Ticker:
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 5.54% for the fiscal year ended June 30, 2024, underperforming the index, which returned 6.66% during the period. The Fund underperformed the S&P 500® Index, a market cap-based index against which the performance of the Fund is also measured, which returned 24.56% during the period.
Over the reporting period, the Fund’s underperformance relative to the Index was driven by its underweight positions in the largest market capitalization names within the Index.
Top detractors from performance:
• The Fund’s underweight to the information technology and industrials sectors relative to the Index were detractors during the reporting period.
Top contributors to performance:
• The Fund’s underweight allocations to the health care and real estate sectors were positive contributors to relative performance.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.
Growth of $10,000 Investment
Victory US 500 Enhanced Volatility Wtd Index Fund Class A @ MOP - $ | S&P 500® Index (regulatory broad based index) - $ | |||
|---|---|---|---|---|
6/14 | $10,000 | $ | $ | $ |
6/15 | $10,589 | $ | $ | $ |
6/16 | $10,819 | $ | $ | $ |
6/17 | $12,863 | $ | $ | $ |
6/18 | $14,508 | $ | $ | $ |
6/19 | $14,506 | $ | $ | $ |
6/20 | $15,480 | $ | $ | $ |
6/21 | $21,371 | $ | $ | $ |
6/22 | $19,394 | $ | $ | $ |
6/23 | $19,231 | $ | $ | $ |
6/24 | $20,298 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | - | ||
6.66% | 8.09% | 8.50% |
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index 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 index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Materials | |
Energy | |
Utilities | |
Consumer Staples | |
Consumer Discretionary | |
Health Care | |
Information Technology | |
Financials | |
Industrials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Republic Services, Inc. | 0.4% |
The Coca-Cola Co. | 0.4% |
Berkshire Hathaway, Inc., Class B | 0.4% |
Colgate-Palmolive Co. | 0.4% |
T-Mobile US, Inc. | 0.4% |
Kimberly-Clark Corp. | 0.4% |
Loews Corp. | 0.3% |
JPMorgan Chase & Co. | 0.3% |
The TJX Cos., Inc. | 0.3% |
Amphenol Corp., Class A | 0.3% |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CUHAX — AR (6/24)
Ticker:
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class C | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 4.83% for the fiscal year ended June 30, 2024, underperforming the index, which returned 6.66% during the period. The Fund underperformed the S&P 500® Index, a market cap-based index against which the performance of the Fund is also measured, which returned 24.56% during the period.
Over the reporting period, the Fund’s underperformance relative to the Index was driven by its underweight positions in the largest market capitalization names within the Index.
Top detractors from performance:
• The Fund’s underweight to the information technology and industrials sectors relative to the Index were detractors during the reporting period.
Top contributors to performance:
• The Fund’s underweight allocations to the health care and real estate sectors were positive contributors to relative performance.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.
Growth of $10,000 Investment
Victory US 500 Enhanced Volatility Wtd Index Fund Class C @ CDSC - $ | S&P 500® Index (regulatory broad based index) - $ | |||
|---|---|---|---|---|
6/14 | $10,000 | $ | $ | $ |
6/15 | $10,501 | $ | $ | $ |
6/16 | $10,650 | $ | $ | $ |
6/17 | $12,577 | $ | $ | $ |
6/18 | $14,058 | $ | $ | $ |
6/19 | $13,955 | $ | $ | $ |
6/20 | $14,786 | $ | $ | $ |
6/21 | $20,254 | $ | $ | $ |
6/22 | $18,236 | $ | $ | $ |
6/23 | $18,083 | $ | $ | $ |
6/24 | $19,085 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class C @ NAV | |||
Class C @ CDSC | |||
6.66% | 8.09% | 8.50% |
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index 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 index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Materials | |
Energy | |
Utilities | |
Consumer Staples | |
Consumer Discretionary | |
Health Care | |
Information Technology | |
Financials | |
Industrials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Republic Services, Inc. | 0.4% |
The Coca-Cola Co. | 0.4% |
Berkshire Hathaway, Inc., Class B | 0.4% |
Colgate-Palmolive Co. | 0.4% |
T-Mobile US, Inc. | 0.4% |
Kimberly-Clark Corp. | 0.4% |
Loews Corp. | 0.3% |
JPMorgan Chase & Co. | 0.3% |
The TJX Cos., Inc. | 0.3% |
Amphenol Corp., Class A | 0.3% |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CUHCX — AR (6/24)
Ticker:
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class I | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 5.81% for the fiscal year ended June 30, 2024, underperforming the index, which returned 6.66% during the period. The Fund underperformed the S&P 500® Index, a market cap-based index against which the performance of the Fund is also measured, which returned 24.56% during the period.
Over the reporting period, the Fund’s underperformance relative to the Index was driven by its underweight positions in the largest market capitalization names within the Index.
Top detractors from performance:
• The Fund’s underweight to the information technology and industrials sectors relative to the Index were detractors during the reporting period.
Top contributors to performance:
• The Fund’s underweight allocations to the health care and real estate sectors were positive contributors to relative performance.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory US 500 Enhanced Volatility Wtd Index Fund Class I - $ | S&P 500® Index (regulatory broad based index) - $ | ||
|---|---|---|---|
6/14 | $ | $ | $ |
6/15 | $ | $ | $ |
6/16 | $ | $ | $ |
6/17 | $ | $ | $ |
6/18 | $ | $ | $ |
6/19 | $ | $ | $ |
6/20 | $ | $ | $ |
6/21 | $ | $ | $ |
6/22 | $ | $ | $ |
6/23 | $ | $ | $ |
6/24 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class I | |||
6.66% | 8.09% | 8.50% |
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index 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 index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Materials | |
Energy | |
Utilities | |
Consumer Staples | |
Consumer Discretionary | |
Health Care | |
Information Technology | |
Financials | |
Industrials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Republic Services, Inc. | 0.4% |
The Coca-Cola Co. | 0.4% |
Berkshire Hathaway, Inc., Class B | 0.4% |
Colgate-Palmolive Co. | 0.4% |
T-Mobile US, Inc. | 0.4% |
Kimberly-Clark Corp. | 0.4% |
Loews Corp. | 0.3% |
JPMorgan Chase & Co. | 0.3% |
The TJX Cos., Inc. | 0.3% |
Amphenol Corp., Class A | 0.3% |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CUHIX — AR (6/24)
Ticker:
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 4.43% for the fiscal year ended June 30, 2024, underperforming its primary benchmark,
• During the reporting period, the Fund’s total return was driven by positive contribution from the Overlay Strategy (long Nasdaq 100 Index futures and short S&P 500 Index futures) and the Global High Dividend Long/Short Portfolio (long global dividend stocks and short equity index futures).
• In the Global High Dividend Long/Short Portfolio, the U.S. Small-Cap, Emerging Markets, and board market indexes was offset by the positive contribution of the long positions in dividend stocks. The U.S. Large Cap sleeve was the only negative contributor.
• In the Overlay Strategy, gains from the NASDAQ 100 long futures offset the S&P 500 Index short position, resulting in a positive contribution.
In addition, the Fund's employment of a derivatives strategy overlay to efficiently manage the overall portfolio risks associated with the Fund's strategy contributed negatively to performance during the year.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.
Growth of $10,000 Investment
Victory Market Neutral Income Fund Class A @ MOP - $ | |||||
|---|---|---|---|---|---|
6/14 | $10,000 | $ | $ | $ | $ |
6/15 | $9,838 | $ | $ | $ | $ |
6/16 | $10,088 | $ | $ | $ | $ |
6/17 | $10,569 | $ | $ | $ | $ |
6/18 | $11,136 | $ | $ | $ | $ |
6/19 | $11,359 | $ | $ | $ | $ |
6/20 | $11,962 | $ | $ | $ | $ |
6/21 | $12,241 | $ | $ | $ | $ |
6/22 | $12,365 | $ | $ | $ | $ |
6/23 | $12,517 | $ | $ | $ | $ |
6/24 | $13,071 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | - | ||
- | |||
5.46% | 2.20% | 1.54% | |
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities. |
Footnote2 | The unmanaged Bloomberg U.S. Treasury Bellwethers 3-Month Index represents the total return received by investors of 3-month U.S. Treasury securities. |
Footnote3 | The FTSE 3-Month U.S. Treasury Bill Index is an unmanaged index which measures monthly return equivalents of yield averages that are not marked on both the long and short sides of the market.The index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Health Care | |
Information Technology | |
Industrials | |
Materials | |
Communication Services | |
Consumer Discretionary | |
Consumer Staples | |
Energy | |
Utilities | |
Financials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Hon Hai Precision Industry Co. Ltd. | 0.8% |
Bank of China Ltd., Class H | 0.5% |
Bajaj Auto Ltd. | 0.5% |
Oversea-Chinese Banking Corp. Ltd. | 0.4% |
Advanced Info Service PCL | 0.4% |
ITC Ltd. | 0.4% |
China Construction Bank Corp., Class H | 0.4% |
Tenaga Nasional Bhd | 0.4% |
Koninklijke KPN NV | 0.4% |
United Overseas Bank Ltd. | 0.4% |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CBHAX — AR (6/24)
Ticker:
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class C | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 3.60% for the fiscal year ended June 30, 2024, underperforming its primary benchmark,
• During the reporting period, the Fund’s total return was driven by positive contribution from the Overlay Strategy (long Nasdaq 100 Index futures and short S&P 500 Index futures) and the Global High Dividend Long/Short Portfolio (long global dividend stocks and short equity index futures).
• In the Global High Dividend Long/Short Portfolio, the U.S. Small-Cap, Emerging Markets, and board market indexes was offset by the positive contribution of the long positions in dividend stocks. The U.S. Large Cap sleeve was the only negative contributor.
• In the Overlay Strategy, gains from the NASDAQ 100 long futures offset the S&P 500 Index short position, resulting in a positive contribution.
In addition, the Fund's employment of a derivatives strategy overlay to efficiently manage the overall portfolio risks associated with the Fund's strategy contributed negatively to performance during the year.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.
Growth of $10,000 Investment
Victory Market Neutral Income Fund Class C @ CDSC - $ | |||||
|---|---|---|---|---|---|
6/14 | $10,000 | $ | $ | $ | $ |
6/15 | $9,758 | $ | $ | $ | $ |
6/16 | $9,929 | $ | $ | $ | $ |
6/17 | $10,328 | $ | $ | $ | $ |
6/18 | $10,808 | $ | $ | $ | $ |
6/19 | $10,937 | $ | $ | $ | $ |
6/20 | $11,439 | $ | $ | $ | $ |
6/21 | $11,599 | $ | $ | $ | $ |
6/22 | $11,634 | $ | $ | $ | $ |
6/23 | $11,777 | $ | $ | $ | $ |
6/24 | $12,298 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class C @ NAV | |||
Class C @ CDSC | |||
- | |||
5.46% | 2.20% | 1.54% | |
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities. |
Footnote2 | The unmanaged Bloomberg U.S. Treasury Bellwethers 3-Month Index represents the total return received by investors of 3-month U.S. Treasury securities. |
Footnote3 | The FTSE 3-Month U.S. Treasury Bill Index is an unmanaged index which measures monthly return equivalents of yield averages that are not marked on both the long and short sides of the market.The index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Health Care | |
Information Technology | |
Industrials | |
Materials | |
Communication Services | |
Consumer Discretionary | |
Consumer Staples | |
Energy | |
Utilities | |
Financials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Hon Hai Precision Industry Co. Ltd. | 0.8% |
Bank of China Ltd., Class H | 0.5% |
Bajaj Auto Ltd. | 0.5% |
Oversea-Chinese Banking Corp. Ltd. | 0.4% |
Advanced Info Service PCL | 0.4% |
ITC Ltd. | 0.4% |
China Construction Bank Corp., Class H | 0.4% |
Tenaga Nasional Bhd | 0.4% |
Koninklijke KPN NV | 0.4% |
United Overseas Bank Ltd. | 0.4% |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CBHCX — AR (6/24)
Ticker:
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class I | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 4.74% for the fiscal year ended June 30, 2024, underperforming its primary benchmark,
• During the reporting period, the Fund’s total return was driven by positive contribution from the Overlay Strategy (long Nasdaq 100 Index futures and short S&P 500 Index futures) and the Global High Dividend Long/Short Portfolio (long global dividend stocks and short equity index futures).
• In the Global High Dividend Long/Short Portfolio, the U.S. Small-Cap, Emerging Markets, and board market indexes was offset by the positive contribution of the long positions in dividend stocks. The U.S. Large Cap sleeve was the only negative contributor.
• In the Overlay Strategy, gains from the NASDAQ 100 long futures offset the S&P 500 Index short position, resulting in a positive contribution.
In addition, the Fund's employment of a derivatives strategy overlay to efficiently manage the overall portfolio risks associated with the Fund's strategy contributed negatively to performance during the year.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Market Neutral Income Fund Class I - $ | ||||
|---|---|---|---|---|
6/14 | $ | $ | $ | $ |
6/15 | $ | $ | $ | $ |
6/16 | $ | $ | $ | $ |
6/17 | $ | $ | $ | $ |
6/18 | $ | $ | $ | $ |
6/19 | $ | $ | $ | $ |
6/20 | $ | $ | $ | $ |
6/21 | $ | $ | $ | $ |
6/22 | $ | $ | $ | $ |
6/23 | $ | $ | $ | $ |
6/24 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class I | |||
- | |||
5.46% | 2.20% | 1.54% | |
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities. |
Footnote2 | The unmanaged Bloomberg U.S. Treasury Bellwethers 3-Month Index represents the total return received by investors of 3-month U.S. Treasury securities. |
Footnote3 | The FTSE 3-Month U.S. Treasury Bill Index is an unmanaged index which measures monthly return equivalents of yield averages that are not marked on both the long and short sides of the market.The index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Health Care | |
Information Technology | |
Industrials | |
Materials | |
Communication Services | |
Consumer Discretionary | |
Consumer Staples | |
Energy | |
Utilities | |
Financials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Hon Hai Precision Industry Co. Ltd. | 0.8% |
Bank of China Ltd., Class H | 0.5% |
Bajaj Auto Ltd. | 0.5% |
Oversea-Chinese Banking Corp. Ltd. | 0.4% |
Advanced Info Service PCL | 0.4% |
ITC Ltd. | 0.4% |
China Construction Bank Corp., Class H | 0.4% |
Tenaga Nasional Bhd | 0.4% |
Koninklijke KPN NV | 0.4% |
United Overseas Bank Ltd. | 0.4% |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CBHIX — AR (6/24)
Ticker:
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Member Class | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 4.50% for the fiscal year ended June 30, 2024, underperforming its primary benchmark,
• During the reporting period, the Fund’s total return was driven by positive contribution from the Overlay Strategy (long Nasdaq 100 Index futures and short S&P 500 Index futures) and the Global High Dividend Long/Short Portfolio (long global dividend stocks and short equity index futures).
• In the Global High Dividend Long/Short Portfolio, the U.S. Small-Cap, Emerging Markets, and board market indexes was offset by the positive contribution of the long positions in dividend stocks. The U.S. Large Cap sleeve was the only negative contributor.
• In the Overlay Strategy, gains from the NASDAQ 100 long futures offset the S&P 500 Index short position, resulting in a positive contribution.
In addition, the Fund's employment of a derivatives strategy overlay to efficiently manage the overall portfolio risks associated with the Fund's strategy contributed negatively to performance during the year.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Market Neutral Income Fund Member Class - $ | ||||
|---|---|---|---|---|
11/20Footnote Reference* | $ | $10,000 | $10,000 | $ |
12/20 | $ | $10,104 | $10,002 | $ |
3/21 | $ | $9,763 | $10,005 | $ |
6/21 | $ | $9,942 | $10,005 | $ |
9/21 | $ | $9,947 | $10,006 | $ |
12/21 | $ | $9,948 | $10,006 | $ |
3/22 | $ | $9,358 | $10,011 | $ |
6/22 | $ | $8,919 | $10,021 | $ |
9/22 | $ | $8,495 | $10,067 | $ |
12/22 | $ | $8,654 | $10,158 | $ |
3/23 | $ | $8,910 | $10,271 | $ |
6/23 | $ | $8,835 | $10,397 | $ |
9/23 | $ | $8,550 | $10,535 | $ |
12/23 | $ | $9,133 | $10,681 | $ |
3/24 | $ | $9,062 | $10,820 | $ |
6/24 | $ | $9,068 | $10,964 | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Market Neutral Income Fund, Member Class is 11/2/2020. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | Since Inception | |
|---|---|---|
Member Class | ||
- | ||
5.46% | 2.55% | |
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities. |
Footnote2 | The unmanaged Bloomberg U.S. Treasury Bellwethers 3-Month Index represents the total return received by investors of 3-month U.S. Treasury securities. |
Footnote3 | The FTSE 3-Month U.S. Treasury Bill Index is an unmanaged index which measures monthly return equivalents of yield averages that are not marked on both the long and short sides of the market.The index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Health Care | |
Information Technology | |
Industrials | |
Materials | |
Communication Services | |
Consumer Discretionary | |
Consumer Staples | |
Energy | |
Utilities | |
Financials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Hon Hai Precision Industry Co. Ltd. | 0.8% |
Bank of China Ltd., Class H | 0.5% |
Bajaj Auto Ltd. | 0.5% |
Oversea-Chinese Banking Corp. Ltd. | 0.4% |
Advanced Info Service PCL | 0.4% |
ITC Ltd. | 0.4% |
China Construction Bank Corp., Class H | 0.4% |
Tenaga Nasional Bhd | 0.4% |
Koninklijke KPN NV | 0.4% |
United Overseas Bank Ltd. | 0.4% |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CBHMX — AR (6/24)
Ticker: CFA Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US 500 Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 13.07% for the fiscal year ended June 30, 2024, underperforming its primary benchmark which it seeks to track the performance of before fees and expenses, the Nasdaq Victory US Large Cap 500 Volatility Weighted Index (the “Index”), which returned 13.47% during the period. The fund underperformed the S&P 500® Index, a market cap-based index against which the performance of the Fund is also measured, which returned 24.56% during the period.
Top contributors to performance:
• An underweight real estate was a positive contributor to relative performance.
Top detractors from performance:
• The Fund’s underweight to information technology was a detractor from relative performance; and
• Overall stock selection was a detractor relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $25,988 | Fund @ Market Value - $25,988 | S&P 500® Index (regulatory broad based index) - $ | ||
|---|---|---|---|---|
7/14Footnote Reference* | $10,000 | $10,000 | $ | $ |
6/15 | $10,638 | $10,630 | $ | $ |
6/16 | $10,934 | $10,907 | $ | $ |
6/17 | $13,090 | $13,089 | $ | $ |
6/18 | $14,847 | $14,849 | $ | $ |
6/19 | $16,013 | $16,008 | $ | $ |
6/20 | $15,674 | $15,661 | $ | $ |
6/21 | $22,336 | $22,325 | $ | $ |
6/22 | $20,408 | $20,412 | $ | $ |
6/23 | $22,983 | $22,982 | $ | $ |
6/24 | $25,988 | $25,988 | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the US 500 Volatility Wtd ETF is 7/1/2014. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
13.47% | 10.54% | 10.42% |
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The Nasdaq Victory US Large Cap 500 Volatility Weighted Index consists of 500 of the largest U.S. stocks with consistent positive earnings. These stocks are then weighted based on their standard deviation (volatility). |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Materials | |
Energy | |
Utilities | |
Consumer Staples | |
Consumer Discretionary | |
Health Care | |
Information Technology | |
Financials | |
Industrials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Republic Services, Inc. | |
The Coca-Cola Co. | |
Berkshire Hathaway, Inc., Class B | |
Colgate-Palmolive Co. | |
T-Mobile US, Inc. | |
Kimberly-Clark Corp. | |
Loews Corp. | |
JPMorgan Chase & Co. | |
The TJX Cos., Inc. | |
Amphenol Corp., Class A |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CFA — AR (6/24)
Ticker: CSA Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US Small Cap Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 12.84% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• The Fund’s underweight to health care was a positive contributor to relative performance; and
• Stock selection was a positive contributor in financials relative to the Index.
Top detractors from performance:
• An overweight to utilities was a detractor from relative performance; and
• Stock selection detracted in consumer staples relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $21,679 | Fund @ Market Value - $21,694 | Russell 3000® Index (regulatory broad based index) - $ | Russell 2000® Index - $ | ||
|---|---|---|---|---|---|
7/15Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/16 | $9,914 | $9,832 | $ | $ | $ |
6/17 | $12,379 | $12,373 | $ | $ | $ |
6/18 | $14,329 | $14,331 | $ | $ | $ |
6/19 | $13,746 | $13,745 | $ | $ | $ |
6/20 | $12,234 | $12,210 | $ | $ | $ |
6/21 | $20,029 | $20,031 | $ | $ | $ |
6/22 | $17,667 | $17,666 | $ | $ | $ |
6/23 | $19,212 | $19,203 | $ | $ | $ |
6/24 | $21,679 | $21,694 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the US Small Cap Volatility Wtd ETF is 7/7/2015. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
10.06% | 6.94% | 7.13% | |
| Footnote | Description |
Footnote1 | The unmanaged Russell 3000® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe. |
Footnote2 | The unmanaged Russell 2000® Index is a market-capitalization-weighted index that measures the performance of the 2,000 smallest U.S. stocks by market capitalization in the Russell 3000® Index. |
Footnote3 | The Nasdaq Victory US Small Cap 500 Volatility Weighted Index consists of 500 of the largest U.S. small cap stocks with $3 billion or less or market value with consistent positive earnings.These stocks are then weighted based on their standard deviation (volatility). |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Consumer Staples | |
Materials | |
Utilities | |
Energy | |
Health Care | |
Information Technology | |
Consumer Discretionary | |
Industrials | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Kirby Corp. | |
FTAI Aviation Ltd. | |
Nelnet, Inc., Class A | |
MDU Resources Group, Inc. | |
MGE Energy, Inc. | |
MGIC Investment Corp. | |
Verra Mobility Corp. | |
Ryan Specialty Holdings, Inc. | |
NMI Holdings, Inc. | |
Radian Group, Inc. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CSA — AR (6/24)
Ticker: CIL Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
International Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 8.20% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• An overweight to Denmark was a positive contributor to relative performance; and
• Stock selection in Hong Kong positively contributed to relative performance.
Top detractors from performance:
• The Fund’s overweight to Canada was a detractor from relative performance; and
• Stock selection in financials was a detractor relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $15,073 | Fund @ Market Value - $15,073 | |||
|---|---|---|---|---|
8/15Footnote Reference* | $10,000 | $10,000 | $ | $ |
6/16 | $9,342 | $9,309 | $ | $ |
6/17 | $11,065 | $11,114 | $ | $ |
6/18 | $11,908 | $11,969 | $ | $ |
6/19 | $11,950 | $11,980 | $ | $ |
6/20 | $11,087 | $11,100 | $ | $ |
6/21 | $14,699 | $14,706 | $ | $ |
6/22 | $12,333 | $12,422 | $ | $ |
6/23 | $13,930 | $13,996 | $ | $ |
6/24 | $15,073 | $15,073 | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the International Volatility Wtd ETF is 8/19/2015. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
| Footnote | Description |
Footnote1 | The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country. |
Footnote2 | The Nasdaq Victory International 500 Volatility Weighted Index consists of 500 of the largest foreign companies by market capitalization with consistent positive earnings. These stocks are then weighted based on their standard deviation (volatility) |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Utilities | |
Energy | |
Communication Services | |
Information Technology | |
Health Care | |
Materials | |
Consumer Discretionary | |
Consumer Staples | |
Industrials | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Koninklijke KPN NV | |
London Stock Exchange Group PLC | |
Oversea-Chinese Banking Corp. Ltd. | |
DBS Group Holdings Ltd. | |
Deutsche Telekom AG | |
United Overseas Bank Ltd. | |
Zurich Insurance Group AG | |
Unilever PLC | |
Generali | |
Pembina Pipeline Corp. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CIL — AR (6/24)
Ticker: CDL Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US Large Cap High Div Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 12.24% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• An underweight to real estate was a positive contributor to relative performance; and
• Stock selection within the information technology sector stock selection was a positive contributor to relative performance.
Top detractors from performance:
• The Fund’s overweight to utilities was a detractor from relative performance; and
• Stock selection within the utilities sector was a detractor from relative performance.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $23,293 | Fund @ Market Value - $23,289 | S&P 500® Index (regulatory broad based index) - $ | Russell 1000® Value Index - $ | ||
|---|---|---|---|---|---|
7/15Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/16 | $11,062 | $11,054 | $ | $ | $ |
6/17 | $12,762 | $12,767 | $ | $ | $ |
6/18 | $14,067 | $14,069 | $ | $ | $ |
6/19 | $15,135 | $15,134 | $ | $ | $ |
6/20 | $13,201 | $13,175 | $ | $ | $ |
6/21 | $19,503 | $19,496 | $ | $ | $ |
6/22 | $20,575 | $20,594 | $ | $ | $ |
6/23 | $20,752 | $20,742 | $ | $ | $ |
6/24 | $23,293 | $23,289 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the US Large Cap High Div Volatility Wtd ETF is 7/7/2015. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
13.06% | 9.01% | 8.64% | |
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The unmanaged Russell 1000® Value Index is a market-capitalization-weighted index that measures the performance of Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth rates. |
Footnote3 | The Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index consists of the highest 100 dividend yielding stocks of the Nasdaq Victory US Large Cap 500 Volatility Weighted Index. These stocks are then weighted based on their standard deviation (volatility). |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Consumer Discretionary | |
Industrials | |
Communication Services | |
Materials | |
Information Technology | |
Health Care | |
Energy | |
Consumer Staples | |
Financials | |
Utilities |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
The Coca-Cola Co. | |
Kimberly-Clark Corp. | |
Philip Morris International, Inc. | |
The Williams Cos., Inc. | |
Kinder Morgan, Inc. | |
Duke Energy Corp. | |
Public Service Enterprise Group, Inc. | |
The Southern Co. | |
PepsiCo, Inc. | |
Altria Group, Inc. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CDL — AR (6/24)
Ticker: CSB Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US Small Cap High Div Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 8.02% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• The Fund’s underweight to health care was a positive contributor to relative performance; and
• Stock selection was a positive contributor in financials relative to the Index.
Top detractors from performance:
• An overweight to utilities was a detractor from relative performance; and
• Stock selection detracted in consumer discretionary relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $20,867 | Fund @ Market Value - $20,860 | Russell 3000® Index (regulatory broad based index) - $ | Russell 2000® Value Index - $ | ||
|---|---|---|---|---|---|
7/15Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/16 | $10,415 | $10,366 | $ | $ | $ |
6/17 | $12,298 | $12,297 | $ | $ | $ |
6/18 | $14,468 | $14,477 | $ | $ | $ |
6/19 | $14,366 | $14,363 | $ | $ | $ |
6/20 | $12,411 | $12,396 | $ | $ | $ |
6/21 | $21,066 | $21,075 | $ | $ | $ |
6/22 | $19,010 | $19,014 | $ | $ | $ |
6/23 | $19,317 | $19,312 | $ | $ | $ |
6/24 | $20,867 | $20,860 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the US Small Cap High Div Volatility Wtd ETF is 7/8/2015. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
10.90% | 7.07% | 6.92% | |
| Footnote | Description |
Footnote1 | The unmanaged Russell 3000® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe. |
Footnote2 | The unmanaged Russell 2000® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2000® Index with lower price-to-book ratios and lower forecasted growth values. |
Footnote3 | The Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index consists of the highest 100 dividend-yielding stocks of the Nasdaq Victory US Small Cap 500 Volatility Weighted Index. These stocks are then weighted based on their standard deviation (volatility). |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Information Technology | |
Consumer Staples | |
Health Care | |
Communication Services | |
Materials | |
Industrials | |
Energy | |
Consumer Discretionary | |
Utilities | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
MDU Resources Group, Inc. | |
MGE Energy, Inc. | |
National Fuel Gas Co. | |
New Jersey Resources Corp. | |
Spire, Inc. | |
Northwestern Energy Group, Inc. | |
American States Water Co. | |
ALLETE, Inc. | |
Portland General Electric Co. | |
Avnet, Inc. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CSB — AR (6/24)
Ticker: CID Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
International High Div Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 8.52% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• An overweight to South Korea was a positive contributor to relative performance; and
• Stock selection was a positive contributor in Hong Kong relative to the Index.
Top detractors from performance:
• The Fund’s overweight to France was a detractor from relative performance; and
• Stock selection was a detractor in Germany relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $13,617 | Fund @ Market Value - $13,579 | |||
|---|---|---|---|---|
8/15Footnote Reference* | $10,000 | $10,000 | $ | $ |
6/16 | $9,037 | $9,095 | $ | $ |
6/17 | $10,498 | $10,547 | $ | $ |
6/18 | $10,813 | $10,853 | $ | $ |
6/19 | $10,880 | $10,938 | $ | $ |
6/20 | $8,789 | $8,764 | $ | $ |
6/21 | $11,909 | $11,899 | $ | $ |
6/22 | $11,204 | $11,207 | $ | $ |
6/23 | $12,547 | $12,557 | $ | $ |
6/24 | $13,617 | $13,579 | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the International High Div Volatility Wtd ETF is 8/20/2015. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
| Footnote | Description |
Footnote1 | The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country. |
Footnote2 | The Nasdaq Victory International High Dividend 100 Volatility Weighted Index consists of the highest 100 dividend-yielding stocks of the Nasdaq Victory International 500 Volatility Weighted Index.These stocks are then weighted based on their standard deviation (volatility). |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Real Estate | |
Health Care | |
Consumer Discretionary | |
Industrials | |
Consumer Staples | |
Materials | |
Communication Services | |
Utilities | |
Energy | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Koninklijke KPN NV | |
Oversea-Chinese Banking Corp. Ltd. | |
United Overseas Bank Ltd. | |
Unilever PLC | |
Pembina Pipeline Corp. | |
Swisscom AG, Registered Shares | |
SoftBank Corp. | |
Telstra Group Ltd. | |
ANZ Group Holdings Ltd. | |
Sodexo SA |
Material Fund Changes
On August 27, 2024, the Board of Trustees of the Fund approved the liquidation of the Fund, which is anticipated to take place on or about October 28, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CID — AR (6/24)
Ticker: VSDA Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Dividend Accelerator ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 6.81% for the fiscal year ended June 30, 2024, underperforming the Nasdaq Victory Dividend Accelerator Index, which returned 7.18% during the period. The Fund underperformed the S&P 500® Index, a market cap-based index against which the performance of the Fund is also measured, which returned 24.56% during the period.
Top contributors to performance:
• An underweight allocation to real estate; and
• Stock selection was a positive contributor in materials.
Top detractors from performance:
• The Fund’s underweight to information technology; and
• Stock selection in consumer discretionary.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $21,645 | Fund @ Market Value - $21,642 | S&P 500® Index (regulatory broad based index) - $ | ||
|---|---|---|---|---|
4/17Footnote Reference* | $10,000 | $10,000 | $ | $ |
6/17 | $10,305 | $10,307 | $ | $ |
6/18 | $11,473 | $11,475 | $ | $ |
6/19 | $13,492 | $13,502 | $ | $ |
6/20 | $13,793 | $13,788 | $ | $ |
6/21 | $18,666 | $18,680 | $ | $ |
6/22 | $17,827 | $17,832 | $ | $ |
6/23 | $20,265 | $20,259 | $ | $ |
6/24 | $21,645 | $21,642 | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Dividend Accelerator ETF is 4/18/2017. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The Nasdaq Victory Dividend Accelerator Index utilizes a rules-based approach designed to identify dividend paying stocks with a higher likelihood of future dividend growth. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Information Technology | |
Energy | |
Utilities | |
Consumer Discretionary | |
Materials | |
Health Care | |
Industrials | |
Financials | |
Consumer Staples |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Altria Group, Inc. | |
Kimberly-Clark Corp. | |
Duke Energy Corp. | |
T. Rowe Price Group, Inc. | |
Hormel Foods Corp. | |
Consolidated Edison, Inc. | |
Best Buy Co., Inc. | |
Chevron Corp. | |
Medtronic PLC | |
Franklin Resources, Inc. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VSDA — AR (6/24)
Ticker: VSMV Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US Multi-Factor Minimum Volatility ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 13.33% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• An underweight to consumer discretionary was a positive contributor to relative performance; and
• Stock selection was a positive contributor in consumer discretionary relative to the Index.
Top detractors from performance:
• The Fund’s overweight to information technology was a detractor from relative performance; and
• Stock selection was a detractor in information technology relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $20,884 | Fund @ Market Value - $20,865 | S&P 500® Index (regulatory broad based index) - $ | ||
|---|---|---|---|---|
6/17Footnote Reference* | $10,000 | $10,000 | $ | $ |
6/17 | $9,946 | $9,944 | $ | $ |
6/18 | $11,279 | $11,273 | $ | $ |
6/19 | $12,911 | $12,885 | $ | $ |
6/20 | $13,146 | $13,118 | $ | $ |
6/21 | $16,626 | $16,598 | $ | $ |
6/22 | $16,286 | $16,271 | $ | $ |
6/23 | $18,427 | $18,392 | $ | $ |
6/24 | $20,884 | $20,865 | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the US Multi-Factor Minimum Volatility ETF is 6/22/2017. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The Nasdaq Victory US Multi-Factor Minimum Volatility Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader U.S. market. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Energy | |
Consumer Discretionary | |
Financials | |
Consumer Staples | |
Health Care | |
Industrials | |
Information Technology |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Microsoft Corp. | |
Apple, Inc. | |
Walmart, Inc. | |
Johnson & Johnson | |
Merck & Co., Inc. | |
AbbVie, Inc. | |
Lockheed Martin Corp. | |
Kimberly-Clark Corp. | |
Waste Management, Inc. | |
Republic Services, Inc. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VSMV — AR (6/24)
Ticker: CFO Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US 500 Enhanced Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 6.23% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• Underweight health care was a positive contributor to relative performance.
Top detractors from performance:
• The Fund moves from equities to cash or cash equivalents during periods of significant market decline (“Long/Cash” feature). The Long/Cash feature of the Index triggered during the reporting period and the Fund was 75% allocated to cash or cash equivalents and 25% for one month during the fiscal year. The Long/Cash trigger was a detractor from the Fund’s relative performance versus the S&P 500® Index.
• The Fund’s underweight to information technology was a detractor from relative performance.
• Overall stock selection was a detractor relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $21,564 | Fund @ Market Value - $21,565 | S&P 500® Index (regulatory broad based index) - $ | ||
|---|---|---|---|---|
7/14Footnote Reference* | $10,000 | $10,000 | $ | $ |
6/15 | $10,615 | $10,612 | $ | $ |
6/16 | $10,912 | $10,895 | $ | $ |
6/17 | $13,064 | $13,062 | $ | $ |
6/18 | $14,817 | $14,817 | $ | $ |
6/19 | $14,919 | $14,913 | $ | $ |
6/20 | $16,036 | $16,025 | $ | $ |
6/21 | $22,255 | $22,260 | $ | $ |
6/22 | $20,325 | $20,330 | $ | $ |
6/23 | $20,299 | $20,285 | $ | $ |
6/24 | $21,564 | $21,565 | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the US 500 Enhanced Volatility Wtd ETF is 7/1/2014. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index 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 index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Materials | |
Energy | |
Utilities | |
Consumer Staples | |
Consumer Discretionary | |
Health Care | |
Information Technology | |
Financials | |
Industrials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Republic Services, Inc. | |
The Coca-Cola Co. | |
Berkshire Hathaway, Inc., Class B | |
Colgate-Palmolive Co. | |
T-Mobile US, Inc. | |
Kimberly-Clark Corp. | |
Loews Corp. | |
JPMorgan Chase & Co. | |
The TJX Cos., Inc. | |
Amphenol Corp., Class A |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CFO — AR (6/24)
Ticker: CDC Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US EQ Income Enhanced Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 6.01% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• The Fund’s underweight to health care was a positive contributor to relative performance; and
• Stock selection was positive in information technology relative to the Index.
Top detractors from performance:
• The Fund moves from equities to cash or cash equivalents during periods of significant market decline (“Long/Cash” feature). The Long/Cash feature of the Index was triggered during the reporting period and the Fund was 75% cash or cash equivalents and 25% equities for a period of time during the fiscal year. The Long/Cash trigger was a detractor from the Fund’s relative performance versus the Russell 1000 Value Index.
• The underweight to financials was a detractor from relative performance.
• Stock selection detracted in utilities relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $22,929 | Fund @ Market Value - $22,915 | Russell 1000® Index (regulatory broad based index) - $ | Russell 1000® Value Index - $ | ||
|---|---|---|---|---|---|
7/14Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/15 | $10,377 | $10,372 | $ | $ | $ |
6/16 | $11,716 | $11,675 | $ | $ | $ |
6/17 | $13,514 | $13,513 | $ | $ | $ |
6/18 | $14,897 | $14,902 | $ | $ | $ |
6/19 | $15,124 | $15,120 | $ | $ | $ |
6/20 | $15,955 | $15,938 | $ | $ | $ |
6/21 | $22,705 | $22,695 | $ | $ | $ |
6/22 | $23,951 | $23,955 | $ | $ | $ |
6/23 | $21,629 | $21,614 | $ | $ | $ |
6/24 | $22,929 | $22,915 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the US EQ Income Enhanced Volatility Wtd ETF is 7/1/2014. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
13.06% | 9.01% | 8.18% | |
| Footnote | Description |
Footnote1 | The unmanaged Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. |
Footnote2 | The unmanaged Russell 1000® Value Index is a market-capitalization-weighted index that measures the performance of Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth rates. |
Footnote3 | The Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index reduces its exposure to the equity markets during periods of signficant market decline and reallocated to stocks when market prices have further declined or rebounded. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Consumer Discretionary | |
Industrials | |
Communication Services | |
Materials | |
Information Technology | |
Health Care | |
Energy | |
Consumer Staples | |
Financials | |
Utilities |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
The Coca-Cola Co. | |
Kimberly-Clark Corp. | |
Philip Morris International, Inc. | |
The Williams Cos., Inc. | |
Kinder Morgan, Inc. | |
Duke Energy Corp. | |
Public Service Enterprise Group, Inc. | |
The Southern Co. | |
PepsiCo, Inc. | |
Altria Group, Inc. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CDC — AR (6/24)
Ticker: CSF Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US Discovery Enhanced Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned -1.30% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• The Fund's underweight to health care was a positive contributor to relative performance; and
• Stock selection was positive in financials and industrials relative to the Index.
Top detractors from performance:
• The Fund moves from equities to cash or cash equivalents during periods of significant market decline (“Long/Cash” feature). The Long/Cash feature of the Index was triggered during the reporting period and the Fund was 75% allocated to cash or cash equivalents and 25% equities for a period of time during the fiscal year. The Long/Cash trigger was a detractor from the Fund’s relative performance versus the Russell 2000® Index.
• The Fund’s underweight to financials was a detractor from relative performance.
• Stock selection detracted in consumer stables relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $16,464 | Fund @ Market Value - $16,458 | Russell 2000® Index - $ | |||
|---|---|---|---|---|---|
7/14Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/15 | $11,306 | $11,298 | $ | $ | $ |
6/16 | $9,757 | $9,733 | $ | $ | $ |
6/17 | $12,187 | $12,182 | $ | $ | $ |
6/18 | $14,106 | $14,124 | $ | $ | $ |
6/19 | $11,420 | $11,414 | $ | $ | $ |
6/20 | $11,991 | $11,989 | $ | $ | $ |
6/21 | $18,763 | $18,766 | $ | $ | $ |
6/22 | $17,262 | $17,254 | $ | $ | $ |
6/23 | $16,681 | $16,671 | $ | $ | $ |
6/24 | $16,464 | $16,458 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the US Discovery Enhanced Volatility Wtd ETF is 7/31/2014. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | - | ||
Fund @ Market Value | - | ||
10.06% | 6.94% | 7.74% | |
- |
| Footnote | Description |
Footnote1 | The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets. |
Footnote2 | The unmanaged Russell 2000® Index is a market-capitalization-weighted index that measures the performance of the 2,000 smallest U.S. stocks by market capitalization in the Russell 3000® Index. |
Footnote3 | The Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index reduces its exposure to the equity markets during periods of signficant market decline and reinvests when market prices have further declined or rebounded. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Consumer Staples | |
Materials | |
Utilities | |
Energy | |
Health Care | |
Information Technology | |
Consumer Discretionary | |
Industrials | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Kirby Corp. | |
FTAI Aviation Ltd. | |
Nelnet, Inc., Class A | |
MDU Resources Group, Inc. | |
MGE Energy, Inc. | |
MGIC Investment Corp. | |
Verra Mobility Corp. | |
Ryan Specialty Holdings, Inc. | |
NMI Holdings, Inc. | |
Radian Group, Inc. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CSF — AR (6/24)
Ticker: CIZ Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Developed Enhanced Volatility Wtd ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 2.77% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• An overweight allocation to Denmark; and
• Stock selection in Hong Kong.
Top detractors from performance:
• The Fund moves from equities to cash or cash equivalents during periods of significant market decline (“Long/Cash” feature). The Long/Cash feature of the Index was triggered during the reporting period and the Fund was 75% allocated to cash or cash equivalents and 25% equities for a period during the fiscal year. The Long/Cash trigger was a detractor from the Fund’s relative performance versus the MSCI EAFE Index for the fiscal year;
• The Fund’s overweight allocation to Canada; and
• An underweight allocation to information technology.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $11,012 | Fund @ Market Value - $11,004 | |||
|---|---|---|---|---|
9/14Footnote Reference* | $10,000 | $10,000 | $ | $ |
6/15 | $10,177 | $10,270 | $ | $ |
6/16 | $8,553 | $8,616 | $ | $ |
6/17 | $9,647 | $9,736 | $ | $ |
6/18 | $10,362 | $10,395 | $ | $ |
6/19 | $10,141 | $10,112 | $ | $ |
6/20 | $8,666 | $8,645 | $ | $ |
6/21 | $11,233 | $11,182 | $ | $ |
6/22 | $9,975 | $9,969 | $ | $ |
6/23 | $10,716 | $10,764 | $ | $ |
6/24 | $11,012 | $11,004 | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Developed Enhanced Volatility Wtd ETF is 9/30/2014. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
| Footnote | Description |
Footnote1 | The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country. |
Footnote2 | The Nasdaq Victory International 500 Long/Cash Volatility Weighted Index 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. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Utilities | |
Energy | |
Communication Services | |
Information Technology | |
Health Care | |
Materials | |
Consumer Discretionary | |
Consumer Staples | |
Industrials | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Koninklijke KPN NV | |
London Stock Exchange Group PLC | |
Oversea-Chinese Banking Corp. Ltd. | |
DBS Group Holdings Ltd. | |
Deutsche Telekom AG | |
Zurich Insurance Group AG | |
United Overseas Bank Ltd. | |
Unilever PLC | |
Generali | |
Pembina Pipeline Corp. |
Material Fund Changes
On August 27, 2024, the Board of Trustees of the Fund approved the liquidation of the Fund, which is anticipated to take place on or about October 28, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
CIZ — AR (6/24)
Ticker: QQQN Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Nasdaq Next 50 ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 11.29% for the fiscal year ended June 30, 2024, outperforming its primary benchmark which it seeks to track the performance of before fees and expenses, the Nasdaq Q-50® Index (the “Index”), which returned 10.49% during the period.
Top contributors to performance:
• The Fund’s overweight to information technology was a positive contributor to relative performance; and
• Stock selection was a positive contributor in information technology relative to the Index.
Top detractors from performance:
• An underweight in financials was a detractor from relative performance; and
• Stock selection was a detractor in consumer discretionary relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $ | Fund @ Market Value - $ | |||
|---|---|---|---|---|
9/20Footnote Reference* | $ | $ | $ | $10,000 |
9/20 | $ | $ | $ | $10,355 |
12/20 | $ | $ | $ | $12,467 |
3/21 | $ | $ | $ | $12,421 |
6/21 | $ | $ | $ | $13,534 |
9/21 | $ | $ | $ | $12,831 |
12/21 | $ | $ | $ | $13,477 |
3/22 | $ | $ | $ | $11,493 |
6/22 | $ | $ | $ | $9,164 |
9/22 | $ | $ | $ | $8,903 |
12/22 | $ | $ | $ | $9,607 |
3/23 | $ | $ | $ | $10,274 |
6/23 | $ | $ | $ | $10,524 |
9/23 | $ | $ | $ | $9,864 |
12/23 | $ | $ | $ | $10,934 |
3/24 | $ | $ | $ | $11,927 |
6/24 | $ | $ | $ | $11,628 |
| Footnote | Description |
Footnote* | Inception date for the Nasdaq Next 50 ETF is 9/10/2020. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | Since Inception | |
|---|---|---|
Fund @ Net Asset Value | ||
Fund @ Market Value | ||
10.49% | 4.04% |
| Footnote | Description |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The Nasdaq Q-50® Index is a market capitalization-weighted index designed to track the performance of the 50 largest nonfinancial domestic and international companies listed on The Nasdaq Stock Market based on market capitalization after excluding the companies included in the Nasdaq-100® Index. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Materials | |
Communication Services | |
Industrials | |
Consumer Discretionary | |
Health Care | |
Information Technology |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Monolithic Power Systems, Inc. | |
Super Micro Computer, Inc. | |
Alnylam Pharmaceuticals, Inc. | |
Tractor Supply Co. | |
eBay, Inc. | |
NetApp, Inc. | |
ICON PLC | |
Western Digital Corp. | |
First Solar, Inc. | |
Teradyne, Inc. |
Material Fund Changes
On August 27, 2024, the Board of Trustees of the Fund approved the liquidation of the Fund, which is anticipated to take place on or about October 28, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
QQQN — AR (6/24)
Ticker: MDCP Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
THB Mid Cap ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 8.26% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• Overallocation to industrials, stock selection in health care, and overallocation to information technology were positive contributors to the Fund’s relative performance during the period.
• The financials sector was the top performing sector in the Index during the period as a result of a recovery in investor confidence in the sector after the sharp selloff in early 2023 due to the series of banking failures including Silicon Valley Bank. As the fear of a potential banking crisis subsided with issues limited to specific banks, the financials sector recovered from its lows and delivered strong returns in the fourth quarter of 2023 and first quarter of 2024.
• Information technology was also among the top performing sectors during the period. The hype around Artificial Intelligence has driven higher returns but also valuations in the sector resulting in positive contribution from allocation but negative impact from stock selection for the Fund.
• In addition, the following companies were top contributors to relative performance for the period: Old Dominion Freight Line, Inc. (industrials), Verisk Analytics, Inc. (industrials), and Ross Stores, Inc. (consumer discretionary).
Top detractors from performance:
• During the period, the Fund’s underperformance relative to the Index was a result of higher exposure to lower financial leverage and low volatility factors.
• Underallocation to the financials sector, stock selection in the information technology sector, and stock selection in consumer staples sector were detractors from the Fund’s relative performance during the period.
• In addition, the following companies were top detractors from relative performance for the period: The Toro Co.(industrials), Keysight Technologies, Inc. (information technology), and Darling Ingredients, Inc. (consumer staples).
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $ | Fund @ Market Value - $ | |||
|---|---|---|---|---|
10/21Footnote Reference* | $ | $ | $ | $ |
12/21 | $ | $ | $ | $ |
3/22 | $ | $ | $ | $ |
6/22 | $ | $ | $ | $ |
9/22 | $ | $ | $ | $ |
12/22 | $ | $ | $ | $ |
3/23 | $ | $ | $ | $ |
6/23 | $ | $ | $ | $ |
9/23 | $ | $ | $ | $ |
12/23 | $ | $ | $ | $ |
3/24 | $ | $ | $ | $ |
6/24 | $ | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the THB Mid Cap ETF is 10/5/2021. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | Since Inception | |
|---|---|---|
Fund @ Net Asset Value | ||
Fund @ Market Value | ||
| Footnote | Description |
Footnote1 | The unmanaged Russell 3000® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe. |
Footnote2 | The Russell Midcap® Index is an unmanaged index measuring the performance of medium capitalization domestically traded common stocks. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Consumer Staples | |
Materials | |
Health Care | |
Consumer Discretionary | |
Information Technology | |
Industrials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
HEICO Corp. | |
Amphenol Corp., Class A | |
NVR, Inc. | |
Rollins, Inc. | |
CACI International, Inc., Class A | |
Carlisle Cos., Inc. | |
D.R. Horton, Inc. | |
PTC, Inc. | |
Westinghouse Air Brake Technologies Corp. | |
Ross Stores, Inc. |
Material Fund Changes
Effective Febuary 1, 2024, the Fund's name changed to VictoryShares THB Mid Cap ETF.
Effective on or about May 1, 2024, the Fund’s investment strategy changed to eliminate references to restrictions on the Fund's investments in certain companies, the maintenance of an overall level of "carbon risk" that is at or below the Index, and changes to Victory Capital Management Inc.'s investment selection process. For more complete information, you may review the Fund's prospectus, which we expect to be available by November 1, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
MDCP — AR (6/24)
Ticker: VFLO Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Free Cash Flow ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 23.39% for the fiscal year ended June 30, 2024, underperforming its primary benchmark which it seeks to track the performance of before fees and expenses, the Victory U.S. Large Cap Free Cash Flow Index (the “Index”), which returned 24.00% during the period.
Top contributors to performance:
• The Fund’s overweight to energy was a positive contributor to relative performance; and
• Stock selection was a positive contributor in consumer discretionary relative to the Index.
Top detractors from performance:
• An underweight in financials was a detractor from relative performance; and
• Stock selection was a detractor in communication services relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $ | Fund @ Market Value - $ | ||||
|---|---|---|---|---|---|
6/23Footnote Reference* | $ | $ | $ | $10,000 | $ |
6/23 | $ | $ | $ | $10,161 | $ |
9/23 | $ | $ | $ | $10,438 | $ |
12/23 | $ | $ | $ | $11,448 | $ |
3/24 | $ | $ | $ | $13,153 | $ |
6/24 | $ | $ | $ | $12,599 | $ |
| Footnote | Description |
Footnote* | Inception date for the VictoryShares Free Cash Flow ETF is 6/22/2023. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | Since Inception | |
|---|---|---|
Fund @ Net Asset Value | ||
Fund @ Market Value | ||
24.00% | 25.29% | |
| Footnote | Description |
Footnote | High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |
Footnote1 | The unmanaged Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. |
Footnote2 | The Victory U.S. Large Cap Free Cash Flow Index aims to select high-quality companies from its starting universe by applying profitability screens. It then selects companies with the strongest free cash flow yield that exhibiti higher growth. |
Footnote3 | The unmanaged Russell 1000® Value Index is a market-capitalization-weighted index that measures the performance of Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth rates. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Materials | |
Utilities | |
Communication Services | |
Information Technology | |
Industrials | |
Consumer Discretionary | |
Energy | |
Health Care |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Gilead Sciences, Inc. | |
Expedia Group, Inc. | |
The Cigna Group | |
Amgen, Inc. | |
CVS Health Corp. | |
Elevance Health, Inc. | |
Zoom Video Communications, Inc., Class A | |
Lennar Corp., Class A | |
Centene Corp. | |
Exxon Mobil Corp. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VFLO — AR (6/24)
Ticker: SFLO Exchange: Nasdaq
The
What were the Fund's costs for the last reporting period?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Small Cap Free Cash Flow ETF | $ | |
| Footnote | Description |
Footnote* | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
How did the Fund perform over the reporting period? What affected the Fund’s performance?
The Fund's inception date was December 20, 2023. For the period December 21, 2023, to June 30, 2024, the Fund returned 4.83%, underperforming its primary benchmark which it seeks to track the performance of before fees and expenses, Victory U.S. Small Cap Free Cash Flow Index (the “Index”), which returned 5.33% for the period.
Top contributors to performance:
• The Fund’s overweight to energy was a positive contributor to relative performance; and
• Stock selection was a positive contributor in energy relative to the Index.
Top detractors from performance:
• An overweight in communication services was a detractor from relative performance; and
• Stock selection was a detractor in materials relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $ | Fund @ Market Value - $ | ||||
|---|---|---|---|---|---|
12/23Footnote Reference* | $ | $ | $ | $10,000 | $ |
12/23 | $ | $ | $ | $10,133 | $ |
1/24 | $ | $ | $ | $9,989 | $ |
2/24 | $ | $ | $ | $10,316 | $ |
3/24 | $ | $ | $ | $10,929 | $ |
4/24 | $ | $ | $ | $10,301 | $ |
5/24 | $ | $ | $ | $10,841 | $ |
6/24 | $ | $ | $ | $10,533 | $ |
| Footnote | Description |
Footnote* | Inception date for the VictoryShares Small Cap Free Cash Flow ETF is 12/21/2023. |
AVERAGE ANNUAL TOTAL RETURNS
Since Inception | |
|---|---|
Fund @ Net Asset Value | |
Fund @ Market Value | |
5.33% | |
| Footnote | Description |
Footnote1 | The unmanaged Russell 3000® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe. |
Footnote2 | The Victory U.S. Small Cap Free Cash Flow Index aims to select high-quality companies from its starting universe by applying profitability screens. It then selects companies with the strongest free cash flow yield that exhibit higher growth. |
Footnote3 | The unmanaged Russell 2000® Index is a market-capitalization-weighted index that measures the performance of the 2,000 smallest U.S. stocks by market capitalization in the Russell 3000® Index. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Consumer Staples | |
Materials | |
Communication Services | |
Health Care | |
Information Technology | |
Industrials | |
Consumer Discretionary | |
Energy |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Scorpio Tankers, Inc. | |
Chord Energy Corp. | |
Dillard's, Inc., Class A | |
Vista Outdoor, Inc. | |
Mueller Industries, Inc. | |
Dropbox, Inc., Class A | |
Jazz Pharmaceuticals PLC | |
International Seaways, Inc. | |
Civitas Resources, Inc. | |
California Resources Corp. |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the reporting period ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
SFLO — AR (6/24)
Ticker: USTB Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Short-Term Bond ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 7.27% for the fiscal year ended June 30, 2024, outperforming the Bloomberg 1-3 Year Credit Index (the "Index"), which returned 5.64% during the period.
The Fund’s relative performance was driven primarily by security selection and asset allocation, offset somewhat by changes in the yield curve (the Fund’s maturity profile is more diverse than the Index). Relative to the Index, the Fund's best performing sectors were asset-backed securities, banking, commercial mortgage-backed securities, and property and casualty insurance. Sectors that detracted from relative performance included Treasuries and cash.
The portfolio has been positioned to be what we believe to be more defensive. This includes a lower allocation to lower rated corporate and high yield bonds, and a higher allocation to higher rated bonds, Treasuries, and cash.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $12,059 | Fund @ Market Value - $12,063 | |||
|---|---|---|---|---|
10/17Footnote Reference* | $10,000 | $10,000 | $ | $ |
6/18 | $10,006 | $10,031 | $ | $ |
6/19 | $10,497 | $10,505 | $ | $ |
6/20 | $10,922 | $10,962 | $ | $ |
6/21 | $11,303 | $11,310 | $ | $ |
6/22 | $10,881 | $10,883 | $ | $ |
6/23 | $11,242 | $11,244 | $ | $ |
6/24 | $12,059 | $12,063 | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the VictoryShares Short-Term Bond ETF is 10/24/2017. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
- | |||
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities. |
Footnote2 | The unmanaged Bloomberg 1-3 Year Credit Index measures the performance of investment-grade corporate debt and sovereign, supranational, local authority, and non-U.S. agency bonds that have a remaining maturity of at least one year and less than three years. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Asset AllocationFootnote Reference* (% of Net Assets)
Value | Value |
|---|---|
Asset-Backed Securities | |
Corporate Bonds | |
U.S. Treasury Obligations | |
Yankee Dollars | |
Collateralized Mortgage Obligations | |
OtherFootnote Reference** |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
**Other includes investments which are each under 2% of the net assets of the Fund.
Percentages are of the net assets of the Fund and may not equal 100%.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USTB — AR (6/24)
Ticker: UITB Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Core Intermediate Bond ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 3.72%, the fiscal year ended June 30, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index (the “Index”), which returned 2.63% for the period.
• The Fund’s performance was driven primarily by security selection and asset allocation.
• Relative to the Index, the Fund's best performing corporate sectors were banking, capital goods, retailers, and food & beverage.
• An underweight to agency mortgage-backed securities (MBS) and security selection within agency MBS and asset-backed securities (ABS) also contributed to relative performance.
• Sectors that detracted from relative performance included non-agency commercial MBS and cash.
The portfolio has been positioned to be what we believe to be more defensive. This includes a higher allocation to Treasuries, agency MBS, and highly rated ABS and a reduced allocation to lower rated corporate bonds.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $11,080 | Fund @ Market Value - $11,086 | ||
|---|---|---|---|
10/17Footnote Reference* | $10,000 | $10,000 | $ |
6/18 | $9,875 | $9,895 | $ |
6/19 | $10,776 | $10,785 | $ |
6/20 | $11,604 | $11,643 | $ |
6/21 | $11,900 | $11,907 | $ |
6/22 | $10,669 | $10,681 | $ |
6/23 | $10,682 | $10,704 | $ |
6/24 | $11,080 | $11,086 | $ |
| Footnote | Description |
Footnote* | Inception date for the VictoryShares Core Intermediate Bond ETF is 10/24/2017. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
- |
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Asset AllocationFootnote Reference* (% of Net Assets)
Value | Value |
|---|---|
U.S. Treasury Obligations | |
Corporate Bonds | |
U.S. Government Agency Mortgages | |
Asset-Backed Securities | |
Yankee Dollars | |
Collateralized Mortgage Obligations | |
OtherFootnote Reference** | 1.6% |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
**Other includes investments which are each under 2% of the net assets of the Fund.
Percentages are of the net assets of the Fund and may not equal 100%.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UITB — AR (6/24)
Ticker: UBND Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Core Plus Intermediate Bond ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 4.37% for the fiscal year ended June 30, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index (the “Index”), which returned 2.63% for the period.
• The Fund’s performance was driven primarily by security selection and asset allocation.
• Relative to the Index, the Fund's best performing sectors were banking, consumer cyclical, asset-backed securities, commercial mortgage-backed securities, collateralized loan obligations, and property.
• In addition, an underweight allocation to residential mortgage-backed securities and treasuries contributed to relative performance.
• Sectors that detracted from relative performance included utilities and energy.
The portfolio has been positioned to be what we believe to be more defensive. This includes a lower allocation to lower rated corporate and high yield bonds, and a higher allocation to higher rated bonds, Treasuries, and agency residential mortgages-backed securities.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $ | Fund @ Market Value - $ | ||
|---|---|---|---|
10/21Footnote Reference* | $ | $ | $ |
12/21 | $ | $ | $ |
3/22 | $ | $ | $ |
6/22 | $ | $ | $ |
9/22 | $ | $ | $ |
12/22 | $ | $ | $ |
3/23 | $ | $ | $ |
6/23 | $ | $ | $ |
9/23 | $ | $ | $ |
12/23 | $ | $ | $ |
3/24 | $ | $ | $ |
6/24 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Core Plus Intermediate Bond ETF is 10/4/2021. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | Since Inception | |
|---|---|---|
Fund @ Net Asset Value | - | |
Fund @ Market Value | - | |
- |
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Asset AllocationFootnote Reference* (% of Net Assets)
Value | Value |
|---|---|
U.S. Treasury Obligations | |
Asset-Backed Securities | |
Corporate Bonds | |
U.S. Government Agency Mortgages | |
Collateralized Mortgage Obligations | |
Yankee Dollars | |
Collateralized Loan Obligations | |
Municipal Bonds | |
OtherFootnote Reference** |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
**Other includes investments which are each under 2% of the net assets of the Fund.
Percentages are of the net assets of the Fund and may not equal 100%.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UBND — AR (6/24)
Ticker: UCRD Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Corporate Bond ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 5.45% for the fiscal year ended June 30, 2024, outperforming the Bloomberg U.S. Corporate Bond Index (the "Index"), which returned 4.63% during the period.
• The Fund’s performance was driven primarily by security selection.
• Changes in yield across the maturity spectrum throughout the reporting period were a positive for relative performance, while allocation was a slight detractor from relative performance.
• Relative to the Index, the Fund’s best performing sectors included banking, retailers, technology and pharmaceuticals.
• Sectors that detracted from relative performance included Treasuries and electric.
The portfolio has been positioned to be what we believe to be more defensive. This includes a higher allocation to Treasuries and sectors such as electric and a lower allocation to high yield and lower-rated corporate bonds.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $ | Fund @ Market Value - $ | |||
|---|---|---|---|---|
10/21Footnote Reference* | $ | $ | $ | $ |
12/21 | $ | $ | $ | $ |
3/22 | $ | $ | $ | $ |
6/22 | $ | $ | $ | $ |
9/22 | $ | $ | $ | $ |
12/22 | $ | $ | $ | $ |
3/23 | $ | $ | $ | $ |
6/23 | $ | $ | $ | $ |
9/23 | $ | $ | $ | $ |
12/23 | $ | $ | $ | $ |
3/24 | $ | $ | $ | $ |
6/24 | $ | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Corporate Bond ETF is 10/5/2021. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | Since Inception | |
|---|---|---|
Fund @ Net Asset Value | - | |
Fund @ Market Value | - | |
- | ||
- |
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities. |
Footnote2 | The Bloomberg U.S. Corporate Bond Index measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, MBS, ABS, and CMBS.This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Asset AllocationFootnote Reference* (% of Net Assets)
Value | Value |
|---|---|
Corporate Bonds | |
Yankee Dollars | |
U.S. Treasury Obligations |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
**Other includes investments which are each under 2% of the net assets of the Fund.
Percentages are of the net assets of the Fund and may not equal 100%.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UCRD — AR (6/24)
Ticker: BMDL Exchange: Nasdaq
What were the Fund's costs for the last reporting period?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
WestEnd Economic Cycle Bond ETF | $ | |
| Footnote | Description |
Footnote* | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
How did the Fund perform over the reporting period? What affected the Fund’s performance?
The Fund commenced operations on June 21, 2024. Since inception, the Fund returned -0.71%, compared to the Bloomberg U.S. Government/Credit Bond Index (the “Index”), which return -0.57% for the period.
Given the recent launch date of the Fund on June 21, 2024, there is limited attribution data for this fiscal year. However, during the period referenced, the Fund’s slight underperformance relative to the Index can be attributed to the Fund's underweight allocation to short-term fixed income (1-3yrs) relative to the Index. In addition, a brief one-time exposure to cash as part of the initial fund implementation also contributed to the minor underperformance.
AVERAGE ANNUAL TOTAL RETURNS
Since Inception | |
|---|---|
Fund @ Net Asset Value | - |
Fund @ Market Value | - |
- |
| Footnote | Description |
Footnote1 | The Bloomberg U.S. Government/Credit Bond Index is a broad-based flagship benchmark that measures the non-securitized component of the US Aggregate index. The index includes investment grade, US dollar-denominated, fixed-rate treasuries, government-related and corporate securities. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
| Footnote | Description |
Footnote* | No turnover rate due to the commencement of operations close to the reporting period end. |
Asset AllocationFootnote Reference* (% of Net Assets)
Value | Value |
|---|---|
U.S. Treasury Obligations | |
Corporate Bonds | |
Yankee Dollars |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Percentages are of the net assets of the Fund and may not equal 100%.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the reporting period ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Summary Prospectus
Statement Additional Information
Contact us at
BMDL — AR (6/24)
Ticker: ULVM Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US Value Momentum ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 19.08% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• The Fund’s underweight to consumer discretionary was a positive contributor to relative performance; and
• Stock selection was a positive contributor in industrials relative to the Index.
Top detractors from performance:
• An underweight to information technology was a detractor from relative performance; and
• Stock selection was a detractor in consumer staples relative to the Index.
In addition, the Fund's employment of a derivatives strategy overlay to efficiently manage the overall portfolio risks associated with the Fund's strategy contributed positively to performance during the year.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $16,775 | Fund @ Market Value - $16,784 | Russell 1000® Index (regulatory broad based index) - $ | |||
|---|---|---|---|---|---|
10/17Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/18 | $10,330 | $10,345 | $ | $ | $ |
6/19 | $10,491 | $10,490 | $ | $ | $ |
6/20 | $9,448 | $9,423 | $ | $ | $ |
6/21 | $13,890 | $13,886 | $ | $ | $ |
6/22 | $12,926 | $12,903 | $ | $ | $ |
6/23 | $14,088 | $14,079 | $ | $ | $ |
6/24 | $16,775 | $16,784 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the VictoryShares US Value Momentum ETF is 10/24/2017. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
24.88% | 14.97% | 13.89% | |
| Footnote | Description |
Footnote | High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |
Footnote+ | The inception date for the Nasdaq Victory US Value Momentum Index is September 19, 2022. Prior to that date, the data is hypothetical. |
Footnote1 | The unmanaged Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. |
Footnote2 | The Nasdaq US 500 Large Cap Index is comprised of the largest 500 securities on a float-adjusted, market-capitalization rank from the Nasdaq US Benchmark Index. |
Footnote3 | The Nasdaq Victory US Value Momentum Index is designed to deliver exposure to equity securities of large-capitalization U.S. issuers within the Nasdaq US Large Cap 500 Index that have higher exposure to value and momentum factors, while also maintaining moderate Index turnover and lower realized volatilitiy than traditional capitalization-weighted indexes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Consumer Staples | |
Utilities | |
Communication Services | |
Materials | |
Consumer Discretionary | |
Real Estate | |
Information Technology | |
Health Care | |
Industrials | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Berkshire Hathaway, Inc., Class B | |
Loews Corp. | |
Regeneron Pharmaceuticals, Inc. | |
Cencora, Inc. | |
The Hartford Financial Services Group, Inc. | |
McKesson Corp. | |
Fiserv, Inc. | |
The Bank of New York Mellon Corp. | |
Duke Energy Corp. | |
Amphenol Corp., Class A |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
ULVM — AR (6/24)
Ticker: USVM Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
US Small Mid Cap Value Momentum ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 17.77% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• The Fund’s overweight to energy was a positive contributor to relative performance; and
• Stock selection was a positive contributor in industrials relative to the Index.
Top detractors from performance:
• An overweight to health care was a detractor from relative performance; and
• Stock selection was a detractor in information technology relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $17,010 | Fund @ Market Value - $17,026 | Russell 3000® Index (regulatory broad based index) - $ | |||
|---|---|---|---|---|---|
10/17Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/18 | $10,842 | $10,855 | $ | $ | $ |
6/19 | $10,417 | $10,404 | $ | $ | $ |
6/20 | $9,453 | $9,448 | $ | $ | $ |
6/21 | $15,169 | $15,174 | $ | $ | $ |
6/22 | $12,858 | $12,863 | $ | $ | $ |
6/23 | $14,444 | $14,444 | $ | $ | $ |
6/24 | $17,010 | $17,026 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the VictoryShares US Small Mid Cap Value Momentum ETF is 10/24/2017. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
12.67% | 9.57% | 8.72% | |
| Footnote | Description |
Footnote | High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |
Footnote+ | The inception date for the Nasdaq Victory US Small Mid Cap Value Momentum Index is September 19, 2022. Prior to that date, the data is hypothetical. |
Footnote1 | The unmanaged Russell 3000® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe. |
Footnote2 | The Nasdaq US 1300 Small Mid Cap Index is designed to track the performance of the 1300 securities in the Nasdaq US Benchmark Index comprising the small-cap and mid-cap size categories. |
Footnote3 | The Nasdaq Victory US Small Mid Cap Value Momentum 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 that have higher exposure to value and momentum factors while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization-weighted indexes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Materials | |
Consumer Staples | |
Real Estate | |
Energy | |
Health Care | |
Information Technology | |
Financials | |
Consumer Discretionary | |
Industrials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Golub Capital BDC, Inc. | |
DT Midstream, Inc. | |
Ingredion, Inc. | |
CACI International, Inc., Class A | |
Encompass Health Corp. | |
MDU Resources Group, Inc. | |
The Ensign Group, Inc. | |
Parsons Corp. | |
Reinsurance Group of America, Inc. | |
Rithm Capital Corp. |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USVM — AR (6/24)
Ticker: UIVM Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
International Value Momentum ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 13.82% for the fiscal year ended June 30, 2024, underperforming the
Top contributors to performance:
• The Fund’s overweight to Italy was a positive contributor to relative performance; and
• Stock selection positivity contributed in Japan relative to the Index.
Top detractors from performance:
• An overweight to Hong Kong was a detractor from relative performance; and
• Stock selection detracted in Singapore relative to the Index.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $11,732 | Fund @ Market Value - $11,733 | ||||
|---|---|---|---|---|---|
10/17Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/18 | $9,782 | $9,782 | $ | $ | $ |
6/19 | $9,402 | $9,417 | $ | $ | $ |
6/20 | $8,234 | $8,224 | $ | $ | $ |
6/21 | $10,923 | $10,911 | $ | $ | $ |
6/22 | $9,163 | $9,193 | $ | $ | $ |
6/23 | $10,308 | $10,317 | $ | $ | $ |
6/24 | $11,732 | $11,733 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the VictoryShares International Value Momentum ETF is 10/24/2017. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
10.91% | 6.50% | 4.88% | |
| Footnote | Description |
Footnote+ | The inception date for the Nasdaq Victory International Value Momentum Index is September 19, 2022. Prior to that date, the data is hypothetical. |
Footnote1 | The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets. |
Footnote2 | The Nasdaq DM Ex United States Large Mid Cap Index is designed to track the performance of securities assigned to Developed Markets Ex United States and comprised of the large/mid-cap segment. |
Footnote3 | The Nasdaq Victory International Value Momentum 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 while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization-weighted indexes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Energy | |
Utilities | |
Health Care | |
Real Estate | |
Consumer Staples | |
Communication Services | |
Materials | |
Consumer Discretionary | |
Industrials | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Deutsche Telekom AG | |
Investor AB, Class B | |
SK Telecom Co. Ltd. | |
Industrivarden AB, Class C | |
AltaGas Ltd. | |
Henkel AG & Co. KGaA, Preference Shares | |
Cie Generale des Etablissements Michelin SCA | |
Holcim AG | |
Bollore SE | |
Eni SpA |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UIVM — AR (6/24)
Ticker: UEVM Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Emerging Markets Value Momentum ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 22.64% for the fiscal year ended June 30, 2024, underperforming the
To contributors to performance:
• The Fund’s overweight to Turkey was a positive contributor to relative performance; and
• Stock selection in China and India positively contributed to relative performance.
Top detractors from performance:
• An underweight to India was a detractor from relative performance; and
• Stock selection in Taiwan was a detractor relative to the Index.
In addition, the Fund's employment of a derivatives strategy overlay to efficiently manage the overall portfolio risks associated with the Fund's strategy contributed positively to performance during the year.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $12,205 | Fund @ Market Value - $12,137 | ||||
|---|---|---|---|---|---|
10/17Footnote Reference* | $10,000 | $10,000 | $ | $ | $ |
6/18 | $9,438 | $9,460 | $ | $ | $ |
6/19 | $9,209 | $9,230 | $ | $ | $ |
6/20 | $8,041 | $8,047 | $ | $ | $ |
6/21 | $11,376 | $11,321 | $ | $ | $ |
6/22 | $9,290 | $9,406 | $ | $ | $ |
6/23 | $10,015 | $10,004 | $ | $ | $ |
6/24 | $12,205 | $12,137 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the VictoryShares Emerging Markets Value Momentum ETF is 10/24/2017. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Fund @ Net Asset Value | |||
Fund @ Market Value | |||
14.74% | 3.38% | 3.19% | |
| Footnote | Description |
Footnote | High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |
Footnote+ | The inception date for the Nasdaq Emerging Market Value Momentum Index is September 19, 2022. Prior to that date, the data is hypothetical. |
Footnote1 | The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets. |
Footnote2 | The Nasdaq Emerging Market Large Mid Cap Index is a float-adjusted market-capitalization index designed to track the performance of securities in the Nasdaq Emerging Market Index that comprise the large/mid-cap segment of companies designated as Emerging Markets. |
Footnote3 | The Nasdaq Victory Emerging Markets Value Momentum 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 while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization-weighted indexes. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Communication Services | |
Consumer Staples | |
Energy | |
Health Care | |
Materials | |
Utilities | |
Industrials | |
Consumer Discretionary | |
Information Technology | |
Financials |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Sun Pharmaceutical Industries Ltd. | |
Bharti Airtel Ltd. | |
Catcher Technology Co. Ltd. | |
Bank of China Ltd., Class H | |
Bosch Ltd. | |
MRF Ltd. | |
Industrial & Commercial Bank of China Ltd., Class H | |
Genting Berhad | |
LIC Housing Finance Ltd. | |
China CITIC Bank Corp. Ltd., Class H |
Material Fund Changes
There were no material fund changes during the year ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UEVM — AR (6/24)
Ticker: MODL Exchange: Nasdaq
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
WestEnd U.S. Sector ETF | $ | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 21.67% for the fiscal year ended June 30, 2024, underperforming the S&P 500® Index (the “Index”), which returned 24.56% during the period.
Over the last 12 months, we believe we have positioned the Fund for a late-cycle environment with slow-to-moderate economic growth and above average risk of recession.
Top contributors to performance:
• The Fund’s allocations to information technology and communication services, outperformed the Index during the fiscal year.
• The Fund maintained an overweight to the communication services sector, which was additive to relative returns.
• Our avoidance of some of the most economically-sensitive, or cyclical sectors (i.e. industrials, real estate, materials, and energy), was the largest positive contributor to relative returns for the Fund during the fiscal year. These sectors collectively underperformed the broad market, which we believe is evidence of a slowing-demand environment.
Top detractors from performance:
• Our overweight allocation to some of the more traditional defensive sectors relative to the Index, such as health care and consumer staples, that offer consistent but slower earnings growth, was among the largest detractors from relative performance during the fiscal year.
• The Fund’s modest underweight to the information technology sector, primarily for valuation and risk management reasons, detracted from performance.
The Fund’s small allocation to derivatives during the year did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Fund @ Net Asset Value - $ | Fund @ Market Value - $ | ||
|---|---|---|---|
10/22Footnote Reference* | $ | $ | $ |
12/22 | $ | $ | $ |
3/23 | $ | $ | $ |
6/23 | $ | $ | $ |
9/23 | $ | $ | $ |
12/23 | $ | $ | $ |
3/24 | $ | $ | $ |
6/24 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the WestEnd US Sector ETF is 10/12/2022. |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | Since Inception | |
|---|---|---|
Fund @ Net Asset Value | ||
Fund @ Market Value | ||
| Footnote | Description |
Footnote | High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Utilities | |
Consumer Staples | |
Consumer Discretionary | |
Financials | |
Communication Services | |
Health Care | |
Information Technology |
| Footnote | Description |
Footnote | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Footnote* | Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Microsoft Corp. | |
Apple, Inc. | |
NVIDIA Corp. | |
Amazon.com, Inc. | |
Meta Platforms, Inc., Class A | |
Alphabet, Inc., Class A | |
Alphabet, Inc., Class C | |
Eli Lilly & Co. | |
UnitedHealth Group, Inc. | |
Johnson & Johnson |
Material Fund Changes
Effective January 23, 2024, a new portfolio manager was added to the Fund.
For more complete information, you may review the Fund's supplement prospectus, dated January 23, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
MODL — AR (6/24)
Ticker: GLOW Exchange: Nasdaq
What were the Fund's costs for the last reporting period?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
WestEnd Global Equity ETF | $ | |
| Footnote | Description |
Footnote* | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
How did the Fund perform over the reporting period? What affected the Fund’s performance?
The Fund commenced operations on June 21, 2024.
The Fund returned 0.06% for the fiscal year ended June 30, 2024, outperforming the
Given the recent launch date of the Fund on June 21, 2024, there is limited attribution data for this fiscal year. However, during the period referenced, the slight outperformance relative to the Index can be attributed to the Fund's overweight allocation to Japanese equities, as well as the Fund's underweight allocation to emerging Asia equities. There were no material detractors during the period. In addition, a brief one-time exposure to cash as part of the initial fund implementation also contributed to the minor outperformance.
AVERAGE ANNUAL TOTAL RETURNS
Since Inception | |
|---|---|
Fund @ Net Asset Value | |
Fund @ Market Value | |
- |
| Footnote | Description |
Footnote1 | The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
| Footnote | Description |
Footnote* | No turnover rate due to the commencement of operations close to the reporting period end. |
Footnote(a) | Rounds to less than $1 thousand. |
Top 10 HoldingsFootnote Reference* (% of Net Assets)
Technology Select Sector SPDR Fund | |
Vanguard FTSE All-World ex-U.S. ETF | |
Health Care Select Sector SPDR Fund | |
Vanguard FTSE Pacific ETF | |
Communication Services Select Sector SPDR Fund | |
Consumer Discretionary Select Sector SPDR Fund | |
Financial Select Sector SPDR Fund | |
Consumer Staples Select Sector SPDR Fund | |
Utilities Select Sector SPDR Fund | |
iShares U.S. Broker-Dealers & Securities Exchanges ETF |
Top CountriesFootnote Reference* (% of Net Assets)
Value | Value |
|---|---|
United States | |
Japan | |
Australia | |
South Korea | |
United Kingdom | |
Switzerland | |
France | |
Germany | |
China | |
Canada |
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Material Fund Changes
There were no material fund changes during the reporting period ended June 30, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Summary Prospectus
Statement Additional Information
Contact us at
GLOW — AR (6/24)
