6% | -25 bp | +0.1% |
| SSPY | Syntax Stratified LargeCap ETF | 60.2% | -10 bp | +0.7% |
| JHML | John Hancock Multifactor Large Cap ETF | 59.4% | -11 bp | -0.3% |
| FEX | First Trust Large Cap Core AlphaDEX Fund | 59.3% | +19 bp | +0.1% |
| IMCB | iShares Morningstar Mid-Cap ETF | 53.6% | -36 bp | +0.4% |
| TPLC | Timothy Plan Fund Timothy Plan US Large/Mid Cap Core Fund | 53.3% | +12 bp | -0.5% |
Risk and Returns: CFO 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
CFO
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™
CFO
5.9%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.9% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
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%. CFO's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places CFO in the 53rd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
CFO
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 |
| CFO (40 bp) Percentile rank | 42 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CFO | 40.0 | 8.4 | 48.4 |
| Peer Avg. | 29.1 | 14.0 | 43.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .