CSA
VictoryShares US Small Cap Volatility Wtd ETF
The VictoryShares US Small Cap Volatility Wtd Index fund tracks an index composed of 500 of the largest companies domiciled in the US that are no larger than 3 billion in market capitalization. These stocks are then weighted by inverse volatility.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
35 bp
EXPENSES
$32.8 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Victory Capital Management |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 07, 2015 |
| Assets (mns) | $33 |
| Expense ratio | 35 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
| CRANE HOLDINGS, CO. | 0.5 % |
| KIRBY CORP | 0.4 % |
| NELNET INC-CL A | 0.4 % |
| MGE ENERGY INC | 0.4 % |
| MDU RESOURCES GROUP INC | 0.4 % |
| MGIC INVESTMENT CORP | 0.4 % |
| VERRA MOBILITY CORP. CLASS A | 0.3 % |
| NATIONAL FUEL GAS CO | 0.3 % |
| BRADY CORPORATION - CL A | 0.3 % |
| ALLETE INC | 0.3 % |
Constituent Breakdown
| Number of holdings | 502 |
| Herfindahl-Hirschman Index | 21 |
| Wgt avg mkt cap (mns) | $3,405 |
| Large cap (>$10bn) | 1.4% |
| Mid cap ($2-10bn) | 75.7% |
| Small cap (<$2bn) | 22.4% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 92.6 % |
 |
BERMUDA | 1.4 % |
 |
PUERTO RICO | 0.7 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 1.4% | 13.2% | 11.0% | 2.7% | 9.7% | -- | 9.2% | Volatility | 16.2% | 17.4% | 19.7% | 20.1% | 26.1% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.96 | 71% |
| MSCI EAFE | 0.97 | 67% |
| MSCI Emg Mkts | 0.65 | 32% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.17% |
| ADV of underlying (mns) | $41,043 |
Technical Indicators
| Recent close | $72.85 |
| 30d moving avg. | $68.51 |
| Annualized volatility | 20.5% |
| Relative strength (RSI) | 50 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 5.0% |
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. CSA |
Expenses vs. CSA |
ALTAR Score™ vs. CSA |
|---|---|---|---|---|
| CSF | VictoryShares US Discovery Enhanced Volatility Wtd ETF | 94.9% | +7 bp | -0.1% |
| TPSC | Timothy Plan US Small Cap Core ETF | 87.3% | +17 bp | +0.3% |
| STXK | Strive Small-Cap ETF | 50.1% | -17 bp | -1.5% |
| BKSE | BNY Mellon US Small Cap Core Equity ETF | 49.8% | -31 bp | -1.4% |
| IJR | iShares Core S&P Small Cap ETF | 48.3% | -29 bp | +0.9% |
| SPSM | SPDR Portfolio S&P 600 Small Cap ETF | 47.7% | -32 bp | +0.9% |
| VIOO | Vanguard S&P Small-Cap 600 ETF | 47.1% | -25 bp | +0.9% |
| QVMS | Invesco S&P SmallCap 600 QVM Multi-factor ETF | 46.8% | -20 bp | +1.1% |
| DFAS | Dimensional U.S. Small Cap ETF | 44.8% | -9 bp | -0.7% |
| XJR | iShares ESG Screened S&P Small-Cap ETF | 44.5% | -23 bp | +0.7% |
Risk and Returns: CSA 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
Peer Group Comparison Sample data. Subscribe for access.
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
CSA
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™
CSA
6.5%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 6.5% |
Recommendation
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.
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%. CSA's ALTAR Score™ is approximately
0.3 standard deviations
above
the category average. This places CSA in the 62nd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
CSA
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 |
| CSA (35 bp) Percentile rank | 36 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CSA | 35.0 | 17.2 | 52.2 |
| Peer Avg. | 29.1 | 14.0 | 43.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .