At a glance
USVM charges 0.22% a year, below the 0.27% average of the 8 funds most like it (the 4th cheapest of 9). It has $1.75B in assets, the 3rd largest of that group; it paid 1.89% of its price in distributions over the past 12 months, monthly. Over the past year it returned +18.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +22.6% a year. At its worst it fell 22.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 6.9% of the fund, out of 288 in all.
The short version
VictoryShares US Small Mid Cap Value Momentum ETF (USVM) tracks a Nasdaq index of about 290 U.S. small- and mid-sized companies that score well on two measures: cheapness (value) and recent price strength (momentum). It gives bigger weights to steadier stocks, not to the largest ones, so utilities such as Pinnacle West Capital and ONE Gas top its holdings. Its 0.22% expense ratio is below the 0.27% average of similar funds.
Price history
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USVM +18.7% 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 | |
|---|---|---|---|---|---|---|
| USVM official prospectus, to Dec 31, 2025 | — | +10.50% | — | +10.57% | — | +9.27% |
| USVM price data to Oct 27, 2026 | +17.8% | +18.7% | +22.6% | +10.1% | — | +16.1% |
- Over the year to Oct 27, 2026, USVM returned +18.7%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +10.1%.
- Its worst full calendar year was 2022 (-13.2%); its best was 2021 (+24.4%).
- The deepest fall in its price history was 25.3% (Nov 8, 2021 to Sep 26, 2022), recovered by Feb 12, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.8% | — |
| 2025 | +10.6% | +10.50% |
| 2024 | +16.6% | +16.63% |
| 2023 | +18.9% | +18.73% |
| 2022 | -13.2% | -13.24% |
| 2021 | +24.4% | +24.51% |
| 2020 | — | +11.61% |
| 2019 | — | +21.63% |
| 2018 | — | -9.27% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.2% over that stretch · deepest drop along the way 22.7%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6000 | |
| 2025 | $1.6800 | +15.1% |
| 2024 | $1.4600 | +23.7% |
| 2023 | $1.1800 | +32.0% |
| 2022 | $0.8942 | +78.8% |
| 2021 | $0.5000 |
What's inside
As of Jun 30, 2026, the fund held 288 securities; the ten largest made up 6.86% of assets. It also reported 4.23% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| PINNACLE WEST CAPITAL CORPORATION | 0.81% | |
| ONE GAS, INC. | 0.72% | |
| NEW JERSEY RESOURCES CORPORATION | 0.70% | |
| SOUTHWEST GAS HOLDINGS, INC. | 0.69% | |
| PORTLAND GENERAL ELECTRIC COMPANY | 0.68% | |
| AVISTA CORPORATION | 0.68% | |
| BROADSTONE NET LEASE, INC. | 0.68% | |
| ELLINGTON FINANCIAL INC. | 0.66% | |
| Spire Inc. | 0.63% | |
| GREIF, INC. | 0.62% | |
| AGNC INVESTMENT CORP. | 0.62% | |
| AXIS CAPITAL HOLDINGS LIMITED | 0.61% | |
| Apple Hospitality REIT, Inc. | 0.61% | |
| Otter Tail Corporation | 0.61% | |
| UNUM GROUP | 0.60% |
By country
United States 91.95%Bermuda 5.01%Ireland 0.86%Marshall Islands 0.57%Puerto Rico 0.5%By asset type
Stocks 99.24%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $98.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.07%, +1.12%, +5.70%.
How it works
USVM aims to match the Nasdaq Victory US Small Mid Cap Value Momentum Index, which Nasdaq, Inc. builds by fixed rules. The index starts with the Nasdaq US 1300 Small Mid Cap Index and drops the least-traded stocks. Each remaining stock gets a value score, based on ratios such as price to earnings, price to book value and price to operating cash flow. It also gets a momentum score, based on its price trend over the last six and 12 months (skipping the latest month) and adjusted for volatility. Each stock is scored only against others in its own sector. The two scores count equally, and the top 25% of stocks make the index.
Stocks whose prices have swung less in the past get larger weights. That spreads the money thinly. As of June 30, 2026, the 10 largest holdings made up just 6.86% of assets, led by Pinnacle West Capital at 0.81%. As of September 30, 2026, the index held 292 stocks, with company sizes from $1.0 billion to $15.3 billion.
The index is rebalanced and reconstituted every quarter. The fund's turnover was 106%, which means trading costs come on top of the expense ratio. The fund tries to hold every stock in the index. It may put up to 20% of assets in other instruments, such as index futures, to stay fully invested. It is not actively managed and takes no defensive steps when markets fall.
What it really costs
- USVM charges 0.22% a year, versus an average of 0.27% for the similar funds below (4th of 9, cheapest first).
- Of that, 0.15% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $23 in the first year and $280 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| USVM | $23 | $71 | $124 | $280 |
In a retirement portfolio
It adds a concentrated small- and mid-cap value and momentum tilt that has had sharp drops, so it works better alongside a broad core holding than in place of one.
USVM can add small- and mid-cap value stocks, which large-company index funds hold little of. The fund launched in 2017, so it has no 2008 record. In early 2020 it lost 32.02% in a single quarter. In the 2022 bear market it fell 22.7%. Its deepest drop in price data since June 2020 was 25.3%, from November 8, 2021 to September 26, 2022, and it took 16.6 months to recover, by February 12, 2024. Its worst calendar year was 2022, at −13.24%. Anyone who had to sell shares during a stretch like that would have locked in losses.
Income is modest: a trailing yield of 1.89%, paid monthly, as of October 27, 2026. The cost is low at 0.22% a year. 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
- Investors who want a low-cost tilt toward cheap, rising U.S. small- and mid-cap stocks, at 0.22% a year against a 0.27% peer average.
- Those who want money spread widely: the 10 largest of 288 holdings made up just 6.86% of assets as of June 30, 2026.
- Investors who want smaller-company exposure weighted toward steadier stocks, a rule that put utilities like ONE Gas and Southwest Gas near the top.
Look elsewhere if
- Anyone after the cheapest broad small-cap exposure: SPSM charges 0.03% and BKSE 0.04%, compared with USVM's 0.22%.
- Investors who can't stomach sharp drops: it lost 32.02% in early 2020 and 25.3% from November 2021 to September 2022.
- Those who want a stable, low-turnover portfolio: quarterly rebalancing produced 106% turnover, and holdings shift as value and momentum signals change.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| USVM this fund | — | 0.22% | $1.75B | +18.7% | +22.6% |
| DFAT Dimensional U.S. Targeted Value ETF | 32% | 0.28% | $14.47B | +25.9% | +18.2% |
| TPSC Timothy Plan US Small Cap Core ETF | 32% | 0.52% | $357.0M | +13.0% | +18.2% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 31% | 0.58% | $1.37B | +11.5% | +19.3% |
| JPSE JPMorgan Diversified Return U.S. Small Cap … | 25% | 0.29% | $591.2M | +15.9% | +18.0% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 25% | 0.15% | $248.2M | +17.1% | +18.9% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 24% | 0.29% | $12.0M | +16.0% | — |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 24% | 0.03% | $16.92B | +21.7% | +17.4% |
Questions investors ask
What stocks does USVM hold?
USVM holds U.S. small- and mid-sized companies picked by the Nasdaq Victory US Small Mid Cap Value Momentum Index. It owned 288 companies as of June 30, 2026. Steadier stocks get bigger weights, so utilities led the list: Pinnacle West Capital (0.81%), ONE Gas (0.72%), New Jersey Resources (0.70%), Southwest Gas (0.69%) and Portland General Electric (0.68%). The 10 largest holdings made up only 6.86% of assets.
What is the expense ratio of USVM?
USVM's expense ratio is 0.22% a year, according to the prospectus filed October 27, 2026. Of that, 0.15% is the management fee. That's below the 0.27% average of similar funds, but well above plain small-cap index funds such as SPSM at 0.03%. In the SEC's standard example, $10,000 earning 5% a year would cost about $23 in the first year and $280 over 10 years. Trading costs from its 106% turnover come on top.
Does USVM pay monthly dividends?
Yes. USVM pays distributions every month. In the 12 months to October 27, 2026, it paid about $2 per share, a trailing yield of 1.89%. The money comes from dividends on the stocks it holds, so payments can change from month to month and aren't guaranteed. The yield is modest because the fund picks stocks by value and momentum scores, not by dividend size.
How has USVM performed since launch?
According to the prospectus, USVM returned 10.5% in 2025. It averaged 10.57% a year over five years and 9.27% a year since its October 2017 launch, all as of December 31, 2025. Calendar-year results ranged from a 24.51% gain in 2021 to a 13.24% loss in 2022. Based on price, it was up 17.8% in 2026 through October 27 and 18.7% over the 12 months to that date.
What's the difference between USVM and DFAT?
The main differences are cost, size and recent returns. USVM charges 0.22% a year. DFAT, the Dimensional U.S. Targeted Value ETF, charges 0.28%. About 32% of their holdings overlap. DFAT is much larger, with about $14.5 billion in net assets as of July 31, 2026, against about $1.75 billion for USVM as of June 30, 2026. Over one year, DFAT returned 24.9% to October 29, 2026, and USVM 18.7% to October 27. Over three years, USVM led at 22.6% a year to DFAT's 19.8%.