At a glance
MODL charges 0.46% a year, above the 0.06% average of the 8 funds most like it (the most expensive of 9). It has $1.02B in assets, the 8th largest of that group; it paid 0.68% of its price in distributions over the past 12 months, monthly. Over the past year it returned +11.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +23.8% a year. Its ten largest positions make up 32.6% of the fund, out of 363 in all.
The short version
VictoryShares WestEnd U.S. Sector ETF (MODL) is an actively managed fund of large U.S. stocks. WestEnd Advisors runs it for Victory Capital and moves money between market sectors based on its reading of the economy. About 71% of its holdings overlap with S&P 500 funds such as VOO. But it charges 0.46% a year, compared with 0.03% for VOO. That extra cost pays for the manager's sector calls.
Price history
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MODL +11.9% 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 | |
|---|---|---|---|---|---|---|
| MODL official prospectus, to Dec 31, 2025 | — | +18.94% | — | — | — | +23.23% |
| MODL price data to Oct 27, 2026 | +11.9% | +11.9% | +23.8% | — | — | +20.6% |
- Over the year to Oct 27, 2026, MODL returned +11.9%, 6th of 9 among similar funds.
- Its worst full calendar year was 2025 (+19.0%); its best was 2024 (+24.7%).
- The deepest fall in its price history was 17.6% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 25, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.9% | — |
| 2025 | +19.0% | +18.94% |
| 2024 | +24.7% | +24.67% |
| 2023 | +23.8% | +23.72% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2800 | |
| 2025 | $0.3200 | -3.0% |
| 2024 | $0.3300 | -2.9% |
| 2023 | $0.3400 |
What's inside
As of Jun 30, 2026, the fund held 363 securities; the ten largest made up 32.64% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 6.04% | |
| APPLE INC. | 5.48% | |
| MICROSOFT CORPORATION | 3.52% | |
| ALPHABET INC. Class A | 3.36% | |
| ALPHABET INC. Class C | 2.90% | |
| ABBVIE INC. | 2.69% | |
| BROADCOM INC. | 2.31% | |
| ELI LILLY AND COMPANY | 2.21% | |
| JPMORGAN CHASE & CO. | 2.16% | |
| META PLATFORMS, INC. | 1.97% | |
| AMAZON.COM, INC. | 1.96% | |
| BERKSHIRE HATHAWAY INC. | 1.73% | |
| MICRON TECHNOLOGY, INC. | 1.69% | |
| VISA INC. | 1.41% | |
| JOHNSON & JOHNSON | 1.31% |
By country
United States 96.51%Ireland 2.1%Switzerland 0.36%Bermuda 0.13%Luxembourg 0.11%By asset type
Stocks 99.57%By sector
Sectors of the companies held, for the 88.6% 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 $106.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.60%, +4.45%, -0.25%.
How it works
MODL does not track an index. WestEnd Advisors, part of Victory Capital, uses a "top-down" approach. It studies the wider economy, including interest rates, inflation, growth and unemployment. Then it judges which of the 11 GICS sectors are most likely to benefit. GICS, the Global Industry Classification Standard, sorts companies by their main business. The fund holds more of the sectors WestEnd favors and can skip others entirely. At least 80% of assets go into U.S. stocks, and up to 10% can go into other stock ETFs.
WestEnd does not pick individual stocks within a sector. For each sector it chooses, it buys the companies in the Victory US Large Cap 500 Index, which holds the 500 largest U.S. stocks weighted by market value. Each company keeps the same weight it has in that index. Stocks are sold when WestEnd cuts a sector or a company leaves the index. Portfolio turnover was 49%, meaning about half the portfolio was replaced in a year.
As of June 30, 2026, the fund held 363 companies, and its top 10 made up 32.6% of assets. Technology was 29.1% of assets, financials 17.9% and health care 13.9%. Energy was just 0.1% and consumer staples 0.6%. The fund held no derivatives and uses no leverage.
What it really costs
- MODL charges 0.46% a year, versus an average of 0.06% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.4% 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 $47 in the first year and $613 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MODL | $47 | $154 | $271 | $613 |
In a retirement portfolio
It holds hundreds of large U.S. companies, much like an S&P 500 fund, but a manager shifts the mix between sectors.
MODL could serve as a main U.S. stock holding for investors who want a manager's sector views. Its record is short. It launched on October 12, 2022, so it missed the 2008 crisis, the 2020 COVID crash and almost all of the 2022 bear market. It has had no losing calendar year so far. Its weakest year was 2025, when it gained 18.94%. Its deepest drop was 17.6%, from February 19 to April 8, 2025, and it was back to its old high by June 25, 2025, about 2.6 months later. A longer slump could take much longer to recover, and anyone selling shares for spending money during one would lock in losses. Its yield was 0.68% as of October 27, 2026, paid monthly, so it adds little income. The SEC cost example on $10,000 comes to $613 over 10 years. 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 who want large U.S. stocks with a manager tilting toward sectors, such as technology and health care, based on economic conditions.
- Holders willing to pay 0.46% a year, compared with 0.03% for VOO or IVV, for WestEnd's top-down sector calls.
- Investors comfortable with stock-market swings: volatility over three years was 14% as of October 27, 2026, and the deepest drop was 17.6%.
Look elsewhere if
- Cost-focused investors: its 0.46% expense ratio was the highest of 9 similar funds, which averaged 0.06%.
- Anyone who needs real income from a fund; the trailing yield was 0.68% as of October 27, 2026.
- Investors who want every sector held or a long track record: energy was 0.1% of assets, and the fund launched in October 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MODL this fund | — | 0.46% | $1.02B | +11.9% | +23.8% |
| USPX Franklin U.S. Equity Index ETF | 72% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 71% | 0.2% | $2.74B | +12.6% | +24.8% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 71% | 0% | $5.47B | +13.4% | +25.4% |
| SPY SPDR S&P 500 ETF Trust | 71% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SPYM SPDR Portfolio S&P 500 ETF | 71% | 0.02% | $153.92B | +11.5% | +22.0% |
| IVV iShares Core S&P 500 ETF | 71% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 71% | 0.03% | $1.67T | +12.4% | +23.6% |
Questions investors ask
How does MODL pick its stocks?
MODL is actively managed. It picks sectors based on its manager's view of the economy, then fills those sectors with large U.S. stocks. WestEnd Advisors, part of Victory Capital, looks at interest rates, inflation, growth and unemployment to decide which of the 11 GICS sectors to favor or avoid. (GICS is a standard system that sorts companies by their main business.) Within the chosen sectors, the fund holds stocks from the Victory US Large Cap 500 Index in proportion to their index weights. Its sector bets can change at any time.
What are MODL's top holdings?
As of June 30, 2026, MODL's largest holdings were NVIDIA (6.0%), Apple (5.5%) and Microsoft (3.5%). Alphabet's two share classes came next at 3.4% and 2.9%, followed by AbbVie, Broadcom, Eli Lilly, JPMorgan Chase and Meta Platforms. The 10 largest positions made up 32.6% of the fund, which held 363 stocks in all. By sector, technology was 29.1%, financials 17.9% and health care 13.9%, while consumer staples was only 0.6% and energy 0.1%. That mix reflects the manager's sector calls, not a fixed index.
What's the difference between MODL and USPX?
The biggest differences are approach and cost. USPX, the Franklin U.S. Equity Index ETF, is the closest match by holdings, with a 72% overlap. As its name says, USPX follows an index, while MODL's manager moves money between sectors. USPX charges 0.03% a year, against 0.46% for MODL. As of October 27, 2026, USPX returned 12.9% over one year and 24.9% a year over three years. MODL returned 11.9% and 23.8%. S&P 500 funds such as VOO overlap with MODL by 71% and also cost 0.03%.
Does MODL pay monthly dividends?
Yes, MODL pays distributions monthly, but they are small. Its trailing yield was 0.68% as of October 27, 2026, which works out to about $0.36 per share over the past year. (Trailing yield is the last year's payouts divided by the share price.) The fund's stated goal is long-term capital appreciation, meaning growth in value rather than income. Its largest holdings are technology companies such as NVIDIA, Apple and Microsoft. Retirees who draw spending money from MODL would likely need to sell shares.
Is MODL good for retirement?
MODL may suit long-term investors who want large U.S. stocks plus a manager's sector bets, but it has trade-offs. It launched on October 12, 2022, the day the 2022 bear market hit bottom, so its track record is short. Its deepest drop was 17.6%, from February 19 to April 8, 2025, and it recovered by June 25, 2025. Fees add up. In the SEC's standard example of $10,000 earning 5% a year, costs total $47 after one year and $613 after 10 years.