SCHEDULE A
to the
INVESTMENT ADVISORY AGREEMENT
between
VICTORY PORTFOLIOS II 

and
VICTORY CAPITAL MANAGEMENT INC.
Dated: May 21, 2015 

  

ETFs 

  

ETF Name                          

Fee1 

Last Approved 

Must Be Approved By 

VictoryShares US 500 Volatility Wtd ETF 

0.30% 

December 4, 2025 

December 31, 2026 

VictoryShares US 500 Enhanced Volatility Wtd ETF 

0.30% 

December 4, 2025 

December 31, 2026 

VictoryShares US EQ Income Enhanced Volatility Wtd ETF 

0.30% 

December 4, 2025 

December 31, 2026 

VictoryShares US Large Cap High Div Volatility Wtd ETF 

0.30% 

December 4, 2025 

December 31, 2026 

VictoryShares US Small Cap High Div Volatility Wtd ETF 

0.30% 

December 4, 2025 

December 31, 2026 

VictoryShares Dividend Accelerator ETF 

0.30% 

December 4, 2025 

December 31, 2026 

VictoryShares US Multi-Factor Minimum Volatility ETF 

0.30% 

December 4, 2025 

December 31, 2026 

VictoryShares Core Bond ETF 

0.30% 

December 4, 2025 

    December 31, 2026 

VictoryShares Core Short-Term Bond ETF 

0.25% 

December 4, 2025 

December 31, 2026 

VictoryShares Emerging Markets Value Momentum ETF 

0.30% 

December 4, 2025 

December 31, 2026 

VictoryShares International Value Momentum ETF 

0.25% 

December 4, 2025 

December 31, 2026 

VictoryShares US Small Mid Cap Value Momentum ETF 

0.15% 

December 4, 2025 

December 31, 2026 

VictoryShares US Value Momentum ETF 

0.15% 

December 4, 2025 

December 31, 2026 

VictoryShares Core Plus Intermediate Bond ETF 

0.35% 

December 4, 2025 

December 31, 2026 

VictoryShares Corporate Bond ETF 

0.35% 

December 4, 2025 

December 31, 2026 

VictoryShares WestEnd US Sector ETF 

0.40% 

December 4, 2025 

December 31, 2026 

VictoryShares Free Cash Flow ETF 

0.35% 

December 4, 2025 

December 31, 2026 

VictoryShares Small Cap Free Cash Flow ETF 

0.45% 

December 4, 2025 

December 31, 2026 

 

 

 

ETF Name 

Fee1 

Last Approved 

Must Be Approved By 

VictoryShares WestEnd Global Equity ETF 

0.52% 

December 4, 2025 

December 31, 2026 

VictoryShares WestEnd Dynamic Equity ETF* 

0.65% 

December 4, 2025 

December 31, 2026 

VictoryShares Free Cash Flow Growth ETF 

0.35% 

December 4, 2025 

December 31, 2026 

VictoryShares Free International Cash Flow ETF 

0.50% 

December 4, 2025 

December 31, 2026 

VictoryShares International Free Cash Flow Growth ETF 

0.50% 

December 4, 2025 

December 31, 2026 

VictoryShares Pioneer Asset-Based Income ETF 

0.55% 

December 4, 2025 

December 31, 2026 

VictoryShares Pioneer Equity Premium Income ETF* 

0.35% 

May 19, 2026 

December 31, 2027 

VictoryShares Pioneer Active Credit ETF* 

0.39% 

May 19, 2026 

December 31, 2027 

VictoryShares Pioneer Mortgage-Backed Securities ETF* 

0.15% 

May 19, 2026 

December 31, 2027 

VictoryShares Short-Duration Municipal ETF* 

0.15% 

May 19, 2026 

December 31, 2027 

VictoryShares Municipal High Yield ETF* 

0.30% 

May 19, 2026 

December 31, 2027 

  

Mutual Funds 

  

Name of Fund 

Fee1 

Last Approved 

Must Be Approved By 

Victory Market Neutral Income Fund 

0.35% 

December 4, 2025 

December 31, 2026 

  

   Current as of May 19, 2026 

* Pending launch - TBD 

  

 

 

  

VICTORY PORTFOLIOS II 

  

  

By: /S/ THOMAS DUSENBERRY 

         Name: Thomas Dusenberry

 

Title:   President 

  

  

  

Accepted: 

VICTORY CAPITAL MANAGEMENT INC. 

  

  

By: /S/ MICHAEL D. POLICARPO 

Name: Michael D. Policarpo II 

Title:   President, Chief Financial Officer and Chief Administrative Officer 

  

1 Expressed as a percentage of average daily net assets.  Note, however, that the Adviser shall have the right, but not the obligation, to voluntarily or contractually waive any portion of the advisory fee from time to time.  In addition, the Adviser may from time to time undertake in writing to limit the Funds’ total expenses for a definite period of time.