VictoryShares Emerging Markets Value Momentum ETF

VictoryShares Emerging Markets Value Momentum ETF (UEVM) is a Victory Capital index fund that tracks the Nasdaq Victory Emerging Market Value Momentum Index. The index picks emerging-market stocks that look cheap and whose prices are trending up, then gives steadier stocks bigger weights. Its largest holdings are mostly Chinese and Southeast Asian banks. At 0.45% a year, it costs more than all six similar funds compared, including VWO at 0.07%.

• Over the year to Oct 27, 2026, UEVM returned +3.1%, 7th of 7 among similar funds.
• Its 5-year annualized return was +7.6%.
• Its worst full calendar year was 2022 (-14.6%); its best was 2025 (+22.7%).
• The deepest fall in its price history was 27% (Jun 4, 2021 to Oct 14, 2022), recovered by Apr 8, 2024.

As of Jun 30, 2026, the fund held 204 securities; the ten largest made up 10.86% of assets.

• Over the three months to Jun 30, 2026, investors added a net $293K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +6.10%, +1.25%, -3.98%.

Nasdaq builds the index by following fixed rules. It starts with the Nasdaq Emerging Market Large Mid Cap Index. A liquidity screen keeps the top 90% of those stocks, counted by number, ranked on trading value over the past 12 months. Each remaining stock then gets two scores. The value score comes from ratios such as price to earnings, price to book value and price to operating cash flow. The momentum score measures price trends over the past six and 12 months, skipping the latest month and adjusting for volatility. Stocks are ranked only against others in their own sector. The two scores count equally, and the top 25% make the cut.

Stocks are weighted by how little their prices have swung, not by company size, so calmer stocks get larger weights. No region can stray more than 5% from its weight in the parent index. The index rebalances and refreshes its list quarterly. As of September 30, 2026, it held 173 securities from countries including China, Taiwan, India, Brazil, Malaysia, South Africa and Turkey.

The fund uses sampling. That means it holds a representative group of index stocks chosen by a statistical model rather than every stock. It may put up to 20% of its assets in other instruments, such as index futures, to stay fully invested. It held no derivatives as of June 30, 2026. Turnover was 101%, so the fund replaced about its whole portfolio in a year, and those trading costs are not part of the expense ratio.

• UEVM charges 0.45% a year, versus an average of 0.27% for the similar funds below (7th of 7, 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 $46 in the first year and $601 over 10 years (assuming a 5% annual return).

It is a small, higher-cost, factor-tilted emerging-markets fund that has dropped more than 25% in past selloffs, so it fits best as a modest add-on rather than a core holding.

UEVM could add emerging-market stocks with a value tilt and quarterly income. Its trailing yield was 3.23% as of October 27, 2026. It launched in 2017, so it has no 2008 record, but its later drops were steep. It lost 26.27% in the first quarter of 2020. In 2022 it fell 26.3% from peak to bottom and needed 17 months after the September 30, 2022 low to recover. Its worst calendar year in the prospectus was 2018, at -16.62%. Anyone who has to cash out shares after a drop like that turns a paper loss into a real one. Fees matter too: the 0.45% expense ratio is the highest among the similar funds compared. In the SEC's standard example, that comes to $601 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).