VictoryShares US EQ Income Enhanced Volatility Wtd ETF

CDC

Market cap $732M

The VictoryShares US EQ Income Enhanced Volatility Wtd ETF receives a 'sell' rating due to fundamental portfolio weaknesses and an unreliable long/cash strategy. CDC has given up its lead over its 100% equity benchmark, represented by CDL, since its success rotation into treasuries in Q1 2020. Its 3.44% estimated dividend yield is reasonably attractive but no better than peers like LVHD, SPHD, and SCHD. Notably, SCHD has delivered superior total and downside risk-adjusted returns.

VictoryShares US EQ Income Enhanced Volatility Wtd ETF is a defensive ETF seeking to mitigate risks in three ways: fundamental screening, volatility weighting and market timing. Market timing rules are unconventional and may be summarized as “sell first, then buy the dips”. They show mixed success, reducing volatility in 2020, but preventing recovery after the 2022 downturn.

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Active management aims to beat benchmarks but often struggles; VictoryShares US EQ Income Enhanced Volatility Wtd ETF offers a disciplined, risk-managed approach focusing on high-yield, stable large-cap stocks. The CDC ETF's unique volatility-weighted methodology and ability to move to cash during market drops provide a smoother ride and potential protection against big losses. The fund's sector allocation leans towards dividend-paying sectors like Utilities, Financials, and Energy, with a lower tech allocation, offering a diversified approach.

CDC is an index-based ETF that favors less volatile high-yield stocks. Its strategy incorporates a sophisticated market-timing ingredient. CDC offers a lesson on how safety-oriented market-timing strategies can disappoint, especially when downside and upside capture are completely out of proportion. I believe CDC has growth factor-related risks. Valuation and quality are a silver lining, yet they are not necessarily supportive of outperformance.

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CDC was once a top-performing high-dividend ETF, but in 2023, it ranked dead last in the large-cap value ETF category. Past performance was not a good indicator of future results. While its long/cash strategy succeeded in 2020, the underlying portfolio has gradually lost its low-beta advantage. It's now at the same level as SCHD's, which doesn't have a volatility screen. Due to the ETF's high 0.38% expense ratio, CDC and SCHD also offer nearly identical forward dividend yields, but SCHD is a much higher-quality fund.

CDC generally invests in U.S. equities with above-average yields and below-average volatility. It sometimes shifts to cash, depending on market conditions. These shifts are sometimes ill-timed, leading to losses and underperformance, as has been the case YTD.

VictoryShares US EQ Income Enhanced Volatility Wtd ETF seeks to track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index. CDC uses a complex investment approach to reduce risk, focusing on dividend-paying stocks and market timing to adjust equity exposure. The Fund has achieved very strong risk-adjusted performance historically.