At a glance
CSB charges 0.35% a year, below the 0.4% average of the 6 funds most like it (the cheapest of 7). It has $259.2M in assets, the 6th largest of that group; it paid 3.19% of its price in distributions over the past 12 months, monthly. Over the past year it returned +14.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +15.8% a year. At its worst it fell 39.2% in the 2020 crash (S&P 500: 33.7%) and 24.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows. Its ten largest positions make up 16.2% of the fund, out of 100 in all.
The short version
VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) tracks a Nasdaq index of about 100 of the highest-yielding US small-company stocks, and it gives the steadier stocks larger weights. Its 0.35% expense ratio ties for the lowest among the similar funds we compared, whose average is 0.40%. It pays monthly, with a trailing 12-month yield of 3.19% as of October 27, 2026. Small utilities such as IDACORP lead its holdings.
Price history
The interactive chart needs JavaScript.
CSB +14.3% 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 | |
|---|---|---|---|---|---|---|
| CSB official prospectus, to Dec 31, 2025 | — | +2.19% | — | +6.96% | +9.76% | — |
| CSB price data to Oct 27, 2026 | +13.7% | +14.3% | +15.8% | +5.8% | +10.0% | +9.4% |
- Over the year to Oct 27, 2026, CSB returned +14.3%, 3rd of 7 among similar funds.
- Its 5-year annualized return was +5.8% and its 10-year +10.0%.
- In the 2020 COVID crash it fell 39.2% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2022 (-13.1%); its best was 2016 (+30.2%).
- The deepest fall in its price history was 42% (Jan 16, 2020 to Mar 23, 2020), recovered by Nov 16, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.7% | — |
| 2025 | +2.3% | +2.19% |
| 2024 | +9.6% | +9.90% |
| 2023 | +12.6% | +12.50% |
| 2022 | -13.1% | -12.99% |
| 2021 | +27.0% | +27.37% |
| 2020 | +11.4% | +10.73% |
| 2019 | +21.1% | +21.40% |
| 2018 | -7.1% | -7.07% |
| 2017 | +11.4% | +10.94% |
| 2016 | +30.2% | +30.76% |
| 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 38.9% over that stretch · deepest drop along the way 39.2%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.6% over that stretch · deepest drop along the way 24.5%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5238 | |
| 2025 | $2.0700 | +11.9% |
| 2024 | $1.8500 | -3.6% |
| 2023 | $1.9200 | +3.8% |
| 2022 | $1.8500 | -3.1% |
| 2021 | $1.9100 | +3.2% |
| 2020 | $1.8500 | +23.3% |
| 2019 | $1.5000 | +6.4% |
| 2018 | $1.4100 | -2.1% |
| 2017 | $1.4400 | +21.0% |
| 2016 | $1.1900 |
What's inside
As of Jun 30, 2026, the fund held 100 securities; the ten largest made up 16.2% of assets. It also reported 5% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| IDACORP, INC. | 1.95% | |
| NEW JERSEY RESOURCES CORPORATION | 1.76% | |
| AMERICAN STATES WATER COMPANY | 1.70% | |
| AVISTA CORPORATION | 1.63% | |
| SOUTHWEST GAS HOLDINGS, INC. | 1.61% | |
| MGE ENERGY, INC. | 1.55% | |
| BLACK HILLS CORPORATION | 1.54% | |
| ONE GAS, INC. | 1.53% | |
| PORTLAND GENERAL ELECTRIC COMPANY | 1.52% | |
| NORTHWEST NATURAL HOLDING COMPANY | 1.41% | |
| Otter Tail Corporation | 1.41% | |
| CALIFORNIA WATER SERVICE GROUP | 1.40% | |
| MSC INDUSTRIAL DIRECT CO., INC. | 1.39% | |
| Spire Inc. | 1.39% | |
| First BanCorp. | 1.33% |
By country
United States 96.65%Puerto Rico 1.33%Marshall Islands 0.81%Cayman Islands 0.67%By asset type
Stocks 99.47%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $9.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.42%, -2.19%, +3.59%.
How it works
CSB tracks the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index. Nasdaq maintains the index and is not affiliated with Victory Capital, the fund's issuer. The index starts with the stocks in a broader Nasdaq index of 500 small US companies, the Nasdaq Victory US Small Cap 500 Volatility Weighted Index. From that group it picks the 100 stocks with the highest dividend yields. As of September 30, 2026, the companies in the index had market values from $1.8 billion to $8.7 billion.
The 100 stocks are then weighted by volatility, meaning how much a stock's price swings from day to day. The index measures this over the last 180 trading days. Calmer stocks get bigger weights, and jumpier stocks get smaller ones. No sector may make up more than 25% of the index. The index resets its holdings every March and September, and it can hold slightly more or fewer than 100 stocks.
The fund puts at least 80% of its net assets into the index's stocks and tries to hold all of them. It is not actively managed, so it does not turn defensive when markets fall. Portfolio turnover was 62%, which means the fund replaced a large share of its holdings in a year. That trading adds costs that the expense ratio does not show.
What it really costs
- CSB charges 0.35% a year, versus an average of 0.4% for the similar funds below (1st of 7, cheapest first).
- Of that, 0.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.04% 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 $489 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CSB | $36 | $121 | $215 | $489 |
In a retirement portfolio
CSB pays monthly from a basket of higher-yielding small US companies, so its main appeal in a retirement portfolio is its income stream rather than growth or protection.
CSB could add monthly income from small US companies. Its trailing 12-month yield was 3.19% as of October 27, 2026, and its expense ratio is 0.35%. The fund launched in 2015, so it has no record from the 2008 crisis. In the COVID crash it fell 42% between January 16 and March 23, 2020, and it took about 7.8 months to recover. Its worst quarter, the first quarter of 2020, lost 32.91%. In the 2022 bear market it dropped 24.5% and did not regain its peak until July 2024, about 21.5 months later. Its worst calendar year was 2022, at -12.99%. Anyone who had to sell shares during those stretches would have locked in losses, so it may help to keep cash or bonds set aside for spending. Past results don't predict the future, and a retirement 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 payouts from about 100 small US dividend stocks, with a trailing 12-month yield of 3.19% as of October 27, 2026.
- Investors who want small-cap exposure with smaller swings. Its one-year beta, a measure of sensitivity to the broad market, was 0.38 as of October 27, 2026.
- Cost-conscious investors. Its 0.35% expense ratio is below the 0.40% average of the similar small-cap dividend funds we compared.
Look elsewhere if
- Investors who want broad small-cap growth. The dividend screen tilts the fund toward utilities such as IDACORP, Avista and Southwest Gas.
- Investors who can't sit through deep drops. It fell 42% in early 2020 and needed about 21.5 months to recover from its 2022 slide.
- Investors who prefer a larger fund. Its $259 million in net assets (as of June 30, 2026) ranks 6th of 7 among the similar funds we compared.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CSB this fund | — | 0.35% | $259.2M | +14.3% | +15.8% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 25% | 0.4% | $719.0M | +13.9% | +14.6% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 25% | 0.38% | $2.19B | +19.0% | +17.1% |
| DGRS WisdomTree US Smallcap Quality Dividend Gro… | 19% | 0.38% | $400.1M | +17.2% | +17.3% |
| CSA VictoryShares US Small Cap Volatility Wtd E… | 18% | 0.35% | $24.3M | 0.0% | +7.2% |
| OUSM ALPS | O’Shares U.S. Small-Cap Quality Divi… | 17% | 0.48% | $843.1M | +10.3% | +15.1% |
| REGL ProShares S&P MidCap 400 Dividend Aristocra… | 15% | 0.4% | $1.76B | +9.8% | +15.0% |
Questions investors ask
Does CSB pay monthly dividends?
Yes. CSB pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $2.07 per share, a trailing yield of 3.19%. The amount changes from month to month because it depends on the dividends paid by the roughly 100 small US companies the fund holds. Those companies can cut or raise their payouts, so past income doesn't guarantee future income.
What is the expense ratio of CSB?
CSB's expense ratio is 0.35%, according to its prospectus filed October 27, 2026. That includes a 0.30% management fee. Under the SEC's standard example, which assumes $10,000 invested with a 5% annual return, you would pay about $36 in the first year, $215 over five years and $489 over ten years. The similar funds we compared charge 0.40% on average.
CSB vs DES: what's the difference?
Both own small US dividend-paying stocks, but only about 25% of their holdings overlap. CSB gives calmer stocks larger weights. The WisdomTree U.S. SmallCap Dividend Fund (DES) charges 0.38%, compared with CSB's 0.35%, and it is much larger, with $2.19 billion in net assets as of June 30, 2026. As of October 27, 2026, DES returned 19% over one year, compared with 14.3% for CSB, and 17.1% a year over three years, compared with 15.8%.
Is CSB good for retirement income?
It may suit retirees who want monthly income from small companies. Its trailing yield was 3.19% as of October 27, 2026. The risks are real, though. CSB fell 42% in early 2020, and it took about 21.5 months to recover from its 2022 drop. As of December 31, 2025, its average annual returns were 6.96% over five years and 9.76% over ten years. It works best judged as one part of a broader portfolio.
What are CSB's top holdings?
As of June 30, 2026, CSB's largest holdings were IDACORP (1.95%), New Jersey Resources (1.76%), American States Water (1.70%), Avista (1.63%) and Southwest Gas (1.61%). Most of its biggest positions are small utilities, plus Puerto Rico's First BanCorp (1.33%). The top ten made up only 16.2% of the fund, spread across 100 stocks. The index limits any one sector to 25%. Even so, the prospectus warns that the fund can lean heavily toward utilities and financials.