First-Year Review
Cambria Global EW ETF's largest holding is another fund, about 25 times an equal share
VictoryShares US 500 Enhanced Volatility Wtd ETF
$79.65+0.10 (+0.13%)
- 0.39%
- $401M
- +12.1%
- 1.25%
- 0M sh
- $79.38
- low $70.78high $83.51
The ETF.net CFO Grade
C
Score 49 out of 100
- 11 of 16
Score 49 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F10 out of 100Rank 14 of 16Mission
Whether the fund did what it promised, tested against its stated mandate.A92 out of 100Rank 4 of 16Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C40 out of 100Rank 11 of 16Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D39 out of 100Rank 12 of 16Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A88 out of 100Rank 1 of 16Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B59 out of 100Rank 8 of 16
Our read on CFO
CMost low-vol ETFs tilt toward calm stocks and stay invested. CFO does that, then adds a rules-based escape hatch: after a big enough drop from the high, the index shifts most of the portfolio to cash, then steps back in by formula.
The Fund seeks to track the performance of the CEMP US Large Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.
Why people hold it
- The exit is mechanical, not a judgment call: if the reference index ends a month 10% or more below its all-time high, the index moves 75% of the stock sleeve into cash equivalents.sec.gov
- Re-entry is contrarian by design: it buys stocks back as the decline deepens (another 25% at 30% below the high, the rest at 40%) or once the index recovers to within 10% of it.sec.govinvestor.vcm.com
- Weighting runs on volatility, not size: roughly 500 large caps that earned money over the past year, with the steadiest names carrying the heaviest weights.vcm.com
- Trading since 2014, so the cash switch has been tested by live drawdowns, not just a backtest. Distributions land monthly, unusual for an equity index fund.
Worth knowing
- 0.39% a year is about double the typical low-volatility peer, where LGLV charges 0.12% and QLV 0.09%. The cash machinery is what the extra buys.
- Triggers read month-end values only. A sharp slide and rebound inside a single month passes with no shift, and the exit fires after a decline is already on the board.sec.gov
- It trades lighter than the household names in the low-vol aisle, so bid-ask spreads can run wider, particularly right at the open and close.
CFO Holdings
- Stocks
- 502
- 4%
- BRK.B
Sectors
- Financials19.2%
- Industrials17.6%
- Technology13.6%
- Health Care11.6%
- Consumer Discretionary9.9%
- Utilities8.7%
- Consumer Staples6.5%
- Energy5.5%
- Materials3.9%
- Communication3.2%
- Real Estate0.3%
Geography
- United States95.79%
- Ireland1.99%
- Bermuda0.88%
- Switzerland0.69%
- United Kingdom0.34%
- Netherlands0.14%
- Singapore0.08%
- Cayman Islands0.07%
- 0.01%
CFO Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
CFO$11,208
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CFO |
|---|---|
| Year to date | +8.9% |
| 1 month | −0.5% |
| 3 months | −0.9% |
| 1 year | +12.1% |
| 3 years | +12.4% |
| 5 years | +4.1% |
| 10 years | +9.4% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CFO |
|---|---|---|
| 2026 YTD | +8.9% | |
| 2025 | +8.6% | |
| 2024 | +15.4% | |
| 2023 | −3.6% | |
| 2022 | −14.4% | |
| 2021 | +26.0% | |
| 2020 | +19.8% |
CFO in the news
Category Review
Cash-flow quality returned 42% while QUAL returned 17%
CFO Dividends
- 1.25%
- $0.99
- $0.08 per share
- Monthly
Distribution history
CFO Risk
- 11.3%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.60
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −24.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.65
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CFO Cost
0.39%
CFO0.39%
- The middle half of US Low Volatility Index funds
- Median 0.20%
13 of the 16 US Low Volatility Index funds charge less.
Other funds in US Low Volatility Index
- BVFMVVanguard U.S. Minimum Volatility ETFExpense ratio 0.13%1 year return +15.7%
- CCFAVictoryShares US 500 Volatility Wtd ETFExpense ratio 0.39%1 year return +12.0%
- CESMViShares ESG Optimized MSCI USA Min Vol Factor ETFExpense ratio 0.18%1 year return +12.0%
- CXMLVInvesco S&P MidCap Low Volatility ETFExpense ratio 0.25%1 year return +6.2%
- CXSLVInvesco S&P SmallCap Low Volatility ETFExpense ratio 0.25%1 year return +12.3%