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table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">charge discounts if you and your immediate family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Investing with the Victory Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 16 of the Fund's Prospectus, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and from your financial intermediary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">charge discounts if you and your immediate family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in the Victory Funds.</span> 50000 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span> 0.0575 0 0 0 0.0100 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0035 0.0035 0.0025 0.0100 0.0000 0.0017 0.0045 0.0020 0.0077 0.0180 0.0055 -0.0001 -0.0029 -0.0014 0.0076 0.0151 0.0041 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;font-style:italic;">Choosing a Share Class.</span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 648 806 977 1473 254 538 948 1820 42 162 293 676 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.</span> 154 538 948 1820 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pursues its investment objective by implementing a proprietary, “market neutral” investment strategy designed to seek income from its investments while maintaining a low correlation to the foreign and domestic equity and bond markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund uses a multi-strategy approach. First, it seeks income from long positions in foreign and domestic dividend producing equity securities of any market capitalization size. Second, the Fund seeks to offset market risk by selling short high-correlating equity index futures contracts, such as the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index, Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or MSCI EAFE + Emerging Markets Indexes, or exchange-traded funds (“ETFs”) that track such indexes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks to offset the remaining market risk by investing in long futures positions in the Nasdaq-100</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index and short futures positions in the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index, or use similar strategies the Adviser deems appropriate and necessary under current market conditions. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Style Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Fund focuses on one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments. Additionally, the Fund’s performance may be more volatile when the Fund’s investments are focused in a particular sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Smaller-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag that of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivative instruments and strategies, including  futures and selling securities short, may not perfectly replicate direct investment in the security. Derivatives also entail exposure to counterparty credit risk, the risk of mispricing or improper valuation, and the risk that small price movements can result in substantial gains or losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Futures Contracts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities. The Fund intends to treat any income that it derives from direct investment in the futures contracts as “qualifying income” under the annual 90% gross income test the Fund must satisfy to qualify as a “regulated investment company” (“RIC”). If the Internal Revenue Service successfully challenges this position, the Fund could be disqualified as a RIC and taxed as a C corporation, which could have significant negative tax consequences on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Hedging Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Hedging is a strategy in which the Fund uses a derivative to offset the risks associated with other Fund holdings. There can be no assurance that the Fund's hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. The Fund is not required to use hedging and may choose not to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Using futures contracts to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Put Option Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. The Fund is also exposed to default by the option writer who may be unwilling or unable to perform its contractual obligations to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sold Options/Short Position Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund will incur a loss as a result of a sold option or a short position if the price of the sold option or short position instrument increases in value between the date the Fund sells the position and the date on which the Fund purchases an offsetting position. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class A Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">4.25%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-3.88%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">9.90%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0425 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0388 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0990 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0017 0.0203 0.0307 -0.0084 0.0059 0.0192 0.0071 0.0128 0.0218 0.0434 0.0244 0.0306 0.0654 0.0360 0.0401 0.0730 -0.0036 0.0201 0.0423 0.0323 0.0221 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Market Neutral Income Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Victory Market Neutral Income Fund's (the “Fund”) objective is high current income.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0000 0.0043 0.0078 -0.0022 0.0056 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 57 227 412 946 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pursues its investment objective by implementing a proprietary, “market neutral” investment strategy designed to seek income from its investments while maintaining a low correlation to the foreign and domestic equity and bond markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund uses a multi-strategy approach. First, it seeks income from long positions in foreign and domestic dividend producing equity securities of any market capitalization size. Second, the Fund seeks to offset market risk by selling short high-correlating equity index futures contracts, such as the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index, Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or MSCI EAFE + Emerging Markets Indexes, or exchange-traded funds (“ETFs”) that track such indexes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks to offset the remaining market risk by investing in long futures positions in the Nasdaq-100</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index and short futures positions in the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index, or use similar strategies the Adviser deems appropriate and necessary under current market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Style Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Fund focuses on one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments. Additionally, the Fund’s performance may be more volatile when the Fund’s investments are focused in a particular sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Smaller-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag that of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivative instruments and strategies, including  futures and selling securities short, may not perfectly replicate direct investment in the security. Derivatives also entail exposure to counterparty credit risk, the risk of mispricing or improper valuation, and the risk that small price movements can result in substantial gains or losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Futures Contracts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities. The Fund intends to treat any income that it derives from direct investment in the futures contracts as “qualifying income” under the annual 90% gross income test the Fund must satisfy to qualify as a “regulated investment company” (“RIC”). If the Internal Revenue Service successfully challenges this position, the Fund could be disqualified as a RIC and taxed as a C corporation, which could have significant negative tax consequences on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Hedging Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Hedging is a strategy in which the Fund uses a derivative to offset the risks associated with other Fund holdings. There can be no assurance that the Fund's hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. The Fund is not required to use hedging and may choose not to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Using futures contracts to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Put Option Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. The Fund is also exposed to default by the option writer who may be unwilling or unable to perform its contractual obligations to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sold Options/Short Position Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund will incur a loss as a result of a sold option or a short position if the price of the sold option or short position instrument increases in value between the date the Fund sells the position and the date on which the Fund purchases an offsetting position. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund’s Member Class shares over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. We assume reinvestment of dividends and distributions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class I shares, which are not offered by this Prospectus. The performance for Member Class shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">would have been substantially similar to the performance of Class I shares in prior periods because Member Class shares and Class I shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class I shares because Member Class shares have higher overall expenses than Class I shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance reflects any expense limitations in effect during the periods shown.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class I shares, which are not offered by this Prospectus. The performance for Member Class shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">would have been substantially similar to the performance of Class I shares in prior periods because Member Class shares and Class I shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class I shares because Member Class shares have higher overall expenses than Class I shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Member Class Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual returns in the bar chart are for the Fund’s Class I shares for all years prior to 2021. Member Class returns are presented for years after 2020.)</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">3.50%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2025</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-3.72%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">10.16%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0350 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0372 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1016 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0644 0.0344 0.0401 0.0532 0.0193 0.0278 0.0450 0.0236 0.0291 0.0730 -0.0036 0.0201 0.0423 0.0323 0.0221 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares US 500 Volatility Wtd ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares US 500 Volatility Wtd ETF (the “Fund”) seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Volatility Weighted Index (the “Index”) before fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0008 0.0038 -0.0003 0.0035 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 36 119 210 477 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index (the “Index”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The index is an unmanaged, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Provider is not affiliated with the Fund or the Adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities: </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings over the last twelve months. </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index’s constituent securities are determined.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index’s criteria. As of September 30, 2026, the Index had a market capitalization range from $4.0 billion to $5.5 trillion. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index (the “Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The index is an unmanaged, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the industrial sector.. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">diversified broadly over numerous industries or sectors.If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund's regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund's regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">19.65%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-24.63%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">6.06%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1965 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2463 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0606 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0842 0.0936 0.1131 0.0807 0.0900 0.1094 0.0521 0.0735 0.0931 0.1788 0.1442 0.1482 0.0882 0.0974 0.1170 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares US Large Cap High Div Volatility Wtd ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares US Large Cap High Div Volatility Wtd ETF (the “Fund”) seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index (the “Index”) before fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0008 0.0038 -0.0003 0.0035 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 36 119 210 477 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">42</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index (the “Index”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an unmanaged, volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Index Provider is not affiliated with the Fund or the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings over the last twelve months.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index’s criteria. As of September 30, 2026, the Index had a market capitalization range from $4.0 billion to $669.2 billion.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index (the “Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an unmanaged, volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Dividend Investment Strategy Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund’s dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the financials and utilities sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors.If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Utilities Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the utilities sector may be adversely affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact these companies. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to companies in the industrial sector. The utilities sector also can be significantly affected by financing difficulties, changes in taxation, natural resource conservation, and commodity price fluctuations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">18.17%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-30.00%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">10.75%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1817 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.3000 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1075 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0900 0.1148 0.1075 0.0812 0.1060 0.0989 0.0591 0.0903 0.0868 0.1788 0.1442 0.1482 0.1591 0.1133 0.1053 0.0944 0.1192 0.1116 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares US Small Cap High Div Volatility Wtd ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares US Small Cap High Div Volatility Wtd ETF (the “Fund”) seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index (the “Index”) before fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0009 0.0039 -0.0004 0.0035 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 36 121 215 489 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">62</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.62 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index (the “Index”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an unmanaged, volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Index Provider is not affiliated with the Fund or the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index universe begins with the stocks included in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index’s criteria. As of September 30, 2026, the Index had a market capitalization range from $1.8 billion to 8.7 billion.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index (the “Index”). </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an unmanaged, volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investments in small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, making it difficult </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">for a Fund to buy and sell them at the time and price desired, and these issuers often face greater business risks. Small-capitalization companies typically are less financially stable than larger, more established companies, and may depend on a small number of key personnel, making them vulnerable to loss of personnel. These companies also generally have less diverse product lines than larger capitalization companies and are more susceptible to adverse developments related to their products.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Dividend Investment Strategy Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund’s dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the financials and utilities sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors.If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Utilities Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the utilities sector may be adversely affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact these companies. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to companies in the industrial sector. The utilities sector also can be significantly affected by financing difficulties, changes in taxation, natural resource conservation, and commodity price fluctuations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">34.09%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-32.91%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">7.08%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.3409 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.3291 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0708 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0219 0.0696 0.0976 0.0133 0.0609 0.0883 0.0188 0.0538 0.0781 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 0.0262 0.0747 0.1020 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Dividend Accelerator ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Dividend Accelerator ETF (the “Fund”) seeks to provide investment results that track the performance of the Nasdaq Victory Dividend Accelerator Index (the “Index”) before fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0009 0.0039 -0.0004 0.0035 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 36 121 215 489 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">44</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.44 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Nasdaq Victory Dividend Accelerator Index (the “Index”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index utilizes a rules-based approach designed to identify </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend paying stocks with a higher likelihood of future dividend growth. The Index is maintained exclusively by Nasdaq, Inc. (the “Index Provider”)</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. The Index Provider is not affiliated with the Fund or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index (“Parent Index”), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index screens companies in the Parent Index using a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process to identify dividend paying companies with a higher probability of future dividend growth. Within this smaller set of companies, the Index weights the constituent securities using a methodology designed to maximize dividend growth, measured at a portfolio level, within established portfolio constraints (such as maximum weightings of index constituents and sectors). The Index is reconstituted every April and rebalanced quarterly (based on information as of the prior month-end).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Nasdaq Victory Dividend Accelerator Index (the “Index”). </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index utilizes a rules-based approach designed to identify </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend paying stocks with a higher likelihood of future dividend growth. The Index is maintained exclusively by Nasdaq, Inc. (the “Index Provider”)</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index (“Parent Index”), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index screens companies in the Parent Index using a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process to identify dividend paying companies with a higher probability of future dividend growth. Within this smaller set of companies, the Index weights the constituent securities using a methodology designed to maximize dividend growth, measured at a portfolio level, within established portfolio constraints (such as maximum weightings of index constituents and sectors). The Index is reconstituted every April and rebalanced quarterly (based on information as of the prior month-end).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Dividend Investment Strategy Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund’s dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the consumer staples and financials sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors.If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Consumer Staples Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, and product cycles. They are subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">government regulation affecting their products, which may negatively impact such companies' performance. Consumer staples companies depend heavily on disposable household income and consumer spending and may be adversely affected by changes impacting consumer spending. Companies in the consumer staples sector have historically been characterized as non-cyclical in nature and therefore less volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">15.25%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-19.13%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">8.11%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1525 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1913 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0811 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0658 0.0810 0.1091 0.0590 0.0756 0.1041 0.0436 0.0633 0.0887 0.1788 0.1442 0.1497 0.0698 0.0850 0.1131 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares US Multi-Factor Minimum Volatility ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares US Multi-Factor Minimum Volatility ETF (the “Fund”) seeks to provide investment results that track the performance of the Nasdaq Victory US Multi-Factor Minimum Volatility Index (the “Index”) before fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0011 0.0041 -0.0006 0.0035 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 36 126 224 512 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">55</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.55 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, The Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Nasdaq Victory US Multi-Factor Minimum Volatility Index (the “Index”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index utilizes a rules-based approach </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">designed to generate investment returns with less volatility than the broader U.S. market. The Index is maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Index Provider is not affiliated with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund or the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">T</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">he companies eligible for inclusion in the Index are derived from its starting universe, the mid- and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index (“Parent Index”), an index maintained by the Index Provider. The Parent Index consists of those U.S. companies with market caps representing the top 90% of the U.S. investable universe.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider considers a company to be a U.S. company if it is economically tied to the U.S. In general, a company is treated as being economically tied to the United States if: (1) the company is incorporated and domiciled in the U.S., (2) the company makes public filings with U.S. securities regulators, and (3) the company’s securities are listed on a U.S. exchange. In addition, the Index Provider treats companies that are incorporated in certain identified countries to benefit from tax, legal or other advantages, but which otherwise meet these requirements, as being economically tied to the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first ranking companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process to identify the companies that are most likely to outperform the broader U.S. market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index uses an optimization tool to weight the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents and sectors). The Index is reconstituted every April and October (based on information as of the prior month-end).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, The Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Nasdaq Victory US Multi-Factor Minimum Volatility Index (the “Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index utilizes a rules-based approach </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">designed to generate investment returns with less volatility than the broader U.S. market. The Index is maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">he companies eligible for inclusion in the Index are derived from its starting universe, the mid- and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index (“Parent Index”), an index maintained by the Index Provider. The Parent Index consists of those U.S. companies with market caps representing the top 90% of the U.S. investable universe.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider considers a company to be a U.S. company if it is economically tied to the U.S. In general, a company is treated as being economically tied to the United States if: (1) the company is incorporated and domiciled in the U.S., (2) the company makes public filings with U.S. securities regulators, and (3) the company’s securities are listed on a U.S. exchange. In addition, the Index Provider treats companies that are incorporated in certain identified countries to benefit from tax, legal or other advantages, but which otherwise meet these requirements, as being economically tied to the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first ranking companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process to identify the companies that are most likely to outperform the broader U.S. market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index uses an optimization tool to weight the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents and sectors). The Index is reconstituted every April and October (based on information as of the prior month-end).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the information technology sector. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may face more risks than if it were diversified broadly over numerous industries or sectors.If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Information Technology Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introductions, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">15.27%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-18.50%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">8.76%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1527 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1850 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0876 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.1670 0.1203 0.1184 0.1630 0.1160 0.1131 0.1013 0.0952 0.0959 0.1788 0.1442 0.1476 0.1682 0.1240 0.1221 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares US 500 Enhanced Volatility Wtd ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares US 500 Enhanced Volatility Wtd ETF (the “Fund”) seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index (the “Index”) before fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0008 0.0038 -0.0003 0.0035 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 36 119 210 477 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index (the “Index”). The Index is an unmanaged, volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term “Enhanced” in the Fund’s name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index follows a rules-based methodology to construct its constituent securities:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings across the last 12 months.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index’s constituent securities are determined.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index’s criteria. As of September 30, 2026, the Index had a market capitalization range from $4.0 billion to $5.5 trillion.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market by allocating a portion of the Index to cash or cash equivalents. Market decline is measured at month-end by reference to the Nasdaq Victory US Large Cap 500 Volatility Weighted Index (“Reference Index”), an unmanaged, volatility weighted index, which is composed of the same securities as in the Index but without any allocation to cash or cash equivalents.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A “significant market decline” means a decline of 10% or more from the Reference Index’s all-time daily high closing value compared to its most recent month-end closing value, during which the Index’s exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">During a period of significant market decline that is 10% or more but less than 20% (the “initial trigger point”), the Index will allocate 75% of the stocks included in the Index to cash or cash equivalents, with the remaining 25% consisting of stocks included in the Reference Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index will reallocate all or a portion of its cash or cash equivalents to stocks when the Reference Index reaches certain additional trigger points, measured at a subsequent month end, as follows: </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index will return to being 100% allocated to stocks if the subsequent month end closing value of the stocks in the Reference Index returns to a level that is less than the initial trigger point. </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If the Reference Index declines by 20% or more but less than 30% from its all-time daily high closing value as measured at a subsequent month end, the Index will reallocate an additional 25% to the stocks in the Reference Index at their current securities weightings and the Index will then be 50% allocated to stocks included in the Reference Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If the Reference Index declines by 30% or more but less than 40% from its all-time daily high closing value as measured at a subsequent month end, the Index will reallocate another 25% to the stocks of the Reference Index at their current securities weighting and the Index will then be 75% allocated to stocks included in the Reference Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If the Reference Index declines by 40% or more from its all-time daily high closing value as measured at a subsequent month end, the Index will reallocate the remaining 25% to the stocks in the Reference Index at their current securities weighting. At this point, the Index will be 100% allocated to stocks included in the Reference Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">During any periods of significant market decline, when the Index’s exposure to the market is less than 100%, the cash portion of the Index will be invested in 30-day U.S. Treasury bills or in money market mutual funds that primarily invest in short-term U.S. Treasury obligations.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund (“ETF”), that seeks to track the Index or the Reference Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index (the “Index”). The Index is an unmanaged, volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index follows a rules-based methodology to construct its constituent securities:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings across the last 12 months.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index’s constituent securities are determined.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index’s criteria. As of September 30, 2026, the Index had a market capitalization range from $4.0 billion to $5.5 trillion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund (“ETF”), that seeks to track the Index or the Reference Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — An investment company or similar vehicle (including an ETF) in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index/Defensive Positioning Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Because the Index’s allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index’s prescribed defensive strategy, if employed, will be successful in minimizing downside market risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk/Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry, or sector, unless that security is added to or removed, respectively, from the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the industrial sector.. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors.If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the Fund’s direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">15.14%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-14.66%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2018</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">6.06%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1514 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1466 2018-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0606 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0842 0.0543 0.0927 0.0807 0.0492 0.0884 0.0522 0.0415 0.0752 0.1788 0.1442 0.1482 0.0882 0.0586 0.0970 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares US EQ Income Enhanced Volatility Wtd ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares US EQ Income Enhanced Volatility Wtd ETF (the “Fund”) seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index (the “Index”) before fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0007 0.0037 -0.0002 0.0035 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 36 117 206 466 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">43</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.43 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index (the “Index”). The Index is an unmanaged, volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Index Provider is not affiliated with the Fund or the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term “Enhanced” in the Fund’s name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index follows a rules-based methodology to construct its constituent securities:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings over the last 12 months.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include less than 100 stocks depending on the number of companies meeting the Index’s criteria. As of September 30, 2026, the Index had a market capitalization range from $4.0 billion to $669.2 billion.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market by allocating a portion of the index to cash or cash equivalents. Market decline is measured at month-end by reference to the Nasdaq Victory US Large Cap 100 High Dividend Volatility Weighted Index (“Reference Index”), which is composed of the same securities as in the Index but without any allocation to cash.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A “significant market decline” means a decline of 8% or more from the Reference Index’s all-time daily high closing value compared to its most recent month-end closing value, during which the Index’s exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">During a period of significant market decline that is 8% or more but less than 16% (the “initial trigger point”), the Index will allocate 75% of the stocks included in the Index to cash or cash equivalents, with the remaining 25% consisting of stocks included in the Reference Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index will reallocate all or a portion of its cash or cash equivalents to stocks when the Reference Index reaches certain additional trigger points, measured at a subsequent month end, as follows: </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index will return to being 100% allocated to stocks if the subsequent month end closing value of the stocks in the Reference Index returns to a level that is less than the initial trigger point. </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If the Reference Index declines by 16% or more but less than 24% from its all-time daily high closing value as measured at a subsequent month end, the Index will reallocate an additional 25% to the stocks in the Reference Index at their current securities weightings and the Index will then be 50% allocated to stocks included in the Reference Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If the Reference Index declines by 24% or more but less than 32% from its all-time daily high </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">closing value as measured at a subsequent month end, the Index will reallocate another 25% to the stocks of the Reference Index at their current securities weighting and the Index will then be 75% allocated to stocks included in the Reference Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If the Reference Index declines by 32% or more from its all-time daily high closing value as measured at a subsequent month end, the Index will reallocate the remaining 25% to the stocks in the Reference Index at their current securities weighting. At this point, the Index will be 100% allocated to stocks included in the Reference Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">During any periods of significant market decline, when the Index’s exposure to the market is less than 100%, the cash portion of the Index will be invested in 30-day U.S. Treasury bills or in money market mutual funds that primarily invest in short-term U.S. Treasury obligations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund (“ETF”), that seeks to track the Index or the Reference Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) directly or indirectly in the securities included in the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index (the “Index”). The Index is an unmanaged, volatility weighted index maintained exclusively by Nasdaq, Inc. (the “Index Provider”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term “Enhanced” in the Fund’s name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index follows a rules-based methodology to construct its constituent securities:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings over the last 12 months.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include less than 100 stocks depending on the number of companies meeting the Index’s criteria. As of September 30, 2026, the Index had a market capitalization range from $4.0 billion to $669.2 billion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund (“ETF”), that seeks to track the Index or the Reference Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Dividend Investment Strategy Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund’s dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — An investment company or similar vehicle (including an ETF) in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index/Defensive Positioning Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Because the Index’s allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index’s prescribed defensive strategy, if employed, will be successful in minimizing downside market risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk/Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry, or sector, unless that security is added to or removed, respectively, from the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the financials and utilities sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors.If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Utilities Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the utilities sector may be adversely affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact these companies. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to companies in the industrial sector. The utilities sector also can be significantly affected by financing difficulties, changes in taxation, natural resource conservation, and commodity price fluctuations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the Fund’s direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund's regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund's regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">16.38%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2021</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-15.15%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">10.77%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1638 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1515 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1077 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0901 0.0780 0.0994 0.0813 0.0684 0.0905 0.0593 0.0596 0.0796 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 0.0944 0.0831 0.1041 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Core Plus Bond ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Core Plus Bond ETF (the “Fund”) seeks high current income without undue risk to principal.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0008 0.0043 -0.0003 0.0040 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 41 135 238 539 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">73</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.73 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Derivatives and other instruments that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">provide exposure to debt securities or have similar economic characteristics may be used to satisfy the Fund’s 80% policy. The effective duration of the Fund is generally within two years of that of the Bloomberg U.S. Aggregate Bond Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the Fund may invest include </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">government obligations (including U.S., state, and local governments, their agencies and instrumentalities); mortgage- and asset-backed securities (including collateralized debt obligations and collateralized mortgage obligations); corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Up to 65% of the Fund’s assets may be invested in corporate bonds. The Fund will invest primarily in investment-grade securities, but may invest up to 20% of its net assets in below-investment-grade securities, which are sometimes referred to as high-yield or “junk” bonds. The Fund may invest up to 20% of its net assets in U.S. dollar-denominated obligations of foreign and emerging market governments, corporations, and banks (i.e., Yankee Bonds). The Fund also may invest in securities not considered foreign securities that carry foreign credit exposure (e.g., any debt of a foreign company issued in U.S. dollars).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses a proprietary credit rating methodology in selecting investments for the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s credit rating methodology includes, in addition to the portfolio management team’s insights and experience, a number of proprietary credit rating models specific to asset class and industry categories. The Adviser uses these models to assess the credit risk of prospective securities for inclusion in the portfolio. The result of the credit assessment is the assignment of an internal credit rating. The same credit rating methodology is used both in initiating the prospective security’s internal credit rating and in the regular and periodic reviews conducted while the security is held.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In applying its investment process, the Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different asset classes, sectors, rating categories, structural characteristics, and issuers. Relative value trading is designed to take advantage of what the Adviser believes to be mispricing in the market and is intended to enhance the Fund’s returns, though it may increase the Fund’s portfolio turnover rate.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may use futures, including U.S. Treasury futures, to manage duration (e.g., the Adviser may buy or sell U.S. Treasury futures to bring the Fund’s duration closer to the duration of the Fund’s benchmark), increase or decrease its exposure to changing security prices or other factors that affect security values, enhance income, hedge against certain risks, or keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to a market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the Fund may invest include </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">government obligations (including U.S., state, and local governments, their agencies and instrumentalities); mortgage- and asset-backed securities (including collateralized debt obligations and collateralized mortgage obligations); corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses a proprietary credit rating methodology in selecting investments for the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s credit rating methodology includes, in addition to the portfolio management team’s insights and experience, a number of proprietary credit rating models specific to asset class and industry categories. The Adviser uses these models to assess the credit risk of prospective securities for inclusion in the portfolio. The result of the credit assessment is the assignment of an internal credit rating. The same credit rating methodology is used both in initiating the prospective security’s internal credit rating and in the regular and periodic reviews conducted while the security is held.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities or Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is subject to the risk that the market value of the bonds in the Fund’s portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond’s sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Fund may be subject to risks associated with rising interest rates. The fixed-income securities in the Fund’s portfolio also are subject to credit risk, which is the possibility that an issuer of a fixed-income security cannot make timely interest and principal payments on its securities or that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns and financial setbacks or liquidity events. The Fund’s value could be hurt by price declines due to actual or perceived changes in an issuer’s ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer’s continuing ability to pay principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Asset-Backed and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mortgage- and asset-backed securities (“MBS” or “ABS,” respectively) differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. MBS and ABS are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier than expected due to changes in prepayment rates on underlying loans. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund’s income. These securities also are subject to extension risk, which is the risk that the life of the ABS or MBS may be extended due to higher interest rates and lower prepayments. As a result, the value of the securities will decrease. The value of MBS can be impacted by factors affecting the housing market, and MBS also are subject to the risk of high default rates on the mortgages within the mortgage pool. The liquidity of non-agency or privately issued ABS or MBS securities, in particular those that are rated as non-investment grade, may change dramatically over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Sponsored Enterprises (“GSEs”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Securities issued by certain GSEs, such as MBS issued by the Government National Mortgage Association (“Ginnie Mae”), are backed by the full faith and credit of the U.S. government. Securities issued by other GSEs, such as Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”), are neither issued nor guaranteed by the U.S. Treasury. Rather, they are supported by the credit of the issuing agency, instrumentality or corporation. However, these securities typically have indirect support from the U.S. government through an ability to borrow from the U.S. Treasury, and the U.S. government is authorized to purchase the GSE’s obligations. If a GSE defaults on its obligations, the Fund might not be able to recover its investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with an index it may seek to track.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The amounts that the Fund receives as interest, sale proceeds or amounts received as a result of prepayment of asset-backed or mortgage-related securities may be reinvested at lower interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Effective November 1, 2023, the Fund’s investment strategy changed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">6.44%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-5.81%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-2.73%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0644 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0581 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> -0.0273 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0775 0.0096 0.0574 -0.0068 0.0455 0.0000 0.0730 -0.0010 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Corporate Bond ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Corporate Bond ETF (the “Fund”) seeks maximum current income without undue risk to principal.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0011 0.0046 -0.0006 0.0040 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 41 142 252 573 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">22</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.22 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in corporate bonds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Derivative and other instruments that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">provide exposure to corporate bonds or have similar economic characteristics may be used to satisfy the Fund’s 80% policy. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will invest primarily in investment-grade securities, but may invest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">up to 10% of its net assets in below-investment-grade corporate credit securities, which are sometimes referred to as high-yield or “junk” bonds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments in investment-grade securities include (a) securities rated or subject to a guarantee that is rated within the investment-grade categories listed by at least one of the major rating agencies (for example, Baa3 and above by Moody’s Investors Service, Inc. or BBB- and above by Standard &amp; Poor’s or Fitch), or (b) unrated securities determined by the Adviser to be of comparable quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest up to 20% of its assets in securities issued or guaranteed by the U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">government, its agencies and instrumentalities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 30% of its net assets in U.S. dollar-denominated obligations of foreign and emerging market governments, corporations, and banks (i.e., Yankee Bonds). The Fund also may invest in securities not considered foreign securities that carry foreign credit exposure (e.g., any debt of a foreign company issued in U.S. dollars).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses a proprietary credit rating methodology in selecting investments for the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s credit rating methodology includes, in addition to the portfolio management team’s insights and experience, a number of proprietary credit rating models specific to asset class and industry categories. The Adviser uses these models to assess the credit risk of prospective securities for inclusion in the portfolio. The result of the credit assessment is the assignment of an internal credit rating. The same credit rating methodology is used both in initiating the prospective security’s internal credit rating and in the regular and periodic reviews conducted while the security is held.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In applying its investment process, the Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different sectors, rating categories, structural characteristics, and issuers. Relative value trading is designed to take advantage of what the Adviser believes to be mispricing in the market and is intended to enhance the Fund’s returns, though it may increase the Fund’s portfolio turnover rate.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may use futures, including U.S. Treasury futures, to manage duration (e.g., the Adviser may buy or sell U.S. Treasury futures to bring the Fund’s duration closer to the duration of the Fund’s benchmark), increase or decrease its exposure to changing security prices or other factors that affect security values, enhance income, hedge against certain risks, or keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to a market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in corporate bonds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will invest primarily in investment-grade securities, but may invest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">up to 10% of its net assets in below-investment-grade corporate credit securities, which are sometimes referred to as high-yield or “junk” bonds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments in investment-grade securities include (a) securities rated or subject to a guarantee that is rated within the investment-grade categories listed by at least one of the major rating agencies (for example, Baa3 and above by Moody’s Investors Service, Inc. or BBB- and above by Standard &amp; Poor’s or Fitch), or (b) unrated securities determined by the Adviser to be of comparable quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser uses a proprietary credit rating methodology in selecting investments for the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s credit rating methodology includes, in addition to the portfolio management team’s insights and experience, a number of proprietary credit rating models specific to asset class and industry categories. The Adviser uses these models to assess the credit risk of prospective securities for inclusion in the portfolio. The result of the credit assessment is the assignment of an internal credit rating. The same credit rating methodology is used both in initiating the prospective security’s internal credit rating and in the regular and periodic reviews conducted while the security is held.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities or Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is subject to the risk that the market value of the bonds in the Fund’s portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond’s sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Fund may be subject to risks associated with rising interest rates. The fixed-income securities in the Fund’s portfolio also are subject to credit risk, which is the possibility that an issuer of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fixed-income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns and financial setbacks or liquidity events. The Fund’s value could be hurt by price declines due to actual or perceived changes in an issuer’s ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer’s continuing ability to pay principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The amounts that the Fund receives as interest, sale proceeds or amounts received as a result of prepayment of asset-backed or mortgage-related securities may be reinvested at lower interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with an index it may seek to track.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Effective November 1, 2023, the Fund’s investment strategy changed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">8.58%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-7.95%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-3.03%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0858 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0795 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> -0.0303 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0790 0.0017 0.0611 -0.0126 0.0464 -0.0050 0.0730 -0.0010 0.0777 0.0014 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Short-Term Bond ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Short-Term Bond ETF (the “Fund”) seeks high current income consistent with preservation of principal.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0025 0.0008 0.0033 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 34 106 185 418 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">40</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.40 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Derivative and other instruments that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">provide exposure to debt securities or have similar economic characteristics may be used to satisfy the Fund’s 80% policy. The effective duration of the Fund is generally within one year of that of the Bloomberg 1-3 Year Credit Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the Fund typically invests include a mix </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of government obligations (including U.S., state, and local governments, their agencies and instrumentalities); mortgage- and asset-backed securities (including collateralized debt obligations and collateralized mortgage obligations); corporate debt securities; and other securities believed to have debt-like characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund will invest primarily in investment-grade securities, but may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest up to 20% of its net assets in below-investment-grade securities, which sometimes are referred to as high-yield securities or “junk” bonds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 20% of its net assets in foreign debt securities, including non-U.S. dollar-denominated securities and securities of companies in emerging market countries (i.e., those that are in the early stages of their industrial cycles). The Fund also may invest in securities not considered foreign securities that carry foreign credit exposure.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may use futures, including U.S. Treasury futures, to manage duration, increase or decrease its exposure to changing security prices or other factors that affect security values, enhance income, hedge against certain risks, or keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to a market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser searches for securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity. The Adviser recognizes value by simultaneously analyzing the interaction of these factors among the securities available in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the Fund typically invests include a mix </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of government obligations (including U.S., state, and local governments, their agencies and instrumentalities); mortgage- and asset-backed securities (including collateralized debt obligations and collateralized mortgage obligations); corporate debt securities; and other securities believed to have debt-like characteristics.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser searches for securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity. The Adviser recognizes value by simultaneously analyzing the interaction of these factors among the securities available in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities or Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is subject to the risk that the market value of the bonds in the Fund’s portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond’s sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Fund may be subject to risks associated with rising interest rates. The fixed-income securities in the Fund’s portfolio also are subject to credit risk, which is the possibility that an issuer of a fixed-income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns and financial setbacks or liquidity events. The Fund’s value could be hurt by price declines due to actual or perceived changes in an issuer’s ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer’s continuing ability to pay principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Asset-Backed and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mortgage- and asset-backed securities (“MBS” or “ABS,” respectively) differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. MBS and ABS are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier than expected due to changes in prepayment rates on underlying loans. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund’s income. These securities also are subject to extension risk, which is the risk that the life of the ABS or MBS may be extended due to higher interest rates and lower prepayments. As a result, the value of the securities will decrease. The value of MBS can be impacted by factors affecting the housing market, and MBS also are subject to the risk of high default rates on the mortgages within the mortgage pool. The liquidity of non-agency or privately issued ABS or MBS securities, in particular those that are rated as non-investment grade, may change dramatically over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Sponsored Enterprises (“GSEs”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Securities issued by certain GSEs, such as MBS issued by the Government National Mortgage Association (“Ginnie Mae”), are backed by the full faith and credit of the U.S. government. Securities issued by other GSEs, such as Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”), are neither issued nor guaranteed by the U.S. Treasury. Rather, they are supported by the credit of the issuing agency, instrumentality or corporation. However, these securities typically have indirect support from the U.S. government through an ability to borrow from the U.S. Treasury, and the U.S. government is authorized to purchase the GSE’s obligations. If a GSE defaults on its obligations, the Fund might not be able to recover its investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with an index it may seek to track.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Regulatory Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is subject to regulatory risk, which is the risk that legislative, regulatory, or tax policies or developments may have an adverse impact on the value of the Fund’s investments and the Fund’s NAV.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance information for the Fund prior to July 1, 2019, reflects the historical performance of the USAA Core Short-Term Bond ETF, a series of USAA ETF Trust (the predecessor to the Fund managed by USAA Asset Management Company) (the “Predecessor Fund”). The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">4.84%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-2.37%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">1.28%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0484 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0237 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0128 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0612 0.0340 0.0349 0.0413 0.0185 0.0214 0.0359 0.0192 0.0209 0.0730 -0.0036 0.0176 0.0582 0.0246 0.0274 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Core Intermediate Bond ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Core Intermediate Bond ETF (the “Fund”) seeks high current income without undue risk to principal.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0007 0.0037 -0.0012 0.0025 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 26 107 196 456 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">28</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.28 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Derivative and other instruments that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">provide exposure to debt securities or have similar economic characteristics may be used to satisfy the Fund’s 80% policy. The effective duration of the Fund is generally within two years of that of the Bloomberg U.S. Aggregate Bond Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the Fund typically invests include </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">a mix of government obligations (including U.S., state, and local governments, their agencies and instrumentalities); mortgage- and asset-backed securities (including collateralized debt obligations and collateralized mortgage obligations); corporate debt securities; and other securities believed to have debt-like characteristics. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will invest at least 35% of its net assets in government </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations under normal circumstances. The Fund will invest primarily in investment-grade securities, but may invest up to 5% of its net assets in below-investment-grade securities, which sometimes are referred to as high-yield securities or “junk” bonds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 20% of its net assets in foreign debt securities, including non-U.S. dollar- denominated securities and securities of companies in emerging market countries (i.e., those that are in the early stages of their industrial cycles). The Fund also may invest in securities not considered foreign securities that carry foreign credit exposure.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may use futures, including U.S. Treasury futures, to manage duration, increase or decrease its exposure to changing security prices or other factors that affect security values, enhance income, hedge against certain risks, or keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to a market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser searches for securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity. The Adviser recognizes value by simultaneously analyzing the interaction of these factors among the securities available in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the Fund typically invests include </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">a mix of government obligations (including U.S., state, and local governments, their agencies and instrumentalities); mortgage- and asset-backed securities (including collateralized debt obligations and collateralized mortgage obligations); corporate debt securities; and other securities believed to have debt-like characteristics. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser searches for securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity. The Adviser recognizes value by simultaneously analyzing the interaction of these factors among the securities available in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities or Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is subject to the risk that the market value of the bonds in the Fund’s portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond’s sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Fund may be subject to risks associated with rising interest rates. The fixed-income securities in the Fund’s portfolio also are subject to credit risk, which is the possibility that an issuer of a fixed-income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns and financial setbacks or liquidity events. The Fund’s value could be hurt by price declines due to actual or perceived changes in an issuer’s ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer’s continuing ability to pay </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Asset-Backed and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mortgage- and asset-backed securities (“MBS” or “ABS,” respectively) differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. MBS and ABS are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier than expected due to changes in prepayment rates on underlying loans. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund’s income. These securities also are subject to extension risk, which is the risk that the life of the ABS or MBS may be extended due to higher interest rates and lower prepayments. As a result, the value of the securities will decrease. The value of MBS can be impacted by factors affecting the housing market, and MBS also are subject to the risk of high default rates on the mortgages within the mortgage pool. The liquidity of non-agency or privately issued ABS or MBS securities, in particular those that are rated as non-investment grade, may change dramatically over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Sponsored Enterprises (“GSEs”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Securities issued by certain GSEs, such as MBS issued by the Government National Mortgage Association (“Ginnie Mae”), are backed by the full faith and credit of the U.S. government. Securities issued by other GSEs, such as Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”), are neither issued nor guaranteed by the U.S. Treasury. Rather, they are supported by the credit of the issuing agency, instrumentality or corporation. However, these securities typically have indirect support from the U.S. government through an ability to borrow from the U.S. Treasury, and the U.S. government is authorized to purchase the GSE’s obligations. If a GSE defaults on its obligations, the Fund might not be able to recover its investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with an index it may seek to track.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Regulatory Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is subject to regulatory risk, which is the risk that legislative, regulatory, or tax policies or developments may have an adverse impact on the value of the Fund’s investments and the Fund’s NAV.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance information for the Fund prior to July 1, 2019, reflects the historical performance of the USAA Core Intermediate-Term Bond ETF, a series of USAA ETF Trust (the predecessor to the Fund managed by USAA Asset Management Company) (the “Predecessor Fund”). The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Bloomberg U.S. Aggregate Bond Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">6.64%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-5.75%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-2.86%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0664 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0575 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> -0.0286 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.0739 0.0025 0.0240 0.0562 -0.0099 0.0115 0.0434 -0.0035 0.0130 0.0730 -0.0036 0.0176 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares US Value Momentum ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares US Value Momentum ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory US Value Momentum Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0015 0.0009 0.0024 -0.0004 0.0020 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 20 73 131 302 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">101</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.01 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Nasdaq, Inc. (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity securities of large-capitalization U.S. issuers within the Nasdaq US 500 Large Cap Index (the “Parent Index”) that have higher exposure to value and momentum factors, while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization-weighted indexes. The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g., price-to-earnings, share price-to-book value, and price to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. A momentum score is calculated using a security’s price trends over the last six months and last 12 months (except the previous month), adjusted for volatility. A security is only evaluated within a single sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider ranks each stock of the Parent Index based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock’s value and momentum score. The Index Provider then selects the top 25% of the ranked stocks of the Parent Index based on their composite scores for inclusion in the Index. The constituents are weighted such that securities with lower realized volatility are given higher Index weights. The Index rebalances quarterly, and is reconstituted quarterly. As of September 30, 2026, the Index included 125 securities, and the market capitalization of the issuers in the Index ranged from $10.4 billion to $2.0 trillion. The number of securities and range may change from time to time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, which the Adviser believes will help the Fund track the Index. Such instruments may include derivatives, including index futures, which the Fund may use for cash management (attempting to remain fully invested while maintaining liquidity) or to gain exposure to an investment in a manner other than investing in the asset directly.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity securities of large-capitalization U.S. issuers within the Nasdaq US 500 Large Cap Index (the “Parent Index”) that have higher exposure to value and momentum factors, while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization-weighted indexes. The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g., price-to-earnings, share price-to-book value, and price to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. A momentum score is calculated using a security’s price trends over the last six months and last 12 months (except the previous month), adjusted for volatility. A security is only evaluated within a single sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider ranks each stock of the Parent Index based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock’s value and momentum score. The Index Provider then selects the top 25% of the ranked stocks of the Parent Index based on their composite scores for inclusion in the Index. The constituents are weighted such that securities with lower realized volatility are given higher Index weights. The Index rebalances quarterly, and is reconstituted quarterly. As of September 30, 2026, the Index included 125 securities, and the market capitalization of the issuers in the Index ranged from $10.4 billion to $2.0 trillion. The number of securities and range may change from time to time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Momentum investing entails investing more in securities that exhibit persistence in relative performance evidenced by better recent price performance compared to other securities. These securities may be more volatile than a broad cross-section of securities, and momentum may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an indicator that a security’s price is peaking. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance information for the Fund prior to July 1, 2019, reflects the historical performance of the USAA MSCI USA Value Momentum Blend Index ETF, a series of USAA ETF Trust (the predecessor to the Fund managed by USAA Asset Management Company) (the “Predecessor Fund”). The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">18.55%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-28.28%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">13.51%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1855 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2828 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1351 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.1578 0.1273 0.0952 0.1523 0.1225 0.0905 0.0965 0.1009 0.0760 0.1737 0.1359 0.1432 0.1732 0.1380 0.1460 0.1609 0.1609 0.1303 0.1017 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares US Small Mid Cap Value Momentum ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares US Small Mid Cap Value Momentum ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory US Small Mid Cap Value Momentum Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0015 0.0007 0.0022 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 23 71 124 280 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">106</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.06 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Nasdaq, Inc. (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is comprised solely of securities issued by U.S. small- and mid-capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity securities of small- and mid-capitalization U.S. issuers within the Nasdaq US 1300 Small Mid Cap Index (the “Parent Index”) that have higher exposure to value and momentum factors while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization weighted indexes. The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g., price to earnings, share price to book value, and price to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. A momentum score is calculated using a security’s price trends over the last six months and last 12 months (except the previous month), adjusted for volatility. A security is only evaluated within a single industry or sector. A liquidity filter is applied to screen out securities with low liquidity. Securities generally are filtered by selecting the top 90% by count of securities in the Parent Index, based on the highest 12-month annualized traded value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider ranks each stock of the Parent Index based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock’s value and momentum score. The Index Provider then selects the top 25% of the ranked stocks of the Parent Index based on their composite scores for inclusion in the Index. The constituents are weighted such that securities with lower realized volatility are given higher Index weights. The Index rebalances quarterly, and is reconstituted quarterly. As of September 30, 2026, the Index included 292 securities, and the market capitalization of the issuers in the Index ranged from $1.0 billion to $15.3 billion. The number of securities and range may change from time to time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, which the Adviser believes will help the Fund track the Index. Such instruments may include derivatives, including index futures, which the Fund may use for cash management (attempting to remain fully invested while maintaining liquidity) or to gain exposure to an investment in a manner other than investing in the asset directly.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is comprised solely of securities issued by U.S. small- and mid-capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity securities of small- and mid-capitalization U.S. issuers within the Nasdaq US 1300 Small Mid Cap Index (the “Parent Index”) that have higher exposure to value and momentum factors while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization weighted indexes. The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g., price to earnings, share price to book value, and price to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. A momentum score is calculated using a security’s price trends over the last six months and last 12 months (except the previous month), adjusted for volatility. A security is only evaluated within a single industry or sector. A liquidity filter is applied to screen out securities with low liquidity. Securities generally are filtered by selecting the top 90% by count of securities in the Parent Index, based on the highest 12-month annualized traded value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider ranks each stock of the Parent Index based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock’s value and momentum score. The Index Provider then selects the top 25% of the ranked stocks of the Parent Index based on their composite scores for inclusion in the Index. The constituents are weighted such that securities with lower realized volatility are given higher Index weights. The Index rebalances quarterly, and is reconstituted quarterly. As of September 30, 2026, the Index included 292 securities, and the market capitalization of the issuers in the Index ranged from $1.0 billion to $15.3 billion. The number of securities and range may change from time to time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investments in small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, making it difficult for a Fund to buy and sell them at the time and price desired, and these issuers often face greater business risks. Small-capitalization companies typically are less financially stable than larger, more established companies, and may depend on a small number of key personnel, making them vulnerable to loss of personnel. These companies also generally have less diverse product lines than larger capitalization companies and are more susceptible to adverse developments related to their products.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Momentum investing entails investing more in securities that exhibit persistence in relative performance evidenced by better recent price performance compared to other securities. These securities may be more volatile than a broad cross-section of securities, and momentum may be an indicator that a security’s price is peaking. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the health care sector. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Health Care Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the health care sector may be adversely affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, product obsolescence, industry innovation, changes in technologies, and other market developments. Companies in the health care sector are heavily dependent on patent protection and the expiration of patents may adversely affect these companies. Many of these companies are subject to extensive litigation based on product liability and similar claims. These companies are subject to competitive forces that may make it difficult to raise prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance information for the Fund prior to July 1, 2019, reflects the historical performance of the USAA MSCI USA Small Cap Value Momentum Blend Index ETF, a series of USAA ETF Trust (the predecessor to the Fund managed by USAA Asset Management Company) (the “Predecessor Fund”). The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">24.20%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-32.02%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">14.54%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2420 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.3202 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1454 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.1050 0.1057 0.0927 0.0986 0.1011 0.0877 0.0642 0.0827 0.0732 0.1715 0.1315 0.1392 0.0978 0.1090 0.1090 0.1120 0.1017 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares International Value Momentum ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares International Value Momentum ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory International Value Momentum Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0025 0.0013 0.0038 -0.0003 0.0035 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 36 119 210 477 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">96</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.96 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index, depositary receipts on securities in the Index, and securities underlying depositary receipts in the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Nasdaq, Inc. (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity market performance in non-U.S. developed markets and provide higher exposure to value and momentum factors within the Nasdaq Developed Markets ex United States Large Mid Cap Index (the “Parent Index”) while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization weighted indexes. The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g., price to earnings, share price to book value, and price to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. A momentum score is calculated using a security’s price trends over the last six months and last 12 months (except the previous month), adjusted for volatility. A security is only evaluated within a single industry or sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider ranks each component of the Parent Index based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock’s value and momentum score. The Index Provider then selects the top 25% of the ranked stocks of the Parent Index based on their composite scores for inclusion in the Index. The constituents are weighted such that securities with lower realized volatility are given higher Index weights. The Index rebalances quarterly, and is reconstituted quarterly. In order to limit over weighting, the Index has a defined threshold of 5% relative to the Parent Index in geographic regions, as defined by the Index Provider. As of September 30, 2026, the Index included 197 securities, and the Index provided exposure to the following countries: Australia, Austria, Canada, China, Denmark, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, Norway, Singapore, South Korea, Spain, Sweden, Switzerland, and the United Kingdom. The number of securities and the countries to which the Index provides exposure may change from time to time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is comprised of equity securities, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a “sampling” process to invest in a representative sample of stocks included in the Index. The Fund’s portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, which the Adviser believes will help the Fund track the Index. Such instruments may include derivatives, including index futures, which the Fund may use for cash management (attempting to remain fully invested while maintaining liquidity) or to gain exposure to an investment in a manner other than investing in the asset directly.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index, depositary receipts on securities in the Index, and securities underlying depositary receipts in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity market performance in non-U.S. developed markets and provide higher exposure to value and momentum factors within the Nasdaq Developed Markets ex United States Large Mid Cap Index (the “Parent Index”) while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization weighted indexes. The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g., price to earnings, share price to book value, and price to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. A momentum score is calculated using a security’s price trends over the last six months and last 12 months (except the previous month), adjusted for volatility. A security is only evaluated within a single industry or sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider ranks each component of the Parent Index based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock’s value and momentum score. The Index Provider then selects the top 25% of the ranked stocks of the Parent Index based on their composite scores for inclusion in the Index. The constituents are weighted such that securities with lower realized volatility are given higher Index weights. The Index rebalances quarterly, and is reconstituted quarterly. In order to limit over weighting, the Index has a defined threshold of 5% relative to the Parent Index in geographic regions, as defined by the Index Provider. As of September 30, 2026, the Index included 197 securities, and the Index provided exposure to the following countries: Australia, Austria, Canada, China, Denmark, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, Norway, Singapore, South Korea, Spain, Sweden, Switzerland, and the United Kingdom. The number of securities and the countries to which the Index provides exposure may change from time to time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is comprised of equity securities, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Geographic Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Index focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region. For example, the Fund may be subject to greater risk of adverse securities markets, exchange rates, social, political, regulatory, economic, business, environmental or other developments, or natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investments in foreign currencies and in securities that trade in, or receive revenues in, or in derivatives that provide exposure to foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention (or the failure to intervene) by governments, central banks or supranational entities; the imposition of currency controls; or other political developments in the United States or abroad.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Depositary Receipts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may trade in the form of depositary receipts, which include ADRs and GDRs (collectively “Depositary Receipts”). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, the Fund may not be aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts depends on the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in Depositary Receipts may be less liquid and more volatile than the underlying securities in their primary trading market.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If a Depositary Receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the Depositary Receipt and the underlying security.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Holders of Depositary Receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of Depositary Receipts may differ from the prices of securities upon which they are based.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests in Depositary Receipts based on securities included in the Index, such differences in prices may increase index tracking risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Capitalization and Small-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. The Fund’s use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sampling Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s use of a representative sampling approach, if used, could result in it holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Momentum investing entails investing more in securities that exhibit persistence in relative performance evidenced by better recent price performance compared to other securities. These securities may be more volatile than a broad cross-section of securities, and momentum may be an indicator that a security’s price is peaking. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the financials sector. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The MSCI All-Country World Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance information for the Fund prior to July 1, 2019, reflects the historical performance of the USAA MSCI USA International Value Momentum Blend Index ETF, a series of USAA ETF Trust (the predecessor to the Fund managed by USAA Asset Management Company) (the “Predecessor Fund”). The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. The Fund compares its performance to the Nasdaq Victory International Value Momentum Index, but previously compared its performance to the MSCI World Ex USA Index. The change of index reflects a change in the Investment Manager’s benchmark index across a broad range of similar strategies and products managed by the Investment Manager.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The MSCI All-Country World Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">16.95%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-25.33%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">19.32%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1695 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2533 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1932 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.4443 0.1150 0.0673 0.4288 0.1046 0.0590 0.2696 0.0890 0.0517 0.2234 0.1119 0.1102 0.3380 0.0915 0.0759 0.4501 0.4501 0.1202 0.0752 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Emerging Markets Value Momentum ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Emerging Markets Value Momentum ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory Emerging Market Value Momentum Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0018 0.0048 -0.0003 0.0045 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 46 151 266 601 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">101</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.01 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index, depositary receipts on securities in the Index, and securities underlying depositary receipts in the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Nasdaq, Inc. (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology. The Index is comprised solely of securities issued by companies associated with emerging market countries as described more fully below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity market performance in the global emerging markets and provide higher exposure to value and momentum factors within the Nasdaq Emerging Market Large Mid Cap Index (the “Parent Index”) while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization weighted indexes. A liquidity filter is applied to screen out securities with low liquidity. Securities generally are filtered by selecting the top 90% by count of securities in the Parent Index, based on the highest 12-month annualized traded value. The Index Provider determines whether an issuer is located in a particular country by reference to the Index methodology.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g., price to earnings, share price to book value, and price to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. A momentum score is calculated using a security’s price trends over the last six months and last 12 months (except the previous month), adjusted for volatility. A security is only evaluated within a single industry or sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider ranks each stock of the Parent Index based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock’s value and momentum score. The Index Provider then selects the top 25% of the ranked stocks of the Parent Index based on their composite scores for inclusion in the Index. The constituents are weighted such that securities with lower realized volatility are given higher Index weights. In order to limit over weighting, the Index has a defined threshold of 5% relative to the Parent Index in geographic regions, as defined by the Index Provider.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is comprised of equity securities, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As of September 30, 2026, the Index included 173 securities, and the emerging market countries represented in the Index included: Brazil, Chile, China, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Poland, South Africa, Taiwan, Thailand, and Turkey. The number of securities and the emerging markets represented in the Index may change from time to time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a “sampling” process to invest in a representative sample of stocks included in the Index. The Fund’s portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, which the Adviser believes will help the Fund track the Index. Such instruments may include derivatives, including index futures, which the Fund may use for cash management (attempting to remain fully invested while maintaining liquidity) or to gain exposure to an investment in a manner other than investing in the asset directly.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time. The Index will rebalance quarterly, and reconstituted quarterly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index, depositary receipts on securities in the Index, and securities underlying depositary receipts in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity market performance in the global emerging markets and provide higher exposure to value and momentum factors within the Nasdaq Emerging Market Large Mid Cap Index (the “Parent Index”) while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization weighted indexes. A liquidity filter is applied to screen out securities with low liquidity. Securities generally are filtered by selecting the top 90% by count of securities in the Parent Index, based on the highest 12-month annualized traded value. The Index Provider determines whether an issuer is located in a particular country by reference to the Index methodology.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g., price to earnings, share price to book value, and price to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. A momentum score is calculated using a security’s price trends over the last six months and last 12 months (except the previous month), adjusted for volatility. A security is only evaluated within a single industry or sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider ranks each stock of the Parent Index based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock’s value and momentum score. The Index Provider then selects the top 25% of the ranked stocks of the Parent Index based on their composite scores for inclusion in the Index. The constituents are weighted such that securities with lower realized volatility are given higher Index weights. In order to limit over weighting, the Index has a defined threshold of 5% relative to the Parent Index in geographic regions, as defined by the Index Provider.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As of September 30, 2026, the Index included 173 securities, and the emerging market countries represented in the Index included: Brazil, Chile, China, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Poland, South Africa, Taiwan, Thailand, and Turkey. The number of securities and the emerging markets represented in the Index may change from time to time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time. The Index will rebalance quarterly, and reconstituted quarterly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">China Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in Chinese issuers involves risks closely tied to the economic, social, and political conditions within China. The Chinese economy may experience slower growth if domestic or global demand for Chinese goods decreases significantly and/or key trading partners implement protectionist measures such as trade tariffs. China’s economy is also susceptible to economic recession, market inefficiency, rising inflation rates, volatility and pricing anomalies that may be connected to governmental influence, a lack of public information and/or social and political instability. The Chinese government plays a major role in the country’s economic policies including those regarding foreign investments and foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments, and the repatriation of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Geographic Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Index focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region. For example, the Fund may be subject to greater risk of adverse securities markets, exchange rates, social, political, regulatory, economic, business, environmental or other developments, or natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investments in foreign currencies and in securities that trade in, or receive revenues in, or in derivatives that provide exposure to foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention (or the failure to intervene) by governments, central banks or supranational entities; the imposition of currency controls; or other political developments in the United States or abroad.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Depositary Receipts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may trade in the form of depositary receipts, which include ADRs and GDRs (collectively “Depositary Receipts”). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, the Fund may not be aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts depends on the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in Depositary Receipts may be less liquid and more volatile than the underlying securities in their primary trading market.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If a Depositary Receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the Depositary Receipt and the underlying security.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Holders of Depositary Receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of Depositary Receipts may differ from the prices of securities upon which they are based.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests in Depositary Receipts based on securities included in the Index, such differences in prices may increase index tracking risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investments in small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, making it difficult for a Fund to buy and sell them at the time and price desired, and these issuers often face greater business risks. Small-capitalization companies typically are less financially stable than larger, more established companies, and may depend on a small number of key personnel, making them vulnerable to loss of personnel. These companies also generally have less diverse product lines than larger capitalization companies and are more susceptible to adverse developments related to their products.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. The Fund’s use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sampling Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s use of a representative sampling approach, if used, could result in it holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Momentum investing entails investing more in securities that exhibit persistence in relative performance evidenced by better recent price performance compared to other securities. These securities may be more volatile than a broad cross-section of securities, and momentum may be an indicator that a security’s price is peaking. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the financials sector. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The MSCI All-Country World Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance information for the Fund prior to July 1, 2019, reflects the historical performance of the USAA MSCI Emerging Markets Value Momentum Blend Index ETF, a series of USAA ETF Trust (the predecessor to the Fund managed by USAA Asset Management Company) (the “Predecessor Fund”). The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The MSCI All-Country World Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">18.26%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-26.27%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">6.65%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1826 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2627 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0665 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.2312 0.0890 0.0521 0.2226 0.0799 0.0443 0.1481 0.0705 0.0406 0.2234 0.1119 0.1102 0.2840 0.0597 0.0612 0.2452 0.2452 0.1044 0.0647 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares WestEnd U.S. Sector ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares WestEnd U.S. Sector ETF (the “Fund”) seeks to provide long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0040 0.0009 0.0049 -0.0003 0.0046 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 47 154 271 613 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">49</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. equity securities of companies of any market capitalization size (e.g., small-, mid-, or large-cap) that are classified in one or more of the following sectors published by The Global Industry Classification Standard (“GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">”): (1) Communication Services; (2) Consumer Discretionary; (3) Consumer Staples; (4) Energy; (5) Financials; (6) Health Care; (7) Industrials; (8) Information Technology; (9) Materials; (10) Real Estate; and (11) Utilities (“GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sectors”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> is an independent, industry classification system that assigns classifications based on an issuer’s primary business activity. The Fund may invest up to 10% of its assets in the shares of exchange-traded funds (“ETFs”) that primarily invest in U.S. equity securities of companies that are classified in one or more GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sectors. The Fund’s investments in an ETF will count toward its “80%” policy to the extent that the ETF invests 80% or more of its assets in U.S. equity securities of companies that are classified in one or more GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sectors. A security will be deemed to be economically tied to the United States if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity is located in the United States, (ii) a majority of the company’s revenues are derived from the United States or (iii) a majority of the company’s assets are located in the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Victory Capital Management Inc. (the “Adviser”) serves as the Fund’s investment adviser. WestEnd Advisors (“WestEnd”), an investment franchise of the Adviser, is responsible for the day-to-day investment management of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting securities for the Fund, WestEnd analyzes how the overall economy, including the markets, businesses, consumers, and governments behave. It then examines economy-wide factors such as interest rates, inflation, price levels, rates of economic growth, national income, domestic product, and unemployment, among others. We refer to these factors as “macroeconomic” factors. Using this investment approach, WestEnd seeks to achieve favorable returns by investing in GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sectors (or avoiding investments in particular sectors) based on its evaluation of these macroeconomic factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After identifying the broad macroeconomic factors that affect each GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sector, WestEnd seeks to identify those economic conditions that may lead to higher profits, revenues, or growth for companies in particular GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sectors. WestEnd allocates the Fund’s investments in particular sectors that it believes will most benefit from those economic conditions. Similarly, it avoids investments in particular sectors when it believes that those sectors are less likely to benefit from those conditions. We refer to this process as “top-down” analysis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">While the Fund may at any given time have significant investments in any one or more of the GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sectors, as of the date of this Prospectus, the Fund expects that it will have significant investments in the Health Care and Information Technology GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sectors. Depending on its market analysis, the Adviser may change its sector allocations at any time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd invests in individual equity securities by selecting companies within each targeted GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sector held in the Victory US Large Cap 500 Index, weighted in proportion to their index weight. The Victory US Large Cap 500 Index is an unmanaged market-cap weighted index that consists of the largest 500 U.S. equity securities with readily available price data. Securities are sold when a targeted GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sector has been eliminated or reduced from the sector model. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities may also be sold as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">result of being reduced or eliminated from the Victory US Large Cap 500 Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. equity securities of companies of any market capitalization size (e.g., small-, mid-, or large-cap) that are classified in one or more of the following sectors published by The Global Industry Classification Standard (“GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">”): (1) Communication Services; (2) Consumer Discretionary; (3) Consumer Staples; (4) Energy; (5) Financials; (6) Health Care; (7) Industrials; (8) Information Technology; (9) Materials; (10) Real Estate; and (11) Utilities (“GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sectors”). </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting securities for the Fund, WestEnd analyzes how the overall economy, including the markets, businesses, consumers, and governments behave. It then examines economy-wide factors such as interest rates, inflation, price levels, rates of economic growth, national income, domestic product, and unemployment, among others. We refer to these factors as “macroeconomic” factors. Using this investment approach, WestEnd seeks to achieve favorable returns by investing in GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sectors (or avoiding investments in particular sectors) based on its evaluation of these macroeconomic factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After identifying the broad macroeconomic factors that affect each GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sector, WestEnd seeks to identify those economic conditions that may lead to higher profits, revenues, or growth for companies in particular GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sectors. WestEnd allocates the Fund’s investments in particular sectors that it believes will most benefit from those economic conditions. Similarly, it avoids investments in particular sectors when it believes that those sectors are less likely to benefit from those conditions. We refer to this process as “top-down” analysis.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd invests in individual equity securities by selecting companies within each targeted GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sector held in the Victory US Large Cap 500 Index, weighted in proportion to their index weight. The Victory US Large Cap 500 Index is an unmanaged market-cap weighted index that consists of the largest 500 U.S. equity securities with readily available price data. Securities are sold when a targeted GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sector has been eliminated or reduced from the sector model. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — While the Fund reserves the right to dynamically allocate its assets across economic sectors, listed below are some of the risks associated with the sectors in which the Fund may make significant investments. Market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Health Care Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the health care sector may be adversely affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, product obsolescence, industry innovation, changes in technologies, and other market developments. Companies in the health care sector are heavily dependent on patent protection and the expiration of patents may adversely affect these companies. Many of these companies are subject to extensive litigation based on product liability and similar claims. These companies are subject to competitive forces that may make it difficult to raise prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Information Technology Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introductions, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Communication Services Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the communication services sector may be dominated by a small number of companies which may lead to additional volatility. These companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances, social media trends and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company's profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Ris</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">k — Companies in the consumer discretionary sector are subject to the risk that their products or services may become obsolete quickly. The success of these companies can depend heavily on disposable household income and consumer spending </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and may be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Consumer Staples Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, and product cycles. They are subject to government regulation affecting their products, which may negatively impact such companies' performance. Consumer staples companies depend heavily on disposable household income and consumer spending and may be adversely affected by changes impacting consumer spending. Companies in the consumer staples sector have historically been characterized as non-cyclical in nature and therefore less volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Energy Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies operating in the energy sector may be cyclical and highly dependent on energy prices. They may be adversely impacted by general economic conditions, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil and other energy price volatility, energy conservation efforts, environmental policies, depletion of resources, the cost of providing the specific utility services, and other factors that they cannot control. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims, and risk of loss from terrorism and natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Materials Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the materials sector may be adversely affected by the level and volatility of commodity prices, exchange rates, import controls, increased competition, environmental policies, consumer demand, and events occurring in nature. Performance of such companies may be affected by factors including, among others, that at times worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, rising interest rates, high inflation, technical progress, labor relations, legislative or regulatory changes, local and international politics, and adverse market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Real Estate Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the real estate sector, including real estate investment trusts (“REITs”), are subject to the risks associated with investing in real estate, which may include, but are not limited to, possible declines in the value of real estate, adverse changes in national, state, or local real estate conditions, obsolescence of properties, changes in the availability, cost and terms of mortgage funds (including changes in interest rates), the impact of changes in environmental laws, overbuilding in a real estate company’s market, and environmental problems. The real estate sector is particularly sensitive to economic downturns and changes to interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Utilities Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the utilities sector may be adversely affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact these companies. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to companies in the industrial sector. The utilities sector also can be significantly affected by financing difficulties, changes in taxation, natural resource conservation, and commodity price fluctuations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investing in Other ETFs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — ETFs, which generally are registered investment companies, incur their own management and other fees and expenses, such as trustees' fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund as a shareholder of an ETF. As a result, the Fund's investments in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund's performance may be lower than if the Fund were to invest directly in the underlying securities held by the ETF. In addition, the Fund bears all risks of investment strategies employed by ETFs in which it invests. The Fund does not control the investments of these ETFs, which may have different investment objectives and may engage in investment strategies that the Fund would not engage in directly. ETFs may trade in the secondary market (i.e., on a stock exchange) at prices below the value of their underlying portfolios and may not be liquid. An ETF that is not actively managed cannot sell poorly performing stocks or other assets as long as they are represented in its index or other benchmark. ETFs that track an index are subject to tracking error risk (the risk of errors in matching the ETF's underlying assets to its index or other benchmark).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Higher portfolio turnover ratios resulting from active and frequent trading may result in higher transaction costs, may adversely affect the Fund’s performance and may generate a greater amount of capital gain distributions to shareholders than if the Fund had a low portfolio turnover rate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">11.24%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2025</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-4.08%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2023</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">10.71%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1124 2025-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0408 2023-09-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1071 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.1894 0.2323 0.1874 0.2292 0.1134 0.1848 0.1788 0.2411 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares WestEnd Global Equity ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares WestEnd Global Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0052 0.0022 0.0014 0.0088 -0.0014 0.0074 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 76 267 474 1071 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">51</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.51 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the shares of exchange-traded funds (“ETFs”) that invest in equity securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s investments in an ETF will count toward its “80%” policy to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">extent that the ETF has a policy to invest 80% or more of its assets in equity securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest in securities of issuers without restriction as to market capitalization.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund will invest at least 40% of its net assets (plus any borrowings for investment purposes) in ETFs that invest primarily in securities of issuers outside of the United States. During periods of unfavorable market conditions, the Fund may reduce its exposure to ETFs that invest primarily in securities of issuers outside of the United States, but typically will invest between 20%-40% of its net assets (plus any borrowings for investment purposes) in ETFs that invest primarily in securities of issuers outside of the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund considers an ETF to be invested primarily in securities of issuers outside of the United States if the ETF has a policy to invest 80% or more of its assets in securities of issuers that are not deemed to be economically tied to the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Victory Capital Management Inc. (the “Adviser”) serves as the Fund’s investment adviser. WestEnd Advisors (“WestEnd”), an investment franchise of the Adviser, is responsible for the day-to-day investment management of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting ETFs for the Fund’s portfolio, WestEnd analyzes the overall economies in developed and emerging market countries and regions (e.g., Western Europe, Asia/Pacific, and the United Kingdom), including their markets, businesses, consumers, and governments. WestEnd then examines economic factors of these countries and regions such as interest rates, inflation, price levels, rates of economic growth, national income, gross domestic product, and unemployment, among others. WestEnd refers to these factors as “macroeconomic” factors. Using this investment approach, WestEnd seeks to achieve favorable returns by investing in ETFs in particular regions or sectors (or avoiding investments in particular regions or sectors) based on its evaluation of these macroeconomic factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In identifying potential ETF investments for the Fund’s portfolio, WestEnd considers several factors including, among others, longevity of the investment adviser of an ETF, how long the ETF has traded, assets under management, the index tracked by the ETF, the ETF’s fees, the ETF’s liquidity, the liquidity of the ETF’s underlying holdings, the ETF’s bid/ask spread and fluctuation in premium/discount to NAV, and the ETF’s tracking error. After identifying potential ETFs for investment, WestEnd selects ETFs for the Fund primarily based on: 1) market exposure of securities held in the ETF; 2) the ETF’s cost structure; and 3) the liquidity of the ETF’s underlying securities and the liquidity of the ETF itself.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd allocates the Fund’s investments in ETFs that focus on particular regions and sectors that it believes will most benefit from those economic conditions. Similarly, it avoids investments in ETFs that focus in particular regions or sectors when it believes they are less likely to benefit from those conditions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd invests in portfolio ETFs with reference to the GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> classification framework for its U.S. sector investments. The GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> classification framework identifies 11 sectors. The Fund typically will hold ETFs in four to eight sectors at a given time, but may own each of the 11 sectors at some point over the course of a full economic cycle.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will engage in frequent trading of its portfolio securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the shares of exchange-traded funds (“ETFs”) that invest in equity securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s investments in an ETF will count toward its “80%” policy to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">extent that the ETF has a policy to invest 80% or more of its assets in equity securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting ETFs for the Fund’s portfolio, WestEnd analyzes the overall economies in developed and emerging market countries and regions (e.g., Western Europe, Asia/Pacific, and the United Kingdom), including their markets, businesses, consumers, and governments. WestEnd then examines economic factors of these countries and regions such as interest rates, inflation, price levels, rates of economic growth, national income, gross domestic product, and unemployment, among others. WestEnd refers to these factors as “macroeconomic” factors. Using this investment approach, WestEnd seeks to achieve favorable returns by investing in ETFs in particular regions or sectors (or avoiding investments in particular regions or sectors) based on its evaluation of these macroeconomic factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In identifying potential ETF investments for the Fund’s portfolio, WestEnd considers several factors including, among others, longevity of the investment adviser of an ETF, how long the ETF has traded, assets under management, the index tracked by the ETF, the ETF’s fees, the ETF’s liquidity, the liquidity of the ETF’s underlying holdings, the ETF’s bid/ask spread and fluctuation in premium/discount to NAV, and the ETF’s tracking error. After identifying potential ETFs for investment, WestEnd selects ETFs for the Fund primarily based on: 1) market exposure of securities held in the ETF; 2) the ETF’s cost structure; and 3) the liquidity of the ETF’s underlying securities and the liquidity of the ETF itself.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd allocates the Fund’s investments in ETFs that focus on particular regions and sectors that it believes will most benefit from those economic conditions. Similarly, it avoids investments in ETFs that focus in particular regions or sectors when it believes they are less likely to benefit from those conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investing in Other ETFs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— ETFs, which generally are registered investment companies, incur their own management and other fees and expenses, such as trustees’ fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund as a shareholder of an ETF. As a result, the Fund’s investments in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund’s performance may be lower than if the Fund were to invest directly in the underlying securities held by the ETF. In addition, the Fund bears all risks of investment strategies employed by ETFs in which it invests. The Fund does not control the investments of these ETFs, which may have different investment objectives and may engage in investment strategies that the Fund would not engage in directly. ETFs may trade in the secondary market (i.e., on a stock exchange) at prices below the value of their underlying portfolios and may not be liquid. An ETF that is not actively managed cannot sell poorly performing stocks or other assets as long as they are represented in its index or other benchmark. ETFs that track an index are subject to tracking error risk (the risk of errors in matching the ETF’s underlying assets to its index or other benchmark).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Geographic Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Fund focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region. For example, the Fund may be subject to greater risk of adverse securities markets, exchange rates, social, political, regulatory, economic, business, environmental or other developments, or natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — While the Fund reserves the right to dynamically allocate its assets across economic sectors, listed below are some of the risks associated with the sectors in which the Fund may make significant investments. Market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Health Care Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the health care sector may be adversely affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, product obsolescence, industry innovation, changes in technologies, and other market developments. Companies in the health care sector are heavily dependent on patent protection and the expiration of patents may adversely affect these companies. Many of these companies are subject to extensive litigation based on product liability and similar claims. These companies are subject to competitive forces that may make it difficult to raise prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Information Technology Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introductions, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Communication Services Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the communication services sector may be dominated by a small number of companies which may lead to additional volatility. These companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances, social media trends and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company's profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Ris</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">k — Companies in the consumer discretionary sector are subject to the risk that their products or services may become obsolete quickly. The success of these companies can depend heavily on disposable household income and consumer spending and may be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Consumer Staples Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, and product cycles. They are subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">government regulation affecting their products, which may negatively impact such companies' performance. Consumer staples companies depend heavily on disposable household income and consumer spending and may be adversely affected by changes impacting consumer spending. Companies in the consumer staples sector have historically been characterized as non-cyclical in nature and therefore less volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Energy Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies operating in the energy sector may be cyclical and highly dependent on energy prices. They may be adversely impacted by general economic conditions, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil and other energy price volatility, energy conservation efforts, environmental policies, depletion of resources, the cost of providing the specific utility services, and other factors that they cannot control. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims, and risk of loss from terrorism and natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Materials Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the materials sector may be adversely affected by the level and volatility of commodity prices, exchange rates, import controls, increased competition, environmental policies, consumer demand, and events occurring in nature. Performance of such companies may be affected by factors including, among others, that at times worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, rising interest rates, high inflation, technical progress, labor relations, legislative or regulatory changes, local and international politics, and adverse market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Real Estate Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the real estate sector, including real estate investment trusts (“REITs”), are subject to the risks associated with investing in real estate, which may include, but are not limited to, possible declines in the value of real estate, adverse changes in national, state, or local real estate conditions, obsolescence of properties, changes in the availability, cost and terms of mortgage funds (including changes in interest rates), the impact of changes in environmental laws, overbuilding in a real estate company’s market, and environmental problems. The real estate sector is particularly sensitive to economic downturns and changes to interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Utilities Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the utilities sector may be adversely affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact these companies. Certain utility companies have experienced full or partial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">deregulation in recent years. These utility companies are frequently more similar to companies in the industrial sector. The utilities sector also can be significantly affected by financing difficulties, changes in taxation, natural resource conservation, and commodity price fluctuations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is fairly new and, therefore, has a limited history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited Portfolio Holdings Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Fund invests its assets in a limited number of sectors, a decline in the market value of companies within that sector may affect the Fund’s value more than if the Fund invested in a larger number of sectors. Although the Fund may invest in any number of securities within a particular sector without limitation, to the extent the Fund invests a large portion of its assets in a small number of holdings, it may be more susceptible to the economic or credit risks of such holdings than a fund that invests in a larger number of holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Because the Fund is expected to invest in the underlying ETFs, the Fund’s realized losses on sales of shares of an underlying ETF may be indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by an underlying ETF will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an underlying ETF, if any, would not offset net capital gains of the Fund. Each of these effects is caused by the Fund’s investment in the underlying ETFs and may result in tax distributions to Fund shareholders being of higher magnitudes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Higher portfolio turnover ratios resulting from active and frequent trading may result in higher transaction costs, may adversely affect the Fund’s performance and may generate a greater amount of capital gain distributions to shareholders than if the Fund had a low portfolio turnover rate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The bar chart provides some indication of the risk of investing in the Fund and illustrates </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s performance for one full calendar year since the Fund’s inception. The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. We assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">10.14%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2025</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-0.17%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2025</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">12.16%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1014 2025-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0017 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1216 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.2118 0.1659 0.2069 0.1605 0.1271 0.1264 0.1788 0.1713 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Free Cash Flow ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Free Cash Flow ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory U.S. Large Cap Free Cash Flow Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0007 0.0042 -0.0003 0.0039 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 40 132 232 527 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">149</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.49 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology that selects 50 companies from the VettaFi US Equity Large/Mid-Cap 1000 Index (the “Parent Index”). As of September 30, 2026, the Index had a market capitalization range from $12.2 billion to $1.2 trillion. The actual range of market capitalization will vary over time according to changes in market capitalization of the securities in the Parent Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider is not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">affiliated with the Fund or the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity securities of large-capitalization U.S. issuers within the Parent Index that have high free cash flow yields, which is a financial valuation metric that compares the free cash flow a company is expected to earn against its market value adjusted for a company’s debt and cash. The ratio is calculated by taking the free cash flow divided by the enterprise value. The initial Index universe is derived from the component companies of the Parent Index, excluding financial companies and real estate investment trusts. The Index Provider screens the initial universe of companies based on their projected free cash flows and earnings. Companies with negative projected free cash flows or earnings are removed from the Index universe. The remaining companies are ranked by their free cash flow yields. A growth score is then derived from each company’s growth metrics (e.g., sales trends and earnings trends) for the 75 companies with the highest free cash flow yields. The 50 companies with the highest growth scores are selected by the Index Provider for inclusion in the Index. </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Free Cash </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;">Flow Yields =</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Money the company has left over </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">after paying its operating expenses </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">and capital expenses</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">Enterprise Value: Total value of a company taking into </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">consideration both the current share price </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(market capitalization) and the cost to pay off debt </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(net debt, or debt minus cash)</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser believes that free cash flow is a useful measure for investors as it shows the cash a company has available after operating expenses and capital expenditures, indicating the company’s financial health and efficiency. A positive free cash flow indicates a company’s ability to generate sufficient revenue to maintain operations and potentially return value to shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index employs a rules-based methodology that assigns scores to certain attributes related to free cash flows. Securities that achieve a higher score, or “weighting,” comprise a proportionately higher amount of the Index. The rules-based methodology assigns weightings by measuring a combination of total free cash flow and free cash flow yield (that is, the yield that the company earns on its free cash flow). Individual companies are capped at 4% of the Index. The rules-based methodology also limits the number of companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed 20% of the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted quarterly.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, such as derivatives, including index futures, which the Fund may use for cash management to provide for liquidity to pay redemptions and fees (attempting to remain fully invested while maintaining liquidity).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology that selects 50 companies from the VettaFi US Equity Large/Mid-Cap 1000 Index (the “Parent Index”). As of September 30, 2026, the Index had a market capitalization range from $12.2 billion to $1.2 trillion. The actual range of market capitalization will vary over time according to changes in market capitalization of the securities in the Parent Index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index employs a rules-based methodology that assigns scores to certain attributes related to free cash flows. Securities that achieve a higher score, or “weighting,” comprise a proportionately higher amount of the Index. The rules-based methodology assigns weightings by measuring a combination of total free cash flow and free cash flow yield (that is, the yield that the company earns on its free cash flow). Individual companies are capped at 4% of the Index. The rules-based methodology also limits the number of companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed 20% of the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted quarterly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Free Cash Flow Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in companies with high free cash flows could lead to underperformance during periods when such investments are unpopular, and fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize the generation of free cash flow. Moreover, anticipated increases in a company's free cash flows may not materialize.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the energy and health care sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Energy Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies operating in the energy sector may be cyclical and highly dependent on energy prices. They may be adversely impacted by general economic conditions, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil and other energy price volatility, energy conservation efforts, environmental policies, depletion of resources, the cost of providing the specific utility services, and other factors that they cannot control. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims, and risk of loss from terrorism and natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Health Care Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the health care sector may be adversely affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, product obsolescence, industry innovation, changes in technologies, and other market developments. Companies in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the health care sector are heavily dependent on patent protection and the expiration of patents may adversely affect these companies. Many of these companies are subject to extensive litigation based on product liability and similar claims. These companies are subject to competitive forces that may make it difficult to raise prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">14.74%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2024</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-4.30%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2024</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">30.89%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1474 2024-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0430 2024-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.3089 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.1753 0.2144 0.1702 0.2100 0.1064 0.1680 0.1737 0.2077 0.1814 0.2220 0.1591 0.1538 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> 2026-11-01 <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Free Cash Flow Growth ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Free Cash Flow Growth ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory Free Cash Flow Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0007 0.0042 -0.0003 0.0039 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 40 132 232 527 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">131</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.31 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Victory Free Cash Flow Growth Index (the “Index”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology that screens for positive free cash flow and selects 100 growth companies with the highest score (each as described below) within the VettaFi US Equity Large/Mid-Cap 1000 Index (the “Parent Index”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index is designed to deliver exposure to equity securities of large-capitalization U.S. issuers of growth companies. To be included in the Index, these U.S. large-capitalization growth companies generally will have a positive “free cash flow growth trend” and have a high “free cash flow return on invested capital.” The initial Index universe is derived from the component companies of the Parent Index, excluding financial companies and real estate investment trusts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Free Cash Flow on Invested Capital” is a financial valuation metric that compares the free cash flow a company is expected to earn against its invested capital. The ratio is calculated by taking the free cash flow divided by invested capital, which is comprised of shareholder equity and long-term debt. The Index Provider screens the initial universe of companies based on their projected free cash flows and earnings. Companies with negative projected free cash flows or earnings are removed from the Index universe. Companies are then evaluated to remove any stocks that have a negative “free cash flow growth trend.” A negative “free cash flow growth trend” is defined as a decreasing trend in free cash flow generation over the trailing five years. Conversely, a positive “free cash flow growth trend” is defined as an increasing trend in free cash flow generation over the trailing five years. The remaining companies are ranked by their ratio of free cash flow on invested capital. A growth score is then derived from each company’s growth metrics (evaluated using sales and EBITDA trends, and consensus analyst estimated long-term growth projections) for the 150 companies with the highest free cash flow on invested capital. The 100 companies with the highest growth scores are selected by the Index Provider for inclusion in the Index. </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Free Cash </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;">Flow Return on Invested Capital =</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Money the company has left over </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">after paying its operating expenses </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">and capital expenses</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">Total shareholder equity and long-term debt</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The rules-based methodology assigns weightings by measuring a combination of total free cash flow and “absolute momentum,” which is defined as the absolute value of a company’s trailing 12-month, risk-adjusted total return and accounts for the magnitude of price fluctuations over the specified period without regard to whether the return is positive or negative. Individual companies are capped at 4% of the Index. The rules-based methodology also limits the amount of companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed a weighting of more than 20% greater than the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted quarterly.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, such as derivatives, including index futures, which the Fund may use for cash management to provide for liquidity to pay redemptions and fees (attempting to remain fully invested while maintaining liquidity).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Victory Free Cash Flow Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology that screens for positive free cash flow and selects 100 growth companies with the highest score (each as described below) within the VettaFi US Equity Large/Mid-Cap 1000 Index (the “Parent Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The rules-based methodology assigns weightings by measuring a combination of total free cash flow and “absolute momentum,” which is defined as the absolute value of a company’s trailing 12-month, risk-adjusted total return and accounts for the magnitude of price fluctuations over the specified period without regard to whether the return is positive or negative. Individual companies are capped at 4% of the Index. The rules-based methodology also limits the amount of companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed a weighting of more than 20% greater than the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted quarterly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is fairly new and, therefore, has a limited history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Free Cash Flow Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in companies with high free cash flows could lead to underperformance during periods when such investments are unpopular, and fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize the generation of free cash flow. Moreover, anticipated increases in a company's free cash flows may not materialize.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Growth Risk —</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If the Fund’s adviser’s perceptions of a company’s growth potential are wrong, the securities purchased by the Fund may not perform as expected reducing the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the industrials sector. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The bar chart provides some indication of the risk of investing in the Fund and illustrates </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s performance for one full calendar year since the Fund’s inception. The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">21.19%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2025</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-8.77%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2025</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">18.91%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2119 2025-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0877 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1891 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.1851 0.1179 0.1850 0.1178 0.1096 0.0899 0.1737 0.1276 0.1856 0.1707 0.1902 0.1311 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares International Free Cash Flow ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares International Free Cash Flow ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory International Free Cash Flow Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0017 0.0067 -0.0011 0.0056 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 57 203 362 824 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal period, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">137</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span> 1.37 1.37 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Victory International Free Cash Flow Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology that selects 100 companies from the VettaFi Developed Market Ex US Index (the “Parent Index”). As of September 30, 2026, the Index had a market capitalization range from $6.4 billion to $243.4 billion.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The actual range of market capitalization will vary over time according to changes in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market capitalization of the securities in the Parent Index. The Index Provider is not affiliated with the Fund or the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity securities of non-U.S. developed markets within the Parent Index that have high free cash flow yields, which is a financial valuation metric that compares the free cash flow a company is expected to earn against its market value adjusted for a company’s debt and cash. The ratio is calculated by taking the free cash flow divided by the enterprise value. The initial Index universe is derived from the component companies of the Parent Index, excluding financial and real estate companies including real estate investment trusts. The Index Provider screens the initial universe of companies based on their projected free cash flows and earnings. Companies with negative projected free cash flows or earnings are removed from the Index universe. The remaining companies are ranked by their free cash flow yields. A growth score is then derived from each company’s growth metrics (e.g., sales trends and earnings trends) for the 150 companies with the highest free cash flow yields. The 100 companies with the highest growth scores are selected by the Index Provider for inclusion in the Index. </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Free Cash </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;">Flow Yields =</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Money the company has left over </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">after paying its operating expenses </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">and capital expenses</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">Enterprise Value: Total value of a company taking into </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">consideration both the current share price </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(market capitalization) and the cost to pay off debt </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(net debt, or debt minus cash)</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser believes that free cash flow is a useful measure for investors as it shows the cash a company has available after operating expenses and capital expenditures, indicating the company’s financial health and efficiency. A positive free cash flow indicates a company’s ability to generate sufficient revenue to maintain operations and potentially return value to shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index employs a rules-based methodology that assigns scores to certain attributes related to free cash flows. Securities that achieve a higher score, or “weighting,” comprise a proportionately higher amount of the Index. The rules-based methodology assigns weightings by measuring a combination of total free cash flow and free cash flow yield (that is, the yield that the company earns on its free cash flow). Individual companies are capped at 4% of the Index. The rules-based methodology also limits the weight assigned to companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed 20% of the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted semi-annually.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, such as derivatives, including index futures, which the Fund may use for cash management to provide for liquidity to pay redemptions and fees (attempting to remain fully invested while maintaining liquidity).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Victory International Free Cash Flow Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with a rules-based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">methodology that selects 100 companies from the VettaFi Developed Market Ex US Index (the “Parent Index”). As of September 30, 2026, the Index had a market capitalization range from $6.4 billion to $243.4 billion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index employs a rules-based methodology that assigns scores to certain attributes related to free cash flows. Securities that achieve a higher score, or “weighting,” comprise a proportionately higher amount of the Index. The rules-based methodology assigns weightings by measuring a combination of total free cash flow and free cash flow yield (that is, the yield that the company earns on its free cash flow). Individual companies are capped at 4% of the Index. The rules-based methodology also limits the weight assigned to companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed 20% of the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted semi-annually.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Geographic Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Index focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region. For example, the Fund may be subject to greater risk of adverse securities markets, exchange rates, social, political, regulatory, economic, business, environmental or other developments, or natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is fairly new and, therefore, has a limited history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Free Cash Flow Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in companies with high free cash flows could lead to underperformance during periods when such investments are unpopular, and fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize the generation of free cash flow. Moreover, anticipated increases in a company's free cash flows may not materialize.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by the Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the industrials and energy sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. The Fund's sector concentration will reflect that of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Energy Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies operating in the energy sector may be cyclical and highly dependent on energy prices. They may be adversely impacted by general economic conditions, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil and other energy price volatility, energy conservation efforts, environmental policies, depletion of resources, the cost of providing the specific utility services, and other factors that they cannot control. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims, and risk of loss from terrorism and natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares International Free Cash Flow Growth ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares International Free Cash Flow Growth ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory International Free Cash Flow Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0013 0.0063 -0.0007 0.0056 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 57 195 344 780 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal period, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">103</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span> 1.03 1.03 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Victory International Free Cash Flow Growth Index (the “Index”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">a rules-based methodology that screens for positive free cash flow and selects 100 growth companies with the highest score (each as described below) within the VettaFi Developed Market Ex US Index (the “Parent Index”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index is designed to deliver exposure to equity securities of non-U.S. developed markets of growth companies. To be included in the Index, these non-U.S. large-capitalization growth companies generally will have a positive “free cash flow growth trend” and have a high “free cash flow return on invested capital.” The initial Index universe is derived from the component companies of the Parent Index, excluding financial and real estate companies including real estate investment trusts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Free Cash Flow Return on Invested Capital” is a financial profitability metric that compares the free cash flow a company is expected to earn against its invested capital. The ratio is calculated by taking the free cash flow divided by invested capital, which is comprised of shareholder equity and long-term debt. The Index Provider screens the initial universe of companies based on their projected free cash flows and earnings. Companies with negative projected free cash flows or earnings are removed from the Index universe. Companies are then evaluated to remove any stocks that have a negative “free cash flow growth trend.” A negative “free cash flow growth trend” is defined as a decreasing trend in free cash flow generation over the trailing five years. Conversely, a positive “free cash flow growth trend” is defined as an increasing trend in free cash flow generation over the trailing five years. The remaining companies are ranked by their ratio of free cash flow return on invested capital. A growth score is then derived from each company’s growth metrics (evaluated using sales and EBITDA trends for the 150 companies with the highest free cash flow return on invested capital). The 100 companies with the highest growth scores are selected by the Index Provider for inclusion in the Index. </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Free Cash </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;">Flow Return on Invested Capital =</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Money the company has left over </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">after paying its operating expenses </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">and capital expenses</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">Total shareholder equity and long-term debt</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The rules-based methodology assigns weightings by measuring a combination of total free cash flow and “absolute momentum,” which is defined as the absolute value of a company’s trailing 12-month, risk-adjusted total return and accounts for the magnitude of price fluctuations over the specified period without regard to whether the return is positive or negative. Individual companies are capped at 4% of the Index. The rules-based methodology also limits the weight assigned to companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed a weighting of more than 20% greater than the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted semi-annually.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, such as derivatives, including index futures, which the Fund may use for cash management to provide for liquidity to pay redemptions and fees (attempting to remain fully invested while maintaining liquidity).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Victory International Free Cash Flow Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">a rules-based methodology that screens for positive free cash flow and selects 100 growth companies with the highest score (each as described below) within the VettaFi Developed Market Ex US Index (the “Parent Index”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index is designed to deliver exposure to equity securities of non-U.S. developed markets of growth companies. To be included in the Index, these non-U.S. large-capitalization growth companies generally will have a positive “free cash flow growth trend” and have a high “free cash flow return on invested capital.” The initial Index universe is derived from the component companies of the Parent Index, excluding financial and real estate companies including real estate investment trusts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The rules-based methodology assigns weightings by measuring a combination of total free cash flow and “absolute momentum,” which is defined as the absolute value of a company’s trailing 12-month, risk-adjusted total return and accounts for the magnitude of price fluctuations over the specified period without regard to whether the return is positive or negative. Individual companies are capped at 4% of the Index. The rules-based methodology also limits the weight assigned to companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed a weighting of more than 20% greater than the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted semi-annually.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Geographic Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Index focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region. For example, the Fund may be subject to greater risk of adverse securities markets, exchange rates, social, political, regulatory, economic, business, environmental or other developments, or natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is fairly new and, therefore, has a limited history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Free Cash Flow Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in companies with high free cash flows could lead to underperformance during periods when such investments are unpopular, and fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize the generation of free cash flow. Moreover, anticipated increases in a company's free cash flows may not materialize.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Growth Risk —</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If the Fund’s adviser’s perceptions of a company’s growth potential are wrong, the securities purchased by the Fund may not perform as expected reducing the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by the Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the industrials sector. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. The Fund's sector concentration will reflect that of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Small Cap Free Cash Flow ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Small Cap Free Cash Flow ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory U.S. Small Cap Free Cash Flow Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0008 0.0053 -0.0004 0.0049 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 166 292 661 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">134</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.34 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Victory U.S. Small Cap Free Cash Flow Index and at least 80% of its assets in equity securities with small market capitalizations (“Small Cap”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A company is considered to be Small Cap if its market capitalization is less than the greater of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$3 billion or 120% of the market capitalization of the largest company included in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index, an index that is widely used as a proxy for the Small Cap market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> As of September 30, 2026, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">120% of the largest company in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index was $15.2 billion. The size of the largest company in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index changes with market conditions and the composition of the index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">VettaFi LLC (the “Index Provider”) constructs the Index in accordance with a rules-based methodology that selects 200 companies from the VettaFi US Equity Mid/Small-Cap 2500 Index (the “Parent Index”). As of September 30, 2026, the Index had a market capitalization range from $80 million to $13.4 billion. The actual range of market capitalization will vary over time according to changes in market capitalization of the securities in the Parent Index. The Index Provider is not affiliated with the Fund or the Adviser.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is designed to deliver exposure to equity securities of U.S. issuers within the Parent Index that have high free cash flow yields (i.e., free cash flow divided by enterprise value). The initial Index universe is derived from the component companies of the Parent Index, excluding financial companies and real estate investment trusts. The Index Provider screens the initial universe of companies based on their projected free cash flows and earnings. Companies with negative projected free cash flows or earnings are removed from the Index universe. The remaining companies are ranked by their free cash flow yields. A growth score is then derived from each company’s growth metrics (e.g., sales trends and earnings trends) for the 300 companies with the highest free cash flow yields. The 200 companies with the highest growth scores are selected by the Index Provider for inclusion in the Index. </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Free Cash</span><span style="color:#FFFFFF;font-family:Arial;font-size:8.20pt;">Flow Yields =</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.00pt;">Money the company has left over </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">after paying its operating expenses </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">and capital expenses</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">Enterprise Value: Total value of a company taking into </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">consideration both the current share price </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(market capitalization) and the cost to pay off debt </span><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(net debt, or debt minus cash)</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser believes that free cash flow is a useful measure for investors as it shows the cash a company has available after operating expenses and capital expenditures, indicating the company’s financial health and efficiency. A positive free cash flow indicates a company’s ability to generate sufficient revenue to maintain operations and potentially return value to shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index employs a rules-based methodology that assigns scores to certain attributes related to free cash flows. Securities that achieve a higher score, or “weighting,” comprise a proportionately higher amount of the Index. The rules-based methodology assigns weightings by measuring a combination of total free cash flow and free cash flow yield (that is, the yield that the company earns on its free cash flow). Individual companies are capped at 4% of the Index. The rules-based methodology also limits the amount of companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed 20% of the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted quarterly.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, such as derivatives, including index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures, which the Fund may use for cash management to provide for liquidity to pay redemptions and fees (attempting to remain fully invested while maintaining liquidity).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As of the date of this </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities in the Victory U.S. Small Cap Free Cash Flow Index and at least 80% of its assets in equity securities with small market capitalizations (“Small Cap”). </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A company is considered to be Small Cap if its market capitalization is less than the greater of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$3 billion or 120% of the market capitalization of the largest company included in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Index, an index that is widely used as a proxy for the Small Cap market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index employs a rules-based methodology that assigns scores to certain attributes related to free cash flows. Securities that achieve a higher score, or “weighting,” comprise a proportionately higher amount of the Index. The rules-based methodology assigns weightings by measuring a combination of total free cash flow and free cash flow yield (that is, the yield that the company earns on its free cash flow). Individual companies are capped at 4% of the Index. The rules-based methodology also limits the amount of companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or “weighting”) will not exceed 20% of the weighting of that sector in the Parent Index. The Index rebalances quarterly and is reconstituted quarterly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investments in small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, making it difficult for a Fund to buy and sell them at the time and price desired, and these issuers often face greater business risks. Small-capitalization companies typically are less financially stable than larger, more established companies, and may depend on a small number of key personnel, making them vulnerable to loss of personnel. These companies also generally have less diverse product lines than larger capitalization companies and are more susceptible to adverse developments related to their products.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Free Cash Flow Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in companies with high free cash flows could lead to underperformance during periods when such investments are unpopular, and fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize the generation of free cash flow. Moreover, anticipated increases in a company's free cash flows may not materialize.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund attempts to track the performance of the Index. The Fund’s performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security’s issuer was in financial trouble. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Calculation Methodology Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rebalancing Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the consumer discretionary and energy sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Ris</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">k — Companies in the consumer discretionary sector are subject to the risk that their products or services may become obsolete quickly. The success of these companies can depend heavily on disposable household income and consumer spending </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and may be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Energy Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies operating in the energy sector may be cyclical and highly dependent on energy prices. They may be adversely impacted by general economic conditions, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil and other energy price volatility, energy conservation efforts, environmental policies, depletion of resources, the cost of providing the specific utility services, and other factors that they cannot control. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims, and risk of loss from terrorism and natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund’s average annual total returns over the same period to one or more broad measures of market performance. The Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">11.29%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2025</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-7.76%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2025</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">26.92%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1129 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0776 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.2692 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span> 0.1195 0.0975 0.1164 0.0943 0.0725 0.0747 0.1715 0.2102 0.1270 0.1054 0.1259 0.1110 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In certain situations, the return after taxes on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Pioneer Asset-Based Income ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Pioneer Asset-Based Income ETF (the “Fund”) seeks total return.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0023 0.0078 -0.0013 0.0065 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 66 236 420 954 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal period, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">24</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span> 0.24 0.24 <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks an attractive total return by investing primarily in “asset-based income investments.” Asset-based income investments include debt instruments that are collateralized by specific assets (e.g., collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), commercial mortgage-backed securities (“CMBS”), and asset-backed securities (“ABS”)). Asset-based income investments also include debt instruments whose cash flows are derived from, or are connected to, the performance of specific underlying assets (e.g., credit risk transfer securities (“CRTs”) and credit linked notes (“CLNs”)). The Adviser applies an asset-based credit underwriting process to seek diverse credit exposures to various areas outside of the corporate credit markets as well as diverse credit exposures outside of traditional fixed income benchmarks. For example, the Fund seeks to invest in liquid asset-based income investments that have exposure to privately issued loans and obligations (e.g., ABS that are backed by consumer loans, equipment loans, retail installment contracts; CMOs backed by loans made by specialty non-bank residential and commercial mortgage lenders; and CLOs backed by loans made by private credit lenders). The Fund seeks to provide an attractive total return primarily through high current income and secondarily through capital appreciation.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in various U.S. dollar-denominated asset-based income investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Asset-based income investments include, but are not limited to, securitized assets, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as ABS, including private and multi-class structures, pass-through certificates, residual certificates, and other instruments secured by financial, physical, and/or intangible assets (e.g., receivables or pools of receivables). These instruments also include agency and non-agency mortgage-backed securities (“MBS”), CMBS of various types, as well as debt and equity tranches of collateralized debt obligations (“CDOs”), CMOs, and CLOs. The Fund intends to invest in CMOs backed by both residential and commercial mortgages. The Fund also intends to invest in CLOs backed by loans, including CLOs backed by private credit loans (“Private Credit CLOs”) and loans made to medium sized borrowers (“Middle Market CLOs”). CLOs, CMOs, and ABS may be considered to be types of CDOs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">intends to invest in these security types without any specific restriction. Across these security types, the Fund intends to invest in lower-rated tranches without any specific restriction, including below investment grade (i.e., securities rated lower than Baa3/BBB-) and unrated securities. The Fund does not intend to invest directly in private credit. The Fund intends to invest in private credit indirectly through securities that are collateralized by private credit exposure, such as Private Credit CLOs and Middle Market CLOs. Asset-based income investments also include CRTs, synthetic risk transfers (“SRTs”), and CLNs whose cash flows are connected to the performance of pools of assets, and loans as well as privately placed securities secured by specific assets. Derivative instruments that provide exposure to asset-based income investments or have similar economic characteristics may be used to satisfy the Fund’s 80% policy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will invest in a broad range of issuers and segments of the debt markets. Debt securities may include instruments and obligations of U.S. and non-U.S. corporate and other non-governmental entities, those of U.S. and non-U.S. governmental entities (including government agencies and instrumentalities), secured and unsecured loans and other floating rate securities, subordinated debt securities, preferred securities, insurance-linked securities, certificates of deposit, money market securities, securities of other investment companies (including mutual funds, exchange-traded funds and closed-end funds) that invest primarily in debt securities, and cash, cash equivalents and other short-term holdings. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund intends to focus its portfolio investments in non-investment-grade debt securities. Generally, debt securities rated below the four highest credit grades by a public rating agency (or of equivalent quality if not publicly rated) are considered “below-investment-grade,” “high-yield,” or “junk” securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in securities of issuers in any market sector, industry, or market capitalization range. The Fund may also invest in Treasury Inflation Protected Securities (“TIPS”), and other inflation-linked debt securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund has no limit as to the maturity or duration of the securities in which it invests and maintains an average portfolio duration that varies based upon the judgment of the Fund’s investment adviser. The Fund invests in investments that feature fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind, and auction rate features.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will invest in portfolio securities without limit in securities of any rating. Investment in securities of below-investment-grade quality, commonly referred to as “junk bonds,” involves substantial risk of loss.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in securities that are subordinated or “junior” to more senior securities of the issuer, including residual or equity tranches of securitized asset instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">When the Adviser believes it is appropriate, the Fund will invest in derivative instruments, including, among other things, interest rate futures and credit default swaps. The Fund may use derivatives to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to seek event-linked exposure; to attempt to increase the Fund's return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The Fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The Fund also may hold cash or other short-term investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment objective and investment strategies are non-fundamental, and the Fund’s Board of Trustees (the “Board”) may change the investment objective without shareholder approval upon 60 days’ prior written notice to shareholders. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Asset-based income investments that provide exposure to the private credit markets include securities collateralized by income streams from privately issued loans. While these privately issued loans generally pay higher returns, they involve greater risk because the borrowers generally are smaller companies and may be less credit-worthy than other larger or seasoned businesses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Agency MBS are issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored enterprises, including mortgage pass-through securities representing interests in pools of mortgage loans issued or guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”), or the Federal Home Loan Mortgage Corporation (“FHLMC”). Although securitized asset instruments typically represent pools of loans, in some cases they may consist of one large loan that is securitized and sold to capital market investors. At any given time, the Fund may have invested a substantial amount of its assets in any sector or subsector of the securitized asset markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will concentrate its investments in mortgage-related securities. These investments may be structured such that payments consist of interest-only (“IO”), principal-only (“PO”) or principal and interest. The Fund may also invest in structured investments including credit linked notes (“CLNs”), adjustable rate mortgage loans (“ARMs”), and custodial receipts. The Fund may invest a substantial amount of its assets in “sub-prime” mortgage-related securities. The Fund also may invest in mortgage pass-through securities including securities eligible to be sold on the “to-be-announced” or TBA market. The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. MBS include credit risk transfer securities, which transfer the credit risk related to the MBS to the buyer of the security. Credit risk transfer securities are fixed or floating-rate unsecured general obligations issued by FNMA, FHLMC, or other government sponsored or private entities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments in mortgage-related securities may include instruments, the underlying assets of which allow for balloon payments (where a substantial portion of a mortgage loan balance is paid at maturity, which can shorten the average life of the mortgage-backed instrument) or negative amortization payments (where as a result of a payment cap, payments on a mortgage loan are less than the amount of principal and interest owed, with excess amounts added to the outstanding principal balance, which can extend the average life of the mortgage-backed instrument).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting investments, the Adviser integrates fundamental analysis of individual investments and their sectors with a top-down view of the macroeconomic landscape. The Adviser uses a research oriented, value-driven approach to identify investments that it believes will perform well over market cycles in terms of income, total return and risk characteristics. The Adviser seeks to add value over the course of market cycles by identifying specific opportunities, including cyclical opportunities, with the potential for attractive risk-adjusted returns. The Adviser considers such factors as yield, interest rate risk, liquidity, instrument structure, credit and asset quality, perceived risk relative to other risk assets, and supply/demand technicals. In selecting among investments, the Adviser considers the relative value of particular investments. The Adviser also may employ sector rotation, which refers to the shifting of investments from one or more sectors or subsectors into one or more other sectors or subsectors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In addition to investment-specific factors, the Adviser considers broad economic factors in constructing a portfolio designed to achieve the Fund’s investment objective. In assessing the appropriate quality, sector weightings and duration of the portfolio, the Adviser considers a variety of factors that are expected to influence economic activity and interest rates.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser may sell a portfolio security when it believes the security no longer will contribute to meeting the Fund’s investment objective. The Adviser makes that determination based on the same criteria it uses to select portfolio securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund is “actively managed” and does not seek to replicate the composition or performance of any particular index. Accordingly, the portfolio managers have discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective. Immediately after commencement of operations, the Fund will invest most of its assets in cash and U.S. government securities until it can fully deploy its assets in a manner consistent with its investment objective and principal investment strategies. During this “ramp-up” period, the Fund will not necessarily comply with its investment objective or principal investment strategies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in various U.S. dollar-denominated asset-based income investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Asset-based income investments include, but are not limited to, securitized assets, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as ABS, including private and multi-class structures, pass-through certificates, residual certificates, and other instruments secured by financial, physical, and/or intangible assets (e.g., receivables or pools of receivables). These instruments also include agency and non-agency mortgage-backed securities (“MBS”), CMBS of various types, as well as debt and equity tranches of collateralized debt obligations (“CDOs”), CMOs, and CLOs. The Fund intends to invest in CMOs backed by both residential and commercial mortgages. The Fund also intends to invest in CLOs backed by loans, including CLOs backed by private credit loans (“Private Credit CLOs”) and loans made to medium sized borrowers (“Middle Market CLOs”). CLOs, CMOs, and ABS may be considered to be types of CDOs. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In addition to investment-specific factors, the Adviser considers broad economic factors in constructing a portfolio designed to achieve the Fund’s investment objective. In assessing the appropriate quality, sector weightings and duration of the portfolio, the Adviser considers a variety of factors that are expected to influence economic activity and interest rates.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser may sell a portfolio security when it believes the security no longer will contribute to meeting the Fund’s investment objective. The Adviser makes that determination based on the same criteria it uses to select portfolio securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> —The market prices of securities or other assets held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, political instability, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, weather or climate events, wars or armed conflicts, market disruptions caused by tariffs, trade disputes, sanctions or other government actions, or other factors or adverse investor sentiment. If the market prices of the Fund’s securities and assets fall, the value of your investment will go down. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events; geopolitical events (including wars, terror attacks and economic sanctions); measures to address budget deficits; downgrading of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sovereign debt; changes in oil and commodity prices; dramatic changes in currency exchange rates; global pandemics; and public sentiment. Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the United States and elsewhere. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund’s investments, and negatively impact the Fund’s performance. In addition, inflation, rising interest rates, global supply chain disruptions, and other market events could adversely affect the companies or issuers in which the Fund invests. Following the commencement of the conflict in Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical, or other events or conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the United States. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. U.S. Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including increases or decreases in interest rates, or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom’s exit from the European Union (commonly known as “Brexit”), potential trade imbalances with China or other countries or sanctions or other government actions against Russia, other nations or individuals or companies (or their countermeasures), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs (or the threat of tariffs), investment restrictions and adverse impacts on affected companies and securities, potentially leading to significant losses for the Fund. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The U.S. government has prohibited U.S. persons, such as the Fund, from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict. If the political climate between the United States and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines, or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflicts such as between Russia and Ukraine or in the Middle East, terrorism, natural disasters, infectious illness or public health issues, cybersecurity events, supply chain disruptions, sanctions against Russia, other nations or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individuals or companies and possible countermeasures, and other circumstances in one country or region could have profound impacts on other countries or regions and on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected, the value and liquidity of the Fund’s investments may be negatively affected. The Fund may experience a substantial or complete loss on any security or derivative position.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically  decline. The values of lower-quality debt securities tend to be particularly sensitive to these changes. Changes in actual or perceived creditworthiness may occur quickly. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets. The Fund also could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Private Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Entities that obtain access to credit from asset-based financing can differ from the entities that have access to traditional corporate or bank lending. In particular, entities gaining access to credit via “private credit” and other non-traditional lenders may be subject to higher levels of credit risk and may lose access to credit in an economic downturn. Privately issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. Private credit investments can range in credit quality depending on a variety of factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer’s cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company’s debt obligations. In addition, there can be no assurance that the Fund's Adviser will be able to secure all of the investment opportunities that it identifies for the Fund, or that the size of an investment opportunity available to the Fund will be as large as the Fund's Adviser would desire, on account of general economic conditions, specific market developments, or other circumstances outside of the Fund's Adviser’s control. The Fund may be exposed to losses should these entities fail to perform.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield or “Junk” Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Debt securities that are below investment grade, called “junk bonds,” are speculative, have a higher risk of default or are already in default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments, and may become illiquid. These risks are more pronounced for securities that are already in default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Duration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Duration seeks to measure the price sensitivity of a fixed income security to changes in interest rates. The longer a portfolio’s duration, the more sensitive it will be to changes in interest rates. The Fund’s average portfolio maturity may be greater than the Fund’s average portfolio duration, and, accordingly, the Fund may be more sensitive to changes in yield or interest rates. A portfolio with negative duration may increase in value when interest rates rise, and generally incurs a loss when interest rates and yields fall. The assumptions that are made about a security’s features and options when calculating duration may prove to be incorrect. Duration is calculated by the Fund’s Adviser, is not an exact measurement and may not reliably predict the Fund’s or a particular security’s price sensitivity to changes in yield or interest rates. The Fund’s Adviser may not be successful in its efforts to limit sensitivity to interest rate changes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">—The market prices of the Fund’s fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">duration securities. Duration is a measure of a fixed income security’s sensitivity to changes in interest rates. For example, if interest rates increase by 1%, the value of the Fund’s portfolio with a portfolio duration of 10 years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities  and could also result in increased redemptions from the Fund. The maturity of a security may be significantly longer than its effective duration. A security’s maturity and other features may be more relevant than its effective duration in determining the security’s sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called “credit spread”). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up or “widens,” the value of the security generally will go down.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rising interest rates can lead to increased default rates, as issuers of adjustable rate and floating rate securities find themselves faced with higher payments. Unlike fixed rate securities, adjustable rate and floating rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its adjustable rate and floating rate investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage-Related and Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of mortgage-related securities, including commercial mortgage-backed securities, collateralized mortgage-backed securities, credit risk transfer securities, and asset-backed securities, will be influenced by factors affecting the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. These securities are also subject to interest rate, prepayment and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets and are thus subject to the risk of default. The risk of such defaults is generally higher in the case of mortgage-backed investments offered by non-governmental issuers and those that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the Fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. For debt instruments secured by specific assets, those assets are often the sole source of principal and interest payments for the instrument. Should those assets underperform expectations or decline in value, the Fund could experience shortfalls in principal and interest.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk Transfer Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Credit risk transfer securities are unguaranteed and unsecured debt securities issued by government sponsored enterprises and therefore are not directly linked to or backed by the underlying mortgage loans. As a result, in the event that a government sponsored enterprise fails to pay principal or interest on its credit risk transfer securities or goes through a bankruptcy, insolvency or similar proceeding, holders of such credit risk transfer securities have no direct recourse to the underlying mortgage loans and will generally receive recovery on par with other unsecured note holders in such a scenario. The risks associated with an investment in credit risk transfer securities are different than the risks associated with an investment in mortgage-backed securities issued by the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”), or other government sponsored enterprise or issued by a private issuer, because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. As a result, investors in these securities could lose some or all of their investment in these securities if the underlying mortgage loans default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Collateralized Debt Obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investment in a collateralized debt obligation (“CDO”) is subject to the credit, subordination, interest rate, valuation, prepayment, extension and other risks of the obligations underlying the CDO and the tranche of the CDO in which the Fund invests. CDOs are subject to liquidity risk. Synthetic CDOs are also subject to the risks of investing in derivatives, such as credit default swaps, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Linked Notes Risk — </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment in a credit linked note (“CLN”) is subject to the risks of the obligations underlying the CLN, including but not limited to market risk, interest rate risk, credit risk, default risk and, in some cases, foreign currency risk. A holder of a CLN also bears counterparty risk or the risk that the issuer of the CLN will default or become bankrupt and not make timely payment of principal and interest. CLNs may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, CLNs may be leveraged and, as a result, small changes in the value of the obligations underlying the CLN may produce disproportionate losses for the holder of a CLN.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Custodial Receipts Risk — </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Custodial receipts are securities that evidence ownership of future interest payments and/or principal payments on a basket of securities which underlie the custodial receipts in connection with programs sponsored by banks and brokerage firms. Custodial receipts are held in custody by a bank on behalf of the owners of the custodial receipts. Investment in a custodial receipt is subject to the risks of the obligations underlying the custodial receipt, including but not limited to credit risk and market risk. In addition, custodial receipts may be less liquid than other investments and therefore harder to dispose of at the desired time and price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Subordinated Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— A holder of securities that are subordinated or “junior” to more senior securities of an issuer is entitled to payment after holders of more senior securities of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time. As a result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on subordinated securities than more senior securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment or Call Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the Fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Fund also may lose any premium it paid on the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the security’s duration and reduce the value of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Some securities and derivatives held by the Fund may be or become impossible or difficult to purchase, sell or unwind, particularly during times of market turmoil. An instrument’s liquidity may be affected by reduced trading volume, a relative lack of market makers or legal restrictions, and illiquid securities and derivatives also may be difficult to value. Markets may become illiquid quickly. Liquidity risk may be magnified in an environment of rising interest rates or widening credit spreads. During times of market turmoil, there have been, and may be, no buyers or sellers for securities in entire asset classes. If the Fund is forced to sell an illiquid asset or unwind a derivative position to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). In extreme cases, this may constrain the Fund’s ability to meet its obligations (including obligations to redeeming shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Selection Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Adviser’s judgment about the quality, relative yield, relative value or market trends affecting a particular sector or region, market segment, security, industry or about interest rates or other market factors may prove to be incorrect or may not produce the desired results, or there may be imperfections, errors or limitations in the models, tools and information used by the Adviser.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Agency Obligations Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Banks (“FHLBs”), although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt and mortgage-backed securities issued by them are neither guaranteed nor issued by the U.S. government. The maximum potential liability of the issuers of some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Such debt and mortgage-backed securities are subject to the risk of default on the payment of interest and/or principal, similar to debt of private issuers. Although the U.S. government has provided financial support to FNMA and FHLMC in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Instruments that Allow for Balloon Payments or Negative Amortization Payments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Certain debt instruments allow for balloon payments or negative amortization payments. Such instruments permit the borrower to avoid paying currently a portion of the interest accruing on the instrument. While these features make the debt instrument more affordable to the borrower in the near term, they increase the risk that the borrower will be unable to make the resulting higher payment or payments that become due at the maturity of the loan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Loans </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Floating rate loans and similar investments may be illiquid or less liquid than other investments and difficult to value. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. Market quotations for these securities may be volatile and/or subject to large spreads between bid and ask prices. No active trading market may exist for many floating rate loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended trade settlement periods. In particular, loans may take longer than seven days to settle, potentially leading to the sale proceeds of loans not being available to meet redemption requests for a substantial period of time after the sale of the loans. To the extent that sale proceeds of loans are not available, the Fund may sell securities that have shorter settlement periods or may access other sources of liquidity to meet redemption requests. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. The adviser’s decision not to receive material, non-public information about an issuer of a loan either held by, or considered for investment by, the fund, under normal circumstances could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance.  Loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Insurance-Linked Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund could lose a portion or all of the principal it has invested in an insurance-linked security, and the right to additional interest and/or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events may include natural or other perils of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. The Fund may also invest in insurance-linked securities that are subject to “indemnity triggers.” An indemnity trigger is a trigger based on the actual losses of the ceding sponsor (i.e., the party seeking reinsurance). Insurance-linked securities subject to indemnity triggers are often regarded as being subject to potential moral hazard, since such insurance-linked securities are triggered by actual losses of the ceding sponsor and the ceding sponsor may have an incentive to take actions and/or risks that would have an adverse effect on the Fund. There is no way to accurately predict whether a trigger event will occur and, accordingly, insurance-linked securities carry significant risk. In addition to the specified trigger events, insurance-linked securities may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. Certain insurance-linked securities may have limited liquidity, or may be illiquid. The Fund has limited transparency into the individual contracts underlying certain insurance-linked securities, which may make the risk assessment of such securities more difficult. Certain insurance-linked securities may be difficult to value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Inflation-Linked Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">—The principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specified rate of inflation. The inflation index used may not accurately measure the real rate of inflation. Inflation-linked securities may lose value or interest payments on such securities may decline in the event that the actual rate of inflation is different than the rate of the inflation index, and losses may exceed those experienced by other debt securities with similar durations. The values of inflation-linked securities may not be directly correlated to changes in interest rates, for example if interest rates rise for reasons other than inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Zero Coupon Bonds, Payment in Kind, Deferred and Contingent Payment Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— These securities may be more speculative and may fluctuate more in value than securities that pay income periodically and in cash. In addition, although the Fund receives no periodic cash payments on such securities, the Fund is deemed for tax purposes to receive income from such securities, which applicable tax rules generally require the Fund to distribute to shareholders to retain its status as a regulated investment company and avoid being subject to U.S. federal income and excise tax. Such distributions may be taxable when distributed to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Non-U.S. Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in non-U.S. issuers, or in U.S. issuers that have significant exposure to foreign markets, may involve unique risks compared to investing in securities of U.S. issuers. These risks are more pronounced for issuers in emerging markets or to the extent that the Fund invests significantly in one region or country. These risks may include different financial reporting practices and regulatory standards, less liquid trading markets, extreme price volatility, currency risks, changes in economic, political, regulatory and social conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, auditing and financial recordkeeping requirements, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation restrictions. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims. Lack of information and less market regulation also may affect the value of these securities. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Emerging market economies tend to be less diversified than those of more developed countries. They typically have fewer medical and economic resources than more developed countries and thus they may be less able to control or mitigate the effects of a pandemic. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In addition, the United Kingdom has withdrawn from the EU (commonly known as “Brexit”). The range and potential implications of possible political, regulatory, economic, and market outcomes of Brexit cannot be fully known but could be significant, potentially resulting in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sanctions or other government actions against certain countries could negatively impact the Fund’s investments in securities that have exposure to those countries. Circumstances that impact one country could have profound impacts on other countries and on global economies or markets. China and other developing market countries are potentially subject to heightened degrees of economic, political and social instability. The U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China’s economy. In addition, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In response to military action in Ukraine commencing in 2022, the United States and other countries issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Russia has taken retaliatory actions, including preventing repatriation of capital by United States and other investors. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The ongoing conflict has resulted in significant market disruptions, including in certain markets, industries and sectors, such as the oil and natural gas markets, and negatively affected global supply chains, food supplies, inflation and global growth. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar or as a result of currency conversion costs. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Preferred Stocks Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred stocks generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Thus, the value of preferred stocks will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. The market value of preferred stocks generally decreases when interest rates rise. Also, the market prices of preferred stocks are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Generally, under normal circumstances, preferred stocks do not carry voting rights. Preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than other securities. Preferred stocks of smaller companies may be more vulnerable to adverse developments than preferred stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The benefits to the Fund from mortgage dollar roll transactions depend upon the Adviser’s ability to forecast mortgage prepayment patterns on different mortgage pools. The Fund may lose money if, during the period between the time it agrees to the forward purchase of the mortgage securities and the settlement date, these securities decline in value due to market conditions or prepayments on the underlying mortgages.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Other Funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds,  subjects the Fund to the risks of investing in the underlying securities or assets held by those funds. When investing in another fund, the Fund will bear a pro rata portion of the underlying fund’s expenses, including management fees, in addition to its own expenses. ETFs and closed-end funds are bought and sold based on market prices and can trade at a premium or a discount to the ETF’s or closed-end fund’s net asset value. Such funds may trade at a discount for an extended period and may not ever realize their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Using swaps, futures, and other derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates,currencies,  or the derivative instruments themselves behave in a way not anticipated by the Fund. Using derivatives may increase the volatility </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund’s net asset value and may not provide the result intended. Derivatives may have a leveraging effect on the Fund. Some derivatives, such as writing (selling) options, have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. Changes in a derivative’s value may not correlate well with the referenced asset or metric. The Fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. The U.S. government and foreign governments have adopted and implemented or are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Default Swap Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. If the Fund buys a credit default swap (i.e., buys credit protection), it will be subject to the risk that the credit default swap may expire worthless, as the credit default swap would only generate income in the event of a default on the underlying debt security or other specified event. As a buyer, the Fund would also be subject to credit risk relating to the seller’s payment of its obligations in the event of a default (or similar event). If the Fund sells a credit default swap (i.e., sells credit protection), it will be exposed to the credit risk of the issuer of the obligation to which the credit default swap relates. As a seller, the Fund would also be subject to leverage risk, because it would be liable for the full notional amount of the swap in the event of default (or similar event). Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to the issuer of the referenced obligation and either the counterparty to the credit default swap or, if it is a cleared transaction, the brokerage firm through which the trade was cleared and the clearing organization that is the counterparty to that trade.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Structured Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Structured securities may behave in ways not anticipated by the Fund, or they may not receive the tax, accounting or regulatory treatment anticipated by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Inverse Floating Rate Obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The interest rate on inverse floating rate obligations will generally decrease as short-term interest rates increase, and increase as short-term rates decrease. Due to their leveraged structure, the sensitivity of the market value of an inverse floating rate obligation to changes in interest rates is generally greater than a comparable long-term bond issued by the same issuer and with similar credit quality, redemption and maturity provisions. Inverse floating rate obligations may be volatile and involve leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leveraging Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of your investment may be more volatile and other risks tend to be compounded if the Fund borrows or uses derivatives or other investments, such as ETFs,  that have embedded leverage. Leverage generally magnifies the effect of any increase or decrease in the value of the Fund’s underlying assets and creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have, potentially resulting in the loss of all assets. Engaging in such transactions may cause the Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. New derivatives regulations require the Fund, to the extent it uses derivatives to a material extent, to, among other things, comply with certain overall limits on leverage. These regulations may limit the ability of the Fund to pursue its investment strategies and may not be effective to mitigate the Fund’s risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Segment Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation than a fund without the same focus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is fairly new and, therefore, has a limited history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Nearly all of the Fund’s investments are valued using a fair value methodology. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for illiquid securities and securities that trade in thin or volatile markets. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. Investors who purchase or redeem Fund shares may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the securities had not been fair-valued or if a different valuation methodology had been used. The ability to value the Fund’s investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Redemption Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, accelerate taxable gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have, or accelerate transaction costs, which could cause the value of your investment to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Cybersecurity Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Cybersecurity failures by and breaches of the Adviser, transfer agent, the Distributor, custodian, Fund accounting agent or other service providers may disrupt Fund operations, interfere with the Fund’s ability to calculate its NAV, prevent Fund shareholders from purchasing, redeeming or exchanging shares or receiving distributions or receiving timely information regarding the Fund or their investment in the Fund, cause loss of or unauthorized access to private shareholder information, and result in financial losses to the Fund and its shareholders, regulatory fines, penalties, reputational damage, or additional compliance costs. New ways to carry out cyber attacks continue to develop. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Expense Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Your actual costs of investing in the Fund may be higher than the expenses shown in “Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that there are many other factors that could adversely affect your investment and that could prevent the Fund from achieving its goals.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> 2026-11-01 <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Short-Duration Municipal ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Short-Duration Municipal ETF (the “Fund”) seeks to provide investors with interest income that is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0015 0.0047 0.0062 -0.0044 0.0018 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">Estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027,</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 18 123 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has only recently commenced investment operations, no portfolio turnover information is available at this time.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities and other obligations issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies and instrumentalities, the interest on which is expected to be excludable from gross income for federal income tax purposes (“municipal securities”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund invests primarily in investment-grade municipal securities. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may invest in municipal securities of any maturity. The Fund’s short-duration focus is implemented through its effective-duration policy described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally seeks to maintain an effective duration that is no more than two years shorter or two years longer than the effective duration of the Bloomberg Municipal Bond 3 Year (2-4) Total Return Index. “Effective duration” is a measure, expressed in years, of a bond’s or portfolio’s expected price sensitivity to changes in interest rates, taking into account the timing of expected cash flows and embedded features such as calls or prepayments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Municipal securities generally are issued to finance public works such as airports, bridges, highways, housing, hospitals, mass transportation projects, schools, and water and sewer works. Municipal securities may be issued to repay outstanding obligations, to raise funds for general operating expenses, or to make loans to other institutions and facilities. They also may be issued by or on behalf of public authorities to finance various privately operated facilities, which are expected to benefit the municipality and its residents, such as business, manufacturing, housing, sports, and pollution control, as well as public facilities such as airports, mass transit systems, ports, and parking.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In addition, during normal market conditions, at least 80% of the Fund’s net assets will consist of municipal securities the interest income from which is expected to be excludable from the calculation of federal alternative minimum tax (“AMT”). This policy may be changed only by a shareholder vote. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in variable-rate demand notes (“VRDNs”). VRDNs generally are long-term municipal securities with interest rates that reset periodically and a demand feature that permits the holder to tender the security to a remarketing agent or liquidity provider on short notice.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 20% of its net assets in securities that are rated below investment grade (also known as “high-yield” or “junk” bonds) or, if unrated, are determined by the Adviser to be of comparable quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We manage the Fund based on the common sense premise that our investors value tax-exempt income over taxable capital gain distributions. When weighing the decision to buy or sell a security, we strive to balance the amount of the tax-exempt income, the credit risk of the issuer, and the price volatility of the bond. We generally intend to hold investments until maturity, resulting in lower portfolio turnover in the Fund, although these intentions may be adjusted in response to the market or other events.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities and other obligations issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies and instrumentalities, the interest on which is expected to be excludable from gross income for federal income tax purposes (“municipal securities”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Municipal securities generally are issued to finance public works such as airports, bridges, highways, housing, hospitals, mass transportation projects, schools, and water and sewer works. Municipal securities may be issued to repay outstanding obligations, to raise funds for general operating expenses, or to make loans to other institutions and facilities. They also may be issued by or on behalf of public authorities to finance various privately operated facilities, which are expected to benefit the municipality and its residents, such as business, manufacturing, housing, sports, and pollution control, as well as public facilities such as airports, mass transit systems, ports, and parking.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">We manage the Fund based on the common sense premise that our investors value tax-exempt income over taxable capital gain distributions. When weighing the decision to buy or sell a security, we strive to balance the amount of the tax-exempt income, the credit risk of the issuer, and the price volatility of the bond. We generally intend to hold investments until maturity, resulting in lower portfolio turnover in the Fund, although these intentions may be adjusted in response to the market or other events.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Losing money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities or Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is subject to the risk that the market value of the bonds in the Fund’s portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond’s sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Fund may be subject to risks associated with rising interest rates. The fixed-income securities in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s portfolio also are subject to credit risk, which is the possibility that an issuer of a fixed-income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The fixed-income securities held in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">—The market prices of the Fund’s fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Duration is a measure of a fixed income security’s sensitivity to changes in interest rates. For example, if interest rates increase by 1%, the value of a fund’s portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities  and could also result in increased redemptions from the Fund. The maturity of a security may be significantly longer than its effective duration. A security’s maturity and other features may be more relevant than its effective duration in determining the security’s sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called “credit spread”). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up or “widens,” the value of the security generally will go down.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – During a period of declining interest rates, many municipal bonds may be “called,” or redeemed, by the issuer before the stated maturity. An issuer might call, or refinance, a higher-yielding bond for the same reason that a homeowner would refinance a home mortgage. When bonds are called, the Fund is affected in several ways. Most likely, the Fund will reinvest the bond-call proceeds in bonds with lower interest rates. The Fund’s income may drop as a result. The Fund also may realize a taxable capital gain (or loss).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield or “Junk” Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Debt securities that are below investment grade, called “junk bonds,” are speculative, have a higher risk of default or are already in default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments, and may become illiquid. These risks are more pronounced for securities that are already in default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Structural Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Some tax-exempt securities are subject to special risks due to their unique structure. For instance, variable-rate demand notes (“VRDNs”) generally are long-term municipal bonds combined with a demand feature, which represents the right to sell the instrument back to the remarketer or liquidity provider, usually a bank, for repurchase on short notice, normally one day or seven days. Because the demand feature is dependent upon the bank, the Fund will only purchase VRDNs of this type where it believes that the banks would be able to honor their guarantees on the demand feature. Some VRDNs, sometimes referred to as “structured instruments” or “synthetic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments,” are created by combining an intermediate- or long-term municipal bond with a right to sell the instrument back to the remarketer or liquidity provider for repurchase on short notice, referred to as a “tender option.” However, the tender option usually is subject to a conditional guarantee, which means that the bank is not required to pay under the guarantee if there is a default by the municipality or if certain other events occur. Because there is the risk that the Fund will not be able to exercise the demand feature at all times, the Fund will not purchase a synthetic instrument of this type unless the Fund believes there is minimal risk that the Fund will not be able to exercise the tender option at all times. The Fund will not purchase a synthetic instrument unless counsel for the issuer has issued an opinion that interest paid on the instrument is entitled to tax-exempt treatment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Regulatory Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is subject to regulatory risk, which is the risk that legislative, regulatory, or tax policies or developments may have an adverse impact on the value of the Fund’s investments and the Fund’s NAV.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is new and has no history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Market developments and other factors, including changes in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets. Heavy redemptions of fixed-income mutual funds and decreased liquidity from fixed-income securities could hurt the Fund’s performance. In addition, significant securities market disruptions, including economic, financial and public health crises, may lead to dislocation in the market for a variety of fixed-income securities (including municipal obligations), which can decrease liquidity and sharply reduce returns. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Nearly all of the Fund’s investments are valued using a fair value methodology. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for illiquid securities and securities that trade in thin or volatile markets. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. Investors who purchase or redeem Fund shares may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the securities had not been fair-valued or if a different valuation methodology had been used. The ability to value the Fund’s investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Nearly all of the Fund’s investments are valued using a fair value methodology. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for illiquid securities and securities that trade in thin or volatile markets. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. Investors who purchase or redeem Fund shares may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the securities had not been fair-valued or if a different valuation methodology had been used. The ability to value the Fund’s investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Taxable Investment Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Although distributions of interest income from the Fund’s tax-exempt securities are generally exempt from regular federal income tax, distributions from other sources, including capital gain distributions, and any gains on the sale of your shares are not. In addition, the interest on the Fund’s municipal securities could become subject to regular federal income tax or the AMT, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You should consult a tax adviser about whether the AMT applies to you and about state and local taxes on your Fund distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives may be affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of the municipal securities. This could in turn affect the Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Exempt Status Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel and, in the case of derivative securities, sponsor’s counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases for those tax opinions. However, tax opinions are not binding on the IRS, and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security’s tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Cybersecurity Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Cybersecurity failures by and breaches of the Adviser, transfer agent, the Distributor, custodian, Fund accounting agent or other service providers may disrupt Fund operations, interfere with the Fund’s ability to calculate its NAV, prevent Fund shareholders from purchasing, redeeming or exchanging shares or receiving distributions or receiving timely information regarding the Fund or their investment in the Fund, cause loss of or unauthorized access to private shareholder information, and result in financial losses to the Fund and its shareholders, regulatory fines, penalties, reputational damage, or additional compliance costs. New ways to carry out cyber attacks continue to develop. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Expense Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Your actual costs of investing in the Fund may be higher than the expenses shown in “Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that there are many other factors that could adversely affect your investment and that could prevent the Fund from achieving its goals.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Losing money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> 2026-11-01 <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Municipal High Yield ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Municipal High Yield ETF (the “Fund”) seeks to maximize total return through a combination of income that is exempt from regular federal income tax and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0030 0.0047 0.0077 -0.0043 0.0034 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">Estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027,</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 35 173 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has only recently commenced investment operations, no portfolio turnover information is available at this time.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities and other obligations issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from regular federal income tax (“municipal securities”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Derivative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments that provide exposure to municipal securities or have similar economic characteristics may be used to satisfy the Fund’s 80% policy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Municipal securities generally are issued to finance public works such as airports, bridges, highways, housing, hospitals, mass transportation projects, schools, and water and sewer works. Municipal securities may be issued to repay outstanding obligations, to raise funds for general operating expenses, or to make loans to other institutions and facilities. They also may be issued by or on behalf of public authorities to finance various privately operated facilities, which are expected to benefit the municipality and its residents, such as business, manufacturing, housing, sports, and pollution control, as well as public facilities such as airports, mass transit systems, ports, and parking.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund does not have a specific portfolio duration target, range, or limit. The Fund may invest in municipal securities of any maturity. Municipal securities with longer maturities are generally more volatile than other fixed income securities with shorter maturities. The Fund may invest 25% or more of its assets in issuers in any one or more states or in municipal securities that finance projects in the same economic sector or of a similar project type (such as projects relating to health care, education, transportation, and utilities), subject to the Fund’s policy not to concentrate its investments in a particular industry or group of industries.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund primarily invests in “high-yield” municipal obligations. “High-yield” municipal obligations are commonly referred to as “junk bonds” and are considered speculative. For this purpose, “high-yield” municipal obligations are municipal obligations rated Baa1 or lower by Moody’s Investors Service, Inc. or BBB+ or lower by Standard and Poor’s Ratings Group or unrated securities determined by the adviser to be of comparable credit quality. The Fund may invest in securities in any rating category, including those in default, and in debtor-in-possession financings.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Interest income from certain types of municipal obligations in which the Fund may invest generally may be subject to the federal alternative minimum tax (the “AMT”). The Fund may not be suitable for investors subject to the AMT. The rate of interest paid on municipal securities normally is lower than the rate of interest paid on taxable securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments may have fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed and floating rates, inverse floating rate, zero coupon, contingent, deferred and payment in kind, and auction rate features.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may, but is not required to, use derivatives, such as synthetic municipal securities, inverse floating rate obligations, and credit default swaps. The Fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the Fund’s return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The Fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. With respect to credit default swaps, the Fund may purchase credit protection or sell (write) credit protection. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund also may invest in subordinated securities, asset-backed securities of any rating, including collateralized debt obligations, and may hold cash, or other short-term investments. The Fund’s investments may include mortgage-backed instruments, the underlying assets of which allow for balloon payments (where a substantial portion of a mortgage loan balance is paid at maturity, which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">can shorten the average life of the mortgage-backed instrument) or negative amortization payments (where as a result of a payment cap, payments on a mortgage loan are less than the amount of principal and interest owed, with excess amounts added to the outstanding principal balance, which can extend the average life of the mortgage-backed instrument).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 20% of its net assets in inverse floating rate obligations.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 20% of its net assets in taxable investments, including securities of other investment companies (including mutual funds, exchange-traded funds and closed-end funds), commercial paper, U.S. government securities, U.S. or foreign bank instruments, and repurchase agreements.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser considers both broad economic factors and issuer specific factors in selecting investments. In assessing the appropriate maturity and rating weighting of the Fund’s portfolio, the Adviser considers a variety of factors that are expected to influence economic activity and interest rates. The Adviser selects individual securities to buy and sell based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality, and issuer diversification.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities and other obligations issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from regular federal income tax (“municipal securities”). </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Municipal securities generally are issued to finance public works such as airports, bridges, highways, housing, hospitals, mass transportation projects, schools, and water and sewer works. Municipal securities may be issued to repay outstanding obligations, to raise funds for general operating expenses, or to make loans to other institutions and facilities. They also may be issued by or on behalf of public authorities to finance various privately operated facilities, which are expected to benefit the municipality and its residents, such as business, manufacturing, housing, sports, and pollution control, as well as public facilities such as airports, mass transit systems, ports, and parking.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser considers both broad economic factors and issuer specific factors in selecting investments. In assessing the appropriate maturity and rating weighting of the Fund’s portfolio, the Adviser considers a variety of factors that are expected to influence economic activity and interest rates. The Adviser selects individual securities to buy and sell based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality, and issuer diversification.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Losing money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> —The market prices of securities or other assets held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, political instability, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, weather or climate events, wars or armed conflicts, market disruptions caused by tariffs, trade disputes, sanctions or other government actions, or other factors or adverse investor sentiment. If the market prices of the Fund’s securities and assets fall, the value of your investment will go down. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events; geopolitical events (including wars, terror attacks and economic sanctions); measures to address budget deficits; downgrading of sovereign debt; changes in oil and commodity prices; dramatic changes in currency exchange rates; global pandemics; and public sentiment. Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the United States and elsewhere. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, inflation, rising interest rates, global supply chain disruptions, and other market events could adversely affect the companies or issuers in which the Fund invests. Following the commencement of the conflict in Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical, or other events or conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the United States. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. U.S. Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including increases or decreases in interest rates, or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom’s exit from the European Union (commonly known as “Brexit”), potential trade imbalances with China or other countries or sanctions or other government actions against Russia, other nations or individuals or companies (or their countermeasures), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs (or the threat of tariffs), investment restrictions and adverse impacts on affected companies and securities, potentially leading to significant losses for the Fund. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The U.S. government has prohibited U.S. persons, such as the Fund, from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict. If the political climate between the United States and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines, or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflicts such as between Russia and Ukraine or in the Middle East, terrorism, natural disasters, infectious illness or public health issues, cybersecurity events, supply chain disruptions, sanctions against Russia, other nations or individuals or companies and possible countermeasures, and other circumstances in one country or region could have profound impacts on other countries or regions and on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected, the value and liquidity of the Fund’s investments may be negatively affected. The Fund may experience a substantial or complete loss on any security or derivative position.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">—The market prices of the Fund’s fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Duration is a measure of a fixed income security’s sensitivity to changes in interest rates. For example, if interest rates increase by 1%, the value of a fund’s portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities  and could also result in increased redemptions from the Fund. The maturity of a security may be significantly longer than its effective duration. A security’s maturity and other features may be more relevant than its effective duration in determining the security’s sensitivity to other factors affecting the issuer or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called “credit spread”). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up or “widens,” the value of the security generally will go down.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically  decline. The values of lower-quality debt securities tend to be particularly sensitive to these changes. Changes in actual or perceived creditworthiness may occur quickly. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets. The Fund also could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment or Call Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the Fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Fund also may lose any premium it paid on the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the security’s duration and reduce the value of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Some securities and derivatives held by the Fund may be or become impossible or difficult to purchase, sell or unwind, particularly during times of market turmoil. An instrument’s liquidity may be affected by reduced trading volume, a relative lack of market makers or legal restrictions, and illiquid securities and derivatives also may be difficult to value. Markets may become illiquid quickly. Liquidity risk may be magnified in an environment of rising interest rates or widening credit spreads. During times of market turmoil, there have been, and may be, no buyers or sellers for securities in entire asset classes. If the Fund is forced to sell an illiquid asset or unwind a derivative position to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). In extreme cases, this may constrain the Fund’s ability to meet its obligations (including obligations to redeeming shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield or “Junk” Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Debt securities that are below investment grade, called “junk bonds,” are speculative, have a higher risk of default or are already in default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments, and may become illiquid. These risks are more pronounced for securities that are already in default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Selection Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Adviser’s judgment about the quality, relative yield, relative value or market trends affecting a particular sector or region, market segment, security, industry or about interest rates or other market factors may prove to be incorrect or may not produce the desired results, or there may be imperfections, errors or limitations in the models, tools and information used by the Adviser.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Municipal Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. Financial difficulties of municipal issuers may continue or get worse, particularly in the event of political, economic or market turmoil or a recession. To the extent the Fund invests significantly in a single state (including California and New York), city, territory (including Puerto Rico), or region, or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, including health care facilities, education, tobacco settlement revenue, and industrial development, the Fund will be more susceptible to associated risks and developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debtor-in-Possession Financings Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Debtor-in-possession financings are loans to a debtor-in-possession in a proceeding under the U.S. Bankruptcy Code that have been approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11 of the U.S. Bankruptcy Code. Debtor-in-possession financings can provide creditors with varying levels of protection, as they may carry super-priority repayment status, be secured by a lien on the borrower’s otherwise unencumbered assets, or be secured by a junior lien on the borrower’s encumbered assets. These financings are subject to the risk that the borrower will not emerge successfully from the bankruptcy/reorganization proceedings and will be forced to liquidate its assets. Debtor-in-possession financings may be illiquid or less liquid than other investments and difficult to value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In the event of liquidation, the Fund’s only recourse will be against the property securing the debtor-in-possession loan and any remaining unencumbered assets, which might be insufficient to repay the debtor-in-possession loan in full, in which case the Fund may lost its entire investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage-Related and Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of mortgage-related securities and asset-backed securities will be influenced by factors affecting the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. These securities are also subject to interest rate, prepayment and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets and are thus subject to the risk of default. The risk of such defaults is generally higher in the case of mortgage-backed investments offered by non-governmental issuers and those that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the Fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. For debt instruments secured by specific assets, those assets are often the sole source of principal and interest payments for the instrument. Should those assets underperform expectations or decline in value, the Fund could experience shortfalls in principal and interest.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Collateralized Debt Obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investment in a collateralized debt obligation (“CDO”) is subject to the credit, subordination, interest rate, valuation, prepayment, extension and other risks of the obligations underlying the CDO and the tranche of the CDO in which the Fund invests. CDOs are subject to liquidity risk. Synthetic CDOs are also subject to the risks of investing in derivatives, such as credit default swaps, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Instruments that Allow for Balloon Payments or Negative Amortization Payments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Certain debt instruments allow for balloon payments or negative amortization payments. Such instruments permit the borrower to avoid paying currently a portion of the interest accruing on the instrument. While these features make the debt instrument more affordable to the borrower in the near term, they increase the risk that the borrower will be unable to make the resulting higher payment or payments that become due at the maturity of the loan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Subordinated Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— A holder of securities that are subordinated or “junior” to more senior securities of an issuer is entitled to payment after holders of more senior securities of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time. As a result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on subordinated securities than more senior securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Zero Coupon Bonds, Payment in Kind, Deferred and Contingent Payment Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— These securities may be more speculative and may fluctuate more in value than securities that pay income periodically and in cash. In addition, although the Fund receives no periodic cash payments on such securities, the Fund is deemed for tax purposes to receive income from such securities, which applicable tax rules generally require the Fund to distribute to shareholders to retain its status as a regulated investment company and avoid being subject to U.S. federal income and excise tax. Such distributions may be taxable when distributed to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Agency Obligations Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Banks (“FHLBs”), although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt and mortgage-backed securities issued by them are neither guaranteed nor issued by the U.S. government. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Such debt and mortgage-backed securities are subject to the risk of default on the payment of interest and/or principal, similar to debt of private issuers. Although the U.S. government has provided financial support to FNMA and FHLMC in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Other Funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds, subjects the Fund to the risks of investing in the underlying securities or assets held by those funds. When investing in another fund, the Fund will bear a pro rata portion of the underlying fund’s expenses, including management fees, in addition to its own expenses. ETFs and closed-end funds are bought and sold based on market prices and can trade at a premium or a discount to the ETF’s or closed-end fund’s net asset value. Such funds may trade at a discount for an extended period and may not ever realize their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives may be affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipal securities. This could in turn affect the Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Taxable Investment Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Although distributions of interest income from the Fund’s tax-exempt securities are generally exempt from regular federal income tax, distributions from other sources, including capital gain distributions, and any gains on the sale of your shares are not. In addition, the interest on the Fund’s municipal securities could become subject to regular federal income tax or the AMT, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You should consult a tax adviser about whether the AMT applies to you and about state and local taxes on your Fund distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Exempt Status Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel and, in the case of derivative securities, sponsor’s counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases for those tax opinions. However, tax opinions are not binding on the IRS, and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security’s tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Using synthetic municipal securities, inverse floating rate obligations, credit default swaps and other derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates, or the derivative instruments themselves behave in a way not anticipated by the Fund. Using derivatives may increase the volatility of the Fund’s net asset value and may not provide the result intended. Derivatives may have a leveraging effect on the Fund. Some derivatives, such as writing (selling) options, have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. Changes in a derivative’s value may not correlate well with the referenced asset or metric. The Fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. The U.S. government and foreign governments have adopted and implemented or are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Synthetic Municipal Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The tax-exempt character of the interest paid on tender option bonds, bond receipts and similar synthetic municipal securities, a type of derivative instrument, is based on the tax-exempt income stream from the collateral. In addition to the risks of investing in municipal securities and in derivatives generally, investments in synthetic municipal securities are subject to the risk that income derived from such securities is deemed to be taxable.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Inverse Floating Rate Obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The interest rate on inverse floating rate obligations will generally decrease as short-term interest rates increase, and increase as short-term rates decrease. Due to their leveraged structure, the sensitivity of the market value of an inverse floating rate obligation to changes in interest rates is generally greater than a comparable long-term bond issued by the same issuer and with similar credit quality, redemption and maturity provisions. Inverse floating rate obligations may be volatile and involve leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Default Swap Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. If the Fund buys a credit default swap (i.e., buys credit protection), it will be subject to the risk that the credit default swap may expire worthless, as the credit default swap would only generate income in the event of a default on the underlying debt security or other specified event. As a buyer, the Fund would also be subject to credit risk relating to the seller’s payment of its obligations in the event of a default (or similar event). If the Fund sells a credit default swap (i.e., sells credit protection), it will be exposed to the credit risk of the issuer of the obligation to which the credit default swap relates. As a seller, the Fund would also be subject to leverage risk, because it would be liable for the full notional amount of the swap in the event of default (or similar event). Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to the issuer of the referenced obligation and either the counterparty to the credit default swap or, if it is a cleared transaction, the brokerage firm through which the trade was cleared and the clearing organization that is the counterparty to that trade.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Defaulted Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investments in securities that are in default involve a high degree of financial and market risks that can result in substantial or, at times, even total losses. Issuers of defaulted securities may have substantial capital needs and may become involved in bankruptcy or reorganization proceedings. The Fund may not receive interest payments on defaulted securities and may incur costs to protect its investment. Defaulted securities may be less actively traded than other securities, and it may be difficult to dispose of substantial holdings of such securities at prevailing market prices. Defaulted securities require active monitoring and may, at times, require participation in bankruptcy or receivership proceedings on behalf of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leveraging Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of your investment may be more volatile and other risks tend to be compounded if the Fund borrows or uses derivatives or other investments, such as ETFs,  that have embedded leverage. Leverage generally magnifies the effect of any increase or decrease in the value of the Fund’s underlying assets and creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have, potentially resulting in the loss of all assets. Engaging in such transactions may cause the Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. New derivatives regulations require the Fund, to the extent it uses derivatives to a material extent, to, among other things, comply with certain overall limits on leverage. These regulations may limit the ability of the Fund to pursue its investment strategies and may not be effective to mitigate the Fund’s risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Repurchase Agreement Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— In the event that the other party to a repurchase agreement defaults on its obligations, the Fund may encounter delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in price of the security. In addition, if the Fund is characterized by a court as an unsecured creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Segment Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation than a fund without the same focus.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests in issuers of securities the payments on which are derived from gas, electric, telephone, sewer, water, health care, education, tobacco settlement revenue, industrial development and transportation segments of the municipal bond market, the Fund may be subject to risks associated with such segments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Certain revenue bonds are backed by settlements with tobacco companies. The settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. Payments could be reduced if consumption decreases or due to other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The education segment can be significantly affected by declining applicant pools, changes in student enrollment, decreases in state and federal financial aid to students, declines in endowment contributions and decreases in endowment portfolio values.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Industrial development bonds are normally secured by the revenues from the project and not by state or local government tax payments. Consequently, the credit quality of these securities depends upon the ability of the user of the facilities financed by the bonds and any guarantor to meet its financial obligations. If the user of the facilities financed by the bonds defaults on its payments, the Fund may not receive any income or get its money back from the investment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Industries in the health care segment, such as health care supplies, health care services, biotechnology and pharmaceuticals, may be significantly affected by government regulation and reimbursement rates, approval of products by government agencies, increases or decreases in the cost of medical products, services and patient care, shortages of skilled personnel and increased personnel costs, and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">profitability. Health care companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Nearly all of the Fund’s investments are valued using a fair value methodology. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for illiquid securities and securities that trade in thin or volatile markets. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. Investors who purchase or redeem Fund shares may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the securities had not been fair-valued or if a different valuation methodology had been used. The ability to value the Fund’s investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Redemption Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, accelerate taxable gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have, or accelerate transaction costs, which could cause the value of your investment to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is new and has no history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Cybersecurity Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Cybersecurity failures by and breaches of the Adviser, transfer agent, the Distributor, custodian, Fund accounting agent or other service providers may disrupt Fund operations, interfere with the Fund’s ability to calculate its NAV, prevent Fund shareholders from purchasing, redeeming or exchanging shares or receiving distributions or receiving timely information regarding the Fund or their investment in the Fund, cause loss of or unauthorized access to private shareholder information, and result in financial losses to the Fund and its shareholders, regulatory fines, penalties, reputational damage, or additional compliance costs. New ways to carry out cyber attacks continue to develop. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Expense Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Your actual costs of investing in the Fund may be higher than the expenses shown in “Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that there are many other factors that could adversely affect your investment and that could prevent the Fund from achieving its goals.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Losing money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> 2026-11-01 <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Pioneer Mortgage-Backed Securities ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Pioneer Mortgage-Backed Securities ETF (the “Fund”) seeks a high level of total return consisting of income and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0015 0.0070 0.0085 -0.0066 0.0019 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">Estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 19 159 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of mortgage-related instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Mortgage-related instruments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">include agency and non-agency mortgage-backed securities (“MBS”), such as commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), and uniform mortgage-backed securities (“UMBS”), collateralized mortgage obligations (“CMOs”), including private and multi-class structures, stripped mortgage-backed securities, mortgage pass-through securities, credit risk transfer securities (“CRTs”), and other securities or instruments representing an interest in or secured by or related to mortgages, including asset-backed securities and securities of other investment companies (including mutual funds, exchange-traded funds, and closed-end funds) that invest primarily in mortgage-related instruments. Derivative instruments that provide exposure to mortgage-related investments or have similar economic characteristics may be treated as mortgage-related investments under the Fund’s 80% policy. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Agency MBS are issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored enterprises, including mortgage pass-through securities representing interests in pools of mortgage loans issued or guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”), or the Federal Home Loan Mortgage Corporation (“FHLMC”). MBS and other mortgage-related investments may be structured such that payments consist of interest-only (“IO”), principal-only (“PO”) or principal and interest.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may also invest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in structured investments including adjustable rate mortgage loans (“ARMs”), and custodial receipts. The Fund may invest in mortgage pass-through securities including securities eligible to be sold on the “to-be-announced” or TBA market. The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. MBS include credit risk transfer securities, which transfer the credit risk related to the MBS to the buyer of the security. Credit risk transfer securities are fixed or floating-rate unsecured general obligations issued by FNMA, FHLMC, or other government sponsored or private entities. Although mortgage-related instruments typically represent pools of loans, in some cases they may consist of one large loan that is securitized and sold to capital market investors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund also may invest in other fixed income instruments and obligations of U.S. and non-U.S. corporate and other non-governmental entities, debt securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or non-U.S. governmental entities, and other asset-backed securities, including collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests in securities of any maturity and duration. The maturity of a fixed income security is a measure of the time remaining until final payment on the security is due. The Fund’s investments may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, when-issued, delayed delivery, to be announced and forward commitment, contingent, deferred, payment in kind and auction rate features.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will invest primarily in securities rated investment grade (that is, securities rated Baa3/BBB- or higher, or if unrated, determined to be of comparable credit quality by the Adviser). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser may use (but is not required to use in any given situation) derivatives, including interest rate futures, primarily to manage the Fund’s average duration, credit, and currency exposures. The Fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, or interest rates; as a substitute for purchasing or selling securities; to attempt to increase the Fund’s return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The Fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The Fund may hold cash or other short-term investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser considers both broad economic and issuer specific factors in selecting investments. In assessing the appropriate maturity, credit quality and sector weightings of the portfolio, the adviser considers a variety of factors that are expected to influence economic activity and interest rates. The Fund’s allocation among investments depends upon the Adviser’s outlook for economic, interest rate and political trends. At any given time, the Fund may have a substantial amount of its assets in any one of such different sectors or categories of mortgage-related and asset-backed securities (e.g., agency RMBS, non-agency RMBS, CMBS, and other structured products). The Adviser seeks to provide exposure to those areas of the fixed income market that the investment adviser anticipates will provide value, while seeking to minimize exposure to those areas it anticipates will provide less value. The Adviser intends to manage the Fund by reference to the Bloomberg U.S. Mortgage-Backed Securities Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser selects individual securities to buy and sell based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality, and sector and issuer diversification. The Adviser also employs fundamental research to assess an issuer’s credit quality, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment, and management ability. The Adviser also makes investment decisions based on technical factors such as price momentum, market sentiment, and supply or demand imbalances.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of mortgage-related instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Mortgage-related instruments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">include agency and non-agency mortgage-backed securities (“MBS”), such as commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), and uniform mortgage-backed securities (“UMBS”), collateralized mortgage obligations (“CMOs”), including private and multi-class structures, stripped mortgage-backed securities, mortgage pass-through securities, credit risk transfer securities (“CRTs”), and other securities or instruments representing an interest in or secured by or related to mortgages, including asset-backed securities and securities of other investment companies (including mutual funds, exchange-traded funds, and closed-end funds) that invest primarily in mortgage-related instruments. Derivative instruments that provide exposure to mortgage-related investments or have similar economic characteristics may be treated as mortgage-related investments under the Fund’s 80% policy. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Agency MBS are issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored enterprises, including mortgage pass-through securities representing interests in pools of mortgage loans issued or guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”), or the Federal Home Loan Mortgage Corporation (“FHLMC”). MBS and other mortgage-related investments may be structured such that payments consist of interest-only (“IO”), principal-only (“PO”) or principal and interest.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser selects individual securities to buy and sell based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality, and sector and issuer diversification. The Adviser also employs fundamental research to assess an issuer’s credit quality, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment, and management ability. The Adviser also makes investment decisions based on technical factors such as price momentum, market sentiment, and supply or demand imbalances.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage-Related and Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of mortgage-related securities and asset-backed securities will be influenced by factors affecting the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. These securities are also subject to interest rate, prepayment and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets and are thus subject to the risk of default. The risk of such defaults is generally higher in the case of mortgage-backed investments offered by non-governmental issuers and those that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the Fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. For debt instruments secured by specific assets, those assets are often the sole source of principal and interest payments for the instrument. Should those assets underperform expectations or decline in value, the Fund could experience shortfalls in principal and interest.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Collateralized Debt Obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investment in a collateralized debt obligation (“CDO”) is subject to the credit, subordination, interest rate, valuation, prepayment, extension and other risks of the obligations underlying the CDO and the tranche of the CDO in which the Fund invests. CDOs are subject to liquidity risk. Synthetic CDOs are also subject to the risks of investing in derivatives, such as credit default swaps, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> —The market prices of securities or other assets held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, political instability, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, weather or climate events, armed conflict, market disruptions caused by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tariffs, trade disputes, sanctions or other government actions, or other factors or adverse investor sentiment. If the market prices of the Fund’s securities and assets fall, the value of your investment will go down. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events; geopolitical events (including wars, terror attacks and economic sanctions); measures to address budget deficits; downgrading of sovereign debt; changes in oil and commodity prices; dramatic changes in currency exchange rates; global pandemics; and public sentiment. Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the United States and elsewhere. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, inflation, rising interest rates, global supply chain disruptions, and other market events could adversely affect the companies or issuers in which the Fund invests. Following the commencement of the conflict in Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical, or other events or conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the United States. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. U.S. Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including increases or decreases in interest rates, or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom’s exit from the European Union (commonly known as “Brexit”), potential trade imbalances with China or other countries or sanctions or other government actions against Russia, other nations or individuals or companies (or their countermeasures), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs (or the threat of tariffs), investment restrictions and adverse impacts on affected companies and securities, potentially leading to significant losses for the Fund. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The U.S. government has prohibited U.S. persons, such as the Fund, from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Moreover, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict. If the political climate between the United States and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines, or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflicts such as between Russia and Ukraine or in the Middle East, terrorism, natural disasters, infectious illness or public health issues, cybersecurity events, supply chain disruptions, sanctions against Russia, other nations or individuals or companies and possible countermeasures, and other circumstances in one country or region could have profound impacts on other countries or regions and on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected, the value and liquidity of the Fund’s investments may be negatively affected. The Fund may experience a substantial or complete loss on any security or derivative position.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">TBA Commitments Risk —</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund typically will enter into “to be announced” or “TBA” commitments for mortgage-backed securities and, at times, the portion of the Fund’s portfolio allocated to TBA securities may be significant. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Using swaps, futures, and other derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates, or the derivative instruments themselves behave in a way not anticipated by the Fund. Using derivatives may increase the volatility of the Fund’s net asset value and may not provide the result intended. Derivatives may have a leveraging effect on the Fund. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. Changes in a derivative’s value may not correlate well with the referenced asset or metric. The Fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. The U.S. government and foreign governments have adopted and implemented or are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically  decline. The values of lower-quality debt securities tend to be particularly sensitive to these changes. Changes in actual or perceived creditworthiness may occur quickly. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets. The Fund also could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">—The market prices of the Fund’s fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">duration securities. Duration is a measure of a fixed income security’s sensitivity to changes in interest rates. For example, if interest rates increase by 1%, the value of a fund’s portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities  and could also result in increased redemptions from the Fund. The maturity of a security may be significantly longer than its effective duration. A security’s maturity and other features may be more relevant than its effective duration in determining the security’s sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called “credit spread”). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up or “widens,” the value of the security generally will go down.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment or Call Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the Fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Fund also may lose any premium it paid on the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the security’s duration and reduce the value of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Subordinated Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— A holder of securities that are subordinated or “junior” to more senior securities of an issuer is entitled to payment after holders of more senior securities of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time. As a result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on subordinated securities than more senior securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield or “Junk” Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Debt securities that are below investment grade, called “junk bonds,” are speculative, have a higher risk of default or are already in default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments, and may become illiquid. These risks are more pronounced for securities that are already in default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is new and has no history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk Transfer Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Credit risk transfer securities are unguaranteed and unsecured debt securities issued by government sponsored enterprises and therefore are not directly linked to or backed by the underlying mortgage loans. As a result, in the event that a government sponsored enterprise fails to pay principal or interest on its credit risk transfer securities or goes through a bankruptcy, insolvency or similar proceeding, holders of such credit risk transfer securities have no direct recourse to the underlying mortgage loans and will generally receive recovery on par with other unsecured note holders in such a scenario. The risks associated with an investment in credit risk transfer securities are different than the risks associated with an investment in mortgage-backed securities issued by the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”), or other government sponsored enterprise or issued by a private issuer, because some or all of the mortgage default or credit risk associated with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the underlying mortgage loans is transferred to investors. As a result, investors in these securities could lose some or all of their investment in these securities if the underlying mortgage loans default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Custodial Receipts Risk — </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Custodial receipts are securities that evidence ownership of future interest payments and/or principal payments on a basket of securities which underlie the custodial receipts in connection with programs sponsored by banks and brokerage firms. Custodial receipts are held in custody by a bank on behalf of the owners of the custodial receipts. Investment in a custodial receipt is subject to the risks of the obligations underlying the custodial receipt, including but not limited to credit risk and market risk. In addition, custodial receipts may be less liquid than other investments and therefore harder to dispose of at the desired time and price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Some securities and derivatives held by the Fund may be or become impossible or difficult to purchase, sell or unwind, particularly during times of market turmoil. An instrument’s liquidity may be affected by reduced trading volume, a relative lack of market makers or legal restrictions, and illiquid securities and derivatives also may be difficult to value. Markets may become illiquid quickly. Liquidity risk may be magnified in an environment of rising interest rates or widening credit spreads. During times of market turmoil, there have been, and may be, no buyers or sellers for securities in entire asset classes. If the Fund is forced to sell an illiquid asset or unwind a derivative position to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). In extreme cases, this may constrain the Fund’s ability to meet its obligations (including obligations to redeeming shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Agency Obligations Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Banks (“FHLBs”), although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt and mortgage-backed securities issued by them are neither guaranteed nor issued by the U.S. government. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Such debt and mortgage-backed securities are subject to the risk of default on the payment of interest and/or principal, similar to debt of private issuers. Although the U.S. government has provided financial support to FNMA and FHLMC in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage Dollar Roll Transactions Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The benefits to the Fund from mortgage dollar roll transactions depend upon the Adviser’s ability to forecast mortgage prepayment patterns on different mortgage pools. The Fund may lose money if, during the period between the time it agrees to the forward purchase of the mortgage securities and the settlement date, these securities decline in value due to market conditions or prepayments on the underlying mortgages.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Cybersecurity Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Cybersecurity failures by and breaches of the Adviser, transfer agent, the Distributor, custodian, Fund accounting agent or other service providers may disrupt Fund operations, interfere with the Fund’s ability to calculate its NAV, prevent Fund shareholders from purchasing, redeeming or exchanging shares or receiving distributions or receiving timely information regarding the Fund or their investment in the Fund, cause loss of or unauthorized access to private shareholder information, and result in financial losses to the Fund and its shareholders, regulatory fines, penalties, reputational damage, or additional compliance costs. New ways to carry out cyber attacks continue to develop. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Expense Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Your actual costs of investing in the Fund may be higher than the expenses shown in “Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that there are many other factors that could adversely affect your investment and that could prevent the Fund from achieving its goals.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Pioneer Active Credit ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Pioneer Active Credit ETF (the “Fund”) seeks total return, including high current income.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0039 0.0070 0.0109 -0.0064 0.0045 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">Estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 46 238 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs a flexible investment approach that selects investments from a broad range of issuers and segments of the U.S. and non-U.S. fixed-income markets, such as investment-grade and high-yield corporate bonds, U.S. and non-U.S. government bonds, and asset-backed and mortgage-backed securities. As a secondary component of its overall strategy, the Fund’s portfolio management team uses derivatives in an effort to limit credit and interest rate risks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In pursuing the Fund’s investment objective, the Fund seeks to generate returns that have low correlation to traditional equity and fixed income markets over the long term. The Fund is actively managed and does not seek to follow any particular index, nor is it constrained to invest in the securities included in the Fund’s benchmark index. The Fund allocates its assets among global fixed income sectors based on current market conditions and uses risk hedges to limit volatility arising from interest rate and credit spread movements.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fixed-income investments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may include instruments and obligations of U.S. and non-U.S. corporate and other non-governmental entities, debt securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or non-U.S. governmental entities, mortgage-related or mortgage-backed securities (including commercial mortgage-backed securities (“CMBS”), collateralized mortgage obligations (“CMOs”), and “sub-prime” mortgages), asset-backed securities, floating-rate loans, convertible securities, preferred securities, Treasury Inflation Protected Securities (“TIPS”), and other inflation-linked debt securities, subordinated debt securities, insurance-linked securities, municipal debt securities, and securities of other investment companies (including mutual funds, exchange-traded funds, and closed-end funds) that invest primarily in fixed income investments. Derivative instruments that provide exposure to fixed income investments or have similar economic characteristics may be treated as fixed income investments under the Fund’s 80% policy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may engage in active and frequent trading of portfolio securities, which could increase transaction costs.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund may invest a substantial portion of its assets in asset-backed securities and mortgage-related securities, including CMBS, CMOs, and other mortgage-related securities issued by private issuers. The Fund’s investments in mortgage-related securities may include instruments whose underlying assets allow “balloon payments” or negative amortization payments. Balloon payments allow mortgage borrowers to pay a substantial portion of the balance at maturity, which can shorten the average life of the mortgage-backed instrument. A negative amortization payment means that a borrower's mortgage payment is insufficient to cover the amount of interest owed, and the difference is added to the principal of the loan due at maturity. This can result from a payment cap feature of a mortgage.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests in securities of any maturity and duration. The maturity of a fixed-income security is a measure of the time remaining until final payment on the security is due. Duration seeks to measure the price sensitivity of a fixed income security to changes in interest rates. Unlike maturity, duration takes into account interest payments that occur throughout the course of holding the bond. The longer a portfolio’s duration, the more sensitive it will be to changes in interest rates. For example, if the Fund has a two-year duration, then all other things being equal, the Fund will decrease in value by two percent if interest rates rise one percent.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, when-issued, delayed delivery, to be announced and forward commitment, contingent, deferred, payment in kind, and auction rate features.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in debt securities rated below investment grade or determined to be of equivalent quality by the Adviser. Debt securities rated below investment grade are commonly referred to as “junk bonds” and are considered speculative. The Fund’s investments in debt securities rated below investment grade may include securities that are in default.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in securities of non-U.S. issuers, including securities of issuers in emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser selects individual securities to buy and sell based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality, and sector and issuer diversification. The Adviser also employs fundamental research to assess an issuer’s credit quality, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment and management ability. The Adviser also makes investment decisions based on technical factors such as price momentum, market sentiment, and supply or demand imbalances.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may consider various non-financial ratings or factors, where applicable, through quantitative models or qualitative assessment. The significance these considerations have on security selection varies widely, as the analysis is inherently subjective. Further, the consideration of such factors may not apply to certain instruments and the considerations of such factors is only a part of the investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income investments. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fixed-income investments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may include instruments and obligations of U.S. and non-U.S. corporate and other non-governmental entities, debt securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or non-U.S. governmental entities, mortgage-related or mortgage-backed securities (including commercial mortgage-backed securities (“CMBS”), collateralized mortgage obligations (“CMOs”), and “sub-prime” mortgages), asset-backed securities, floating-rate loans, convertible securities, preferred securities, Treasury Inflation Protected Securities (“TIPS”), and other inflation-linked debt securities, subordinated debt securities, insurance-linked securities, municipal debt securities, and securities of other investment companies (including mutual funds, exchange-traded funds, and closed-end funds) that invest primarily in fixed income investments. Derivative instruments that provide exposure to fixed income investments or have similar economic characteristics may be treated as fixed income investments under the Fund’s 80% policy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser selects individual securities to buy and sell based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality, and sector and issuer diversification. The Adviser also employs fundamental research to assess an issuer’s credit quality, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment and management ability. The Adviser also makes investment decisions based on technical factors such as price momentum, market sentiment, and supply or demand imbalances.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> —The market prices of securities or other assets held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, political instability, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, weather or climate events, armed conflict, market disruptions caused by tariffs, trade disputes, sanctions or other government actions, or other factors or adverse investor sentiment. If the market prices of the Fund’s securities and assets fall, the value of your investment will go down. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events; geopolitical events (including wars, terror attacks and economic sanctions); measures to address budget deficits; downgrading of sovereign debt; changes in oil and commodity prices; dramatic changes in currency exchange rates; global pandemics; and public sentiment. Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the United States and elsewhere. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, inflation, rising interest rates, global supply chain disruptions, and other market events could adversely affect the companies or issuers in which the Fund invests. Following the commencement of the conflict in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical, or other events or conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the United States. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. U.S. Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including increases or decreases in interest rates, or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom’s exit from the European Union (commonly known as “Brexit”), potential trade imbalances with China or other countries or sanctions or other government actions against Russia, other nations or individuals or companies (or their countermeasures), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs (or the threat of tariffs), investment restrictions and adverse impacts on affected companies and securities, potentially leading to significant losses for the Fund. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The U.S. government has prohibited U.S. persons, such as the Fund, from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict. If the political climate between the United States and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines, or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflicts such as between Russia and Ukraine or in the Middle East, terrorism, natural disasters, infectious illness or public health issues, cybersecurity events, supply chain disruptions, sanctions against Russia, other nations or individuals or companies and possible countermeasures, and other circumstances in one country or region could have profound impacts on other countries or regions and on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected, the value and liquidity of the Fund’s investments may be negatively affected. The Fund may experience a substantial or complete loss on any security or derivative position.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield or “Junk” Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Debt securities that are below investment grade, called “junk bonds,” are speculative, have a higher risk of default or are already in default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments, and may become illiquid. These risks are more pronounced for securities that are already in default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Duration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Duration seeks to measure the price sensitivity of a fixed income security to changes in interest rates. The longer a portfolio’s duration, the more sensitive it will be to changes in interest rates. The Fund’s average portfolio maturity may be greater than the Fund’s average portfolio duration, and, accordingly, the Fund may be more sensitive to changes in yield or interest rates. A portfolio with negative duration may increase in value when interest rates rise, and generally incurs a loss when interest rates and yields fall. The assumptions that are made about a security’s features and options when calculating duration may prove to be incorrect. Duration is calculated by the Fund’s Adviser, is not an exact measurement and may not reliably predict the Fund’s or a particular security’s price sensitivity to changes in yield or interest rates. The Fund’s Adviser may not be successful in its efforts to limit sensitivity to interest rate changes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">—The market prices of the Fund’s fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Duration is a measure of a fixed income security’s sensitivity to changes in interest rates. For example, if interest rates increase by 1%, the value of a fund’s portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. The maturity of a security may be significantly longer than its effective duration. A security’s maturity and other features may be more relevant than its effective duration in determining the security’s sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called “credit spread”). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up or “widens,” the value of the security generally will go down.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rising interest rates can lead to increased default rates, as issuers of floating rate securities find themselves faced with higher payments. Unlike fixed rate securities, floating rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its floating rate investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically decline. The values of lower-quality debt securities tend to be particularly sensitive to these changes. Changes in actual or perceived creditworthiness may occur quickly. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets. The Fund also could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment or Call Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the Fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Fund also may lose any premium it paid on the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the security’s duration and reduce the value of the security.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Some securities and derivatives held by the Fund may be or become impossible or difficult to purchase, sell or unwind, particularly during times of market turmoil. An instrument’s liquidity may be affected by reduced trading volume, a relative lack of market makers or legal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions, and illiquid securities and derivatives also may be difficult to value. Markets may become illiquid quickly. Liquidity risk may be magnified in an environment of rising interest rates or widening credit spreads. During times of market turmoil, there have been, and may be, no buyers or sellers for securities in entire asset classes. If the Fund is forced to sell an illiquid asset or unwind a derivative position to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). In extreme cases, this may constrain the Fund’s ability to meet its obligations (including obligations to redeeming shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Using swaps, futures, and other derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates, or the derivative instruments themselves behave in a way not anticipated by the Fund. Using derivatives may increase the volatility of the Fund’s net asset value and may not provide the result intended. Derivatives may have a leveraging effect on the Fund. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. Changes in a derivative’s value may not correlate well with the referenced asset or metric. The Fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. The U.S. government and foreign governments have adopted and implemented or are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Default Swap Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to the issuer of the referenced obligation and either the counterparty to the credit default swap or, if it is a cleared transaction, the brokerage firm through which the trade was cleared and the clearing organization that is the counterparty to that trade.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Default Swap Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund may invest in credit default swap index products (“CDX”) (swaps based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds) in an effort to obtain exposure to a diversified portfolio of credits or to hedge against existing credit risks. CDX have similar risks as other credit default swaps contracts. The use of CDX is subject to the risk that the Fund’s counterparty will default on its obligations. Investments in CDX are also subject to credit risk with respect to the issuers of the underlying reference obligations in the index, liquidity risk and operational risks. The Fund will also normally indirectly bear its proportionate share of any expenses paid by a CDX in addition to the expenses of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Structured Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Structured securities may behave in ways not anticipated by the Fund, or they may not receive the tax, accounting or regulatory treatment anticipated by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leveraging Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of your investment may be more volatile and other risks tend to be compounded if the Fund borrows or uses derivatives or other investments, such as ETFs,  that have embedded leverage. Leverage generally magnifies the effect of any increase or decrease in the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s underlying assets and creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have, potentially resulting in the loss of all assets. Engaging in such transactions may cause the Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. New derivatives regulations require the Fund, to the extent it uses derivatives to a material extent, to, among other things, comply with certain overall limits on leverage. These regulations may limit the ability of the Fund to pursue its investment strategies and may not be effective to mitigate the Fund’s risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Selection Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Adviser’s judgment about the quality, relative yield, relative value or market trends affecting a particular sector or region, market segment, security, industry or about interest rates or other market factors may prove to be incorrect or may not produce the desired results, or there may be imperfections, errors or limitations in the models, tools and information used by the Adviser.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Agency Obligations Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Banks (“FHLBs”), although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt and mortgage-backed securities issued by them are neither guaranteed nor issued by the U.S. government. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Such debt and mortgage-backed securities are subject to the risk of default on the payment of interest and/or principal, similar to debt of private issuers. Although the U.S. government has provided financial support to FNMA and FHLMC in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage-Related and Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of mortgage-related securities and asset-backed securities including commercial mortgage-backed securities, collateralized mortgage-backed securities, and credit risk transfer securities,  will be influenced by factors affecting the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. These securities are also subject to interest rate, prepayment and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets and are thus subject to the risk of default. The risk of such defaults is generally higher in the case of mortgage-backed investments offered by non-governmental issuers and those that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the Fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. For debt instruments secured by specific assets, those assets are often the sole source of principal and interest payments for the instrument. Should those assets underperform expectations or decline in value, the Fund could experience shortfalls in principal and interest.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Instruments that Allow for Balloon Payments or Negative Amortization Payments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Certain debt instruments allow for balloon payments or negative amortization payments. Such instruments permit the borrower to avoid paying currently a portion of the interest accruing on the instrument. In the case of negative amortization payments, the amount of unpaid interest is added to the remaining principal amount due at maturity. While these features make the debt instrument more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">affordable to the borrower in the near term, they increase the risk that the borrower will be unable to make the resulting higher payment or payments that become due at the maturity of the loan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Loans </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Floating rate loans and similar investments may be illiquid or less liquid than other investments and difficult to value.The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. Market quotations for these securities may be volatile and/or subject to large spreads between bid and ask prices. No active trading market may exist for many floating rate loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended trade settlement periods. In particular, loans may take longer than seven days to settle, potentially leading to the sale proceeds of loans not being available to meet redemption requests for a substantial period of time after the sale of the loans. To the extent that sale proceeds of loans are not available, the Fund may sell securities that have shorter settlement periods or may access other sources of liquidity to meet redemption requests. There is less readily available, reliable information about most senior loans than is the case for many other types of securities.The adviser’s decision not to receive material, non-public information about an issuer of a loan either held by, or considered for investment by, the fund, under normal circumstances could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Loans may not be considered “securities,” and purchasers, such as the Fund therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Insurance-Linked Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund could lose a portion or all of the principal it has invested in an insurance-linked security, and the right to additional interest and/or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events may include natural or other perils of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. The Fund may also invest in insurance-linked securities that are subject to “indemnity triggers.” An indemnity trigger is a trigger based on the actual losses of the ceding sponsor (i.e., the party seeking reinsurance). Insurance-linked securities subject to indemnity triggers are often regarded as being subject to potential moral hazard, since such insurance-linked securities are triggered by actual losses of the ceding sponsor and the ceding sponsor may have an incentive to take actions and/or risks that would have an adverse effect on the Fund. There is no way to accurately predict whether a trigger event will occur and, accordingly, insurance-linked securities carry significant risk. In addition to the specified trigger events, insurance-linked securities may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. Certain insurance-linked securities may have limited liquidity, or may be illiquid. The Fund has limited transparency into the individual contracts underlying certain insurance-linked securities, which may make the risk assessment of such securities more difficult. Certain insurance-linked securities may be difficult to value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Subordinated Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— A holder of securities that are subordinated or “junior” to more senior securities of an issuer is entitled to payment after holders of more senior securities of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time. As a result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on subordinated securities than more senior securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Municipal Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. Financial difficulties of municipal issuers may continue or get worse, particularly in the event of political, economic or market turmoil or a recession. To the extent the Fund invests significantly in a single state, city, territory (including Puerto Rico), or region, or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, including health care facilities, education, tobacco settlement revenue, and industrial development, the Fund will be more susceptible to associated risks and developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Non-U.S. Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in non-U.S. issuers, or in U.S. issuers that have significant exposure to foreign markets, may involve unique risks compared to investing in securities of U.S. issuers. These risks are more pronounced for issuers in emerging markets or to the extent that the Fund invests significantly in one region or country. These risks may include different financial reporting practices and regulatory standards, less liquid trading markets, extreme price volatility, currency risks, changes in economic, political, regulatory and social conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, auditing and financial recordkeeping requirements,tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation restrictions. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims. Lack of information and less market regulation also may affect the value of these securities. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Emerging market economies tend to be less diversified than those of more developed countries. They typically have fewer medical and economic resources than more developed countries and thus they may be less able to control or mitigate the effects of a pandemic. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In addition, the United Kingdom has withdrawn from the EU (commonly known as “Brexit”). The range and potential implications of possible political, regulatory, economic, and market outcomes of Brexit cannot be fully known but could be significant, potentially resulting in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sanctions or other government actions against certain countries could negatively impact the Fund’s investments in securities that have exposure to those countries. Circumstances that impact one country could have profound impacts on other countries and on global economies or markets. China and other developing market countries are potentially subject to heightened degrees of economic, political and social instability. The U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China’s economy. In addition, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In response to military action in Ukraine commencing in 2022, the United States and other countries, issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Russia has taken retaliatory actions, including preventing repatriation of capital by United States and other investors. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The ongoing conflict has resulted in significant market disruptions, including in certain markets, industries and sectors, such as the oil and natural gas markets, and negatively affected global supply chains, food supplies, inflation and global growth. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Convertible Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. A downturn in equity markets may cause the price of convertible securities to decrease relative to other fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Preferred Stocks Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred stocks generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Thus, the value of preferred stocks will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. The market value of preferred stocks generally decreases when interest rates rise. Also, the market prices of preferred stocks are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Generally, under normal circumstances, preferred stocks do not carry voting rights. Preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than other securities. Preferred stocks of smaller companies may be more vulnerable to adverse developments than preferred stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Other Funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds, subjects the Fund to the risks of investing in the underlying securities or assets held by those funds. When investing in another fund, the Fund will bear a pro rata portion of the underlying fund’s expenses, including management fees, in addition to its own expenses. ETFs and closed-end funds are bought and sold based on market prices and can trade at a premium or a discount to the ETF’s or closed-end fund’s net asset value. Such funds may trade at a discount for an extended period and may not ever realize their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is new and has no history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— If the Fund does a lot of trading, it may incur additional operating expenses, which would reduce performance. A higher level of portfolio turnover may also cause shareholders to incur a higher level of taxable income or capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Segment Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation than a fund without the same focus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Nearly all of the Fund’s investments are valued using a fair value methodology. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for illiquid securities and securities that trade in thin or volatile markets. These differences may increase significantly and affect Fund investments more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">broadly during periods of market volatility. Investors who purchase or redeem Fund shares may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the securities had not been fair-valued or if a different valuation methodology had been used. The ability to value the Fund’s investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Redemption Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, accelerate taxable gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have, or accelerate transaction costs, which could cause the value of your investment to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Cybersecurity Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Cybersecurity failures by and breaches of the Adviser, transfer agent, the Distributor, custodian, Fund accounting agent or other service providers may disrupt Fund operations, interfere with the Fund’s ability to calculate its NAV, prevent Fund shareholders from purchasing, redeeming or exchanging shares or receiving distributions or receiving timely information regarding the Fund or their investment in the Fund, cause loss of or unauthorized access to private shareholder information, and result in financial losses to the Fund and its shareholders, regulatory fines, penalties, reputational damage, or additional compliance costs. New ways to carry out cyber attacks continue to develop. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Expense Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Your actual costs of investing in the Fund may be higher than the expenses shown in “Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that there are many other factors that could adversely affect your investment and that could prevent the Fund from achieving its goals.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares Pioneer Equity Premium Income ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares Pioneer Equity Premium Income ETF (the “Fund”) seeks total return, including high current income.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0054 0.0089 -0.0050 0.0039 <span style="color:#000000;font-family:Arial;font-size:8.20pt;">Estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 40 199 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities and equity-related investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities and equity-related investments include common and preferred stocks, depositary receipts, warrants, rights, equity-linked notes (“ELNs”), master limited partnerships, equity interests in real estate investment trusts (“REITs”), and other equity interests, such as securities of other investment companies (including mutual funds, exchange-traded funds, and closed-end funds) that invest primarily in equity securities. The Fund may invest in securities of issuers of any market capitalization, and in securities in any industry or market sector. The Fund may invest in initial public offerings of equity securities. Derivative instruments that provide exposure to equity securities and equity-related investments or have similar economic characteristics may be treated as equity securities and equity-related investments under the Fund’s 80% policy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 60% of its net assets in ELNs. ELNs are structured products that consist of two main components: a fixed income component in the form of a bond or note paying a stated interest rate (premium), and an equity-linked component tied to the performance of one or more underlying reference securities (usually a single stock, a basket of stocks or a stock index). Under the structure, current payments typically are made in exchange for a limit on the capital appreciation potential of the reference securities during the term of the note. The ELN retains the downside risk associated with the reference securities. In addition, the Fund may write (sell) covered call and put options on common stocks or other reference securities. The Fund focuses on investments that offer a stream of income. The Fund’s investments in ELNs are intended to generate current income based on the interest rate paid by the ELNs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In addition to investments that offer a stream of income, the Fund may also invest in securities and instruments that are not income-producing. The Fund may invest in securities and instruments that are not income-producing for purposes of seeking capital appreciation or managing risk or other portfolio characteristics, and securities are not selected based on anticipated dividend payments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Subject to its 80% policy with respect to investment in equity securities and equity-related investments, the Fund may invest in investment-grade and below-investment-grade debt securities (known as “junk bonds”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may, but is not required to, use derivatives, such as options, stock index futures and index-based total return swap contracts. The Fund may use derivatives for a variety of other purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the Fund’s return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The Fund may invest without limit in derivative instruments. However, the Fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests mainly in U.S. issuers and ELNs and other investments tied to the performance of U.S. issuers. The Fund considers U.S. issuers to include: issuers organized under the laws of the United States, issuers with a principal office in the United States, issuers whose equity securities are traded principally in the United States, issuers that derive at least 50% of their gross revenues or profits from goods or services produced in the United States or sales made in the United States, or issuers that have at least 50% of their assets in the United States. The ELNs in which the Fund invests generally are not listed on a U.S. exchange and typically are traded in the over-the-counter market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 20% of its net assets in securities of non-U.S. issuers. The Fund will not invest more than 10% of its net assets in the securities of emerging market issuers. The Fund does not count securities of Canadian issuers against the limit on investment in securities of non-U.S. issuers. In addition to investing in securities denominated in non-U.S. currencies, the Fund may hold non-U.S. currencies and purchase and sell forward currency exchange contracts in non-U.S. currencies. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s currency and currency-related investments may be used to adjust overall currency exposures, including as a means of seeking incremental return, which may be considered a speculative technique.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting investments, the Adviser considers the investment’s income and return potential in view of such factors as the sustainability of the issuer’s earnings and financial condition. The Adviser generally favors those securities it perceives to be undervalued. In selecting equity securities, the Adviser employs fundamental research and an evaluation of the issuer based on its financial statements and operations. Among other things, the Adviser focuses on an issuer’s deployment of capital and return on capital. The Adviser relies on the knowledge, experience and judgment of its staff and the staff of its affiliates who have access to a wide variety of research. The Adviser focuses on the quality and valuation of issuers and securities. Investments typically are sold when the Adviser’s overall assessment of market and economic conditions changes or the assessments of the attributes of individual holdings or investment types change.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may consider various non-financial ratings or factors, where applicable, through quantitative models or qualitative assessment. The significance these considerations have on security selection varies widely, as the analysis is inherently subjective. Further, the consideration of such factors may not apply to certain instruments and the consideration of such factors is only a part of the investment process. Consequently, the Fund should not be viewed as following a sustainability-focused investment approach, and the application of these factors may be inconsistent across the portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities and equity-related investments. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities and equity-related investments include common and preferred stocks, depositary receipts, warrants, rights, equity-linked notes (“ELNs”), master limited partnerships, equity interests in real estate investment trusts (“REITs”), and other equity interests, such as securities of other investment companies (including mutual funds, exchange-traded funds, and closed-end funds) that invest primarily in equity securities. The Fund may invest in securities of issuers of any market capitalization, and in securities in any industry or market sector. The Fund may invest in initial public offerings of equity securities. Derivative instruments that provide exposure to equity securities and equity-related investments or have similar economic characteristics may be treated as equity securities and equity-related investments under the Fund’s 80% policy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting investments, the Adviser considers the investment’s income and return potential in view of such factors as the sustainability of the issuer’s earnings and financial condition. The Adviser generally favors those securities it perceives to be undervalued. In selecting equity securities, the Adviser employs fundamental research and an evaluation of the issuer based on its financial statements and operations. Among other things, the Adviser focuses on an issuer’s deployment of capital and return on capital. The Adviser relies on the knowledge, experience and judgment of its staff and the staff of its affiliates who have access to a wide variety of research. The Adviser focuses on the quality and valuation of issuers and securities. Investments typically are sold when the Adviser’s overall assessment of market and economic conditions changes or the assessments of the attributes of individual holdings or investment types change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> —The market prices of securities or other assets held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, political instability, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, weather or climate events, wars or armed conflicts, market disruptions caused by tariffs, trade disputes, sanctions or other government actions, or other factors or adverse investor sentiment. If the market prices of the Fund’s securities and assets fall, the value of your investment will go down. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events; geopolitical events (including wars, terror attacks and economic sanctions); measures to address budget deficits; downgrading of sovereign debt; changes in oil and commodity prices; dramatic changes in currency exchange rates; global pandemics; and public sentiment. Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the United States and elsewhere. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, inflation, rising interest rates, global supply chain disruptions, and other market events could adversely affect the companies or issuers in which the Fund invests. Following the commencement of the conflict in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical, or other events or conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the United States. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. U.S. Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including increases or decreases in interest rates, or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom’s exit from the European Union (commonly known as “Brexit”), potential trade imbalances with China or other countries or sanctions or other government actions against Russia, other nations or individuals or companies (or their countermeasures), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs (or the threat of tariffs), investment restrictions and adverse impacts on affected companies and securities, potentially leading to significant losses for the Fund. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The U.S. government has prohibited U.S. persons, such as the Fund, from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict. If the political climate between the United States and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines, or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflicts such as between Russia and Ukraine or in the Middle East, terrorism, natural disasters, infectious illness or public health issues, cybersecurity events, supply chain disruptions, sanctions against Russia, other nations or individuals or companies and possible countermeasures, and other circumstances in one country or region could have profound impacts on other countries or regions and on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected, the value and liquidity of the Fund’s investments may be negatively affected. The Fund may experience a substantial or complete loss on any security or derivative position.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Equity securities are subject to the risk that stock prices may rise and fall in periodic cycles and may perform poorly relative to other investments. This risk may be greater in the short term. Equity securities represent an ownership interest in an issuer, rank junior in a company's capital structure to debt securities and consequently may entail greater risk of loss than debt securities. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Income Producing Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">—Income producing securities may fall out of favor with investors and underperform the overall equity market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity-Linked Notes Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Equity-linked notes (“ELNs”) may not perform as expected and could cause the fund to realize significant losses including its entire principal investment. Investments in ELNs often have risks similar to their underlying reference securities, which may include market risk and, as applicable, risks of non-U.S. investments and currency risks. In addition, since ELNs are in note form, ELNs are also subject to certain risks of fixed income securities, such as interest rate and credit risks. Investments in ELNs are also subject to liquidity risk, which may make ELNs difficult to sell and value. In addition, ELNs may exhibit price behavior that does not correlate with the underlying reference securities or a fixed income investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Selection Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Adviser’s judgment about a particular security or issuer, or about the economy or a particular sector, region, market segment or industry, or about an investment strategy, may prove to be incorrect or may not produce the desired results, or there may be imperfections, errors or limitations in the models, tools and information used by the Adviser.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Companies Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Large-capitalization companies may fall out of favor with investors and underperform the overall equity market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small and Mid-Size Companies Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Compared to large companies, small- and mid-size companies, and the market for their equity securities, may be more sensitive to changes in earnings results and investor expectations, or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, have limited liquidity, be harder to value or to sell at the times and prices the Adviser thinks appropriate, and offer greater potential for gain and loss.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investments in Real Estate Related Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investments in real estate securities are affected by economic conditions, interest rates, governmental actions and other factors. In addition, investing in REITs involves unique risks. They are significantly affected by the market for real estate and are dependent upon management skills and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. Mortgage REITs are particularly subject to interest rate and credit risks. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. Many real estate companies, including REITs, utilize leverage.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Preferred Stocks Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred stocks generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Thus, the value of preferred stocks will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. The market value of preferred stocks generally decreases when interest rates rise. Also, the market prices of preferred stocks are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Generally, under normal circumstances, preferred stocks do not carry voting rights. Preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than other securities. Preferred stocks of smaller companies may be more vulnerable to adverse developments than preferred stocks of larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Warrants and Rights</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. The failure to exercise subscription rights to purchase common shares would result in the dilution of the Fund’s interest in the issuing company.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Master Limited Partnership Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investments in securities of master limited partnerships can be less liquid than, and involve other risks that differ from, investments in common stock. Holders of the units of master limited partnerships have limited ability to influence management and limited rights to vote on matters affecting the partnership. Conflicts of interest may exist between common unit holders, the general partner of a master limited partnership and other unit holders. Master limited partnerships may be subject to less regulation (and less protection for investors) under state laws than corporations. There also are tax risks associated with investments in master limited partnerships.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Initial Public Offerings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies involved in initial public offerings (“IPOs”) generally have limited operating histories, and prospects for future profitability are uncertain. The market for IPO issuers has been volatile, and share prices of newly public companies have fluctuated significantly over short periods of time. The purchase of IPO shares may involve high transaction costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Investing in Other Funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Investing in other investment companies, including exchange-traded funds and closed-end funds, subjects the Fund to the risks of investing in the underlying securities or assets held by those funds. When investing in another fund, the Fund will bear a pro rata portion of the underlying fund’s expenses, including management fees, in addition to its own expenses. ETFs and closed-end funds are bought and sold based on market prices and can trade at a premium or a discount to the ETF’s or closed-end fund’s net asset value. Such funds may trade at a discount for an extended period and may not ever realize their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Factors that could contribute to a decline in the market value of debt securities in the Fund include rising interest rates, if the issuer or other obligor of a security held by the Fund fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy or the credit quality or value of any underlying assets declines. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Junk bonds have a higher risk of default or are already in default and are considered speculative.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">—The market prices of the Fund’s fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Duration is a measure of a fixed income security’s sensitivity to changes in interest rates. For example, if interest rates increase by 1%, the value of a fund’s portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities  and could also result in increased redemptions from the Fund. The maturity of a security may be significantly longer than its effective duration. A security’s maturity and other features may be more relevant than its effective duration in determining the security’s sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called “credit spread”). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up or “widens,” the value of the security generally will go down.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically  decline. The values of lower-quality debt securities tend to be particularly sensitive to these changes. Changes in actual or perceived creditworthiness may occur quickly. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets. The Fund also could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield or “Junk” Bond Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Debt securities that are below investment grade, called “junk bonds,” are speculative, have a higher risk of default or are already in default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments, and may become illiquid. These risks are more pronounced for securities that are already in default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risks of Non-U.S. Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Investing in non-U.S. issuers, or in U.S. issuers that have significant exposure to foreign markets, may involve unique risks compared to investing in securities of U.S. issuers. These risks are more pronounced for issuers in emerging markets or to the extent that the Fund invests significantly in one region or country. These risks may include different financial reporting practices and regulatory standards, less liquid trading markets, extreme price volatility, currency risks, changes in economic, political, regulatory and social conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, auditing and financial recordkeeping requirements,tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation restrictions. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims. Lack of information and less market regulation also may affect the value of these securities. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Emerging market economies tend to be less diversified than those of more developed countries. They typically have fewer medical and economic resources than more developed countries and thus they may be less able to control or mitigate the effects of a pandemic. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In addition, the United Kingdom has withdrawn from the EU (commonly known as “Brexit”). The range and potential implications of possible political, regulatory, economic, and market outcomes of Brexit cannot be fully known but could be significant, potentially resulting in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sanctions or other government actions against certain countries could negatively impact the Fund’s investments in securities that have exposure to those countries. Circumstances that impact one country could have profound impacts on other countries and on global economies or markets. China and other developing market countries are potentially subject to heightened degrees of economic, political and social instability. The U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China’s economy. In addition, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In response to military action in Ukraine commencing in 2022, the United States and other countries issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Russia has taken retaliatory actions, including preventing repatriation of capital by United States and other investors. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The ongoing conflict has resulted in significant market disruptions, including in certain markets, industries and sectors, such as the oil and natural gas markets, and negatively affected global supply chains, food supplies, inflation and global growth. The United States and other countries may impose sanctions on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Segment Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation than a fund without the same focus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Using stock index futures and options, forward foreign currency exchange contracts, index-based total return swap contracts, and other derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates, currencies,  or the derivative instruments themselves behave in a way not anticipated by the Fund. Using derivatives may increase the volatility of the Fund’s net asset value and may not provide the result intended. Derivatives may have a leveraging effect on the Fund. Some derivatives, such as writing (selling) options, have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. Changes in a derivative’s value may not correlate well with the referenced asset or metric. The Fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. The U.S. government and foreign governments have adopted and implemented or are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The risk of writing put options is that the Fund may be unable to terminate its position in a put option before exercise by closing out the option in the secondary market at its current price if the secondary market is not liquid for a put option the Fund has written. In such a case, the Fund must continue to be prepared to pay the strike price while the option is outstanding, regardless of price changes and must continue to set aside assets to cover its position. Upon the exercise of a put option written by the Fund, the Fund is not entitled to the gains in excess of the strike price, if any, on securities underlying the options.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">International Closed Market Trading Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Many of the Fund’s underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leveraging Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of your investment may be more volatile and other risks tend to be compounded if the Fund borrows or uses derivatives or other investments, such as ETFs,  that have embedded leverage. Leverage generally magnifies the effect of any increase or decrease in the value of the Fund’s underlying assets and creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have, potentially resulting in the loss of all assets. Engaging in such transactions may cause the Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. New derivatives regulations require the Fund, to the extent it uses derivatives to a material extent, to, among other things, comply with certain overall limits on leverage. These regulations may limit the ability of the Fund to pursue its investment strategies and may not be effective to mitigate the Fund’s risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Valuation Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— A significant percentage of the Fund’s investments are valued using a fair value methodology. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for illiquid securities and securities that trade in thin or volatile markets. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. Investors who purchase or redeem Fund shares may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the securities had not been fair-valued or if a different valuation methodology had been used. The ability to value the Fund’s investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Some securities and derivatives held by the Fund may be or become impossible or difficult to purchase, sell or unwind, particularly during times of market turmoil. An instrument’s liquidity may be affected by reduced trading volume, a relative lack of market makers or legal restrictions, and illiquid securities and derivatives also may be difficult to value. Markets may become illiquid quickly. Liquidity risk may be magnified in an environment of rising interest rates or widening credit spreads. During times of market turmoil, there have been, and may be, no buyers or sellers for securities in entire asset classes. If the Fund is forced to sell an illiquid asset or unwind a derivative position to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). In extreme cases, this may constrain the Fund’s ability to meet its obligations (including obligations to redeeming shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is new and has no history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Redemption Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, accelerate taxable gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have, or accelerate transaction costs, which could cause the value of your investment to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Cybersecurity Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Cybersecurity failures by and breaches of the Adviser, transfer agent, the Distributor, custodian, Fund accounting agent or other service providers may disrupt Fund operations, interfere with the Fund’s ability to calculate its NAV, prevent Fund shareholders from purchasing, redeeming or exchanging shares or receiving distributions or receiving timely information regarding the Fund or their investment in the Fund, cause loss of or unauthorized access to private shareholder information, and result in financial losses to the Fund and its shareholders, regulatory fines, penalties, reputational damage, or additional compliance costs. New ways to carry out cyber attacks continue to develop. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Expense Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Your actual costs of investing in the Fund may be higher than the expenses shown in “Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that there are many other factors that could adversely affect your investment and that could prevent the Fund from achieving its goals.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">VictoryShares WestEnd Dynamic Equity ETF Summary</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The VictoryShares WestEnd Dynamic Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0072 0.0011 0.0148 -0.0067 0.0081 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">Estimated for the current fiscal year.</span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">Acquired Fund Fees and Expenses reflect estimated acquired fund fees and expenses that the Fund expects to bear in the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 31, 2027</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span> 83 402 <span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the shares of exchange-traded funds (“ETFs”) that invest in equity securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Such ETFs will include U.S. sector-specific equity ETFs and country-specific, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">broad, market-cap weighted equity ETFs. The Fund’s investments in an ETF will count toward its “80%” policy to the extent that the ETF has a policy to invest 80% or more of its assets in equity securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Victory Capital Management Inc. (the “Adviser”) serves as the Fund’s investment adviser. WestEnd Advisors (“WestEnd”), an investment franchise of the Adviser, is responsible for the day-to-day investment management of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting ETFs for the Fund’s portfolio, WestEnd implements a quantitative process that ranks U.S. sectors and individual countries according to numerous factors across macroeconomic, fundamental, valuation, and market data. Allocations are made to a diversified selection of sectors ranked highly by the Adviser and a diversified selection of countries ranked highly by the Adviser. At least 35% of the Fund’s assets will be invested in ETFs that invest primarily in securities of U.S. issuers. The Fund considers an ETF to be invested primarily in securities of U.S. issuers if the ETF has a policy to invest 80% or more in securities of issuers that are deemed to be economically tied to the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in the United States; (ii) a majority of the issuer’s revenues are derived from the United States; or (iii) a majority of the issuer’s assets are located in the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd allocates investments to a selection of five sectors in the United States and four or five countries outside of the United States. It determines the allocation between U.S. to non-U.S. sectors based on the relative ranking of the United States within the country selection framework (ranges between 35% to 85%, versus the benchmark's U.S. weight of approximately 60% as of mid-2024). WestEnd weights sectors within the United States according to the market capitalizations of the underlying sector indices, and country allocations outside of the United States are weighted according to the market capitalizations of the underlying country indices.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd invests with reference to the GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> classification framework for its U.S. sector investments. For implementation, the Fund currently intends to invest in the State Street SPDR</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> sector suite of ETFs.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd evaluates a range of indicators to rank each U.S. sector and each country in terms of attractiveness. These indicators incorporate macroeconomic, fundamental, valuation, and market data that WestEnd has determined to be useful in evaluating potential investment performance of particular market segments, regions and countries over time. Each indicator that is evaluated generally must satisfy the following criteria: 1) makes intuitive economic sense in terms of investment rationale; 2) has demonstrated historical efficacy as an investment signal, preferably over multiple economic cycles; and 3) tends not to be strongly correlated with other signals in the strategy. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The list of indicators currently includes real interest rates, interest rate spreads, currency value and momentum scores, leading economic indicators, standardized value scores, multi-factor scores, momentum scores, earnings momentum scores, and standardized implied volatility scores. WestEnd generates an overall score for each country/U.S. sector by aggregating the scores across the individual indicator rankings, which is then used to determine portfolio allocations. Within each framework, the indicators utilized are equally weighted. WestEnd will update these indicators as warranted in the context of its investment process.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd maintains a universe of one corresponding ETF for each potential market segment (sector or country) to which the Fund may allocate. The ETF universe currently includes the SPDR</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> sector suite of ETFs managed by State Street as well as the iShares</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> country suite of ETFs managed by Blackrock. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Each ETF's underlying exposures align with WestEnd’s desired sector and country allocations. These ETFs are passive and use a market-capitalization weighting methodology. Rankings for the sectors and countries that correspond to each ETF are generated from the sector and country allocation framework used by the ETF.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a result of its investment strategy, the Fund may experience annual portfolio turnover in excess of 100%.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the shares of exchange-traded funds (“ETFs”) that invest in equity securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Such ETFs will include U.S. sector-specific equity ETFs and country-specific, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">broad, market-cap weighted equity ETFs. The Fund’s investments in an ETF will count toward its “80%” policy to the extent that the ETF has a policy to invest 80% or more of its assets in equity securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting ETFs for the Fund’s portfolio, WestEnd implements a quantitative process that ranks U.S. sectors and individual countries according to numerous factors across macroeconomic, fundamental, valuation, and market data. Allocations are made to a diversified selection of sectors ranked highly by the Adviser and a diversified selection of countries ranked highly by the Adviser. At least 35% of the Fund’s assets will be invested in ETFs that invest primarily in securities of U.S. issuers. The Fund considers an ETF to be invested primarily in securities of U.S. issuers if the ETF has a policy to invest 80% or more in securities of issuers that are deemed to be economically tied to the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in the United States; (ii) a majority of the issuer’s revenues are derived from the United States; or (iii) a majority of the issuer’s assets are located in the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd allocates investments to a selection of five sectors in the United States and four or five countries outside of the United States. It determines the allocation between U.S. to non-U.S. sectors based on the relative ranking of the United States within the country selection framework (ranges between 35% to 85%, versus the benchmark's U.S. weight of approximately 60% as of mid-2024). WestEnd weights sectors within the United States according to the market capitalizations of the underlying sector indices, and country allocations outside of the United States are weighted according to the market capitalizations of the underlying country indices.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">WestEnd invests with reference to the GICS</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> classification framework for its U.S. sector investments. For implementation, the Fund currently intends to invest in the State Street SPDR</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> sector suite of ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investing in Other ETFs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— ETFs, which generally are registered investment companies, incur their own management and other fees and expenses, such as trustees’ fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund as a shareholder of an ETF. As a result, the Fund’s investments in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund’s performance may be lower than if the Fund were to invest directly in the underlying securities held by the ETF. In addition, the Fund bears all risks of investment strategies employed by ETFs in which it invests. The Fund does not control the investments of these ETFs, which may have different investment objectives and may engage in investment strategies that the Fund would not engage in directly. ETFs may trade in the secondary market (i.e., on a stock exchange) at prices below the value of their underlying portfolios and may not be liquid. An ETF that is not actively managed cannot sell poorly performing stocks or other assets as long as they are represented in its index or other benchmark. ETFs that track an index are subject to tracking error risk (the risk of errors in matching the ETF’s underlying assets to its index or other benchmark).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — While the Fund reserves the right to dynamically allocate its assets across economic sectors, listed below are some of the risks associated with the sectors in which the Fund may make significant investments. Market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Health Care Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the health care sector may be adversely affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, product obsolescence, industry innovation, changes in technologies, and other market developments. Companies in the health care sector are heavily dependent on patent protection and the expiration of patents may adversely affect these companies. Many of these companies are subject to extensive litigation based on product liability and similar claims. These companies are subject to competitive forces that may make it difficult to raise prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Information Technology Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introductions, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Communication Services Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the communication services sector may be dominated by a small number of companies which may lead to additional volatility. These companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances, social media trends and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company's profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Ris</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">k — Companies in the consumer discretionary sector are subject to the risk that their products or services may become obsolete quickly. The success of these companies can depend heavily on disposable household income and consumer spending and may be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Consumer Staples Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, and product cycles. They are subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">government regulation affecting their products, which may negatively impact such companies' performance. Consumer staples companies depend heavily on disposable household income and consumer spending and may be adversely affected by changes impacting consumer spending. Companies in the consumer staples sector have historically been characterized as non-cyclical in nature and therefore less volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Energy Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies operating in the energy sector may be cyclical and highly dependent on energy prices. They may be adversely impacted by general economic conditions, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil and other energy price volatility, energy conservation efforts, environmental policies, depletion of resources, the cost of providing the specific utility services, and other factors that they cannot control. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims, and risk of loss from terrorism and natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Materials Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the materials sector may be adversely affected by the level and volatility of commodity prices, exchange rates, import controls, increased competition, environmental policies, consumer demand, and events occurring in nature. Performance of such companies may be affected by factors including, among others, that at times worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, rising interest rates, high inflation, technical progress, labor relations, legislative or regulatory changes, local and international politics, and adverse market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Real Estate Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the real estate sector, including real estate investment trusts (“REITs”), are subject to the risks associated with investing in real estate, which may include, but are not limited to, possible declines in the value of real estate, adverse changes in national, state, or local real estate conditions, obsolescence of properties, changes in the availability, cost and terms of mortgage funds (including changes in interest rates), the impact of changes in environmental laws, overbuilding in a real estate company’s market, and environmental problems. The real estate sector is particularly sensitive to economic downturns and changes to interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Utilities Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the utilities sector may be adversely affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact these companies. Certain utility companies have experienced full or partial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">deregulation in recent years. These utility companies are frequently more similar to companies in the industrial sector. The utilities sector also can be significantly affected by financing difficulties, changes in taxation, natural resource conservation, and commodity price fluctuations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is new and has no history of operations for investors to evaluate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited Portfolio Holdings Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Fund invests its assets in a limited number of sectors, a decline in the market value of companies within that sector may affect the Fund’s value more than if the Fund invested in a larger number of sectors. Although the Fund may invest in any number of securities within a particular sector without limitation, to the extent the Fund invests a large portion of its assets in a small number of holdings, it may be more susceptible to the economic or credit risks of such holdings than a fund that invests in a larger number of holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Fund (“ETF”) Structure Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Not Individually Redeemable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund’s shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share (“NAV”) only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trading Issues</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Market Price Variance Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Intraday Indicative Value (“IIV”) Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Exchange intends to disseminate the approximate per share value of the Fund’s published basket of securities (“Deposit Securities”) every 15 seconds (the “intraday indicative value” or “IIV”). The IIV is not a real-time update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market’s close which could affect premiums and discounts between the IIV and the market price of the shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund’s actual holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Efficiency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Because the Fund is expected to invest in the underlying ETFs, the Fund’s realized losses on sales of shares of an underlying ETF may be indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by an underlying ETF will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an underlying ETF, if any, would not offset net capital gains of the Fund. Each of these effects is caused by the Fund’s investment in the underlying ETFs and may result in tax distributions to Fund shareholders being of higher magnitudes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Higher portfolio turnover ratios resulting from active and frequent trading may result in higher transaction costs, may adversely affect the Fund’s performance and may generate a greater amount of capital gain distributions to shareholders than if the Fund had a low portfolio turnover rate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is actively managed. The Adviser’s judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">866-376-7890</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.39% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is December 4, 2024. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.56% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.40% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is October 5, 2021. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as Acquired Fund Fees and Expenses, interest, taxes, and brokerage commissions) do not exceed 0.25% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date of the Fund is October 24, 2017. The Blended-Nasdaq Victory US Small Mid Cap Value Momentum Index/MSCI USA Small Cap Select Value Momentum Blend Index performance reflects that of the MSCI USA Small Cap Select Value Momentum Blend Index, the Fund's prior index, through October 31, 2022, and the Nasdaq Victory US Small Mid Cap Value Momentum Index from November 1, 2022, onward. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.20% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date of the Fund is October 24, 2017. The Blended-Nasdaq Victory US Value Momentum Index/MSCI USA Select Value Momentum Blend Index performance reflects that of the MSCI USA Select Value Momentum Blend Index, the Fund's prior index, through October 31, 2022, and the Nasdaq Victory US Value Momentum Index from November 1, 2022, onward. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is June 22, 2017. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Acquired Fund Fees and Expenses are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual fund operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include Acquired Fund Fees and Expenses. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as Acquired Fund Fees and Expenses, interest, taxes, and brokerage commissions) do not exceed 0.60% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is June 21, 2024. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date of the Fund is October 24, 2017. Estimated for the current fiscal year. Acquired Fund Fees and Expenses reflect estimated acquired fund fees and expenses that the Fund expects to bear in the current fiscal year. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as acquired fund fees and expenses, interest, taxes, and brokerage commissions) do not exceed 0.70% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Estimated for the current fiscal year. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2027, so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.34%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.46% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is October 12, 2022. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.39% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is June 22, 2023. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.45% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.56% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is April 18, 2017. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.45% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date of the Fund is October 24, 2017. The Blended-Nasdaq Victory Emerging Market Value Momentum Index/MSCI Emerging Markets Select Value Momentum Blend Index performance reflects that of the MSCI Emerging Markets Select Value Momentum Blend Index, the Fund's prior index, through October 31, 2022, and the Nasdaq Victory Emerging Market Value Momentum Index from November 1, 2022, onward. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.25% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date of the Fund is October 24, 2017. Estimated for the current fiscal year. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.39% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.40% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is October 5, 2021. Estimated for the current fiscal year. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.19% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date of the Fund is October 24, 2017. The Blended-Nasdaq Victory International Value Momentum Index/MSCI World ex USA Select Value Momentum Blend Index performance reflects that of the MSCI World ex USA Select Value Momentum Blend Index, the Fund's prior index, through October 31, 2022, and the Nasdaq Victory International Value Momentum Index from November 1, 2022, onward. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled Choosing a Share Class. Applies to shares sold within 12 months of purchase. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.76%, 1.51%, and 0.41% of the Fund’s Class A, Class C, and Class I shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.56% of the Fund’s Member Class shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.35% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.65% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.49% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date is December 20, 2023. Estimated for the current fiscal year. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2027, so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.18%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees.