CFO vs QLV: Grades, Fees and Holdings Compared

VictoryShares US 500 Enhanced Volatility Wtd ETF

CFOCNasdaq

Northern Trust US Quality Low Volatility ETF

QLVANYSE Arca

Overlap

20.3%by weight

Expense ratio

QLV −0.27pt a year

CFO0.35%QLV0.08%

Avg volume · 30D

QLV 1.7×the volume

CFO5.15KQLV8.83K

5Y return · a year

QLV +6.5pt

CFO+3.8%QLV+10.3%

CFO vs QLV Performance

Oct 29, 2021 – Oct 30, 2026

+20.4%CFO+63.3%QLV

Expense ratio: CFO 0.35%; QLV 0.08%, better
Fund size: CFO $414M; QLV $189M
1Y total return: CFO +13.8%; QLV +17.0%, better
Yield (12M): CFO 1.21%; QLV 1.43%, better
Holdings: CFO 501; QLV 122
Avg volume (30D): CFO 5.15K sh; QLV 8.83K sh, better
NAV per share: CFO $81.90; QLV $82.16
52W range

ETF.net Grade

Pillar letters and Scores for CFO, QLV, with each pillar’s weight
Pillar	CFO	QLV
Cost30% weight	F7	A100Higher
Mission25% weight	A92Higher	A76
Risk15% weight	C40	A86Higher
Tradability15% weight	D34	B67Higher
Holdings10% weight	A88Higher	D34
Durability5% weight	B59Higher	D31

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. CFO and QLV are both graded against the same 16 US Low Volatility Index funds, so their Grades compare head to head.

US Low Volatility Index⁠

Category · 16 funds

See all 16 ›

QLV ranks 2nd and CFO 12th of 16 funds in the US Low Volatility Index Category.

Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 78
Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
Rank 3AUSMViShares MSCI USA Min Vol Factor ETFScore 75
Rank 10CESMViShares ESG Optimized MSCI USA Min Vol Factor ETFScore 49
Rank 12CCFOVictoryShares US 500 Enhanced Volatility Wtd ETFScore 47
Rank 13CXMLVInvesco S&P MidCap Low Volatility ETFScore 46

Our read on each fund

ETF.net Research

CFOCVictoryShares US 500 Enhanced Volatility Wtd ETF

QLVANorthern Trust US Quality Low Volatility ETF

In short

CFO Most 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.

QLV Low vol with a quality gate: the index cuts the weakest-scoring fifth of US large and mid caps, then optimizes what's left for calm. Fee is 0.08% net of a waiver through March 1, 2027.

Stated mandate

CFO The Fund seeks to track the performance of the CEMP US Large Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.

QLV The fund seeks to track the Northern Trust Quality Low Volatility Index and provide exposure to U.S. companies selected for lower overall volatility and quality characteristics.

Why people hold it

CFO 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.

QLV The quality screen is the point: stocks are ranked on profitability, management efficiency and cash flow, and the bottom fifth is cut before the volatility work starts.sec.gov
0.08% net of a waiver through March 1, 2027: below the category median, and under USMV at 0.15% and LGLV at 0.12%.
Sector, industry and single-stock limits inside the optimization push back on the utilities-and-staples pileup typical of low vol. Roughly 120 holdings.sec.gov
Sits in the top quartile of its US low volatility peer group, and pays quarterly.

Worth knowing

CFO 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.

QLV One of the less-traded funds in the category, so the bid-ask spread can matter more at the point of trade than the expense ratio.
Assets stay modest next to the category's multi-billion-dollar incumbents.
Low volatility here is relative, not absolute: the aim is calmer than the Northern Trust 1250 parent index, not shelter from a broad selloff.sec.gov

Full CFO profile⁠

Full QLV profile⁠

CFO vs QLV Holdings

How CFO and QLV differ

Overlap by weight

20.3%

Shared holdings make up 82.9% of QLV and 21.5% of CFO.

Level by level

Holdings84 in both20.3%
Sector11 Sectors71.8%
Countryby domicile98.1%
Asset classEquity100%

Sector

Sector weights in CFO and QLV, widest gap first
Sector	More in CFOMore in QLV	CFO	QLV
Technology	QLV +18.6 points	13.6%	32.2%
Industrials	CFO +11.9 points	17.6%	5.7%
Financials	CFO +7.1 points	19.2%	12.1%
Communication	QLV +3.3 points	3.2%	6.5%
Materials	CFO +3.2 points	3.9%	0.7%
Consumer Discretionary	CFO +3.1 points	9.9%	6.8%
Utilities	CFO +3.0 points	8.7%	5.7%
Health Care	QLV +2.1 points	11.6%	13.7%
Energy	QLV +1.7 points	5.5%	7.2%
Consumer Staples	QLV +1.6 points	6.5%	8.1%
Real Estate	QLV +1.0 points	0.3%	1.3%

Country, concentration and asset class

Country by domicile

Country weights in CFO and QLV, widest gap first
Country	More in CFOMore in QLV	CFO	QLV
United States	CFO +1.8 points	99.0%	97.2%
Canada	QLV +0.6 points	0.0%	0.6%
Israel	QLV +0.6 points	0.0%	0.6%
Other countries (4)	QLV +0.6 points	1.0%	1.6%

Concentration

Weight in the 10 largest Holdings

CFO4.1%
QLV35.9%

Securities held

CFO500
QLV119

Asset class

CFO: Equity
QLV: Equity

Holdings

Only in CFO416
In both84
Only in QLV35

Only in CFO

416 securities, 78.2% of CFO by weight

Atmos Energy Corp0.42%
Firstenergy Corp.0.39%
Loews Corp0.39%
Aflac Inc0.39%
Centerpoint Energy Inc.0.39%
Nisource Inc.0.39%
Cms Energy Corp.0.37%
Ppl Corp.0.36%
Republic Services Inc.0.36%
Public Service Enterprise0.36%
Xcel Energy Inc.0.35%
New Linde PLC0.34%
Markel Group Inc0.34%
Waste Management Inc.0.34%
Sempra Energy0.33%
Cincinnati Financial Corp0.32%
Pfizer Inc.0.32%
Kinder Morgan Inc0.32%
Entergy Corp.0.31%
Ecolab Inc.0.31%
Nextera Energy Inc.0.31%
Hartford Insurance Group0.31%
Church & Dwight Co Inc0.30%
Principal Finl Group Inc0.30%
Reinsurance Group of Ame0.30%
Hilton Worldwide Hld0.30%
American Water Works Co.0.30%
Otis Worldwide Corp0.30%
Csx Corp.0.30%
Eversource Energy0.30%
Illinois Tool Works Inc0.29%
Idex Corp0.29%
East West Bancorp Inc.0.29%
American Intl Group Inc.0.29%
Colgate-Palmolive Co0.29%
Cintas Corp.0.29%
Globe Life Inc0.28%
Reliance Inc0.28%
Pnc Finl Services Group0.28%
Keycorp0.28%
M&T Bank Corp0.28%
Metlife Inc0.28%
Ametek Inc.0.28%
Walmart Inc.0.28%
Us Bancorp0.28%
Medtronic PLC0.28%
Nordson Corp0.28%
Keurig Dr Pepper Inc0.28%
Unum Group0.27%
Prudential Financial Inc0.27%

Only in QLV

35 securities, 16.0% of QLV by weight

Alphabet Inc-Cl C - Common Stock USD 0.0011.16%
Gilead Sciences Inc Common Stock USD 0.0010.97%
Qualys Inc Common Stock USD 0.0010.89%
International Seaways Inc Common Stock USD 00.82%
Amdocs Ltd0.77%
Chemed Corp Common Stock USD 10.75%
Dolby Laboratories Inc Common Stock USD 0.0010.73%
Kraft Heinz Co/The Common Stock USD 0.010.72%
Cirrus Logic Inc Common Stock USD 0.0010.69%
Fti Consulting Inc Common Stock USD 0.010.58%
Agnico Eagle Mines Ltd Common Stock Cad 00.58%
Check Point Software Technologies Ltd Common Stock0.57%
Encompass Health Corp Common Stock USD 0.010.56%
Hanover Insurance Group Inc/The Common Stock USD0.55%
Coca-Cola Europacific Partners PLC Common Stock0.55%
Aercap Holdings NV Common Stock USD 0.010.49%
Essex Property Trust Inc Reit USD 0.00010.47%
Omega Healthcare Investors Inc Reit USD 0.10.47%
Murphy Usa Inc Common Stock USD 0.010.47%
Landstar System Inc Common Stock USD 0.010.46%
Pinnacle West Capital Corp Common Stock USD 00.39%
Appfolio Inc Common Stock USD 0.00010.37%
Nova Ltd Common Stock USD 0.010.32%
Dropbox Inc Common Stock USD 0.000010.29%
Agree Realty Corp Reit USD 0.00010.28%
Aci Worldwide Inc Common Stock USD 0.0050.20%
Kulicke & Soffa Industries Inc Common Stock USD 00.19%
Chord Energy Corp Common Stock USD0.16%
Royalty Pharma PLC Common Stock USD0.16%
Box Inc Common Stock USD 0.00010.15%
The Campbell's Company0.09%
Marex Group Ltd Common Stock USD0.07%
United States of America Bill Zero Cpn 25/MAR/20270.04%
Trimble Inc Common Stock USD 0.0010.04%
Texas Roadhouse Inc Common Stock USD 0.0010.04%

Weight gaps

All 84 Holdings in both funds, largest gap first.

Holding weights in CFO and QLV, widest gap first
Holding	More in CFOMore in QLV	CFO	QLV
Microsoft CorpMSFT	QLV +6.21 points	0.18%	6.39%
Apple IncAAPL	QLV +5.80 points	0.27%	6.07%
NVIDIA Corp.NVDA	QLV +5.68 points	0.15%	5.83%
Johnson & JohnsonJNJ	QLV +3.97 points	0.33%	4.30%
Exxonmobil Holdings CorpXOM	QLV +2.33 points	0.27%	2.60%
Amazon.com IncAMZN	QLV +2.10 points	0.17%	2.27%
Visa Inc Class AV	QLV +2.06 points	0.30%	2.36%
Costco Wholesale CorpCOST	QLV +2.03 points	0.34%	2.37%
Broadcom IncAVGO	QLV +1.52 points	0.12%	1.64%
Berkshire Hathaway Inc BBRK.B	QLV +1.48 points	0.46%	1.94%
AbbVie Inc.ABBV	QLV +1.48 points	0.28%	1.76%
Mastercard Inc. - Class AMA	QLV +1.44 points	0.29%	1.73%
Alphabet Inc - Class AGOOGL	QLV +1.36 points	0.17%	1.53%
Eli Lilly & CoLLY	QLV +1.30 points	0.21%	1.51%
Merck & Co Inc.MRK	QLV +1.03 points	0.22%	1.25%
Pepsico Inc.PEP	QLV +0.97 points	0.29%	1.26%
Procter & Gamble Co.PG	QLV +0.92 points	0.35%	1.27%
Coca-Cola Co/TheKO	QLV +0.88 points	0.35%	1.23%
Palo Alto Networks IncPANW	QLV +0.88 points	0.13%	1.01%
International Business MaIBM	QLV +0.73 points	0.13%	0.86%
Progressive Corp.PGR	QLV +0.72 points	0.24%	0.96%
Lockheed Martin CorpLMT	QLV +0.72 points	0.24%	0.96%
Meta Platforms IncMETA	QLV +0.69 points	0.17%	0.86%
Verisign Inc.VRSN	QLV +0.64 points	0.22%	0.86%
Cigna Group/TheCI	QLV +0.64 points	0.26%	0.90%
Chevron CorpCVX	QLV +0.63 points	0.29%	0.92%
Texas Instruments Inc.TXN	QLV +0.61 points	0.16%	0.77%
ConocophillipsCOP	QLV +0.59 points	0.24%	0.83%
Allstate Corp/TheALL	QLV +0.56 points	0.25%	0.81%
Tjx Cos Inc.TJX	QLV +0.53 points	0.31%	0.84%
Rtx CorpRTX	QLV +0.50 points	0.23%	0.73%
Duke Energy Corp.DUK	QLV +0.48 points	0.41%	0.89%
Verizon CommunicationsVZ	QLV +0.47 points	0.22%	0.69%
Hershey Co/TheHSY	QLV +0.46 points	0.21%	0.67%
Consolidated Edison Inc.ED	QLV +0.45 points	0.40%	0.85%
Cheniere Energy IncLNG	QLV +0.43 points	0.24%	0.67%
Eog Resources IncEOG	QLV +0.42 points	0.24%	0.66%
Travelers Companies IncTRV	QLV +0.41 points	0.32%	0.73%
Mcdonald's CorpMCD	QLV +0.39 points	0.33%	0.72%
Snap-On Inc.SNA	QLV +0.40 points	0.29%	0.69%
Kla CorpKLAC	QLV +0.39 points	0.09%	0.48%
Dte Energy Co.DTE	QLV +0.39 points	0.36%	0.75%
Roper Technologies IncROP	QLV +0.38 points	0.23%	0.61%
Micron Technology Inc.MU	QLV +0.36 points	0.07%	0.43%
AT&T IncT	QLV +0.36 points	0.20%	0.56%
Cme Group Inc.CME	QLV +0.36 points	0.26%	0.62%
T-Mobile Us IncTMUS	QLV +0.34 points	0.18%	0.52%
Chubb Limited	QLV +0.35 points	0.34%	0.69%
Northrop Grumman CorpNOC	QLV +0.34 points	0.23%	0.57%
Tesla IncTSLA	QLV +0.33 points	0.15%	0.48%
General Dynamics Corp.GD	QLV +0.31 points	0.27%	0.58%
Arch Capital Group LtdACGL	CFO +0.31 points	0.33%	0.02%
Neurocrine Biosciences InNBIX	QLV +0.29 points	0.18%	0.47%
Targa Resources CorpTRGP	QLV +0.29 points	0.24%	0.53%
Quest Diagnostics Inc.DGX	QLV +0.27 points	0.28%	0.55%
Renaissancere Holdings LtRNR	QLV +0.26 points	0.28%	0.54%
Southern CoSO	QLV +0.26 points	0.38%	0.64%
Assurant Inc.AIZ	QLV +0.25 points	0.29%	0.54%
Everest Group Ltd	QLV +0.25 points	0.33%	0.58%
Autozone Inc.AZO	QLV +0.24 points	0.22%	0.46%
Netapp IncNTAP	QLV +0.23 points	0.15%	0.38%
Diamondback Energy IncFANG	QLV +0.23 points	0.20%	0.43%
Mckesson Corp.MCK	CFO +0.20 points	0.22%	0.02%
Wr Berkley Corp.WRB	QLV +0.20 points	0.33%	0.53%
Ameren Corp.AEE	QLV +0.16 points	0.37%	0.53%
Ptc Inc.PTC	QLV +0.15 points	0.22%	0.37%
Wec Energy GroupWEC	QLV +0.14 points	0.43%	0.57%
Cencora IncCOR	CFO +0.14 points	0.20%	0.06%
Vertex PharmaceuticalsVRTX	QLV +0.13 points	0.22%	0.35%
Exelon Corp.EXC	CFO +0.13 points	0.34%	0.21%
Darden Restaurants Inc.DRI	QLV +0.12 points	0.24%	0.36%
Evergy IncEVRG	QLV +0.12 points	0.41%	0.53%
Cadence Design Sys. IncCDNS	CFO +0.12 points	0.15%	0.03%
United Therapeutics CorpUTHR	CFO +0.11 points	0.23%	0.12%
Marathon Petroleum Corp.MPC	QLV +0.07 points	0.21%	0.28%
Veralto CorpVLTO	CFO +0.05 points	0.30%	0.25%
Advanced Micro DevicesAMD	CFO +0.05 points	0.10%	0.05%
Labcorp Holdings IncLH	CFO +0.05 points	0.31%	0.26%
Alliant Energy Corp.LNT	QLV +0.03 points	0.40%	0.43%
American Electric Power CAEP	CFO +0.03 points	0.36%	0.33%
Jazz Pharmaceuticals PLCJAZZ	QLV +0.03 points	0.17%	0.20%
JPMorgan Chase & CoJPM	QLV +0.02 points	0.27%	0.29%
Kroger Co/TheKR	CFO +0.01 points	0.25%	0.24%
Home Depot Inc/TheHD	QLV +0.01 points	0.25%	0.26%

All 502 CFO holdings⁠All 123 QLV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CFO vs QLV Cost

Overpaying CFO vs QLV

$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%
$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

Expense ratio

0.35%CFO
0.08%QLV, cheaper

QLV0.08%CFO0.35%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

QLV cheapest of 16 funds

CFO 14th cheapest of 16 funds

CFO vs QLV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CFO 1.21%; QLV 1.43%, better
Payout (12M): CFO $0.99; QLV $1.18
Last payment: CFO $0.08; QLV $0.28
Ex-dividend: CFO Oct 8, 2026; QLV Sep 18, 2026
Paid on: CFO Oct 9, 2026; QLV Sep 24, 2026
Frequency: CFO Monthly; QLV Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CFOMonthly · 45 paymentsAll CFO payments⁠

QLVQuarterly · 16 paymentsAll QLV payments⁠

CFO vs QLV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: CFO 11.3%QLV 8.6%, better
Return per unit of riskSharpe ratio, 3 years: CFO 0.88QLV 1.56, better
Worst fallMax drawdown, 5 years: CFO −24.3%QLV −17.9%, better
Market sensitivityBeta, 5 years: CFO 0.65QLV 0.58; Market = 1

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