Launched Jul 1, 2014 · SEC filings

VictoryShares US 500 Enhanced Volatility Wtd ETF

CFONasdaqVictory CapitalC

$82.60+0.73 (+0.90%)

At close: Nov 2, 2026, 4:00 PM ET

C47/ 100

Rank 12 of 16 in US Low Volatility Index

C47/100Rank 12 of 16inUS Low Volatility Index

Expense ratio: 0.35%*
Fund size: $414M
1Y total return: +13.8%
Yield · Last 12 months: 1.21%
Holdings: 501
Avg volume · 30D: 5.15K sh
52W range: low $70.78high $83.51
Launched: Jul 1, 2014
Filings: SEC EDGAR

*After a fee waiver that ends Oct 31, 2027. Without it: 0.38%.

The ETF.net CFO Grade

Score 47 out of 100

Category: US Low Volatility Index⁠
Rank: 12 of 16

Cost
F7 out of 100
Rank 14 of 16
Mission
A92 out of 100
Rank 4 of 16
Risk
C40 out of 100
Rank 11 of 16
Tradability
D34 out of 100
Rank 12 of 16
Holdings
A88 out of 100
Rank 1 of 16
Durability
B59 out of 100
Rank 8 of 16

Our read on CFO

ETF.net Research

In short

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.

Stated mandate

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.gov 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

Holdings pillarA88Rank 1 of 16 in US Low Volatility Index

Asset class: Stocks
Holdings: 501
Top-10 weight: 4%
Largest holding: BRK.B0.5%

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 States98.97%
Switzerland0.52%
United Kingdom0.19%

China0.19%
Ireland0.13%

The fund’s holdings, weight-ordered — page 1 of 34.
#	Ticker	Company	Weight %	Shares	Market value	Held by ETFs
1	BRK.B	Berkshire Hathaway Inc B	0.46%	3,501	$1.9M	374
2	WEC	Wec Energy Group	0.43%	15,348	$1.78M	283
3	ATO	Atmos Energy Corp	0.42%	10,163	$1.75M	286
4	DUK	Duke Energy Corp.	0.41%	13,342	$1.7M	329
5	EVRG	Evergy Inc	0.41%	19,560	$1.68M	297
6	ED	Consolidated Edison Inc.	0.40%	14,324	$1.67M	332
7	LNT	Alliant Energy Corp.	0.40%	22,836	$1.64M	275
8	FE	Firstenergy Corp.	0.39%	34,790	$1.63M	283
9	L	Loews Corp	0.39%	14,499	$1.61M	259
10	AFL	Aflac Inc	0.39%	12,907	$1.6M	301
11	CNP	Centerpoint Energy Inc.	0.39%	37,611	$1.6M	260
12	NI	Nisource Inc.	0.39%	35,761	$1.59M	280
13	SO	Southern Co	0.38%	16,763	$1.57M	340
14	AEE	Ameren Corp.	0.37%	13,952	$1.54M	283
15	CMS	Cms Energy Corp.	0.37%	21,935	$1.54M	275

Showing 1–15 of 501 holdings

CFO Performance

Launched Jul 1, 2014

CFO$11,381

$11,199

Oct 31, 2025 – Oct 30, 2026

Trailing total return for CFO. Periods over one year show the average yearly return.
Period	CFO
Year to date	+12.1%
1 month	+5.7%
3 months	+1.5%
1 year	+13.8%
3 years	per year+14.6%
5 years	per year+3.8%
10 years	per year+9.8%

With distributions reinvested.

Annual total returns for CFO
Year	Return bar	CFO
2026 YTD		+12.1%
2025		+8.6%
2024		+15.4%
2023		−3.6%
2022		−14.4%
2021		+26.0%
2020		+19.8%

CFO in the news

Filtered to CFO · US Low Volatility Index · Victory Capital

First-Year Review
Cambria Global EW ETF's largest holding is another fund, about 25 times an equal share
Sep 25, 2026GEW+0.68%
ETF Filings
First Trust to liquidate Horizon Managed Volatility Small/Mid ETF in January
Sep 14, 2026HSMV+0.01%
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026VMHY+0.23%
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026VMHY+0.23%
Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Updated Sep 22, 2026VFLO−0.92%
News
Adobe beats estimates and holds its 10.2% ARR target
Sep 10, 2026IGV−2.29%

CFO Dividends

: 1.21%Last 12 months
Payout per share: $0.99Last 12 months

Last payment: $0.08 per share
Paid on: Oct 9, 2026
: Oct 8, 2026
Frequency: Monthly

Distribution history

2023–2026

Ex-date	Pay date	Amount per share
Oct 8, 2026	Oct 9, 2026	$0.08
Sep 9, 2026	Sep 10, 2026	$0.13
Aug 7, 2026	Aug 10, 2026	$0.04
Jul 9, 2026	Jul 10, 2026	$0.08
Jun 9, 2026	Jun 10, 2026	$0.13
May 8, 2026	May 11, 2026	$0.03
Apr 9, 2026	Apr 10, 2026	$0.08
Mar 10, 2026	Mar 11, 2026	$0.12
Feb 9, 2026	Feb 10, 2026	$0.04
Jan 8, 2026	Jan 9, 2026	$0.11
Dec 11, 2025	Dec 12, 2025	$0.11
Nov 7, 2025	Nov 10, 2025	$0.04

See all 127 payments⁠

$10,000 in CFO 10 years ago paid $2,632 in dividends.⁠

CFO Risk

Risk pillarC40Rank 11 of 16 in US Low Volatility Index

: 11.3%; Annualised · 36 months to Oct 2026; 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.
: 0.88; vs 3-month T-bills · to Oct 2026; 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%; Trough Oct 2023; 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; vs its asset-class index; How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMP measures it over up to five years of monthly returns.

CFO Cost

Compare CFO and QLV

Overpaying vs QLV, cheapest in US Low Volatility Index

$5,437

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CFO 0.35%
$7,126
QLV 0.08% Cheapest
$1,689

Amount$10,000

Years30 years

Cost over time

CFO 0.35%
QLV 0.08%
Overpaying

Year by year

Year	CFO	QLV	Overpaying
10	$634	$147	$487
20	$2,454	$575	$1,879
30	$7,126	$1,689	$5,437

How the 0.35% is worked out

You pay 0.35%Waived by Victory Capital 0.03%

Full fee 0.38%− waiver 0.03%= you pay 0.35%

The waiver ends Oct 31, 2027. After that the fee is 0.38% unless Victory Capital renews it. Source: prospectus, Oct 2026.

Other funds in US Low Volatility Index

CCFAVictoryShares US 500 Volatility Wtd ETFExpense ratio 0.35%1 year return +13.8%
CESMViShares ESG Optimized MSCI USA Min Vol Factor ETFExpense ratio 0.18%1 year return +13.6%
CXMLVInvesco S&P MidCap Low Volatility ETFExpense ratio 0.25%1 year return +10.2%
CXSLVInvesco S&P SmallCap Low Volatility ETFExpense ratio 0.25%1 year return +16.0%
CQQLVInvesco QQQ Low Volatility ETFExpense ratio 0.25%1 year return +11.8%

See others

VictoryShares US 500 Enhanced Volatility Wtd ETF

Cost

Mission

Risk

Tradability

Holdings

Durability