At a glance
CDL charges 0.35% a year, above the 0.33% average of the 8 funds most like it (the 4th cheapest of 9). It has $391.7M in assets, the 7th largest of that group; it paid 3.09% of its price in distributions over the past 12 months, monthly. Over the past year it returned +18.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +19.6% a year. At its worst it fell 40.4% in the 2020 crash (S&P 500: 33.7%) and 17.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 17 months after the lows. Its ten largest positions make up 16.0% of the fund, out of 100 in all.
The short version
VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) tracks a Nasdaq index of about 100 high-yielding, profitable large US companies. The index gives the steadiest stocks the biggest weights. That tilt leaves it heavy in utilities such as Alliant Energy and WEC Energy, and it paid a 3.09% trailing yield in monthly distributions as of October 27, 2026. At 0.35% a year, it costs far more than SPYD (0.07%) or HDV (0.08%).
Price history
The interactive chart needs JavaScript.
CDL +18.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CDL official prospectus, to Dec 31, 2025 | — | +9.00% | — | +11.48% | +10.75% | — |
| CDL price data to Oct 27, 2026 | +19.0% | +18.9% | +19.6% | +10.2% | +11.3% | +11.2% |
- Over the year to Oct 27, 2026, CDL returned +18.9%, 6th of 9 among similar funds.
- Its 5-year annualized return was +10.2% and its 10-year +11.3%.
- In the 2020 COVID crash it fell 40.4% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2018 (-5.9%); its best was 2021 (+33.4%).
- The deepest fall in its price history was 41% (Jan 17, 2020 to Mar 23, 2020), recovered by Jan 14, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.0% | — |
| 2025 | +9.1% | +9.00% |
| 2024 | +15.6% | +15.53% |
| 2023 | +3.0% | +3.13% |
| 2022 | -0.5% | -0.35% |
| 2021 | +33.4% | +33.05% |
| 2020 | -3.3% | -3.28% |
| 2019 | +26.3% | +26.48% |
| 2018 | -5.9% | -5.55% |
| 2017 | +16.3% | +15.75% |
| 2016 | +20.5% | +20.60% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.2% over that stretch · deepest drop along the way 40.4%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.6% over that stretch · deepest drop along the way 17.3%, back to its old high 17.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.9000 | |
| 2025 | $2.3100 | +7.4% |
| 2024 | $2.1500 | +2.4% |
| 2023 | $2.1000 | +8.2% |
| 2022 | $1.9400 | +22.0% |
| 2021 | $1.5900 | +1.3% |
| 2020 | $1.5700 | +2.6% |
| 2019 | $1.5300 | +12.5% |
| 2018 | $1.3600 | +5.0% |
| 2017 | $1.2954 | +8.6% |
| 2016 | $1.1924 |
What's inside
As of Jun 30, 2026, the fund held 100 securities; the ten largest made up 15.97% of assets.
| Holding | Weight | |
|---|---|---|
| ALLIANT ENERGY CORPORATION | 1.71% | |
| WEC ENERGY GROUP INC. | 1.70% | |
| Evergy, Inc. | 1.67% | |
| DUKE ENERGY CORPORATION | 1.65% | |
| DTE ENERGY COMPANY | 1.63% | |
| FIRSTENERGY CORP. | 1.62% | |
| CMS ENERGY CORPORATION | 1.58% | |
| THE SOUTHERN COMPANY | 1.50% | |
| THE COCA-COLA COMPANY | 1.49% | |
| CONSOLIDATED EDISON, INC. | 1.41% | |
| AMERICAN ELECTRIC POWER COMPANY, INC. | 1.39% | |
| Dominion Energy, Inc. | 1.38% | |
| PPL CORPORATION | 1.34% | |
| CNA FINANCIAL CORPORATION | 1.28% | |
| Xcel Energy Inc. | 1.28% |
By country
United States 95.61%Ireland 2.03%Bermuda 1.05%Jersey 0.76%By asset type
Stocks 99.44%By sector
Sectors of the companies held, for the 68.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.32%, -1.06%, +2.58%.
How it works
CDL aims to track the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index, which Nasdaq, Inc. maintains. Nasdaq is not affiliated with Victory Capital. The index starts with the 500 largest US companies that had positive earnings over the past twelve months. From that group it picks the 100 stocks with the highest dividend yields.
It then weights those stocks by volatility, meaning how much a stock's price swings from day to day. Volatility is measured over the last 180 trading days. Calmer stocks get bigger weights and jumpier stocks get smaller ones. No sector can exceed 25%. The index rebuilds its list every March and September, using data from the prior month-end, and can hold slightly more or fewer than 100 stocks. Because the weights are spread out, the ten largest positions made up just 15.97% of the fund as of June 30, 2026. The largest single holding, Alliant Energy, was about 1.7%.
The fund tries to hold every stock in the index, an approach called replication. It is passive: the adviser does not move to cash or take defensive positions when markets fall. Portfolio turnover was 42%. Beyond its stocks, it held about 1.43% in cash and a tiny S&P 500 futures position as of June 30, 2026. It uses no leverage and no options.
What it really costs
- CDL charges 0.35% a year, versus an average of 0.33% for the similar funds below (4th of 9, cheapest first).
- Of that, 0.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $477 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CDL | $36 | $119 | $210 | $477 |
In a retirement portfolio
It pays monthly from a basket of high-dividend large US stocks, but its crash record shows it is not a defensive holding.
CDL could serve as an income piece of a portfolio. It yielded 3.09% over the 12 months to October 27, 2026, paid monthly. Its focus on calmer stocks has not protected it in a crash. In the 2020 COVID sell-off it fell 40.4% between February 20 and March 23, 2020, and took about 9.5 months to recover. That was a drop as large as the market's. In 2022 it lost just 0.35% for the calendar year, but a 17.3% slide from April to October took about 17 months to recover. Its worst calendar year was 2018, at -5.55%. The fund launched in July 2015, so it has no 2008 record. Anyone forced to sell shares in a slump like early 2020 would have locked in deep losses. Under the SEC example, costs come to $36 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly distributions; the trailing yield was 3.09% as of October 27, 2026.
- Investors seeking a dividend fund tilted toward utilities, financials and consumer staples, where no single stock was above about 1.7% of assets.
- Those who prefer a rules-based index rebuilt each March and September that gives steadier stocks larger weights.
Look elsewhere if
- Cost-conscious investors: SPYD charges 0.07% and HDV 0.08% a year, compared with CDL's 0.35%.
- Anyone counting on crash protection; despite its volatility weighting, CDL fell 40.4% during the 2020 COVID sell-off.
- Investors who want broad market or growth exposure, since the fund holds only high-yield stocks and utilities are its largest sector.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CDL this fund | — | 0.35% | $391.7M | +18.9% | +19.6% |
| FDL First Trust Morningstar Dividend Leaders In… | 42% | 0.45% | $7.29B | +26.1% | +23.9% |
| KNGZ First Trust S&P 500 Diversified Dividend Ar… | 42% | 0.5% | $62.1M | +23.6% | +22.3% |
| SPYD SPDR Portfolio S&P 500 High Dividend ETF | 42% | 0.07% | $7.37B | +14.7% | +18.8% |
| DHS WisdomTree US High Dividend Fund | 42% | 0.38% | $1.50B | +20.5% | +21.1% |
| SDOG ALPS Sector Dividend Dogs ETF | 37% | 0.36% | $1.44B | +24.8% | +22.4% |
| HDV iShares Core High Dividend ETF | 33% | 0.08% | $14.90B | +38.0% | +21.7% |
| TPHD Timothy Plan High Dividend Stock ETF | 32% | 0.52% | $350.5M | +14.5% | +16.6% |
Questions investors ask
Does CDL pay monthly dividends?
Yes. CDL pays distributions monthly. Over the 12 months to October 27, 2026, it paid $2.47 per share, a trailing yield of 3.09%. The payouts come from dividends on its roughly 100 stocks, so the monthly amounts can change. Many of its holdings are utilities, such as Duke Energy and Southern Company, along with financial and consumer staples companies such as CNA Financial and Coca-Cola.
What's the difference between CDL and SPYD?
Both own high-dividend large US stocks. About 42% of their holdings overlap, based on their latest N-PORT reports. CDL follows a Nasdaq index that gives steadier stocks larger weights. It costs 0.35% a year, while the SPDR Portfolio S&P 500 High Dividend ETF costs 0.07%. As of October 27, 2026, CDL returned 18.9% over one year and 19.6% a year over three years, compared with 14.7% and 18.8% for SPYD. SPYD is far larger: $7.4 billion in net assets against CDL's $392 million as of June 30, 2026.
Is CDL a low-volatility ETF?
Partly. CDL weights its stocks so that calmer ones get more money. As of October 27, 2026, its one-year volatility was 10.8%. Its beta, a measure of how much it moves with the overall market, was 0.15. But it still fell sharply in a crash. Its worst quarter was a 30% loss in early 2020, and it dropped 41% from peak to trough that year. It recovered about 9.8 months later.
What are CDL's top holdings?
Utilities dominate the top of the list. As of June 30, 2026, the largest positions were Alliant Energy (1.7%), WEC Energy Group (1.7%), Evergy (1.67%), Duke Energy (1.65%) and DTE Energy (1.63%). Coca-Cola, at 1.49%, was the only non-utility in the top ten. Because the weights are spread across about 100 stocks, the top ten made up only 15.97% of the fund. The index caps any one sector at 25%.
What is CDL's expense ratio?
CDL's expense ratio is 0.35% a year, according to its prospectus filed October 27, 2026. Under the SEC's standard example, $10,000 invested with a 5% annual return would cost about $36 after one year, $119 after three years, $210 after five and $477 after ten. That is close to the 0.33% average of similar funds. It is well above SPYD (0.07%) and HDV (0.08%) but below FDL (0.45%).