VictoryShares US Multi-Factor Minimum

Volatility ETF
As of June 30, 2019

Offers exposure to large- and mid-cap U.S. stocks in a FUND CHARACTERISTICS

Ticker Symbol VSMV
portfolio that seeks to minimize volatility and maximize risk- Index Symbol NQVMVUS
adjusted returns. CUSIP 92647N691
IIV Ticker VSMV.IV
Primary Listing NASDAQ
Seeks to provide investment results that track the
Morningstar Category Large Value
performance of the Nasdaq Victory U.S. Multi-Factor Minimum Number of Holdings 69
Volatility Index before fees and expenses. Average Market Capitalization $200.2B
Average P/E Ratio 19.3
Standard Deviation 14.98%
About the Index Sharpe Ratio 0.81
R-Squared 96.19%
 Employs a two-step approach that aims to deliver superior risk-adjusted equity
returns, while seeking to minimize the overall portfolio volatility Risk characteristics are relative to the S&P 500®
Index for the one-year period where appropriate.
 Uses a screening model based on fundamental factors—such as earnings quality,
momentum, profitability, and valuation—to help identify stocks most likely to
outperform
 Seeks to minimize overall portfolio volatility by weighting stocks based on the
correlation of assets and a series of constraints
 Reconstitutes semi-annually

Why VSMV?
 Seeks to provide a smoother path to long-term capital appreciation
 For a next-generation approach to low-volatility investing, as stocks are selected
based on a multi-factor screening process, and then the portfolio is optimized with the
goal of minimizing volatility
 For a disciplined, low-cost exposure to core U.S. equities while seeking to minimize
overall portfolio risk
 Designed to be used as core portfolio or broad market replacement
SECTOR WEIGHTING (%) VSMV
 Communication Services 2.20
 Consumer Discretionary 8.58
 Consumer Staples 20.49
 Energy 1.48
 Financials 12.88
ABOUT VICTORYSHARES
 Health Care 13.91
VictoryShares is a specialist ETF provider with a  Industrials 12.30
focus on rules-based solutions that seek to bridge the  Information Technology 18.10
gap between active and passive. Our ETFs are  Materials –
brought to you by Victory Capital, an integrated multi-  Real Estate 8.85
boutique investment manager.  Utilities 0.79
 Cash 0.40
 Other 0.01

20190718-904302
 VictoryShares US Multi-Factor Minimum
Volatility ETF As of June 30, 2019

Market Cap Weighting Market Cap Weighting

Fund Top 10 Holdings ($B) (%) Fund Bottom 10 Holdings ($B) (%)
Microsoft Corporation 1026.9 6.40 F5 Networks, Inc. 8.7 0.32
Apple Inc. 911.9 5.43 MAXIMUS, Inc. 4.6 0.31
Johnson & Johnson 369.9 3.75 Marsh & McLennan Companies, Inc. 50.6 0.28
Procter & Gamble Company 275.0 3.31 Home Depot, Inc. 229.0 0.26
Walmart Inc. 316.2 3.31 Encompass Health Corporation 6.3 0.24
Lockheed Martin Corporation 102.7 3.25 Medical Properties Trust, Inc. 6.8 0.22
PepsiCo, Inc. 184.1 3.20 Las Vegas Sands Corp. 45.7 0.22
Pfizer Inc. 240.7 2.90 Williams-Sonoma, Inc. 5.1 0.21
Waste Management, Inc. 49.0 2.82 Carnival Corporation 32.1 0.20
Hershey Company 27.2 2.80 Flowers Foods, Inc. 4.9 0.14

Since Expense Ratio

ANNUALIZED RATE OF RETURN (%) Inception
VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) Quarter YTD 1 Year 3 Year 5 Year Jun 22, 2017 Gross Net
Net Asset Value (NAV) 5.56 16.44 14.47 – – 13.45
0.74 0.35
Closing Market Price 5.48 16.30 14.29 – – 13.34
Indexes for Comparison (%)
Nasdaq Victory US Multi-Factor Minimum Volatility Index 5.68 16.67 14.89 – – –
S&P 500 Index 4.30 18.54 10.42 14.19 10.71 –

Past performance does not guarantee future results. The
performance data quoted represents past performance and current
returns may be lower or higher. The investment return and
principal value will fluctuate so that an investor’s shares, when
redeemed, may be worth more or less than the original cost. To
obtain performance information current to the most recent month-
end, please call the Fund at 866.376.7890.
ETF shares are bought and sold at market price (not NAV) and are not
individually redeemed from the Fund. The market price used to
calculate the Closing Market Price is the last trade as of the time that
the Fund’s NAV is calculated. If you trade your shares at another time,
your return may differ. Index performance is shown for illustrative
purposes only. It is not possible to invest directly in an unmanaged
index.

An investor should consider the Fund’s investment objectives,
risks, charges and expenses carefully before investing or sending
money. This and other important information about the Fund can
be found in the Fund’s prospectus, or, if applicable, the summary
prospectus. To obtain a copy, please visit
www.victorysharesliterature.com, call your Financial Advisor, or
call shareholder services at 866.376.7890. Please read the
prospectus carefully before investing.
Investing involves risk, including the potential loss of principal.
Strategies intended to hedge risk may be partly or wholly unsuccessful.
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 is not actively
managed and may be affected by a general decline in market segments
related to the Index. The Fund invests in securities included in, or
representative of securities included in, the Index, regardless of their
investment merits. The performance of the Fund may diverge from that
of the Index.
The Adviser has contractually agreed to waive a portion of its
management fee and/or reimburse certain expenses through at least
October 31, 2019. The Adviser is permitted to recoup fees
waived/expenses reimbursed for up to 3 years after the fiscal year in
which the waiver/reimbursement took place, subject to certain
limitations. Please read the prospectus for details.
Fund holdings and sector allocations are subject to change, may differ
from the Index, and should not be considered investment advice.
Standard deviation is applied to the annual rate of return of an
investment to measure the investment’s volatility. Investors also use it
as a gauge for the amount of expected volatility. R-squared values can
range from 0.00 to 1.00, with the market index at 1.00. Sharpe ratio is
the average return earned in excess of the risk-free rate per unit of
volatility or total risk. Price-to-earnings ratio (P/E ratio) is the ratio for
valuing a company that measures its current share price relative to its
per-share earnings. Multi-factor strategies combine several
academically accepted characteristics—such as momentum, quality,
value and growth, among others—in an investment strategy in an effort
to achieve more consistent performance over time. The S&P 500® Index
is a market capitalization-weighted index that measures the
performance of the common stocks of 500 leading U.S. companies.
VictoryShares ETFs are distributed by Foreside Fund Services, LLC.
Victory Capital Management Inc. is the adviser to the VictoryShares
ETFs. Victory Capital is not affiliated with Foreside Fund Services, LLC.
Nasdaq is a registered trademark of Nasdaq, Inc. and its affiliates
(together, “Nasdaq”) and is licensed for use by Victory Capital. The
product(s) are not issued, endorsed, sold, or promoted by Nasdaq.
Nasdaq makes no warranties as to the legality or suitability of, and
bears no liability for, the product(s).
NOT A DEPOSIT  NOT FDIC OR NCUA INSURED  MAY LOSE
VALUE  NO BANK OR CREDIT UNION GUARANTEE
©2019 Victory Capital Management Inc.
V17.249 // 2Q 2019 VS VSMV FS

www.victoryshares.com // 800.991.8191
20190718-904302