CIL
VictoryShares International Volatility Wtd ETF
The VictoryShares International Volatility Wtd ETF tracks an index of developed-market equities outside the US. The index screens for 4 quarters of positive earnings and weights its securities inversely by volatility.
International
EQUITY
Passive
MANAGEMENT STYLE
45 bp
EXPENSES
$93.8 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Victory Capital Management |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Aug 20, 2015 |
| Assets (mns) | $94 |
| Expense ratio | 45 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Earnings |
| Weighting | Volatility |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| ROYAL KPN NV | 0.4 % |
| LONDON STOCK EXCHANGE GROUP | 0.4 % |
| DBS GROUP HOLDINGS LTD | 0.4 % |
| OVERSEA-CHINESE BANKING CORP | 0.4 % |
| UNILEVER PLC | 0.4 % |
| ZURICH FINANCIAL SERVICES AG | 0.4 % |
| DEUTSCHE TELEKOM AG | 0.4 % |
| UNITED OVERSEAS BANK LTD | 0.4 % |
| PEMBINA PIPELINE CORP | 0.3 % |
| ROYAL BANK OF CANADA | 0.3 % |
Constituent Breakdown
| Number of holdings | 507 |
| Herfindahl-Hirschman Index | 21 |
| Wgt avg mkt cap (mns) | $41,653 |
| Large cap (>$10bn) | 92.6% |
| Mid cap ($2-10bn) | 7.0% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 97.3% |
| Emerging mkts. | 2.7% |
Country Exposure
 |
JAPAN | 19.2 % |
 |
CANADA | 10.8 % |
 |
BRITAIN | 9.3 % |
 |
FRANCE | 8.2 % |
 |
SWITZERLAND | 6.7 % |
 |
AUSTRALIA | 6.3 % |
 |
GERMANY | 5.7 % |
 |
SWEDEN | 4.6 % |
 |
NETHERLANDS | 4.0 % |
 |
ITALY | 3.5 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 2.6% | 8.3% | 10.3% | 1.0% | 4.8% | -- | 5.3% | Volatility | 10.9% | 12.2% | 19.5% | 18.9% | 20.7% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.84 | 77% |
| MSCI EAFE | 0.97 | 96% |
| MSCI Emg Mkts | 0.77 | 62% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.1% |
| Avg. Bid/Ask (% of price) | 0.32% |
| ADV of underlying (mns) | $46,982 |
Technical Indicators
| Recent close | $42.65 |
| 30d moving avg. | $42.76 |
| Annualized volatility | 17.2% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
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. CIL |
Expenses vs. CIL |
ALTAR Score™ vs. CIL |
|---|---|---|---|---|
| CIZ | VictoryShares Developed Enhanced Volatility Wtd ETF | 96.0% | +6 bp | -0.1% |
| TPIF | Timothy Plan International ETF | 70.2% | +17 bp | -0.3% |
| GSIE | Goldman Sachs ActiveBeta International Equity ETF | 52.4% | -20 bp | +0.2% |
| HFXI | IQ FTSE International Equity Currency Neutral ETF | 51.7% | -25 bp | 0.0% |
| ISZE | iShares MSCI Intl Size Factor ETF | 51.6% | -15 bp | -0.1% |
| BKIE | BNY Mellon International Equity ETF | 51.6% | -41 bp | +0.1% |
| EFA | iShares MSCI EAFE ETF | 49.4% | -10 bp | -0.3% |
| JHMD | John Hancock Multifactor Developed International ETF | 49.2% | -6 bp | +0.6% |
| DBEF | Xtrackers MSCI EAFE Hedged Equity ETF | 48.9% | -9 bp | -0.3% |
| GSID | Goldman Sachs MarketBeta International Equity ETF | 47.9% | -25 bp | -0.2% |
Risk and Returns: CIL 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
CIL
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™
CIL
6.8%
Cat. Avg
7.2%
Fund Category: International
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 6.8% |
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 258 funds in the International category, with an average ALTAR Score™
of 7.2% and a standard deviation of
2.4%. CIL's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places CIL in the 44th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
CIL
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Passive International Equity ETFs |
| # of ETFs | 77 |
| Avg. Expense Ratio | 38.8 bp |
| Std. Deviation | 21.2 bp |
| CIL (45 bp) Percentile rank | 61 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CIL | 45.0 | 32.3 | 77.3 |
| Peer Avg. | 26.0 | 14.3 | 40.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .