At a glance
CFO charges 0.35% a year, above the 0.26% average of the 8 funds most like it (the 6th cheapest of 9). It has $412.4M in assets, the 7th largest of that group; it paid 1.22% of its price in distributions over the past 12 months, monthly. Over the past year it returned +11.2% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +14.9% a year. At its worst it fell 16.6% in the 2020 crash (S&P 500: 33.7%) and 20.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 29 months after the lows. Its ten largest positions make up 3.9% of the fund, out of 501 in all.
The short version
VictoryShares US 500 Enhanced Volatility Wtd ETF (CFO) tracks a Nasdaq index of about 500 large, profitable US companies. The index gives calmer stocks bigger weights. Its unusual feature is a rules-based switch: after a market drop of 10% or more, measured at month-end, it can move 75% of the portfolio into Treasury bills. It costs 0.35% a year, above the 0.26% average for similar funds.
Price history
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CFO +11.2% 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 | |
|---|---|---|---|---|---|---|
| CFO official prospectus, to Dec 31, 2025 | — | +8.42% | — | +5.43% | +9.27% | — |
| CFO price data to Oct 27, 2026 | +11.3% | +11.2% | +14.9% | +3.9% | +9.8% | +8.8% |
- Over the year to Oct 27, 2026, CFO returned +11.2%, 8th of 9 among similar funds.
- Its 5-year annualized return was +3.9% and its 10-year +9.8%.
- In the 2020 COVID crash it fell 16.6% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-14.4%); its best was 2021 (+26.0%).
- The deepest fall in its price history was 24.3% (Jan 4, 2022 to Oct 27, 2023), recovered by Nov 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.3% | — |
| 2025 | +8.6% | +8.42% |
| 2024 | +15.3% | +15.23% |
| 2023 | -3.5% | -3.65% |
| 2022 | -14.4% | -14.16% |
| 2021 | +26.0% | +26.07% |
| 2020 | +19.9% | +19.68% |
| 2019 | +21.6% | +21.66% |
| 2018 | -8.8% | -8.61% |
| 2017 | +22.7% | +22.37% |
| 2016 | +14.3% | +14.42% |
| 2015 | -1.2% | — |
| 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 16.6% over that stretch · deepest drop along the way 16.6%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.6% over that stretch · deepest drop along the way 20.1%, back to its old high 28.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8400 | |
| 2025 | $0.9900 | +2.1% |
| 2024 | $0.9700 | -8.5% |
| 2023 | $1.0600 | -57.9% |
| 2022 | $2.5200 | +206.9% |
| 2021 | $0.8211 | +46.4% |
| 2020 | $0.5609 | -25.2% |
| 2019 | $0.7500 | +13.6% |
| 2018 | $0.6600 | +14.8% |
| 2017 | $0.5747 | +6.0% |
| 2016 | $0.5424 | +15.4% |
| 2015 | $0.4701 |
What's inside
As of Jun 30, 2026, the fund held 501 securities; the ten largest made up 3.92% of assets.
| Holding | Weight | |
|---|---|---|
| ALLIANT ENERGY CORPORATION | 0.40% | |
| BERKSHIRE HATHAWAY INC. | 0.40% | |
| LOEWS CORPORATION | 0.40% | |
| WEC ENERGY GROUP INC. | 0.40% | |
| PALO ALTO NETWORKS, INC. | 0.39% | |
| Evergy, Inc. | 0.39% | |
| DUKE ENERGY CORPORATION | 0.39% | |
| MARVELL TECHNOLOGY, INC. | 0.38% | |
| AMEREN CORPORATION | 0.38% | |
| DTE ENERGY COMPANY | 0.38% | |
| FIRSTENERGY CORP. | 0.38% | |
| CMS ENERGY CORPORATION | 0.37% | |
| CENTERPOINT ENERGY, INC. | 0.37% | |
| THE SOUTHERN COMPANY | 0.35% | |
| THE COCA-COLA COMPANY | 0.35% |
By country
United States 94.74%Ireland 2.43%Bermuda 0.87%Switzerland 0.64%Jersey 0.34%By asset type
Stocks 99.75%By sector
Sectors of the companies held, for the 63.7% 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 withdrew a net $15.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.87%, +0.66%, +2.54%.
How it works
CFO tracks the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index. Nasdaq maintains the index and is not affiliated with Victory Capital. The index starts with all US stocks and keeps companies with positive earnings over the past 12 months. It then picks the 500 largest by market value. Each stock is weighted by its volatility, meaning how much its price swung day to day over the last 180 trading days. Calmer stocks get more weight and jumpier ones get less. The index is rebuilt every March and September, and no single sector can exceed 25%.
The "Enhanced" part is a cash switch that is checked only at month-end. If a stock-only version of the index closes a month 10% or more below its all-time high, the index moves 75% into 30-day Treasury bills or Treasury money market funds. If the decline deepens to 20%, 30% and then 40%, it buys stocks back in 25% steps. It goes back to 100% stocks once the decline shrinks below 10% again.
Because the checks happen monthly, the fund can miss sharp moves in between. Each switch also adds trading costs and can create taxable gains. As of June 30, 2026, the fund held 501 stocks, and its 10 largest positions made up just 3.92% of assets.
What it really costs
- CFO charges 0.35% a year, versus an average of 0.26% for the similar funds below (6th 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 |
|---|---|---|---|---|
| CFO | $36 | $119 | $210 | $477 |
In a retirement portfolio
It tilts toward lower-volatility large US stocks and is built to cut stock exposure during deep declines, though it has still had sizable losses.
CFO could add a calmer slice of US large-cap stocks. Its beta was 0.59 over the year to October 27, 2026. Beta measures how much a fund moves compared with the broad market. The fund launched in 2014, so it never went through 2008. In the 2020 crash it fell 16.6% and recovered in about four months. The 2022 slide was harder. It lost 14.16% in 2022 and another 3.65% in 2023, and its deepest drop, 24.3%, did not recover until November 11, 2024. Anyone who had to sell shares during that stretch would have locked in losses. The yield was 1.22% as of October 27, 2026, paid monthly. Under the SEC's standard 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
- Investors wanting large US stocks tilted toward calmer names; utilities such as Duke Energy and WEC Energy were six of the top 10 holdings as of June 30, 2026.
- People who prefer a fixed rule that moves partly into Treasury bills after a 10% drop over deciding for themselves when to sell.
- Investors who value a small monthly payout; the trailing 12-month yield was 1.22% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: at 0.35%, CFO costs more than equal-weight funds such as EUSA and GSEW, which charge 0.09%.
- Investors who want these stocks without the cash switch; sister fund CFA returned 17.3% a year over three years versus CFO's 14.9%, through October 27, 2026.
- Anyone expecting full crash protection: the monthly checks didn't prevent a 24.3% drop from January 2022 that took until November 2024 to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CFO this fund | — | 0.35% | $412.4M | +11.2% | +14.9% |
| CFA VictoryShares US 500 Volatility Wtd ETF | 100% | 0.35% | $533.5M | +11.2% | +17.3% |
| SIZE iShares MSCI USA Size Factor ETF | 74% | 0.15% | $428.8M | +12.2% | +19.6% |
| EUSA iShares MSCI USA Equal Weighted ETF | 73% | 0.09% | $1.93B | +12.3% | +19.6% |
| RSP Invesco S&P 500® Equal Weight ETF | 72% | 0.2% | $96.47B | +18.9% | +18.3% |
| GSEW Goldman Sachs Equal Weight U.S. Large Cap E… | 71% | 0.09% | $2.08B | +13.5% | +21.4% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 62% | 0.2% | $32.3M | +15.7% | — |
| FEX First Trust Large Cap Core AlphaDEX Fund | 59% | 0.58% | $1.57B | +17.4% | +22.9% |
Questions investors ask
Is CFO good for retirement?
It can play a defensive role in a retirement portfolio, but it is not crash-proof. CFO tilts toward lower-volatility stocks and can move 75% into Treasury bills after a 10% decline measured at month-end. Even so, it lost 14.16% in 2022 and 3.65% in 2023. Its deepest drop, 24.3%, took until November 11, 2024 to recover. Its average annual return was 9.27% over the 10 years to December 31, 2025.
What's the difference between CFO and CFA?
The difference is CFO's cash switch. Both VictoryShares funds hold the same volatility-weighted list of about 500 large US stocks, with 100% holdings overlap, and both charge 0.35%. After a decline of 10% or more, measured at month-end, CFO can move 75% into Treasury bills, while CFA stays fully in stocks. Through October 27, 2026, both returned 11.2% over one year. Over three years, CFA's annualized return was 17.3% against CFO's 14.9%.
Does CFO pay monthly dividends?
Yes, CFO pays distributions monthly. Over the trailing 12 months it paid $0.99 per share, a yield of 1.22% as of October 27, 2026. That is a modest income stream, because the fund picks stocks by size, profits and volatility rather than by dividend yield. Monthly amounts can vary with the dividends paid by its roughly 500 holdings.
What is CFO's expense ratio?
CFO's expense ratio is 0.35%, according to its prospectus filed October 27, 2026, and that includes a 0.30% management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $36 after one year, $210 after five years and $477 after 10. That is above the 0.26% average for similar funds. RSP charges 0.20%, and EUSA and GSEW each charge 0.09%.
When does CFO move to cash?
CFO moves to cash only after a significant decline, and only at month-end. If the stock-only version of its index closes a month 10% or more below its all-time daily high, the index moves 75% into 30-day Treasury bills or Treasury money market funds. It buys stocks back in 25% steps as the decline reaches 20%, 30% and 40%. It returns fully to stocks once the decline shrinks back below 10%. Moves between month-ends aren't captured.