VictoryShares US Large Cap High Div Volatility Wtd ETF - VCM

VictoryShares US Large Cap High Div Volatility Wtd ETF

As of June 30, 2023

Offers exposure to dividend-yielding, large-cap U.S. stocks without subjecting investors to the inherent limitations of traditional market-cap or yield weighting.

Seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index before fees and expenses.

Nasdaq Victory Volatility Weighting Methodology

Combines fundamental criteria and volatility w eighting w hich may help to provide portfolio diversification and serve as an alternative to traditional cap-w eighted indexing strategies.

About the Index

Selects the highest 100 dividend-yielding stocks in the Nasdaq Victory US Large Cap

500 Volatility Weighted Index, w hich first;

Screens for profitability--Must have positive earnings across the last 12

months

Selects the largest 500 stocks by market capitalization Weights stocks based on risk/volatility (standard deviation over the last 180 trading

days)

Reconstitutes tw ice a year (March and September)

FUND CHARACTERISTICS Ticker Symbol Index Symbol CUSIP IIV Ticker Primary Listing Morningstar Category Number of Holdings Average Market Capitalization Average P/E Ratio Standard Deviation Sharpe Ratio R-Squared 30-Day SEC Yield Subsidized 30-Day SEC Yield Unsubsidized

CDL NQVWLDT 92647N865

CDL.IV NASDAQ Large Value

100 $66.5B

13.2 19.30%

0.34 95.12%

3.78% 3.78%

Risk characteristics are relative to the Russell 1000? Value Index for the five-year period where appropriate.

Why CDL?

To access some of the highest dividend-yielding, large-cap U.S. stocks that also have

positive earnings across the last 12 months

For a risk-w eighted investment approach that offers broad market exposure

ABOUT VICTORYSHARES

VictoryShares is a specialist ETF provider that offers a broad range of rules-based and active ETF solutions. Our ETFs are brought to you by Victory Capital, a global asset management firm.

SECTOR WEIGHTING (%)

Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Utilities Cash Other

CDL

5.01 4.48 12.19 8.69 17.72 9.90 4.85 8.50 4.22 23.63 0.78 0.02

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

20230727-3030086

VictoryShares US Large Cap High Div Volatility Wtd ETF As of June 30, 2023

Fund Top 10 Holdings

Market Cap Weighting

($B)

(%)

Fund Bottom 10 Holdings

Market Cap Weighting

($B)

(%)

Johnson & Johnson

430.1

1.96

Truist Financial Corporation

40.4

0.62

Kimberly-Clark Corporation

46.6

1.73

Blackstone Inc.

112.3

0.61

Coca-Cola Company

260.5

1.72

Citizens Financial Group, Inc.

12.6

0.60

Kellogg Company

23.1

1.48

Valero Energy Corporation

42.4

0.58

Southern Company International Business Machines Corporation CME Group Inc. Class A

Philip Morris International Inc.

Amgen Inc.

Consolidated Edison, Inc.

76.6

1.40

121.5

1.39

66.5

1.37

151.5

1.37

118.6

1.34

31.3

1.33

Comerica Incorporated Ally Financial Inc Devon Energy Corporation V.F. Corporation KeyCorp Paramount Global Class B

5.6

0.54

8.1

0.52

31.2

0.50

7.4

0.47

8.6

0.43

10.4

0.41

ANNUALIZED RATE OF RETURN (%) VictoryShares US Large Cap High Div Volatility Wtd ETF (CDL)

Quarter YTD 1 Year 3 Year 5 Year

Since Inception Jul 8, 2015

Expense Ratio Gross Net

Net Asset Value (NAV) Closing Market Price Indexes for Comparison (%) Nasdaq Victory US Lg Cap High Div 100 Vol Wtd Index Russell 1000? Value Index

-0.91 -2.59 0.86 16.28 8.09 -0.91 -2.67 0.72 16.33 8.07

-0.86 -2.47 1.19 16.75 8.48 4.07 5.12 11.54 14.30 8.11

9.58 9.57

? ?

0.40 0.35

Past performance does not guarantee future results. The If you trade your shares at another time, your return may differ. Returns performance data quoted represents past performance and current include reinvestment of dividends and capital gains. Performance for performance may be lower or higher. The investment return and periods greater than one year is annualized. Fee w aivers and/or expense principal value will fluctuate so that an investor's shares, when reimbursements were in place for some or all periods shown, w ithout redeemed, m ay be worth more or less than the original cost. To which, fund performance would have been lower. High, double-digit obtain performance inform ation current to the most recent month- returns are highly unusual and cannot be sustained. Investors should be end, visit . ETF shares are bought and sold at aw are that these returns were primarily achieved during favorable market market price (not NAV) and are not individually redeemed from the Fund. conditions. Net expense ratio reflects the contractual w aiver and/or Brokerage commissions w ill reduce returns. Market price returns are reimbursement of management fees through October 31, 2023. based on price of the last reported trade on the fund's primary exchange.

Carefully consider a fund's investment objectives, risks, charges movements in a benchmark index. Sharpe ratio is the average return

and expenses before investing. To obtain a prospectus or summary earned in excess of the risk-free rate per unit of volatility or total risk.

prospectus containing this and other important information, visit Standard deviation measures an investment's historical volatility,

w ww.prospectus. Read it carefully before investing.

calculated using the investment's annual rate of return. Subsidized yield

All investing involves risk, including the potential loss of principal. The Fund has the same risks as the underlying securities traded on the

exchange throughout the day. Redemptions are limited, and commissions

are often charged on each trade. ETFs may trade at a premium or discount to their net asset value. The Fund invests insecurities included

reflects fee waivers/reimbursements/limits in effect. 30 Day SEC yield is a standard yield calculation developed by the SEC for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest

in, or representative of securities included in, the Index, regardless of earned during the 30-day period, after the deduction of the fund's their investment merits. The performance of the Fund may diverge from expenses. It is sometimes referred to as "SEC 30-Day Yield" or that of the Index. Dividends are never guaranteed. The value of your "Standardized Yield."

investment is also subject to geopolitical risks such as wars, terrorism, The Russell 1000? Value Index is a market-capitalization-weighted index

environmental disasters, and public health crisis; the risk of technology that measures the performance of Russell 1000? Index companies with

malfunctions or disruptions; and the responses to such events by low er price-to-book ratios and low er forecasted growth rates.

governments and/or individual companies.

Nasdaq? and the Nasdaq Victory Indexes are registered trademarks of

Fund holdings and sector allocations are subject to change, may differ NASDAQ, Inc. (w hich with its affiliates is referred to as the "Corporations")

fromthe Index, and should not be considered investment advice.

and are licensed for use by Victory Capital Management Inc. The Fund(s)

Average Price/Earnings (P/E) Ratio is the current share price of a stock have not been passed on by the Corporations as to their legality or divided by its earnings per share. Market capitalization is the total dollar suitability. The Fund(s) are not issued endorsed, sold, or promoted by the value of all outstanding shares computed as number of shares times Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND

current market price. Market price is the price of the last reported trade BEAR NO LIABILITY WITH RESPECT TO THE FUND(S).

on a fund's primary exchange. Net asset value or NAV is a fund's Distributed by Foreside Fund Services, LLC (Foreside). Foreside is not

total assets minus its total liabilities, divided by the number of outstanding affiliated w ith Victory Capital Management Inc., the Fund's advisor.

shares. Premium/discount % indicates w hether an ETF is currently ?2023 Victory Capital Management Inc.

trading at a higher or lower price than the current value of the securities in that portfolio. R-squared is a statistical measure that represents the

V17.236 // 2Q 2023 VS CDL FS

percentage of a fund's or security's movements that can be explained by

w ww. // 800.991.8191

20230727-3030086

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