0001104659-18-066871.txt : 20181108 0001104659-18-066871.hdr.sgml : 20181108 20181108094305 ACCESSION NUMBER: 0001104659-18-066871 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 60 FILED AS OF DATE: 20181108 DATE AS OF CHANGE: 20181108 EFFECTIVENESS DATE: 20181108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Victory Portfolios II CENTRAL INDEX KEY: 0001547580 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-181176 FILM NUMBER: 181168500 BUSINESS ADDRESS: STREET 1: 4900 TIEDEMAN ROAD, 4TH FLOOR CITY: BROOKLYN STATE: OH ZIP: 44144 BUSINESS PHONE: 216-898-2411 MAIL ADDRESS: STREET 1: 4900 TIEDEMAN ROAD, 4TH FLOOR CITY: BROOKLYN STATE: OH ZIP: 44144 FORMER COMPANY: FORMER CONFORMED NAME: Compass EMP Funds Trust DATE OF NAME CHANGE: 20120417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Victory Portfolios II CENTRAL INDEX KEY: 0001547580 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22696 FILM NUMBER: 181168501 BUSINESS ADDRESS: STREET 1: 4900 TIEDEMAN ROAD, 4TH FLOOR CITY: BROOKLYN STATE: OH ZIP: 44144 BUSINESS PHONE: 216-898-2411 MAIL ADDRESS: STREET 1: 4900 TIEDEMAN ROAD, 4TH FLOOR CITY: BROOKLYN STATE: OH ZIP: 44144 FORMER COMPANY: FORMER CONFORMED NAME: Compass EMP Funds Trust DATE OF NAME CHANGE: 20120417 0001547580 S000044749 VictoryShares US 500 Volatility Wtd ETF C000139051 VictoryShares US 500 Volatility Wtd ETF CFA 0001547580 S000044750 VictoryShares US Discovery Enhanced Volatility Wtd ETF C000139052 VictoryShares US Discovery Enhanced Volatility Wtd ETF CSF 0001547580 S000044751 VictoryShares US 500 Enhanced Volatility Wtd ETF C000139053 VictoryShares US 500 Enhanced Volatility Wtd ETF CFO 0001547580 S000044752 VictoryShares Developed Enhanced Volatility Wtd ETF C000139054 VictoryShares Developed Enhanced Volatility Wtd ETF CIZ 0001547580 S000044753 VictoryShares US EQ Income Enhanced Volatility Wtd ETF C000139055 VictoryShares US EQ Income Enhanced Volatility Wtd ETF CDC 0001547580 S000049904 VictoryShares US Small Cap Volatility Wtd ETF C000157585 VictoryShares US Small Cap Volatility Wtd ETF CSA 0001547580 S000049905 VictoryShares International Volatility Wtd ETF C000157586 VictoryShares International Volatility Wtd ETF CIL 0001547580 S000049906 VictoryShares Emerging Market Volatility Wtd ETF C000157587 VictoryShares Emerging Market Volatility Wtd ETF CEZ 0001547580 S000049907 VictoryShares US Large Cap High Div Volatility Wtd ETF C000157588 VictoryShares US Large Cap High Div Volatility Wtd ETF CDL 0001547580 S000049908 VictoryShares US Small Cap High Div Volatility Wtd ETF C000157589 VictoryShares US Small Cap High Div Volatility Wtd ETF CSB 0001547580 S000049909 VictoryShares International High Div Volatility Wtd ETF C000157590 VictoryShares International High Div Volatility Wtd ETF CID 0001547580 S000049910 VictoryShares Emerging Market High Div Volatility Wtd ETF C000157591 VictoryShares Emerging Market High Div Volatility Wtd ETF CEY 0001547580 S000056883 VictoryShares US Multi-Factor Minimum Volatility ETF C000180594 VictoryShares US Multi-Factor Minimum Volatility ETF VSMV 0001547580 S000056884 VictoryShares Global Multi-Factor Minimum Volatility ETF C000180595 VictoryShares Global Multi-Factor Minimum Volatility ETF VSGV 0001547580 S000056885 VictoryShares International Multi-Factor Minimum Volatility ETF C000180596 VictoryShares International Multi-Factor Minimum Volatility ETF VSIV 0001547580 S000056886 VictoryShares Dividend Accelerator ETF C000180597 VictoryShares Dividend Accelerator ETF VSDA 0001547580 S000056887 VictoryShares Quality Growth ETF C000180598 VictoryShares Quality Growth ETF VSQG 0001547580 S000056888 VictoryShares Quality Value ETF C000180599 VictoryShares Quality Value ETF VSQV 485BPOS 1 a18-36344_23485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

Securities Act Registration No. 333-181176

Investment Company Act Registration No. 811-22696

 

As filed with the Securities and Exchange Commission on November 8, 2018

 

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x

o Pre-Effective Amendment No.

x Post-Effective Amendment No. 64

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 x

x Amendment No. 67

 

Victory Portfolios II

(Exact Name of Registrant as Specified in Charter)

 

4900 Tiedeman Road, 4th Floor

Brooklyn, OH 44144

(Address of Principal Executive Offices)

 

(877) 660-4400

(Area Code and Telephone Number)

 

With copy to:

 

Charles Booth
Citi Fund Services Ohio, Inc.
4400 Easton Commons, Suite 200
Columbus, Ohio 43219

 

Christopher K. Dyer
Victory Portfolios II
4900 Tiedeman Road, 4th Floor
Brooklyn, Ohio 44144

 

Jay G. Baris
Shearman & Sterling LLP
599 Lexington Avenue
New York, New York, 10022

 

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

 

It is proposed that this filing will become effective:

 

x

Immediately upon filing pursuant to paragraph (b)

o

On (date) pursuant to paragraph (b)

o

60 days after filing pursuant to paragraph (a)(1)

o

On (date) pursuant to paragraph (a)(1)

o

75 days after filing pursuant to paragraph (a)(2)

o

On (date) pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment

 

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 (the “Securities Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and State of New York on the 8th day of November, 2018.

 

VICTORY PORTFOLIOS II

 

 

 

By:

/s/ Christopher K. Dyer

 

 

 

 

 

Christopher K. Dyer, President (Principal Executive Officer)

 

 

 

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities indicated on the 25th day of October, 2018.

 

/s/ Christopher K. Dyer

 

President (Principal Executive Officer)

Christopher K. Dyer

 

 

 

 

 

/s/ Allan Shaer

 

Treasurer (Principal Accounting Officer, and Principal Financial

Allan Shaer

 

Officer)

 

 

 

*

 

Chairman of the Board and Trustee

Leigh A. Wilson

 

 

 

 

 

*

 

Trustee

David Brooks Adcock

 

 

 

 

 

*

 

Trustee

Nigel D.T. Andrews

 

 

 

 

 

*

 

Trustee

E. Lee Beard

 

 

 

 

 

*

 

Trustee

David C. Brown

 

 

 

 

 

*

 

Trustee

Dennis M. Bushe

 

 

 

 

 

*

 

Trustee

Sally M. Dungan

 

 

 

 

 

*

 

Trustee

John L. Kelly

 

 

 

 

 

*

 

Trustee

David L. Meyer

 

 

 

 

 

*

 

Trustee

Gloria S. Nelund

 

 

 

C-12


 

*By:

/s/ Jay G. Baris

 

 

 

Jay G. Baris

 

 

 

Attorney-in-Fact

 

 

 

C-13


 

INDEX TO EXHIBITS

 

EXHIBIT NO.

 

DESCRIPTION OF EXHIBIT

 

PAGE NO.

 

 

 

 

 

 

 

Risk/return summary of the Fund’s prospectus as an Interactive Data File using eXtensible Business Reporting Language (“XBRL”)

 

 

 


EX-101.INS 2 ck0001547580-20181025.xml XBRL INSTANCE DOCUMENT 0001547580 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044749Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044749Member ck0001547580:C000139051Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044749Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000139051Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044749Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000139051Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044749Member ck0001547580:index_SP_500_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044749Member ck0001547580:index_Nasdaq_Victory_US_Large_Cap_500_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056887Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056887Member ck0001547580:C000180598Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056888Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056888Member ck0001547580:C000180599Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049904Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049904Member ck0001547580:C000157585Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049904Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000157585Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049904Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000157585Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049904Member ck0001547580:index_Russell_2000_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049904Member ck0001547580:index_Nasdaq_Victory_US_Small_Cap_500_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049905Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049905Member ck0001547580:C000157586Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049905Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000157586Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049905Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000157586Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049905Member ck0001547580:index_MSCI_EAFE_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxes_except_foreign_withholding_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049905Member ck0001547580:index_Nasdaq_Victory_International_500_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxes_except_foreign_withholding_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049906Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049906Member ck0001547580:C000157587Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049906Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000157587Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049906Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000157587Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049906Member ck0001547580:index_MSCI_EMF_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxes_except_foreign_withholding_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049906Member ck0001547580:index_Nasdaq_Victory_Emerging_Markets_500_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxes_except_foreign_withholding_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049907Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049907Member ck0001547580:C000157588Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049907Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000157588Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049907Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000157588Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049907Member ck0001547580:index_Russell_1000_Value_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049907Member ck0001547580:index_SP_500_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049907Member ck0001547580:index_Nasdaq_Victory_US_Large_Cap_High_Dividend_100_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049908Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049908Member ck0001547580:C000157589Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049908Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000157589Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049908Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000157589Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049908Member ck0001547580:index_Russell_2000_Value_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049908Member ck0001547580:index_Russell_2000_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049908Member ck0001547580:index_Nasdaq_Victory_US_Small_Cap_High_Dividend_100_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049909Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049909Member ck0001547580:C000157590Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049909Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000157590Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049909Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000157590Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049909Member ck0001547580:index_MSCI_EAFE_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxes_except_foreign_withholding_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049909Member ck0001547580:index_Nasdaq_Victory_International_High_Dividend_100_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxes_except_foreign_withholding_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049910Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000049910Member ck0001547580:C000157591Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056886Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056886Member ck0001547580:C000180597Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056883Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056883Member ck0001547580:C000180594Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056884Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056884Member ck0001547580:C000180595Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056885Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000056885Member ck0001547580:C000180596Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044751Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044751Member ck0001547580:C000139053Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044751Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000139053Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044751Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000139053Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044751Member ck0001547580:index_SP_500_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044751Member ck0001547580:index_Nasdaq_Victory_US_Large_Cap_500_LongCash_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044753Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044753Member ck0001547580:C000139055Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044753Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000139055Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044753Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000139055Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044753Member ck0001547580:index_Russell_1000_Value_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044753Member ck0001547580:index_SP_500_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044753Member ck0001547580:index_Nasdaq_Victory_US_Large_Cap_High_Dividend_100_LongCash_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044750Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044750Member ck0001547580:C000139052Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044750Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000139052Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044750Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000139052Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044750Member ck0001547580:index_Russell_2000_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044750Member ck0001547580:index_Nasdaq_Victory_US_Small_Cap_500_LongCash_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044752Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044752Member ck0001547580:C000139054Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044752Member rr:AfterTaxesOnDistributionsMember ck0001547580:C000139054Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044752Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001547580:C000139054Member 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044752Member ck0001547580:index_MSCI_EAFE_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxes_except_foreign_withholding_taxesMember 2018-06-30 2018-06-30 0001547580 ck0001547580:S000044752Member ck0001547580:index_Nasdaq_Victory_International_500_LongCash_Volatility_Weighted_Index_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxes_except_foreign_withholding_taxesMember 2018-06-30 2018-06-30 iso4217:USD xbrli:pure Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees. Inception date is July 2, 2014. Estimated for the current fiscal year. Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees. Inception date is July 8, 2015. Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees. Inception date is August 20, 2015. Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.50%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees. Inception date is March 22, 2016. The Adviser has selected the Russell 1000® Value Index as the Fund's principal benchmark in place of the S&P 500® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy. The Adviser has selected the Russell 2000® Value Index as the Fund's principal benchmark in place of the Russell 2000® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy. Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.40%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees. Inception date is August 1, 2014. Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding Acquired Fund Fees and Expenses and certain other items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees. Inception date is October 1, 2014. Victory Portfolios II 485BPOS false 0001547580 2018-06-30 2018-10-25 2018-11-01 2018-11-01 VictoryShares US 500 Volatility Wtd ETF CFA Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index's constituent securities are determined.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $2.3 billion to $1.1 trillion.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0011 0.0041 -0.0006 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001547580_S000044749Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001547580_S000044749Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 126 224 512 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001547580_S000044749Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 36% of the average value of its portfolio.</font></p> 0.36 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions. </font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns -0.0051 0.1441 0.2238 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001547580_S000044749Member column rr_ProspectusShareClassAxis compact ck0001547580_C000139051Member row primary compact * ~ Highest 0.0732 2017-12-31 Lowest -0.0612 2015-09-30 year-to-date total return 0.0708 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was 7.08%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;7.32% (quarter ended December 31, 2017)</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;-6.12% (quarter ended September 30, 2015)</font></p> 0.2238 0.1140 0.2201 0.1105 0.1292 0.0888 0.2183 0.1135 0.2282 0.1183 2014-07-02 2014-07-02 2014-07-02 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001547580_S000044749Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin: 2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Wingdings;">n</font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><em>Not Individually Redeemable &#8212; </em></font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation&#160;Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices. </font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares Quality Growth ETF VSQG Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Quality Growth Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Quality Growth Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with consistent quality and growth factor exposure. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index seeks to construct a diversified portfolio of companies that exhibit both quality and growth characteristics by ranking securities on the basis of a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process developed by the Adviser. The Index selects those companies that rank highest in terms of exposure to both quality and growth factors and then weights the individual securities by applying a factor designed to favor companies with earnings stability. The Index is reconstituted every January, April, July and October (based on information as of the prior month-end).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0041 0.0071 -0.0036 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0001547580_S000056887Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001547580_S000056887Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Estimated for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 191 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001547580_S000056887Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.</font></p> Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.</font></p> No performance information is presented since the Fund has not commenced operations. VictorySharesLiterature.com 1-866-376-7890 Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ETF and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Growth stocks may be more sensitive to changes in current or expected earnings than the values of other stocks, and they may fall out of favor if the companies' earnings growth does not meet expectations. Similarly, quality companies may fall out of favor based on changing market sentiment. In addition, the Index may not successfully identify companies that meet the Index's objective.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Mid-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of </font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares Quality Value ETF VSQV Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Quality Value Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in securities included in the Nasdaq Victory Quality Value Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with consistent quality and value factor exposure. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index seeks to construct a diversified portfolio of companies that exhibit both quality and value characteristics by ranking securities on the basis of a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process developed by the Adviser. The Index selects those companies that rank highest in terms of exposure to both quality and value factors and then weights the individual securities by applying a factor designed to favor companies with earnings stability. The Index is reconstituted every January, April, July and October (based on information as of the prior month-end).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0041 0.0071 -0.0036 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20013 column dei_LegalEntityAxis compact ck0001547580_S000056888Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20014 column dei_LegalEntityAxis compact ck0001547580_S000056888Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Estimated for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 191 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20015 column dei_LegalEntityAxis compact ck0001547580_S000056888Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.</font></p> Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.</font></p> No performance information is presented since the Fund has not commenced operations. VictorySharesLiterature.com 1-866-376-7890 Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Value stocks may fall out of favor with investors and may underperform growth stocks in an up market. The intrinsic value of value stocks may never be fully recognized by the market or their price may decline. Similarly, quality companies may fall out of favor based on changing market sentiment. In addition, the Index may not successfully identify companies that meet the Index's objective.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Mid-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares US Small Cap Volatility Wtd ETF CSA Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap 500 Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 500 largest U.S. companies with market capitalizations of less than $3 billion measured at the time the Index's constituent securities are determined.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $166.6 million to $3.3 billion.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0017 0.0047 -0.0012 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20018 column dei_LegalEntityAxis compact ck0001547580_S000049904Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20019 column dei_LegalEntityAxis compact ck0001547580_S000049904Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 139 251 580 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20020 column dei_LegalEntityAxis compact ck0001547580_S000049904Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 47% of the average value of its portfolio.</font></p> 0.47 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions. </font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns 0.2790 0.1210 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0001547580_S000049904Member column rr_ProspectusShareClassAxis compact ck0001547580_C000157585Member row primary compact * ~ Highest 0.1354 2016-12-31 Lowest 0.0030 2017-03-31 year-to-date total return 0.0831 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was 8.31%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;13.54% (quarter ended December, 31, 2016)</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;0.30% (quarter ended March 31, 2017)</font></p> 0.1210 0.1295 0.1180 0.1265 0.0707 0.1002 0.1465 0.1026 0.1244 0.1323 2015-07-08 2015-07-08 2015-07-08 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0001547580_S000049904Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin: 2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Wingdings;">n</font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><em>Not Individually Redeemable &#8212; </em></font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation&#160;Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices. </font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid securities and relatively less liquid securities may also be difficult to value.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small Company Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Small-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares International Volatility Wtd ETF CIL Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International 500 Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with all publicly traded foreign companies and then screens for all companies with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 500 largest foreign companies by market capitalization measured at the time the Index's constituent securities are determined.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0040 0.0058 0.0098 -0.0053 0.0045 ~ http://victory.com/20181025/role/ScheduleShareholderFees20025 column dei_LegalEntityAxis compact ck0001547580_S000049905Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20026 column dei_LegalEntityAxis compact ck0001547580_S000049905Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 46 259 490 1153 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20027 column dei_LegalEntityAxis compact ck0001547580_S000049905Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 37% of the average value of its portfolio.</font></p> 0.37 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions. </font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns -0.0082 0.2690 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20028 column dei_LegalEntityAxis compact ck0001547580_S000049905Member column rr_ProspectusShareClassAxis compact ck0001547580_C000157586Member row primary compact * ~ Highest 0.0802 2017-03-31 Lowest -0.0306 2016-12-31 year-to-date total return -0.0062 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was -0.62%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;8.02% (quarter ended March 31, 2017)</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;-3.06% (quarter ended December 31, 2016)</font></p> 0.2690 0.0863 0.2631 0.0822 0.1584 0.0672 0.2503 0.0816 0.2713 0.0904 2015-08-20 2015-08-20 2015-08-20 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20029 column dei_LegalEntityAxis compact ck0001547580_S000049905Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>International Closed Market Trading Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Investment Risks:</b></font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Foreign Exposure Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Currency Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and </font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Sampling Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares Emerging Market Volatility Wtd ETF CEZ Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Emerging Market 500 Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with all publicly traded companies in emerging market countries and then screens for all companies with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies up to the 500 largest emerging market companies by market capitalization measured at the time the Index's constituent securities are determined.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index considers emerging market companies to be those that are organized or domiciled in an emerging market country and whose stock principally trades on a foreign exchange. Emerging markets are generally those with a less-developed economy and per capita income significantly lower than the U.S. or other developed countries. Representative emerging market countries include China (Asia), Brazil (South America), Russia (Europe and Asia), India (Asia) and Egypt (Africa).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or less than 500 stocks depending on the number of companies meeting the Index's criteria.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">At times, the Fund may invest in other investment companies, including exchange-traded funds ("ETFs"), in order to access a particular asset class or market.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0045 0.0078 0.0123 -0.0073 0.0050 ~ http://victory.com/20181025/role/ScheduleShareholderFees20032 column dei_LegalEntityAxis compact ck0001547580_S000049906Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20033 column dei_LegalEntityAxis compact ck0001547580_S000049906Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 51 318 605 1424 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20034 column dei_LegalEntityAxis compact ck0001547580_S000049906Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 53% of the average value of its portfolio.</font></p> 0.53 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.</font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns 0.2933 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20035 column dei_LegalEntityAxis compact ck0001547580_S000049906Member column rr_ProspectusShareClassAxis compact ck0001547580_C000157587Member row primary compact * ~ Highest 0.1023 2017-03-31 Lowest 0.0421 2017-06-30 year-to-date total return -0.0773 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was -7.73%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;10.23% (quarter ended March 31, 2017)</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;4.21% (quarter ended June 30, 2017)</font></p> 0.2933 0.1537 0.2692 0.1384 0.1726 0.1142 0.3728 0.2352 0.3040 0.1605 2016-03-22 2016-03-22 2016-03-22 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20036 column dei_LegalEntityAxis compact ck0001547580_S000049906Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an ETF and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>International Closed Market Trading Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Investment Risks:</b></font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Foreign Exposure Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Emerging Markets Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and </font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Currency Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Company Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment company or similar vehicle (including an ETF) in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Sampling Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Smaller Company Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares US Large Cap High Div Volatility Wtd ETF CDL Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $4 billion to $360 billion.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0012 0.0042 -0.0007 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20039 column dei_LegalEntityAxis compact ck0001547580_S000049907Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20040 column dei_LegalEntityAxis compact ck0001547580_S000049907Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 128 228 523 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20041 column dei_LegalEntityAxis compact ck0001547580_S000049907Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 52% of the average value of its portfolio.</font></p> 0.52 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions. </font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns 0.2060 0.1575 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20042 column dei_LegalEntityAxis compact ck0001547580_S000049907Member column rr_ProspectusShareClassAxis compact ck0001547580_C000157588Member row primary compact * ~ Highest 0.0789 2016-03-31 Lowest 0.0187 2017-06-30 year-to-date total return 0.0414 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was 4.14%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;7.89% (quarter ended March 31, 2016)</font></p> <br/><p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;1.87% (quarter ended June 30, 2017)</font></p> 0.1575 0.1420 0.1492 0.1338 0.0953 0.1095 0.1366 0.1054 0.2183 0.1295 0.1619 0.1461 2015-07-08 2015-07-08 2015-07-08 2015-07-08 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20043 column dei_LegalEntityAxis compact ck0001547580_S000049907Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes. The Adviser has selected the Russell 1000&#174; Value Index as the Fund's principal benchmark in place of the S&P 500&#174; Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objectives.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin: 2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Wingdings;">n</font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>Tracking Risk &#8212; </strong></font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying&#160;and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. </font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares US Small Cap High Div Volatility Wtd ETF CSB Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with the stocks included in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies with market capitalizations of less than $3 billion with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $365.5 million to $3.3 billion.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0015 0.0045 -0.0010 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20046 column dei_LegalEntityAxis compact ck0001547580_S000049908Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20047 column dei_LegalEntityAxis compact ck0001547580_S000049908Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year a as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 134 242 557 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20048 column dei_LegalEntityAxis compact ck0001547580_S000049908Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 68% of the average value of its portfolio.</font></p> 0.68 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions. </font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns 0.3076 0.1094 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20049 column dei_LegalEntityAxis compact ck0001547580_S000049908Member column rr_ProspectusShareClassAxis compact ck0001547580_C000157589Member row primary compact * ~ Highest 0.1404 2016-12-31 Lowest -0.0196 2017-03-31 year-to-date total return 0.0790 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was 7.90%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;14.04% (quarter ended December 31, 2016)</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;-1.96% (quarter ended March 31, 2017)</font></p> 0.1094 0.1391 0.1004 0.1302 0.0683 0.1069 0.0784 0.1148 0.1465 0.1026 0.1136 0.1433 2015-07-08 2015-07-08 2015-07-08 2015-07-08 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20050 column dei_LegalEntityAxis compact ck0001547580_S000049908Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes. The Adviser has selected the Russell 2000&#174; Value Index as the Fund's principal benchmark in place of the Russell 2000&#174; Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212; </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin: 2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Wingdings;">n</font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>Smaller Capitalization Stock Risk &#8212; </strong></font><font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The earnings and prospects of smaller-sized companies are more volatile than larger companies. Smaller-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger&#160;companies in response to selling pressures. Small-sized companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies. </font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares International High Div Volatility Wtd ETF CID Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International High Dividend 100 Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with the stocks included in the Nasdaq Victory International 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest foreign companies by market capitalization with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory International 500 Volatility Weighted Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0040 0.0020 0.0060 -0.0015 0.0045 ~ http://victory.com/20181025/role/ScheduleShareholderFees20053 column dei_LegalEntityAxis compact ck0001547580_S000049909Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20054 column dei_LegalEntityAxis compact ck0001547580_S000049909Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 46 177 320 736 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20055 column dei_LegalEntityAxis compact ck0001547580_S000049909Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 58% of the average value of its portfolio.</font></p> 0.58 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.</font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns 0.0079 0.1955 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20056 column dei_LegalEntityAxis compact ck0001547580_S000049909Member column rr_ProspectusShareClassAxis compact ck0001547580_C000157590Member row primary compact * ~ Highest 0.0623 2017-03-31 Lowest -0.0459 2016-06-30 year-to-date total return -0.0449 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was </font><font style="font-size:12pt; font-family: Arial, Helvetica;">-</font><font style="font-size:10pt; font-family: Arial, Helvetica;">4.49%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;6.23% (quarter ended March 31, 2017)</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;-4.59% (quarter ended June 30, 2016)</font></p> 0.1955 0.0501 0.1876 0.0433 0.1209 0.0398 0.2503 0.0816 0.2006 0.0552 2015-08-20 2015-08-20 2015-08-20 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20057 column dei_LegalEntityAxis compact ck0001547580_S000049909Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>International Closed Market Trading Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Investment Risks</b></font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Foreign Exposure Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Currency Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Sampling Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares Emerging Market High Div Volatility Wtd ETF CEY Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Emerging Market High Dividend 100 Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory Emerging Market High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with the stocks included in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest emerging market companies by market capitalization with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index considers emerging market companies to be those that are organized or domiciled in an emerging market country and whose stock principally trades on a foreign exchange. Emerging markets are generally those with a less-developed economy and per capita income significantly lower than the U.S. or other developed countries. Representative emerging market countries include China (Asia), Brazil (South America), Russia (Europe and Asia), India (Asia) and Egypt (Africa).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">At times, the Fund may invest in other investment companies, including exchange traded funds ("ETFs"), in order to access a particular asset class or market.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0045 0.0060 0.0105 -0.0055 0.0050 ~ http://victory.com/20181025/role/ScheduleShareholderFees20060 column dei_LegalEntityAxis compact ck0001547580_S000049910Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20061 column dei_LegalEntityAxis compact ck0001547580_S000049910Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Estimated for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 51 279 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20062 column dei_LegalEntityAxis compact ck0001547580_S000049910Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal period, the Fund's portfolio turnover rate was 52% of the average value of its portfolio.</font></p> 0.52 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. A fund's performance is not necessarily an indication of how that fund will perform in the future.</font></p> No performance information is presented since the Fund has not yet had a full calendar year of performance. VictorySharesLiterature.com 1-866-376-7890 Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is structured as an ETF and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>International Closed Market Trading Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Investment Risks</b></font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Foreign Exposure Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Emerging Markets Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Currency Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Company Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Sampling Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Smaller Company Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares Dividend Accelerator ETF VSDA Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Dividend Accelerator Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Dividend Accelerator Index (the "Index"). The Index utilizes a rules-based approach designed to identify dividend paying stocks with a higher likelihood of future dividend growth. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index screens companies in the Parent Index using a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process to identify dividend paying companies with a higher probability of future dividend growth. Within this smaller set of companies, the Index weights the constituent securities using a methodology designed to maximize dividend growth, measured at a portfolio level, within established portfolio constraints (such as maximum weightings of index constituents and sectors). The Index is reconstituted every April and rebalanced quarterly (based on information as of the prior month-end).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0037 0.0067 -0.0032 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20065 column dei_LegalEntityAxis compact ck0001547580_S000056886Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20066 column dei_LegalEntityAxis compact ck0001547580_S000056886Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 182 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20067 column dei_LegalEntityAxis compact ck0001547580_S000056886Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.</font></p> 0.43 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund is available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.</font></p> No performance information is presented since the Fund has not yet had a full calendar year of performance. VictorySharesLiterature.com 1-866-376-7890 Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market or a company's dividends may not grow as projected. In addition, the Index may not successfully identify companies that meet its objective.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large-Capitalization Stock Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares US Multi-Factor Minimum Volatility ETF VSMV Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Multi-Factor Minimum Volatility Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory US Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader U.S. market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The companies eligible for inclusion in the Index are derived from its starting universe, the mid- and large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those U.S. companies with market caps representing the top 90% of the U.S. investable universe.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index Provider considers a company to be a U.S. company if it is economically tied to the U.S. In general, a company is treated as being economically tied to the U.S. if: (1) the company is incorporated and domiciled in the U.S., (2) the company makes public filings with U.S. securities regulators, and (3) the company's securities are listed on a U.S. exchange. In addition, the Index Provider treats companies that are incorporated in certain identified countries to benefit from tax, legal or other advantages, but which otherwise meet these requirements, as being economically tied to the U.S.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first ranking companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process to identify the companies that are most likely to outperform the broader U.S. market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index uses an optimization tool to weight the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents and sectors). The Index is reconstituted every April and October (based on information as of the prior month-end).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0044 0.0074 -0.0039 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20070 column dei_LegalEntityAxis compact ck0001547580_S000056883Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20071 column dei_LegalEntityAxis compact ck0001547580_S000056883Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 197 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20072 column dei_LegalEntityAxis compact ck0001547580_S000056883Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.</font></p> 0.26 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.</font></p> No performance information is presented since the Fund has not yet had a full calendar year of performance. VictorySharesLiterature.com 1-866-376-7890 Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk &#8212;</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large-Capitalization Stock Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Mid-Capitalization Stock Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares Global Multi-Factor Minimum Volatility ETF VSGV Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Global Multi-Factor Minimum Volatility Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Global Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader global market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization companies included in the Nasdaq Global Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the investable universe in each developed market (including the U.S.) and each emerging market represented in the Parent Index.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first screening companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process to identify the companies that are most likely to outperform the broader global market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index weights the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents, sectors and countries).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In constructing the Parent Index, the Index Provider assigns a company to a particular country if it is economically tied to that country. In general, a company is treated as economically tied to a particular country if two or more of the following are true: (1) the company is incorporated in the country, (2) the company's domicile (i.e., location of its headquarters or principal executive office) is in the country, and (3) the company's securities are listed on the country's primary exchange. In addition, the Index Provider treats a company that is incorporated in certain identified countries to benefit from tax, legal or other advantages as being economically tied to the country of its primary exchange listing. In the event a different country is identified for each of these categories for a company, the company is treated as being economically tied to the country of its primary exchange listing. The Index is reconstituted every April and October (based on information as of the prior month-end).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The countries represented by the Index will change over time based on changes in the countries comprising the Parent Index and changes in the constituent securities selected for the Index based on application of the Index Provider's proprietary model. As of the date of this prospectus, the Index included companies from 25 developed countries and 20 emerging market countries.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index or other securities investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0035 0.0104 0.0139 -0.0099 0.0040 ~ http://victory.com/20181025/role/ScheduleShareholderFees20075 column dei_LegalEntityAxis compact ck0001547580_S000056884Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20076 column dei_LegalEntityAxis compact ck0001547580_S000056884Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Estimated for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 41 342 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20077 column dei_LegalEntityAxis compact ck0001547580_S000056884Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.</font></p> Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.</font></p> No performance information is presented since the Fund has not commenced operations. VictorySharesLiterature.com 1-866-376-7890 Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>International Closed Market Trading Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Investment Risks</b></font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Foreign Exposure Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Emerging Markets Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Currency Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Mid-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Sampling Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's use of a representative sampling approach could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares International Multi-Factor Minimum Volatility ETF VSIV Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International Multi-Factor Minimum Volatility Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory International Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader developed market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The companies eligible for the Index are derived from its starting universe, the mid- to large-capitalization companies included in the Nasdaq Global Ex U.S. Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the investable universe in each developed markets (excluding the U.S.) represented in the Parent Index.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first screening companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process developed by the Adviser to identify the companies that are most likely to outperform the broader developed market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index uses an optimization tool developed by the Adviser to weight the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents, sectors and countries).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In constructing the Parent Index, the Index Provider assigns a company to a particular country if it is economically tied to that country. In general, a company is treated as economically tied to a particular country if two or more of the following are true: (1) the company is incorporated in the country, (2) the company's domicile (i.e., location of its headquarters or principal executive office) is in the country, and (3) the company's securities are listed on the country's primary exchange. In addition, the Index Provider treats a company that is incorporated in certain identified countries to benefit from tax, legal or other advantages as being economically tied to the country of its primary exchange listing. In the event a different country is identified for each of these categories for a company, the company is treated as being economically tied to the country of its primary exchange listing. The Index is reconstituted every April and October (based on information as of the prior month-end).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The countries represented by the Index will change over time based on changes in the countries comprising the Parent Index and changes in the constituent securities selected for the Index based on application of the Index Provider's proprietary model. As of the date of this prospectus, the Index included companies from 24 developed countries.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index or other securities investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0040 0.0104 0.0144 -0.0099 0.0045 ~ http://victory.com/20181025/role/ScheduleShareholderFees20080 column dei_LegalEntityAxis compact ck0001547580_S000056885Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20081 column dei_LegalEntityAxis compact ck0001547580_S000056885Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Estimated for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 46 358 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20082 column dei_LegalEntityAxis compact ck0001547580_S000056885Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.</font></p> Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. A fund's performance is not necessarily an indication of how that fund will perform in the future.</font></p> No performance information is presented since the Fund has not commenced operations. VictorySharesLiterature.com 1-866-376-7890 Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>International Closed Market Trading Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Most of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Investment Risks</b></font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Foreign Exposure Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Currency Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Strategy Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Mid-Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Sampling Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's use of a representative sampling approach could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares US 500 Enhanced Volatility Wtd ETF CFO Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have either further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index's constituent securities are determined.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $2.3 billion to $1.1 trillion.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Large Cap 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During a period of significant market decline, defined as a decline of 10% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">If the month-end value of the Reference Index declines 10% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index will reallocate to stocks as follows:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 10% decline from its all-time daily high closing value.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 20% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 30% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 40% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0011 0.0041 -0.0006 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20085 column dei_LegalEntityAxis compact ck0001547580_S000044751Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20086 column dei_LegalEntityAxis compact ck0001547580_S000044751Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in placed through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 126 224 512 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20087 column dei_LegalEntityAxis compact ck0001547580_S000044751Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 37% of the average value of its portfolio.</font></p> 0.37 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.</font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns -0.0056 0.1442 0.2237 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20088 column dei_LegalEntityAxis compact ck0001547580_S000044751Member column rr_ProspectusShareClassAxis compact ck0001547580_C000139053Member row primary compact * ~ Highest 0.0732 2017-12-31 Lowest -0.0613 2015-09-30 year-to-date total return 0.0708 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was 7.08%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;7.32% (quarter ended December 31, 2017)</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;-6.13% (quarter ended September 30, 2015)</font></p> 0.2237 0.1134 0.2200 0.1099 0.1293 0.0883 0.2183 0.1135 0.2282 0.1183 2014-07-02 2014-07-02 2014-07-02 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20089 column dei_LegalEntityAxis compact ck0001547580_S000044751Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an ETF and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Fixed Income Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Index/Defensive Positioning Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed defensive strategy, if employed, will be successful in minimizing downside market risk.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Company Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Portfolio Turnover Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares US EQ Income Enhanced Volatility Wtd ETF CDC Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 100 High Dividend Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include less than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $4 billion to $360 billion.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Large Cap 100 High Dividend Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During a period of significant market decline, defined as a decline of 8% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">If the month-end value of the Reference Index declines 8% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index will reallocate to stocks as follows:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than an 8% decline from its all-time daily high closing value.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 16% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 24% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 32% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0011 0.0041 -0.0006 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20092 column dei_LegalEntityAxis compact ck0001547580_S000044753Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20093 column dei_LegalEntityAxis compact ck0001547580_S000044753Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 126 224 512 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20094 column dei_LegalEntityAxis compact ck0001547580_S000044753Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 52% of the average value of its portfolio.</font></p> 0.52 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.</font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns -0.0053 0.2052 0.1575 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20095 column dei_LegalEntityAxis compact ck0001547580_S000044753Member column rr_ProspectusShareClassAxis compact ck0001547580_C000139055Member row primary compact * ~ Highest 0.0783 2016-03-31 Lowest -0.0217 2015-09-30 year-to-date total return 0.0414 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was 4.14%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;7.83% (quarter ended March 31, 2016)</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;-2.17% (quarter ended September 30, 2015)</font></p> 0.1575 0.1169 0.1493 0.1090 0.0951 0.0905 0.1366 0.0864 0.2183 0.1135 0.1619 0.1222 2014-07-02 2014-07-02 2014-07-02 2014-07-02 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20096 column dei_LegalEntityAxis compact ck0001547580_S000044753Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes. The Adviser has selected the Russell 1000&#174; Value Index as the Fund's principal benchmark in place of the S&P 500&#174; Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following summarizes the principal investment risks of the Fund. Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Dividend Income Strategy Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's high dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an ETF and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Market Price Variance Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Authorized Participants Concentration Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Intraday Indicative Value (IIV) Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Fixed Income Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Index/Defensive Positioning Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed defensive strategy, if employed, will be successful in minimizing downside market risk.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Company Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Large Capitalization Stock Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. Larger, more established companies may not respond as quickly to competitive challenges (such as changes in technology and consumer tastes) and their growth rate may lag those of smaller companies, especially during periods of economic expansion.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index. The Adviser will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Portfolio Turnover Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:2pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Tracking Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares US Discovery Enhanced Volatility Wtd ETF CSF Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 500 largest U.S companies with market capitalizations of less than $3 billion measured at the time the Index's constituent securities are determined.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $166.6 million to $3.3 billion.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Small Cap 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During a period of significant market decline, defined as a decline of 11% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">If the month-end value of the Reference Index declines 11% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents. </font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index will reallocate to stocks as follows:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 11% decline from its all-time daily high closing value.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 22% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 33% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 44% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0030 0.0013 0.0043 -0.0008 0.0035 ~ http://victory.com/20181025/role/ScheduleShareholderFees20099 column dei_LegalEntityAxis compact ck0001547580_S000044750Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20100 column dei_LegalEntityAxis compact ck0001547580_S000044750Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 36 130 233 534 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20101 column dei_LegalEntityAxis compact ck0001547580_S000044750Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 47% of the average value of its portfolio.</font></p> 0.47 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.</font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns -0.0830 0.1887 0.1209 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20102 column dei_LegalEntityAxis compact ck0001547580_S000044750Member column rr_ProspectusShareClassAxis compact ck0001547580_C000139052Member row primary compact * ~ Highest 0.1358 2016-12-31 Lowest -0.0909 2015-09-30 year-to-date total return 0.0831 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was 8.31%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;13.58% (quarter ended December 31, 2016)</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;-9.09% (quarter ended September 30, 2015)</font></p> 0.1209 0.0875 0.1180 0.0848 0.0706 0.0679 0.1465 0.1121 0.1244 0.0920 2014-08-01 2014-08-01 2014-08-01 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20103 column dei_LegalEntityAxis compact ck0001547580_S000044750Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is structured as an ETF and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>&#160;&#160;Market Price Variance Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>&#160;&#160;Authorized Participants Concentration Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>&#160;&#160;Intraday Indicative Value (IIV) Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i> </i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Fixed Income Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Index/Defensive Positioning Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed liquidation and reinvestment strategy, if employed, will be successful in minimizing downside market risk.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Investment Company Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Limited History of Operations &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Passive Investment Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Portfolio Turnover Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Small Company Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Small-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Stock Market Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Tracking Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. VictoryShares Developed Enhanced Volatility Wtd ETF CIZ Investment Objective <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International 500 Long/Cash Volatility Weighted Index before fees and expenses.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index follows a rules-based methodology to construct its constituent securities:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index universe begins with all publicly traded foreign companies and then screens for all companies with positive earnings in each of the four most recent quarters.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index identifies the 500 largest foreign companies by market capitalization measured at the time the Index's constituent securities are determined.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory International 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During a period of significant market decline, defined as a decline of 12% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">If the month-end value of the Reference Index declines 12% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents. </font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index will reallocate to stocks as follows:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 12% decline from its all-time daily high closing value.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 24% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 36% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;If the Reference Index declines by 48% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index. At times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF") that seeks to track the Index or the Reference Index.</font></p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.</font></p> 0.00 0.0040 0.0018 0.0058 -0.0013 0.0045 ~ http://victory.com/20181025/role/ScheduleShareholderFees20106 column dei_LegalEntityAxis compact ck0001547580_S000044752Member row primary compact * ~ ~ http://victory.com/20181025/role/ScheduleAnnualFundOperatingExpenses20107 column dei_LegalEntityAxis compact ck0001547580_S000044752Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below. 2019-10-31 Example: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p> 46 173 311 713 ~ http://victory.com/20181025/role/ScheduleExpenseExampleTransposed20108 column dei_LegalEntityAxis compact ck0001547580_S000044752Member row primary compact * ~ Portfolio Turnover: <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 38% of the average value of its portfolio.</font></p> 0.38 Performance <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.</font></p> <br/><p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Updated performance information is available on the Fund's website at VictorySharesLiterature.com.</font></p> Calendar Year Returns -0.0664 -0.0804 0.2568 ~ http://victory.com/20181025/role/ScheduleAnnualTotalReturnsBarChart20109 column dei_LegalEntityAxis compact ck0001547580_S000044752Member column rr_ProspectusShareClassAxis compact ck0001547580_C000139054Member row primary compact * ~ Highest 0.0724 2017-03-31 Lowest -0.0977 2015-09-30 year-to-date total return -0.0051 2018-09-30 <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date total return of the Fund through September 30, 2018 was -0.51%.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Highest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;7.24% (quarter ended March 31, 2017)</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Lowest Quarter</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">&#160;&#160;-9.77% (quarter ended September 30, 2015)</font></p> 0.2568 0.0174 0.2520 0.0143 0.1501 0.0141 0.2503 0.0597 0.2604 0.0253 2014-10-01 2014-10-01 2014-10-01 ~ http://victory.com/20181025/role/ScheduleAverageAnnualReturnsTransposed20110 column dei_LegalEntityAxis compact ck0001547580_S000044752Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p> Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Average Annual Total Returns (For the Periods ended December 31, 2017) Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. VictorySharesLiterature.com Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments are subject to the following principal risks:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>ETF Structure Risks &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is structured as an ETF and as a result is subject to special risks, including:</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Not Individually Redeemable</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Trading Issues</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>&#160;&#160;Market Price Variance Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>&#160;&#160;International Closed Market Trading Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>&#160;&#160;Authorized Participants Concentration Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>&#160;&#160;Intraday Indicative Value (IIV) Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Fixed Income Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Foreign Investment Risk</b></font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Foreign Exposure Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Currency Risk</i></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b> &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Index/Defensive Positioning Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed liquidation and reinvestment strategy, if employed, will be successful in minimizing downside market risk.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Investment Company Risk &#8212; </b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Limited History of Operations &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Passive Investment Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. </font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Portfolio Turnover Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Sampling Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities of the Index. To the extent the assets in the Fund are similar, these risks will be greater.</font></p> <br/><p style="margin:2pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Wingdings;">n</font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>&#160;&#160;Tracking Risk &#8212;</b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</font></p> You may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency. EX-101.SCH 3 ck0001547580-20181025.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US 500 Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Quality Growth ETF link:presentationLink link:definitionLink link:calculationLink 020008 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020012 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Quality Value ETF link:presentationLink link:definitionLink link:calculationLink 020013 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020014 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020015 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020017 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Small Cap Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020018 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020019 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020020 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020021 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020022 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020024 - Document - Risk/Return Summary {Unlabeled} - VictoryShares International Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020025 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020026 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020027 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020028 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020029 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020031 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Emerging Market Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020032 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020033 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020034 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020035 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020036 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020038 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Large Cap High Div Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020039 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020040 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020041 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020042 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020043 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020045 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Small Cap High Div Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020046 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020047 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020048 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020049 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020050 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020052 - Document - Risk/Return Summary {Unlabeled} - VictoryShares International High Div Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020053 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020054 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020055 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020056 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020057 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020059 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Emerging Market High Div Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020060 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020061 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020062 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020064 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Dividend Accelerator ETF link:presentationLink link:definitionLink link:calculationLink 020065 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020066 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020067 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020069 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Multi-Factor Minimum Volatility ETF link:presentationLink link:definitionLink link:calculationLink 020070 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020071 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020072 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020074 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Global Multi-Factor Minimum Volatility ETF link:presentationLink link:definitionLink link:calculationLink 020075 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020076 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020077 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020079 - Document - Risk/Return Summary {Unlabeled} - VictoryShares International Multi-Factor Minimum Volatility ETF link:presentationLink link:definitionLink link:calculationLink 020080 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020081 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020082 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020084 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US 500 Enhanced Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020085 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020086 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020087 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020088 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020089 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020091 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US EQ Income Enhanced Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020092 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020093 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020094 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020095 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020096 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020098 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Discovery Enhanced Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020099 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020100 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020101 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020102 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020103 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020105 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Developed Enhanced Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020106 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020107 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020108 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020109 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020110 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020006 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US 500 Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020011 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Quality Growth ETF link:presentationLink link:definitionLink link:calculationLink 020016 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Quality Value ETF link:presentationLink link:definitionLink link:calculationLink 020023 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Small Cap Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020030 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares International Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020037 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Emerging Market Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020044 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Large Cap High Div Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020051 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Small Cap High Div Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020058 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares International High Div Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020063 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Emerging Market High Div Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020068 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Dividend Accelerator ETF link:presentationLink link:definitionLink link:calculationLink 020073 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Multi-Factor Minimum Volatility ETF link:presentationLink link:definitionLink link:calculationLink 020078 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Global Multi-Factor Minimum Volatility ETF link:presentationLink link:definitionLink link:calculationLink 020083 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares International Multi-Factor Minimum Volatility ETF link:presentationLink link:definitionLink link:calculationLink 020090 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US 500 Enhanced Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020097 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US EQ Income Enhanced Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020104 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Discovery Enhanced Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink 020111 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Developed Enhanced Volatility Wtd ETF link:presentationLink link:definitionLink link:calculationLink EX-101.LAB 4 ck0001547580-20181025_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.DEF 5 ck0001547580-20181025_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.PRE 6 ck0001547580-20181025_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.CAL 7 ck0001547580-20181025_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT XML 8 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Jun. 30, 2018
Registrant Name Victory Portfolios II
Central Index Key 0001547580
Amendment Flag false
Document Creation Date Oct. 25, 2018
Document Effective Date Nov. 01, 2018
Prospectus Date Nov. 01, 2018
VictoryShares US 500 Volatility Wtd ETF | VictoryShares US 500 Volatility Wtd ETF  
Prospectus:  
Trading Symbol CFA
VictoryShares Quality Growth ETF | VictoryShares Quality Growth ETF  
Prospectus:  
Trading Symbol VSQG
VictoryShares Quality Value ETF | VictoryShares Quality Value ETF  
Prospectus:  
Trading Symbol VSQV
VictoryShares US Small Cap Volatility Wtd ETF | VictoryShares US Small Cap Volatility Wtd ETF  
Prospectus:  
Trading Symbol CSA
VictoryShares International Volatility Wtd ETF | VictoryShares International Volatility Wtd ETF  
Prospectus:  
Trading Symbol CIL
VictoryShares Emerging Market Volatility Wtd ETF | VictoryShares Emerging Market Volatility Wtd ETF  
Prospectus:  
Trading Symbol CEZ
VictoryShares US Large Cap High Div Volatility Wtd ETF | VictoryShares US Large Cap High Div Volatility Wtd ETF  
Prospectus:  
Trading Symbol CDL
VictoryShares US Small Cap High Div Volatility Wtd ETF | VictoryShares US Small Cap High Div Volatility Wtd ETF  
Prospectus:  
Trading Symbol CSB
VictoryShares International High Div Volatility Wtd ETF | VictoryShares International High Div Volatility Wtd ETF  
Prospectus:  
Trading Symbol CID
VictoryShares Emerging Market High Div Volatility Wtd ETF | VictoryShares Emerging Market High Div Volatility Wtd ETF  
Prospectus:  
Trading Symbol CEY
VictoryShares Dividend Accelerator ETF | VictoryShares Dividend Accelerator ETF  
Prospectus:  
Trading Symbol VSDA
VictoryShares US Multi-Factor Minimum Volatility ETF | VictoryShares US Multi-Factor Minimum Volatility ETF  
Prospectus:  
Trading Symbol VSMV
VictoryShares Global Multi-Factor Minimum Volatility ETF | VictoryShares Global Multi-Factor Minimum Volatility ETF  
Prospectus:  
Trading Symbol VSGV
VictoryShares International Multi-Factor Minimum Volatility ETF | VictoryShares International Multi-Factor Minimum Volatility ETF  
Prospectus:  
Trading Symbol VSIV
VictoryShares US 500 Enhanced Volatility Wtd ETF | VictoryShares US 500 Enhanced Volatility Wtd ETF  
Prospectus:  
Trading Symbol CFO
VictoryShares US EQ Income Enhanced Volatility Wtd ETF | VictoryShares US EQ Income Enhanced Volatility Wtd ETF  
Prospectus:  
Trading Symbol CDC
VictoryShares US Discovery Enhanced Volatility Wtd ETF | VictoryShares US Discovery Enhanced Volatility Wtd ETF  
Prospectus:  
Trading Symbol CSF
VictoryShares Developed Enhanced Volatility Wtd ETF | VictoryShares Developed Enhanced Volatility Wtd ETF  
Prospectus:  
Trading Symbol CIZ
GRAPHIC 9 BarChart1.png IDEA: XBRL DOCUMENT begin 644 BarChart1.png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�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end XML 10 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares US 500 Volatility Wtd ETF
VictoryShares US 500 Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares US 500 Volatility Wtd ETF
VictoryShares US 500 Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares US 500 Volatility Wtd ETF
VictoryShares US 500 Volatility Wtd ETF
Management Fees 0.30%
Other Expenses 0.11%
Total Annual Fund Operating Expenses 0.41%
Fee Waivers/Expense Reimbursements (0.06%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares US 500 Volatility Wtd ETF | VictoryShares US 500 Volatility Wtd ETF | USD ($) 36 126 224 512
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 36% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $2.3 billion to $1.1 trillion.


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Large Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was 7.08%.


Highest Quarter  7.32% (quarter ended December 31, 2017)


Lowest Quarter  -6.12% (quarter ended September 30, 2015)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares US 500 Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares US 500 Volatility Wtd ETF 22.38% 11.40% Jul. 02, 2014
After Taxes on Distributions | VictoryShares US 500 Volatility Wtd ETF 22.01% 11.05%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares US 500 Volatility Wtd ETF 12.92% 8.88%  
S&P 500® Index Index returns reflect no deduction for fees, expenses, or taxes. 21.83% 11.35% Jul. 02, 2014
Nasdaq Victory US Large Cap 500 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes. 22.82% 11.83% Jul. 02, 2014
[1] Inception date is July 2, 2014.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 11 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares US 500 Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares US 500 Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 36% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 36.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $2.3 billion to $1.1 trillion.


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Large Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was 7.08%.


Highest Quarter  7.32% (quarter ended December 31, 2017)


Lowest Quarter  -6.12% (quarter ended September 30, 2015)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 7.08%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.32%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.12%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares US 500 Volatility Wtd ETF | S&P 500® Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.35% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US 500 Volatility Wtd ETF | Nasdaq Victory US Large Cap 500 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 22.82%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.83% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US 500 Volatility Wtd ETF | VictoryShares US 500 Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.11%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.41%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.06%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 126
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 224
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 512
Annual Return 2015 rr_AnnualReturn2015 (0.51%)
Annual Return 2016 rr_AnnualReturn2016 14.41%
Annual Return 2017 rr_AnnualReturn2017 22.38%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 22.38%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.40% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US 500 Volatility Wtd ETF | VictoryShares US 500 Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 22.01%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.05% [1]
VictoryShares US 500 Volatility Wtd ETF | VictoryShares US 500 Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.92%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.88% [1]
[1] Inception date is July 2, 2014.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
XML 12 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares Quality Growth ETF
VictoryShares Quality Growth ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Quality Growth Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares Quality Growth ETF
VictoryShares Quality Growth ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares Quality Growth ETF
VictoryShares Quality Growth ETF
Management Fees 0.30%
Other Expenses 0.41% [1]
Total Annual Fund Operating Expenses 0.71%
Fee Waivers/Expense Reimbursements (0.36%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [2]
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
VictoryShares Quality Growth ETF | VictoryShares Quality Growth ETF | USD ($) 36 191
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Quality Growth Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with consistent quality and growth factor exposure. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.


The Index seeks to construct a diversified portfolio of companies that exhibit both quality and growth characteristics by ranking securities on the basis of a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process developed by the Adviser. The Index selects those companies that rank highest in terms of exposure to both quality and growth factors and then weights the individual securities by applying a factor designed to favor companies with earnings stability. The Index is reconstituted every January, April, July and October (based on information as of the prior month-end).


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — Growth stocks may be more sensitive to changes in current or expected earnings than the values of other stocks, and they may fall out of favor if the companies' earnings growth does not meet expectations. Similarly, quality companies may fall out of favor based on changing market sentiment. In addition, the Index may not successfully identify companies that meet the Index's objective.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

XML 13 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares Quality Growth ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares Quality Growth ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Quality Growth Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.

Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Quality Growth Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with consistent quality and growth factor exposure. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.


The Index seeks to construct a diversified portfolio of companies that exhibit both quality and growth characteristics by ranking securities on the basis of a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process developed by the Adviser. The Index selects those companies that rank highest in terms of exposure to both quality and growth factors and then weights the individual securities by applying a factor designed to favor companies with earnings stability. The Index is reconstituted every January, April, July and October (based on information as of the prior month-end).


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — Growth stocks may be more sensitive to changes in current or expected earnings than the values of other stocks, and they may fall out of favor if the companies' earnings growth does not meet expectations. Similarly, quality companies may fall out of favor based on changing market sentiment. In addition, the Index may not successfully identify companies that meet the Index's objective.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information is presented since the Fund has not commenced operations.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-376-7890
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
VictoryShares Quality Growth ETF | VictoryShares Quality Growth ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.41% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.71%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.36%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 191
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
XML 14 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares Quality Value ETF
VictoryShares Quality Value ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Quality Value Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares Quality Value ETF
VictoryShares Quality Value ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares Quality Value ETF
VictoryShares Quality Value ETF
Management Fees 0.30%
Other Expenses 0.41% [1]
Total Annual Fund Operating Expenses 0.71%
Fee Waivers/Expense Reimbursements (0.36%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [2]
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
VictoryShares Quality Value ETF | VictoryShares Quality Value ETF | USD ($) 36 191
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in securities included in the Nasdaq Victory Quality Value Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with consistent quality and value factor exposure. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.


The Index seeks to construct a diversified portfolio of companies that exhibit both quality and value characteristics by ranking securities on the basis of a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process developed by the Adviser. The Index selects those companies that rank highest in terms of exposure to both quality and value factors and then weights the individual securities by applying a factor designed to favor companies with earnings stability. The Index is reconstituted every January, April, July and October (based on information as of the prior month-end).


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — Value stocks may fall out of favor with investors and may underperform growth stocks in an up market. The intrinsic value of value stocks may never be fully recognized by the market or their price may decline. Similarly, quality companies may fall out of favor based on changing market sentiment. In addition, the Index may not successfully identify companies that meet the Index's objective.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

XML 15 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares Quality Value ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares Quality Value ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Quality Value Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.

Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in securities included in the Nasdaq Victory Quality Value Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with consistent quality and value factor exposure. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.


The Index seeks to construct a diversified portfolio of companies that exhibit both quality and value characteristics by ranking securities on the basis of a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process developed by the Adviser. The Index selects those companies that rank highest in terms of exposure to both quality and value factors and then weights the individual securities by applying a factor designed to favor companies with earnings stability. The Index is reconstituted every January, April, July and October (based on information as of the prior month-end).


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — Value stocks may fall out of favor with investors and may underperform growth stocks in an up market. The intrinsic value of value stocks may never be fully recognized by the market or their price may decline. Similarly, quality companies may fall out of favor based on changing market sentiment. In addition, the Index may not successfully identify companies that meet the Index's objective.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information is presented since the Fund has not commenced operations.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-376-7890
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
VictoryShares Quality Value ETF | VictoryShares Quality Value ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.41% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.71%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.36%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 191
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 16 BarChart2.png IDEA: XBRL DOCUMENT begin 644 BarChart2.png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end XML 17 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares US Small Cap Volatility Wtd ETF
VictoryShares US Small Cap Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap 500 Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares US Small Cap Volatility Wtd ETF
VictoryShares US Small Cap Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares US Small Cap Volatility Wtd ETF
VictoryShares US Small Cap Volatility Wtd ETF
Management Fees 0.30%
Other Expenses 0.17%
Total Annual Fund Operating Expenses 0.47%
Fee Waivers/Expense Reimbursements (0.12%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares US Small Cap Volatility Wtd ETF | VictoryShares US Small Cap Volatility Wtd ETF | USD ($) 36 139 251 580
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 47% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest U.S. companies with market capitalizations of less than $3 billion measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $166.6 million to $3.3 billion.


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid securities and relatively less liquid securities may also be difficult to value.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Small Company Risk — Small-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risks — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was 8.31%.


Highest Quarter  13.54% (quarter ended December, 31, 2016)


Lowest Quarter  0.30% (quarter ended March 31, 2017)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares US Small Cap Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares US Small Cap Volatility Wtd ETF 12.10% 12.95% Jul. 08, 2015
After Taxes on Distributions | VictoryShares US Small Cap Volatility Wtd ETF 11.80% 12.65%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares US Small Cap Volatility Wtd ETF 7.07% 10.02%  
Russell 2000® Index Index returns reflect no deduction for fees, expenses, or taxes. 14.65% 10.26% Jul. 08, 2015
Nasdaq Victory US Small Cap 500 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes. 12.44% 13.23% Jul. 08, 2015
[1] Inception date is July 8, 2015.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 18 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares US Small Cap Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares US Small Cap Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap 500 Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 47% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 47.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest U.S. companies with market capitalizations of less than $3 billion measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $166.6 million to $3.3 billion.


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid securities and relatively less liquid securities may also be difficult to value.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Small Company Risk — Small-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risks — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was 8.31%.


Highest Quarter  13.54% (quarter ended December, 31, 2016)


Lowest Quarter  0.30% (quarter ended March 31, 2017)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 8.31%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.54%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2017
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.30%
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares US Small Cap Volatility Wtd ETF | Russell 2000® Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 14.65%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.26% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Small Cap Volatility Wtd ETF | Nasdaq Victory US Small Cap 500 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.44%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 13.23% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Small Cap Volatility Wtd ETF | VictoryShares US Small Cap Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.17%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.47%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.12%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 139
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 251
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 580
Annual Return 2016 rr_AnnualReturn2016 27.90%
Annual Return 2017 rr_AnnualReturn2017 12.10%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.10%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 12.95% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Small Cap Volatility Wtd ETF | VictoryShares US Small Cap Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 11.80%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 12.65% [1]
VictoryShares US Small Cap Volatility Wtd ETF | VictoryShares US Small Cap Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.07%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.02% [1]
[1] Inception date is July 8, 2015.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 19 BarChart3.png IDEA: XBRL DOCUMENT begin 644 BarChart3.png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end XML 20 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares International Volatility Wtd ETF
VictoryShares International Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International 500 Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares International Volatility Wtd ETF
VictoryShares International Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares International Volatility Wtd ETF
VictoryShares International Volatility Wtd ETF
Management Fees 0.40%
Other Expenses 0.58%
Total Annual Fund Operating Expenses 0.98%
Fee Waivers/Expense Reimbursements (0.53%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.45% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares International Volatility Wtd ETF | VictoryShares International Volatility Wtd ETF | USD ($) 46 259 490 1,153
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 37% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded foreign companies and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest foreign companies by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk — Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Foreign Investment Risks:


n  Foreign Exposure Risk — Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Currency Risk — The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was -0.62%.


Highest Quarter  8.02% (quarter ended March 31, 2017)


Lowest Quarter  -3.06% (quarter ended December 31, 2016)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares International Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares International Volatility Wtd ETF 26.90% 8.63% Aug. 20, 2015
After Taxes on Distributions | VictoryShares International Volatility Wtd ETF 26.31% 8.22%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares International Volatility Wtd ETF 15.84% 6.72%  
MSCI EAFE Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. 25.03% 8.16% Aug. 20, 2015
Nasdaq Victory International 500 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. 27.13% 9.04% Aug. 20, 2015
[1] Inception date is August 20, 2015.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 21 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares International Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares International Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International 500 Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 37% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 37.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded foreign companies and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest foreign companies by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk — Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Foreign Investment Risks:


n  Foreign Exposure Risk — Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Currency Risk — The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was -0.62%.


Highest Quarter  8.02% (quarter ended March 31, 2017)


Lowest Quarter  -3.06% (quarter ended December 31, 2016)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (0.62%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.02%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.06%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares International Volatility Wtd ETF | MSCI EAFE Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 25.03%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.16% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 20, 2015
VictoryShares International Volatility Wtd ETF | Nasdaq Victory International 500 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.13%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.04% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 20, 2015
VictoryShares International Volatility Wtd ETF | VictoryShares International Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.40%
Other Expenses rr_OtherExpensesOverAssets 0.58%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.98%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.53%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.45% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 46
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 259
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 490
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,153
Annual Return 2016 rr_AnnualReturn2016 (0.82%)
Annual Return 2017 rr_AnnualReturn2017 26.90%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.90%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.63% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 20, 2015
VictoryShares International Volatility Wtd ETF | VictoryShares International Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.31%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.22% [1]
VictoryShares International Volatility Wtd ETF | VictoryShares International Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.84%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 6.72% [1]
[1] Inception date is August 20, 2015.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 22 BarChart4.png IDEA: XBRL DOCUMENT begin 644 BarChart4.png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htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares Emerging Market Volatility Wtd ETF
VictoryShares Emerging Market Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Emerging Market 500 Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares Emerging Market Volatility Wtd ETF
VictoryShares Emerging Market Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares Emerging Market Volatility Wtd ETF
VictoryShares Emerging Market Volatility Wtd ETF
Management Fees 0.45%
Other Expenses 0.78%
Total Annual Fund Operating Expenses 1.23%
Fee Waivers/Expense Reimbursements (0.73%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.50% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.50%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares Emerging Market Volatility Wtd ETF | VictoryShares Emerging Market Volatility Wtd ETF | USD ($) 51 318 605 1,424
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 53% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded companies in emerging market countries and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies up to the 500 largest emerging market companies by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers emerging market companies to be those that are organized or domiciled in an emerging market country and whose stock principally trades on a foreign exchange. Emerging markets are generally those with a less-developed economy and per capita income significantly lower than the U.S. or other developed countries. Representative emerging market countries include China (Asia), Brazil (South America), Russia (Europe and Asia), India (Asia) and Egypt (Africa).


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or less than 500 stocks depending on the number of companies meeting the Index's criteria.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.


At times, the Fund may invest in other investment companies, including exchange-traded funds ("ETFs"), in order to access a particular asset class or market.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk — Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks:


n  Foreign Exposure Risk — Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Emerging Markets Risk — All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.


n  Currency Risk — The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Company Risk — An investment company or similar vehicle (including an ETF) in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Smaller Company Risk — Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risks — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was -7.73%.


Highest Quarter  10.23% (quarter ended March 31, 2017)


Lowest Quarter  4.21% (quarter ended June 30, 2017)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares Emerging Market Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares Emerging Market Volatility Wtd ETF 29.33% 15.37% Mar. 22, 2016
After Taxes on Distributions | VictoryShares Emerging Market Volatility Wtd ETF 26.92% 13.84%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares Emerging Market Volatility Wtd ETF 17.26% 11.42%  
MSCI EMF Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. 37.28% 23.52% Mar. 22, 2016
Nasdaq Victory Emerging Markets 500 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. 30.40% 16.05% Mar. 22, 2016
[1] Inception date is March 22, 2016.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 24 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares Emerging Market Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares Emerging Market Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Emerging Market 500 Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 53% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 53.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded companies in emerging market countries and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies up to the 500 largest emerging market companies by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers emerging market companies to be those that are organized or domiciled in an emerging market country and whose stock principally trades on a foreign exchange. Emerging markets are generally those with a less-developed economy and per capita income significantly lower than the U.S. or other developed countries. Representative emerging market countries include China (Asia), Brazil (South America), Russia (Europe and Asia), India (Asia) and Egypt (Africa).


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or less than 500 stocks depending on the number of companies meeting the Index's criteria.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.


At times, the Fund may invest in other investment companies, including exchange-traded funds ("ETFs"), in order to access a particular asset class or market.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk — Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks:


n  Foreign Exposure Risk — Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Emerging Markets Risk — All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.


n  Currency Risk — The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Company Risk — An investment company or similar vehicle (including an ETF) in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Smaller Company Risk — Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risks — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was -7.73%.


Highest Quarter  10.23% (quarter ended March 31, 2017)


Lowest Quarter  4.21% (quarter ended June 30, 2017)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (7.73%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.23%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2017
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 4.21%
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares Emerging Market Volatility Wtd ETF | MSCI EMF Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 37.28%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 23.52% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Mar. 22, 2016
VictoryShares Emerging Market Volatility Wtd ETF | Nasdaq Victory Emerging Markets 500 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 30.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 16.05% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Mar. 22, 2016
VictoryShares Emerging Market Volatility Wtd ETF | VictoryShares Emerging Market Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.45%
Other Expenses rr_OtherExpensesOverAssets 0.78%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.23%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.73%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.50% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 51
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 318
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 605
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,424
Annual Return 2017 rr_AnnualReturn2017 29.33%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.33%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 15.37% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Mar. 22, 2016
VictoryShares Emerging Market Volatility Wtd ETF | VictoryShares Emerging Market Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.92%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 13.84% [1]
VictoryShares Emerging Market Volatility Wtd ETF | VictoryShares Emerging Market Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 17.26%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.42% [1]
[1] Inception date is March 22, 2016.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.50%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 25 BarChart5.png IDEA: XBRL DOCUMENT begin 644 BarChart5.png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end XML 26 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares US Large Cap High Div Volatility Wtd ETF
VictoryShares US Large Cap High Div Volatility Wtd ETF
Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares US Large Cap High Div Volatility Wtd ETF
VictoryShares US Large Cap High Div Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares US Large Cap High Div Volatility Wtd ETF
VictoryShares US Large Cap High Div Volatility Wtd ETF
Management Fees 0.30%
Other Expenses 0.12%
Total Annual Fund Operating Expenses 0.42%
Fee Waivers/Expense Reimbursements (0.07%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares US Large Cap High Div Volatility Wtd ETF | VictoryShares US Large Cap High Div Volatility Wtd ETF | USD ($) 36 128 228 523
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 52% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $4 billion to $360 billion.


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objectives.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was 4.14%.


Highest Quarter  7.89% (quarter ended March 31, 2016)


Lowest Quarter  1.87% (quarter ended June 30, 2017)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares US Large Cap High Div Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares US Large Cap High Div Volatility Wtd ETF 15.75% 14.20% Jul. 08, 2015
After Taxes on Distributions | VictoryShares US Large Cap High Div Volatility Wtd ETF 14.92% 13.38%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares US Large Cap High Div Volatility Wtd ETF 9.53% 10.95%  
Russell 1000® Value Index Index returns reflect no deduction for fees, expenses, or taxes. 13.66% [2] 10.54% [2] Jul. 08, 2015
S&P 500® Index Index returns reflect no deduction for fees, expenses, or taxes. 21.83% [2] 12.95% [2] Jul. 08, 2015
Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes. 16.19% 14.61% Jul. 08, 2015
[1] Inception date is July 8, 2015.
[2] The Adviser has selected the Russell 1000® Value Index as the Fund's principal benchmark in place of the S&P 500® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 27 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares US Large Cap High Div Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares US Large Cap High Div Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

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

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 52% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 52.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $4 billion to $360 billion.


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objectives.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was 4.14%.


Highest Quarter  7.89% (quarter ended March 31, 2016)


Lowest Quarter  1.87% (quarter ended June 30, 2017)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.14%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.89%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2017
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 1.87%
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged The Adviser has selected the Russell 1000® Value Index as the Fund's principal benchmark in place of the S&P 500® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares US Large Cap High Div Volatility Wtd ETF | Russell 1000® Value Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.66% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.54% [1],[2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Large Cap High Div Volatility Wtd ETF | S&P 500® Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 12.95% [1],[2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Large Cap High Div Volatility Wtd ETF | Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.19%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 14.61% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Large Cap High Div Volatility Wtd ETF | VictoryShares US Large Cap High Div Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.12%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.42%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.07%) [3]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 128
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 228
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 523
Annual Return 2016 rr_AnnualReturn2016 20.60%
Annual Return 2017 rr_AnnualReturn2017 15.75%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.75%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 14.20% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Large Cap High Div Volatility Wtd ETF | VictoryShares US Large Cap High Div Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 14.92%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 13.38% [2]
VictoryShares US Large Cap High Div Volatility Wtd ETF | VictoryShares US Large Cap High Div Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 9.53%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.95% [2]
[1] The Adviser has selected the Russell 1000® Value Index as the Fund's principal benchmark in place of the S&P 500® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy.
[2] Inception date is July 8, 2015.
[3] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 28 BarChart6.png IDEA: XBRL DOCUMENT begin 644 BarChart6.png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end XML 29 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares US Small Cap High Div Volatility Wtd ETF
VictoryShares US Small Cap High Div Volatility Wtd ETF
Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares US Small Cap High Div Volatility Wtd ETF
VictoryShares US Small Cap High Div Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year a as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares US Small Cap High Div Volatility Wtd ETF
VictoryShares US Small Cap High Div Volatility Wtd ETF
Management Fees 0.30%
Other Expenses 0.15%
Total Annual Fund Operating Expenses 0.45%
Fee Waivers/Expense Reimbursements (0.10%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares US Small Cap High Div Volatility Wtd ETF | VictoryShares US Small Cap High Div Volatility Wtd ETF | USD ($) 36 134 242 557
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 68% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies with market capitalizations of less than $3 billion with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $365.5 million to $3.3 billion.


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Smaller Capitalization Stock Risk — The earnings and prospects of smaller-sized companies are more volatile than larger companies. Smaller-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Small-sized companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risks — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was 7.90%.


Highest Quarter  14.04% (quarter ended December 31, 2016)


Lowest Quarter  -1.96% (quarter ended March 31, 2017)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares US Small Cap High Div Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares US Small Cap High Div Volatility Wtd ETF 10.94% 13.91% Jul. 08, 2015
After Taxes on Distributions | VictoryShares US Small Cap High Div Volatility Wtd ETF 10.04% 13.02%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares US Small Cap High Div Volatility Wtd ETF 6.83% 10.69%  
Russell 2000® Value Index Index returns reflect no deduction for fees, expenses, or taxes. 7.84% [2] 11.48% [2] Jul. 08, 2015
Russell 2000® Index Index returns reflect no deduction for fees, expenses, or taxes. 14.65% 10.26% Jul. 08, 2015
Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes. 11.36% 14.33% Jul. 08, 2015
[1] Inception date is July 8, 2015.
[2] The Adviser has selected the Russell 2000® Value Index as the Fund's principal benchmark in place of the Russell 2000® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 30 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares US Small Cap High Div Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares US Small Cap High Div Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

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

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year a as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 68% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 68.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies with market capitalizations of less than $3 billion with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $365.5 million to $3.3 billion.


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Smaller Capitalization Stock Risk — The earnings and prospects of smaller-sized companies are more volatile than larger companies. Smaller-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Small-sized companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risks — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was 7.90%.


Highest Quarter  14.04% (quarter ended December 31, 2016)


Lowest Quarter  -1.96% (quarter ended March 31, 2017)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 7.90%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.04%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2017
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.96%)
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged The Adviser has selected the Russell 2000® Value Index as the Fund's principal benchmark in place of the Russell 2000® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares US Small Cap High Div Volatility Wtd ETF | Russell 2000® Value Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.84% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.48% [1],[2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Small Cap High Div Volatility Wtd ETF | Russell 2000® Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 14.65%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.26% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Small Cap High Div Volatility Wtd ETF | Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 11.36%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 14.33% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Small Cap High Div Volatility Wtd ETF | VictoryShares US Small Cap High Div Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.15%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.45%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.10%) [3]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 134
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 242
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 557
Annual Return 2016 rr_AnnualReturn2016 30.76%
Annual Return 2017 rr_AnnualReturn2017 10.94%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 10.94%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 13.91% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2015
VictoryShares US Small Cap High Div Volatility Wtd ETF | VictoryShares US Small Cap High Div Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 10.04%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 13.02% [2]
VictoryShares US Small Cap High Div Volatility Wtd ETF | VictoryShares US Small Cap High Div Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 6.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.69% [2]
[1] The Adviser has selected the Russell 2000® Value Index as the Fund's principal benchmark in place of the Russell 2000® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy.
[2] Inception date is July 8, 2015.
[3] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 31 BarChart7.png IDEA: XBRL DOCUMENT begin 644 BarChart7.png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htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares International High Div Volatility Wtd ETF
VictoryShares International High Div Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International High Dividend 100 Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares International High Div Volatility Wtd ETF
VictoryShares International High Div Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares International High Div Volatility Wtd ETF
VictoryShares International High Div Volatility Wtd ETF
Management Fees 0.40%
Other Expenses 0.20%
Total Annual Fund Operating Expenses 0.60%
Fee Waivers/Expense Reimbursements (0.15%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.45% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares International High Div Volatility Wtd ETF | VictoryShares International High Div Volatility Wtd ETF | USD ($) 46 177 320 736
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 58% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory International 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest foreign companies by market capitalization with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory International 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk — Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share.


  In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks


n  Foreign Exposure Risk — Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Currency Risk — The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was -4.49%.


Highest Quarter  6.23% (quarter ended March 31, 2017)


Lowest Quarter  -4.59% (quarter ended June 30, 2016)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares International High Div Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares International High Div Volatility Wtd ETF 19.55% 5.01% Aug. 20, 2015
After Taxes on Distributions | VictoryShares International High Div Volatility Wtd ETF 18.76% 4.33%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares International High Div Volatility Wtd ETF 12.09% 3.98%  
MSCI EAFE Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. 25.03% 8.16% Aug. 20, 2015
Nasdaq Victory International High Dividend 100 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. 20.06% 5.52% Aug. 20, 2015
[1] Inception date is August 20, 2015.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 33 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares International High Div Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares International High Div Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International High Dividend 100 Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 58% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 58.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory International 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest foreign companies by market capitalization with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory International 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk — Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share.


  In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks


n  Foreign Exposure Risk — Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Currency Risk — The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was -4.49%.


Highest Quarter  6.23% (quarter ended March 31, 2017)


Lowest Quarter  -4.59% (quarter ended June 30, 2016)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (4.49%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.23%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.59%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares International High Div Volatility Wtd ETF | MSCI EAFE Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 25.03%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.16% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 20, 2015
VictoryShares International High Div Volatility Wtd ETF | Nasdaq Victory International High Dividend 100 Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 20.06%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.52% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 20, 2015
VictoryShares International High Div Volatility Wtd ETF | VictoryShares International High Div Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.40%
Other Expenses rr_OtherExpensesOverAssets 0.20%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.60%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.15%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.45% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 46
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 177
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 320
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 736
Annual Return 2016 rr_AnnualReturn2016 0.79%
Annual Return 2017 rr_AnnualReturn2017 19.55%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.55%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.01% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 20, 2015
VictoryShares International High Div Volatility Wtd ETF | VictoryShares International High Div Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.76%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 4.33% [1]
VictoryShares International High Div Volatility Wtd ETF | VictoryShares International High Div Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.09%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 3.98% [1]
[1] Inception date is August 20, 2015.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
XML 34 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares Emerging Market High Div Volatility Wtd ETF
VictoryShares Emerging Market High Div Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Emerging Market High Dividend 100 Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares Emerging Market High Div Volatility Wtd ETF
VictoryShares Emerging Market High Div Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares Emerging Market High Div Volatility Wtd ETF
VictoryShares Emerging Market High Div Volatility Wtd ETF
Management Fees 0.45%
Other Expenses 0.60% [1]
Total Annual Fund Operating Expenses 1.05%
Fee Waivers/Expense Reimbursements (0.55%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.50% [2]
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.50%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
VictoryShares Emerging Market High Div Volatility Wtd ETF | VictoryShares Emerging Market High Div Volatility Wtd ETF | USD ($) 51 279
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal period, the Fund's portfolio turnover rate was 52% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory Emerging Market High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest emerging market companies by market capitalization with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers emerging market companies to be those that are organized or domiciled in an emerging market country and whose stock principally trades on a foreign exchange. Emerging markets are generally those with a less-developed economy and per capita income significantly lower than the U.S. or other developed countries. Representative emerging market countries include China (Asia), Brazil (South America), Russia (Europe and Asia), India (Asia) and Egypt (Africa).


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.


At times, the Fund may invest in other investment companies, including exchange traded funds ("ETFs"), in order to access a particular asset class or market.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk — Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks


n  Foreign Exposure Risk — Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Emerging Markets Risk — All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.


n  Currency Risk — The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Smaller Company Risk — Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. A fund's performance is not necessarily an indication of how that fund will perform in the future.

XML 35 R65.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares Emerging Market High Div Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares Emerging Market High Div Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Emerging Market High Dividend 100 Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal period, the Fund's portfolio turnover rate was 52% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 52.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory Emerging Market High Dividend 100 Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest emerging market companies by market capitalization with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory Emerging Market 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers emerging market companies to be those that are organized or domiciled in an emerging market country and whose stock principally trades on a foreign exchange. Emerging markets are generally those with a less-developed economy and per capita income significantly lower than the U.S. or other developed countries. Representative emerging market countries include China (Asia), Brazil (South America), Russia (Europe and Asia), India (Asia) and Egypt (Africa).


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 100 stocks depending on the number of companies meeting the Index's criteria.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.


At times, the Fund may invest in other investment companies, including exchange traded funds ("ETFs"), in order to access a particular asset class or market.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk — Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks


n  Foreign Exposure Risk — Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Emerging Markets Risk — All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.


n  Currency Risk — The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objective.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Smaller Company Risk — Small and mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. A fund's performance is not necessarily an indication of how that fund will perform in the future.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information is presented since the Fund has not yet had a full calendar year of performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-376-7890
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
VictoryShares Emerging Market High Div Volatility Wtd ETF | VictoryShares Emerging Market High Div Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.45%
Other Expenses rr_OtherExpensesOverAssets 0.60% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.05%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.55%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.50% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 51
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 279
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.50%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
XML 36 R66.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares Dividend Accelerator ETF
VictoryShares Dividend Accelerator ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Dividend Accelerator Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares Dividend Accelerator ETF
VictoryShares Dividend Accelerator ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares Dividend Accelerator ETF
VictoryShares Dividend Accelerator ETF
Management Fees 0.30%
Other Expenses 0.37%
Total Annual Fund Operating Expenses 0.67%
Fee Waivers/Expense Reimbursements (0.32%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
VictoryShares Dividend Accelerator ETF | VictoryShares Dividend Accelerator ETF | USD ($) 36 182
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Dividend Accelerator Index (the "Index"). The Index utilizes a rules-based approach designed to identify dividend paying stocks with a higher likelihood of future dividend growth. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.


The Index screens companies in the Parent Index using a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process to identify dividend paying companies with a higher probability of future dividend growth. Within this smaller set of companies, the Index weights the constituent securities using a methodology designed to maximize dividend growth, measured at a portfolio level, within established portfolio constraints (such as maximum weightings of index constituents and sectors). The Index is reconstituted every April and rebalanced quarterly (based on information as of the prior month-end).


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market or a company's dividends may not grow as projected. In addition, the Index may not successfully identify companies that meet its objective.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund is available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

XML 37 R70.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares Dividend Accelerator ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares Dividend Accelerator ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Dividend Accelerator Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 43.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Dividend Accelerator Index (the "Index"). The Index utilizes a rules-based approach designed to identify dividend paying stocks with a higher likelihood of future dividend growth. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the U.S. investable universe.


The Index screens companies in the Parent Index using a number of proprietary fundamental factors that have been identified by a quantitative multi-factor selection process to identify dividend paying companies with a higher probability of future dividend growth. Within this smaller set of companies, the Index weights the constituent securities using a methodology designed to maximize dividend growth, measured at a portfolio level, within established portfolio constraints (such as maximum weightings of index constituents and sectors). The Index is reconstituted every April and rebalanced quarterly (based on information as of the prior month-end).


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market or a company's dividends may not grow as projected. In addition, the Index may not successfully identify companies that meet its objective.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund is available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information is presented since the Fund has not yet had a full calendar year of performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-376-7890
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
VictoryShares Dividend Accelerator ETF | VictoryShares Dividend Accelerator ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.37%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.67%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.32%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 182
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
XML 38 R71.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares US Multi-Factor Minimum Volatility ETF
VictoryShares US Multi-Factor Minimum Volatility ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Multi-Factor Minimum Volatility Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares US Multi-Factor Minimum Volatility ETF
VictoryShares US Multi-Factor Minimum Volatility ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares US Multi-Factor Minimum Volatility ETF
VictoryShares US Multi-Factor Minimum Volatility ETF
Management Fees 0.30%
Other Expenses 0.44%
Total Annual Fund Operating Expenses 0.74%
Fee Waivers/Expense Reimbursements (0.39%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
VictoryShares US Multi-Factor Minimum Volatility ETF | VictoryShares US Multi-Factor Minimum Volatility ETF | USD ($) 36 197
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory US Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader U.S. market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- and large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those U.S. companies with market caps representing the top 90% of the U.S. investable universe.


The Index Provider considers a company to be a U.S. company if it is economically tied to the U.S. In general, a company is treated as being economically tied to the U.S. if: (1) the company is incorporated and domiciled in the U.S., (2) the company makes public filings with U.S. securities regulators, and (3) the company's securities are listed on a U.S. exchange. In addition, the Index Provider treats companies that are incorporated in certain identified countries to benefit from tax, legal or other advantages, but which otherwise meet these requirements, as being economically tied to the U.S.


The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first ranking companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process to identify the companies that are most likely to outperform the broader U.S. market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index uses an optimization tool to weight the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents and sectors). The Index is reconstituted every April and October (based on information as of the prior month-end).


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

XML 39 R75.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares US Multi-Factor Minimum Volatility ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares US Multi-Factor Minimum Volatility ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Multi-Factor Minimum Volatility Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 26.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory US Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader U.S. market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- and large-capitalization U.S. companies included in the Nasdaq US Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those U.S. companies with market caps representing the top 90% of the U.S. investable universe.


The Index Provider considers a company to be a U.S. company if it is economically tied to the U.S. In general, a company is treated as being economically tied to the U.S. if: (1) the company is incorporated and domiciled in the U.S., (2) the company makes public filings with U.S. securities regulators, and (3) the company's securities are listed on a U.S. exchange. In addition, the Index Provider treats companies that are incorporated in certain identified countries to benefit from tax, legal or other advantages, but which otherwise meet these requirements, as being economically tied to the U.S.


The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first ranking companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process to identify the companies that are most likely to outperform the broader U.S. market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index uses an optimization tool to weight the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents and sectors). The Index is reconstituted every April and October (based on information as of the prior month-end).


The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable — The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues — Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk — The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk — The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Investment Strategy Risk — The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information is presented since the Fund has not yet had a full calendar year of performance. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information is presented since the Fund has not yet had a full calendar year of performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-376-7890
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
VictoryShares US Multi-Factor Minimum Volatility ETF | VictoryShares US Multi-Factor Minimum Volatility ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.44%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.74%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.39%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 197
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
XML 40 R76.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares Global Multi-Factor Minimum Volatility ETF
VictoryShares Global Multi-Factor Minimum Volatility ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Global Multi-Factor Minimum Volatility Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares Global Multi-Factor Minimum Volatility ETF
VictoryShares Global Multi-Factor Minimum Volatility ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares Global Multi-Factor Minimum Volatility ETF
VictoryShares Global Multi-Factor Minimum Volatility ETF
Management Fees 0.35%
Other Expenses 1.04% [1]
Total Annual Fund Operating Expenses 1.39%
Fee Waivers/Expense Reimbursements (0.99%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.40% [2]
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.40%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
VictoryShares Global Multi-Factor Minimum Volatility ETF | VictoryShares Global Multi-Factor Minimum Volatility ETF | USD ($) 41 342
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Global Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader global market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization companies included in the Nasdaq Global Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the investable universe in each developed market (including the U.S.) and each emerging market represented in the Parent Index.


The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first screening companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process to identify the companies that are most likely to outperform the broader global market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index weights the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents, sectors and countries).


In constructing the Parent Index, the Index Provider assigns a company to a particular country if it is economically tied to that country. In general, a company is treated as economically tied to a particular country if two or more of the following are true: (1) the company is incorporated in the country, (2) the company's domicile (i.e., location of its headquarters or principal executive office) is in the country, and (3) the company's securities are listed on the country's primary exchange. In addition, the Index Provider treats a company that is incorporated in certain identified countries to benefit from tax, legal or other advantages as being economically tied to the country of its primary exchange listing. In the event a different country is identified for each of these categories for a company, the company is treated as being economically tied to the country of its primary exchange listing. The Index is reconstituted every April and October (based on information as of the prior month-end).


The countries represented by the Index will change over time based on changes in the countries comprising the Parent Index and changes in the constituent securities selected for the Index based on application of the Index Provider's proprietary model. As of the date of this prospectus, the Index included companies from 25 developed countries and 20 emerging market countries.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index or other securities investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks


n  Foreign Exposure Risk Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Emerging Markets Risk All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.


n  Currency Risk The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Strategy Risk — The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

XML 41 R80.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares Global Multi-Factor Minimum Volatility ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares Global Multi-Factor Minimum Volatility ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Global Multi-Factor Minimum Volatility Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.

Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory Global Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader global market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for inclusion in the Index are derived from its starting universe, the mid- to large-capitalization companies included in the Nasdaq Global Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the investable universe in each developed market (including the U.S.) and each emerging market represented in the Parent Index.


The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first screening companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process to identify the companies that are most likely to outperform the broader global market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index weights the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents, sectors and countries).


In constructing the Parent Index, the Index Provider assigns a company to a particular country if it is economically tied to that country. In general, a company is treated as economically tied to a particular country if two or more of the following are true: (1) the company is incorporated in the country, (2) the company's domicile (i.e., location of its headquarters or principal executive office) is in the country, and (3) the company's securities are listed on the country's primary exchange. In addition, the Index Provider treats a company that is incorporated in certain identified countries to benefit from tax, legal or other advantages as being economically tied to the country of its primary exchange listing. In the event a different country is identified for each of these categories for a company, the company is treated as being economically tied to the country of its primary exchange listing. The Index is reconstituted every April and October (based on information as of the prior month-end).


The countries represented by the Index will change over time based on changes in the countries comprising the Parent Index and changes in the constituent securities selected for the Index based on application of the Index Provider's proprietary model. As of the date of this prospectus, the Index included companies from 25 developed countries and 20 emerging market countries.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index or other securities investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks


n  Foreign Exposure Risk Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Emerging Markets Risk All of the risks associated with investing in foreign securities are increased in connection with investments in emerging markets securities. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.


n  Currency Risk The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Strategy Risk — The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. The Fund's performance is not necessarily an indication of how the Fund will perform in the future.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information is presented since the Fund has not commenced operations.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-376-7890
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
VictoryShares Global Multi-Factor Minimum Volatility ETF | VictoryShares Global Multi-Factor Minimum Volatility ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.35%
Other Expenses rr_OtherExpensesOverAssets 1.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.39%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.99%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.40% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 41
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 342
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.40%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
XML 42 R81.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares International Multi-Factor Minimum Volatility ETF
VictoryShares International Multi-Factor Minimum Volatility ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International Multi-Factor Minimum Volatility Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares International Multi-Factor Minimum Volatility ETF
VictoryShares International Multi-Factor Minimum Volatility ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares International Multi-Factor Minimum Volatility ETF
VictoryShares International Multi-Factor Minimum Volatility ETF
Management Fees 0.40%
Other Expenses 1.04% [1]
Total Annual Fund Operating Expenses 1.44%
Fee Waivers/Expense Reimbursements (0.99%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.45% [2]
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
VictoryShares International Multi-Factor Minimum Volatility ETF | VictoryShares International Multi-Factor Minimum Volatility ETF | USD ($) 46 358
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory International Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader developed market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for the Index are derived from its starting universe, the mid- to large-capitalization companies included in the Nasdaq Global Ex U.S. Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the investable universe in each developed markets (excluding the U.S.) represented in the Parent Index.


The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first screening companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process developed by the Adviser to identify the companies that are most likely to outperform the broader developed market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index uses an optimization tool developed by the Adviser to weight the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents, sectors and countries).


In constructing the Parent Index, the Index Provider assigns a company to a particular country if it is economically tied to that country. In general, a company is treated as economically tied to a particular country if two or more of the following are true: (1) the company is incorporated in the country, (2) the company's domicile (i.e., location of its headquarters or principal executive office) is in the country, and (3) the company's securities are listed on the country's primary exchange. In addition, the Index Provider treats a company that is incorporated in certain identified countries to benefit from tax, legal or other advantages as being economically tied to the country of its primary exchange listing. In the event a different country is identified for each of these categories for a company, the company is treated as being economically tied to the country of its primary exchange listing. The Index is reconstituted every April and October (based on information as of the prior month-end).


The countries represented by the Index will change over time based on changes in the countries comprising the Parent Index and changes in the constituent securities selected for the Index based on application of the Index Provider's proprietary model. As of the date of this prospectus, the Index included companies from 24 developed countries.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index or other securities investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading IssuesTrading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk Most of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks


n  Foreign Exposure Risk Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Currency Risk The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Strategy Risk — The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. A fund's performance is not necessarily an indication of how that fund will perform in the future.

XML 43 R85.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares International Multi-Factor Minimum Volatility ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares International Multi-Factor Minimum Volatility ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International Multi-Factor Minimum Volatility Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.

Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities included in the Nasdaq Victory International Multi-Factor Minimum Volatility Index (the "Index"). The Index utilizes a rules-based approach designed to generate investment returns with less volatility than the broader developed market. The Index is maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The companies eligible for the Index are derived from its starting universe, the mid- to large-capitalization companies included in the Nasdaq Global Ex U.S. Large Mid Cap Index ("Parent Index"), an index maintained by the Index Provider. The Parent Index consists of those companies with market capitalizations representing the top 90% of the investable universe in each developed markets (excluding the U.S.) represented in the Parent Index.


The Index is designed to construct a diversified portfolio with superior risk-adjusted returns by first screening companies using a number of proprietary fundamental factors, such as dividend yield, sales growth and other financial metrics that have been identified by a quantitative multi-factor selection process developed by the Adviser to identify the companies that are most likely to outperform the broader developed market. The companies in the top 20% of the ranking are included in the Index. Within this smaller set of companies, the Index uses an optimization tool developed by the Adviser to weight the individual securities to minimize absolute volatility, measured at a portfolio level, within established portfolio constraints (such as minimum and maximum weightings of index constituents, sectors and countries).


In constructing the Parent Index, the Index Provider assigns a company to a particular country if it is economically tied to that country. In general, a company is treated as economically tied to a particular country if two or more of the following are true: (1) the company is incorporated in the country, (2) the company's domicile (i.e., location of its headquarters or principal executive office) is in the country, and (3) the company's securities are listed on the country's primary exchange. In addition, the Index Provider treats a company that is incorporated in certain identified countries to benefit from tax, legal or other advantages as being economically tied to the country of its primary exchange listing. In the event a different country is identified for each of these categories for a company, the company is treated as being economically tied to the country of its primary exchange listing. The Index is reconstituted every April and October (based on information as of the prior month-end).


The countries represented by the Index will change over time based on changes in the countries comprising the Parent Index and changes in the constituent securities selected for the Index based on application of the Index Provider's proprietary model. As of the date of this prospectus, the Index included companies from 24 developed countries.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index or other securities investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an exchange-traded fund ("ETF") and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading IssuesTrading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk Most of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Fund's share. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Foreign Investment Risks


n  Foreign Exposure Risk Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Currency Risk The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Investment Strategy Risk — The Index may not successfully identify companies that meet its objective. Although the Index is designed to minimize volatility compared to the Parent Index, there is no guarantee that this strategy will be successful.


n  Large-Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Mid-Capitalization Stock Risk — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Sampling Risk — The Fund's use of a representative sampling approach could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information is presented since the Fund has not commenced operations. Performance data for the Fund will be available online at www.VictorySharesLiterature.com or by calling 1-866-376-7890. A fund's performance is not necessarily an indication of how that fund will perform in the future.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information is presented since the Fund has not commenced operations.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-376-7890
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
VictoryShares International Multi-Factor Minimum Volatility ETF | VictoryShares International Multi-Factor Minimum Volatility ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.40%
Other Expenses rr_OtherExpensesOverAssets 1.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.44%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.99%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.45% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 46
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 358
[1] Estimated for the current fiscal year.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 44 BarChart8.png IDEA: XBRL DOCUMENT begin 644 BarChart8.png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�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htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares US 500 Enhanced Volatility Wtd ETF
VictoryShares US 500 Enhanced Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares US 500 Enhanced Volatility Wtd ETF
VictoryShares US 500 Enhanced Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares US 500 Enhanced Volatility Wtd ETF
VictoryShares US 500 Enhanced Volatility Wtd ETF
Management Fees 0.30%
Other Expenses 0.11%
Total Annual Fund Operating Expenses 0.41%
Fee Waivers/Expense Reimbursements (0.06%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in placed through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares US 500 Enhanced Volatility Wtd ETF | VictoryShares US 500 Enhanced Volatility Wtd ETF | USD ($) 36 126 224 512
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 37% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have either further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.


The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $2.3 billion to $1.1 trillion.


The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Large Cap 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.


During a period of significant market decline, defined as a decline of 10% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.


If the month-end value of the Reference Index declines 10% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.


The Index will reallocate to stocks as follows:


•  The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 10% decline from its all-time daily high closing value.


•  If the Reference Index declines by 20% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 30% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 40% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.


The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.


During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.


While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Fixed Income Risk — The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.


n  Index/Defensive Positioning Risk — Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed defensive strategy, if employed, will be successful in minimizing downside market risk.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Large Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Portfolio Turnover Risk — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risks — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was 7.08%.


Highest Quarter  7.32% (quarter ended December 31, 2017)


Lowest Quarter  -6.13% (quarter ended September 30, 2015)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares US 500 Enhanced Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares US 500 Enhanced Volatility Wtd ETF 22.37% 11.34% Jul. 02, 2014
After Taxes on Distributions | VictoryShares US 500 Enhanced Volatility Wtd ETF 22.00% 10.99%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares US 500 Enhanced Volatility Wtd ETF 12.93% 8.83%  
S&P 500® Index Index returns reflect no deduction for fees, expenses, or taxes. 21.83% 11.35% Jul. 02, 2014
Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes. 22.82% 11.83% Jul. 02, 2014
[1] Inception date is July 2, 2014.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 46 R92.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares US 500 Enhanced Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares US 500 Enhanced Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 37% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 37.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in placed through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have either further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.


The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest U.S. stocks by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $2.3 billion to $1.1 trillion.


The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Large Cap 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.


During a period of significant market decline, defined as a decline of 10% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.


If the month-end value of the Reference Index declines 10% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.


The Index will reallocate to stocks as follows:


•  The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 10% decline from its all-time daily high closing value.


•  If the Reference Index declines by 20% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 30% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 40% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.


The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.


During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.


While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Fixed Income Risk — The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.


n  Index/Defensive Positioning Risk — Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed defensive strategy, if employed, will be successful in minimizing downside market risk.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Large Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Portfolio Turnover Risk — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risks — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was 7.08%.


Highest Quarter  7.32% (quarter ended December 31, 2017)


Lowest Quarter  -6.13% (quarter ended September 30, 2015)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 7.08%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.32%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.13%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares US 500 Enhanced Volatility Wtd ETF | S&P 500® Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.35% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US 500 Enhanced Volatility Wtd ETF | Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 22.82%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.83% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US 500 Enhanced Volatility Wtd ETF | VictoryShares US 500 Enhanced Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.11%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.41%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.06%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 126
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 224
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 512
Annual Return 2015 rr_AnnualReturn2015 (0.56%)
Annual Return 2016 rr_AnnualReturn2016 14.42%
Annual Return 2017 rr_AnnualReturn2017 22.37%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 22.37%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.34% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US 500 Enhanced Volatility Wtd ETF | VictoryShares US 500 Enhanced Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 22.00%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.99% [1]
VictoryShares US 500 Enhanced Volatility Wtd ETF | VictoryShares US 500 Enhanced Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.93%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.83% [1]
[1] Inception date is July 2, 2014.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 47 BarChart9.png IDEA: XBRL DOCUMENT begin 644 BarChart9.png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end XML 48 R93.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Management Fees 0.30%
Other Expenses 0.11%
Total Annual Fund Operating Expenses 0.41%
Fee Waivers/Expense Reimbursements (0.06%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares US EQ Income Enhanced Volatility Wtd ETF | VictoryShares US EQ Income Enhanced Volatility Wtd ETF | USD ($) 36 126 224 512
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 52% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 100 High Dividend Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.


The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include less than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $4 billion to $360 billion.


The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Large Cap 100 High Dividend Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.


During a period of significant market decline, defined as a decline of 8% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.


If the month-end value of the Reference Index declines 8% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.


The Index will reallocate to stocks as follows:


•  The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than an 8% decline from its all-time daily high closing value.


•  If the Reference Index declines by 16% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 24% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 32% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.


The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.


During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.


While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.

Principal Risks of Investing in the Fund

The following summarizes the principal investment risks of the Fund. Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program.


n  Dividend Income Strategy Risk — The Fund's high dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market.


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Fixed Income Risk — The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.


n  Index/Defensive Positioning Risk — Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed defensive strategy, if employed, will be successful in minimizing downside market risk.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Large Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. Larger, more established companies may not respond as quickly to competitive challenges (such as changes in technology and consumer tastes) and their growth rate may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index. The Adviser will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index.


n  Portfolio Turnover Risk — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was 4.14%.


Highest Quarter  7.83% (quarter ended March 31, 2016)


Lowest Quarter  -2.17% (quarter ended September 30, 2015)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares US EQ Income Enhanced Volatility Wtd ETF 15.75% 11.69% Jul. 02, 2014
After Taxes on Distributions | VictoryShares US EQ Income Enhanced Volatility Wtd ETF 14.93% 10.90%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares US EQ Income Enhanced Volatility Wtd ETF 9.51% 9.05%  
Russell 1000® Value Index Index returns reflect no deduction for fees, expenses, or taxes. 13.66% [2] 8.64% [2] Jul. 02, 2014
S&P 500® Index Index returns reflect no deduction for fees, expenses, or taxes. 21.83% 11.35% Jul. 02, 2014
Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes. 16.19% 12.22% Jul. 02, 2014
[1] Inception date is July 2, 2014.
[2] The Adviser has selected the Russell 1000® Value Index as the Fund's principal benchmark in place of the S&P 500® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 49 R99.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares US EQ Income Enhanced Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 52% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 52.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Large Cap 100 High Dividend Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.


The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters.


•  The Index identifies the 100 highest dividend yielding stocks in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index.


•  The 100 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include less than 100 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $4 billion to $360 billion.


The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Large Cap 100 High Dividend Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.


During a period of significant market decline, defined as a decline of 8% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.


If the month-end value of the Reference Index declines 8% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.


The Index will reallocate to stocks as follows:


•  The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than an 8% decline from its all-time daily high closing value.


•  If the Reference Index declines by 16% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 24% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 32% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.


The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.


During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.


While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The following summarizes the principal investment risks of the Fund. Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program.


n  Dividend Income Strategy Risk — The Fund's high dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market.


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Fixed Income Risk — The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.


n  Index/Defensive Positioning Risk — Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed defensive strategy, if employed, will be successful in minimizing downside market risk.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Large Capitalization Stock Risk — The securities of large cap companies may underperform the securities of smaller cap companies or the market as a whole. Larger, more established companies may not respond as quickly to competitive challenges (such as changes in technology and consumer tastes) and their growth rate may lag those of smaller companies, especially during periods of economic expansion.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index. The Adviser will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index.


n  Portfolio Turnover Risk — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was 4.14%.


Highest Quarter  7.83% (quarter ended March 31, 2016)


Lowest Quarter  -2.17% (quarter ended September 30, 2015)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.14%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.83%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.17%)
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged The Adviser has selected the Russell 1000® Value Index as the Fund's principal benchmark in place of the S&P 500® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares US EQ Income Enhanced Volatility Wtd ETF | Russell 1000® Value Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.66% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.64% [1],[2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US EQ Income Enhanced Volatility Wtd ETF | S&P 500® Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.35% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US EQ Income Enhanced Volatility Wtd ETF | Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.19%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 12.22% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US EQ Income Enhanced Volatility Wtd ETF | VictoryShares US EQ Income Enhanced Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.11%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.41%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.06%) [3]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 126
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 224
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 512
Annual Return 2015 rr_AnnualReturn2015 (0.53%)
Annual Return 2016 rr_AnnualReturn2016 20.52%
Annual Return 2017 rr_AnnualReturn2017 15.75%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.75%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.69% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 02, 2014
VictoryShares US EQ Income Enhanced Volatility Wtd ETF | VictoryShares US EQ Income Enhanced Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 14.93%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.90% [2]
VictoryShares US EQ Income Enhanced Volatility Wtd ETF | VictoryShares US EQ Income Enhanced Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 9.51%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.05% [2]
[1] The Adviser has selected the Russell 1000® Value Index as the Fund's principal benchmark in place of the S&P 500® Index because the Adviser believes it is a more appropriate index for comparison purposes given the Fund's investment strategy.
[2] Inception date is July 2, 2014.
[3] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 50 BarChart10.png IDEA: XBRL DOCUMENT begin 644 BarChart10.png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end XML 51 R100.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares US Discovery Enhanced Volatility Wtd ETF
VictoryShares US Discovery Enhanced Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares US Discovery Enhanced Volatility Wtd ETF
VictoryShares US Discovery Enhanced Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares US Discovery Enhanced Volatility Wtd ETF
VictoryShares US Discovery Enhanced Volatility Wtd ETF
Management Fees 0.30%
Other Expenses 0.13%
Total Annual Fund Operating Expenses 0.43%
Fee Waivers/Expense Reimbursements (0.08%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.35% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares US Discovery Enhanced Volatility Wtd ETF | VictoryShares US Discovery Enhanced Volatility Wtd ETF | USD ($) 36 130 233 534
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 47% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.


The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest U.S companies with market capitalizations of less than $3 billion measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $166.6 million to $3.3 billion.


The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Small Cap 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.


During a period of significant market decline, defined as a decline of 11% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.


If the month-end value of the Reference Index declines 11% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.


The Index will reallocate to stocks as follows:


•  The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 11% decline from its all-time daily high closing value.


•  If the Reference Index declines by 22% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 33% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 44% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.


The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.


During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.


While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Fixed Income Risk — The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.


n  Index/Defensive Positioning Risk — Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed liquidation and reinvestment strategy, if employed, will be successful in minimizing downside market risk.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Portfolio Turnover Risk — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.


n  Small Company Risk — Small-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was 8.31%.


Highest Quarter  13.58% (quarter ended December 31, 2016)


Lowest Quarter  -9.09% (quarter ended September 30, 2015)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares US Discovery Enhanced Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares US Discovery Enhanced Volatility Wtd ETF 12.09% 8.75% Aug. 01, 2014
After Taxes on Distributions | VictoryShares US Discovery Enhanced Volatility Wtd ETF 11.80% 8.48%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares US Discovery Enhanced Volatility Wtd ETF 7.06% 6.79%  
Russell 2000® Index Index returns reflect no deduction for fees, expenses, or taxes. 14.65% 11.21% Aug. 01, 2014
Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes. 12.44% 9.20% Aug. 01, 2014
[1] Inception date is August 1, 2014.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 52 R106.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares US Discovery Enhanced Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares US Discovery Enhanced Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 47% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 47.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.


The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded U.S. stocks and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest U.S companies with market capitalizations of less than $3 billion measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria. As of September 30, 2018, the Index had a market capitalization range from $166.6 million to $3.3 billion.


The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory US Small Cap 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.


During a period of significant market decline, defined as a decline of 11% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.


If the month-end value of the Reference Index declines 11% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.


The Index will reallocate to stocks as follows:


•  The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 11% decline from its all-time daily high closing value.


•  If the Reference Index declines by 22% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 33% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 44% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.


The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.


During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.


While the Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index, at times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF"), that seeks to track the Index or the Reference Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's Shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Fixed Income Risk — The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.


n  Index/Defensive Positioning Risk — Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed liquidation and reinvestment strategy, if employed, will be successful in minimizing downside market risk.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the securities in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Portfolio Turnover Risk — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.


n  Small Company Risk — Small-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.


n  Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost or liquidity constraints.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was 8.31%.


Highest Quarter  13.58% (quarter ended December 31, 2016)


Lowest Quarter  -9.09% (quarter ended September 30, 2015)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 8.31%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.58%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.09%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares US Discovery Enhanced Volatility Wtd ETF | Russell 2000® Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 14.65%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.21% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2014
VictoryShares US Discovery Enhanced Volatility Wtd ETF | Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.44%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.20% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2014
VictoryShares US Discovery Enhanced Volatility Wtd ETF | VictoryShares US Discovery Enhanced Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.30%
Other Expenses rr_OtherExpensesOverAssets 0.13%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.43%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.08%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.35% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 130
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 233
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 534
Annual Return 2015 rr_AnnualReturn2015 (8.30%)
Annual Return 2016 rr_AnnualReturn2016 18.87%
Annual Return 2017 rr_AnnualReturn2017 12.09%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.09%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.75% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2014
VictoryShares US Discovery Enhanced Volatility Wtd ETF | VictoryShares US Discovery Enhanced Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 11.80%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.48% [1]
VictoryShares US Discovery Enhanced Volatility Wtd ETF | VictoryShares US Discovery Enhanced Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.06%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 6.79% [1]
[1] Inception date is August 1, 2014.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding certain items such as interest, taxes and brokerage commissions) do not exceed 0.35%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
GRAPHIC 53 BarChart11.png IDEA: XBRL DOCUMENT begin 644 BarChart11.png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end XML 54 R107.htm IDEA: XBRL DOCUMENT v3.10.0.1
VictoryShares Developed Enhanced Volatility Wtd ETF
VictoryShares Developed Enhanced Volatility Wtd ETF
Investment Objective

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International 500 Long/Cash Volatility Weighted Index before fees and expenses.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
VictoryShares Developed Enhanced Volatility Wtd ETF
VictoryShares Developed Enhanced Volatility Wtd ETF
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
VictoryShares Developed Enhanced Volatility Wtd ETF
VictoryShares Developed Enhanced Volatility Wtd ETF
Management Fees 0.40%
Other Expenses 0.18%
Total Annual Fund Operating Expenses 0.58%
Fee Waivers/Expense Reimbursements (0.13%) [1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 0.45% [1]
[1] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding Acquired Fund Fees and Expenses and certain other items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example
1 Year
3 Years
5 Years
10 Years
VictoryShares Developed Enhanced Volatility Wtd ETF | VictoryShares Developed Enhanced Volatility Wtd ETF | USD ($) 46 173 311 713
Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 38% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.


The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded foreign companies and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest foreign companies by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria.


The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory International 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.


During a period of significant market decline, defined as a decline of 12% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.


If the month-end value of the Reference Index declines 12% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.


The Index will reallocate to stocks as follows:


•  The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 12% decline from its all-time daily high closing value.


•  If the Reference Index declines by 24% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 36% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 48% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.


The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.


During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index. At times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF") that seeks to track the Index or the Reference Index.

Principal Risks of Investing in the Fund

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Fixed Income Risk — The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.


n  Foreign Investment Risk


n  Foreign Exposure Risk Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Currency Risk The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Index/Defensive Positioning Risk — Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed liquidation and reinvestment strategy, if employed, will be successful in minimizing downside market risk.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index.


The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Portfolio Turnover Risk — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities of the Index. To the extent the assets in the Fund are similar, these risks will be greater.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Performance

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Calendar Year Returns
Bar Chart

The year-to-date total return of the Fund through September 30, 2018 was -0.51%.


Highest Quarter  7.24% (quarter ended March 31, 2017)


Lowest Quarter  -9.77% (quarter ended September 30, 2015)

Average Annual Total Returns (For the Periods ended December 31, 2017)
Average Annual Returns - VictoryShares Developed Enhanced Volatility Wtd ETF
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
VictoryShares Developed Enhanced Volatility Wtd ETF 25.68% 1.74% Oct. 01, 2014
After Taxes on Distributions | VictoryShares Developed Enhanced Volatility Wtd ETF 25.20% 1.43%  
After Taxes on Distributions and Sale of Fund Shares | VictoryShares Developed Enhanced Volatility Wtd ETF 15.01% 1.41%  
MSCI EAFE Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. 25.03% 5.97% Oct. 01, 2014
Nasdaq Victory International 500 Long/Cash Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes. 26.04% 2.53% Oct. 01, 2014
[1] Inception date is October 1, 2014.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

XML 55 R113.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
VictoryShares Developed Enhanced Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading VictoryShares Developed Enhanced Volatility Wtd ETF
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International 500 Long/Cash Volatility Weighted Index before fees and expenses.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 38% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 38.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect the fee waiver/expense reimbursement in place through the expiration date. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets directly or indirectly in the securities included in the Nasdaq Victory International 500 Long/Cash Volatility Weighted Index (the "Index"), an unmanaged, volatility weighted index maintained exclusively by Nasdaq Inc. (the "Index Provider"). The Index Provider is not affiliated with the Fund or the Adviser.


The Index combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. In accordance with a rules-based mathematical formula, the Index tactically reduces its exposure to the equity markets during periods of significant market decline and reallocates to stocks when market prices have further declined or rebounded. The term "Enhanced" in the Fund's name refers to a feature of the Index that is designed to enhance risk-adjusted returns while attempting to minimize downside market risk through defensive positioning, as described below.


The Index follows a rules-based methodology to construct its constituent securities:


•  The Index universe begins with all publicly traded foreign companies and then screens for all companies with positive earnings in each of the four most recent quarters.


•  The Index identifies the 500 largest foreign companies by market capitalization measured at the time the Index's constituent securities are determined.


•  The 500 stocks are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.


The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Japan, Hong Kong and Australia.


The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. The Index may include more than or fewer than 500 stocks depending on the number of companies meeting the Index's criteria.


The Index follows a mathematical index construction process designed to limit risk during periods of significant (non-normal) market decline by reducing its exposure to the equity market. Market decline is measured by reference to the Nasdaq Victory International 500 Volatility Weighted Index ("Reference Index"), which is composed of the same securities as in the Index but without any allocation to cash.


During a period of significant market decline, defined as a decline of 12% or more from the Reference Index's all-time daily high closing value compared to its most recent month-end closing value, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.


If the month-end value of the Reference Index declines 12% or more from its all-time closing high, the Index will reallocate 75% of the stocks included in the Index to cash or cash equivalents.


The Index will reallocate to stocks as follows:


•  The Index will return to being 100% allocated to stocks if the month-end closing value of the stocks in the Reference Index returns to a level that is less than a 12% decline from its all-time daily high closing value.


•  If the Reference Index declines by 24% (or more) from its all-time daily high closing value as measured at month-end, 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 36% (or more) from its all-time daily high closing value as measured at month-end, another 25% of the Index will reallocate to the stocks of the Reference Index at their current securities weightings.


•  If the Reference Index declines by 48% (or more) from its all-time daily high closing value as measured at month-end, the remaining 25% of the Index will reallocated to the stocks of the Reference Index at their current securities weighting and the Index will then be 100% allocated to stocks.


The Index will make any prescribed allocations to cash in accordance with the mathematical formula only at month end. In the event that it does, the Fund may experience higher portfolio turnover and incur additional transaction costs.


During any periods of significant market decline, when the Index's exposure to the market is less than 100%, the cash portion of the Index will be allocated to 30-day U.S. Treasury bills. The Fund will invest the portion of its portfolio corresponding to the cash portion of the Index in Treasury bills with a duration generally of 90 days or less or in investment companies, such as money market funds.


The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index. At times the Fund may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an exchange-traded fund ("ETF") that seeks to track the Index or the Reference Index.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's investments are subject to the following principal risks:


n  Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.


n  ETF Structure Risks — The Fund is structured as an ETF and as a result is subject to special risks, including:


n  Not Individually Redeemable The Fund's shares ("Shares") are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Alternatively, you may redeem your Shares by selling them on the secondary market at prevailing market prices.


n  Trading Issues Trading in Shares on the Exchange (as defined below) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the Shares. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to differences between the market price of the Shares and the underlying value of those Shares.


n  Market Price Variance Risk The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a premium or discount to NAV.


n  International Closed Market Trading Risk Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange (as defined below) is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges. Because the Fund generally relies on the last quoted prices for such securities when calculating its NAV, such events may cause Shares to trade at a premium or discount to NAV.


n  Authorized Participants Concentration Risk A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV.


n  Intraday Indicative Value (IIV) Risk The Exchange intends to disseminate the approximate per share value of the Fund's published basket of securities ("Deposit Securities") every 15 seconds (the "intraday indicative value" or "IIV''). The IIV is not a "real-time" update of the NAV per share of the Fund because the IIV may not be calculated in the same manner as the NAV. For example, the calculation of the NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV and, unlike the calculation of NAV, the IIV does not take into account Fund expenses. The IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close which could affect premiums and discounts between the IIV and the market price of the Shares. In addition, the IIV is based on the published Deposit Securities and not on the Fund's actual holdings.


n  Fixed Income Risk — The value of the Fund's direct or indirect investments in fixed income securities changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.


n  Foreign Investment Risk


n  Foreign Exposure Risk Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.


n  Currency Risk The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the US dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.


n  Index/Defensive Positioning Risk — Because the Index's allocation to cash versus securities is determined at month-end, there is a risk that the Index, and thus the Fund, will not react to changes in market conditions that occur between reallocations. The Fund will incur transaction costs and potentially adverse tax consequences in the event the Index allocates to cash. There is no guarantee that the Index's prescribed liquidation and reinvestment strategy, if employed, will be successful in minimizing downside market risk.


n  Investment Company Risk — An investment company (including an ETF) or similar vehicle in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.


n  Limited History of Operations — The Fund is a new ETF and, therefore, has a limited history of operations for investors to evaluate.


n  Passive Investment Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index.


The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the applicable Index.


n  Portfolio Turnover Risk — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities will generally result in higher transaction costs and Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed as ordinary income.


n  Sampling Risk — The Fund's use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities of the Index. To the extent the assets in the Fund are similar, these risks will be greater.


n  Tracking Risk — The Fund's return may not match the return of the Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities; and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Fund's use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.


You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.


By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years (or the life of the Fund if shorter). The table compares the Fund's average annual total returns over the same period to a broad measure of market performance. We assume reinvestment of dividends and distributions.


Updated performance information is available on the Fund's website at VictorySharesLiterature.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress VictorySharesLiterature.com
Bar Chart [Heading] rr_BarChartHeading Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date total return of the Fund through September 30, 2018 was -0.51%.


Highest Quarter  7.24% (quarter ended March 31, 2017)


Lowest Quarter  -9.77% (quarter ended September 30, 2015)

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (0.51%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.24%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.77%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the Periods ended December 31, 2017)
VictoryShares Developed Enhanced Volatility Wtd ETF | MSCI EAFE Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 25.03%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.97% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2014
VictoryShares Developed Enhanced Volatility Wtd ETF | Nasdaq Victory International 500 Long/Cash Volatility Weighted Index Index returns reflect no deduction for fees, expenses, or taxes, except foreign withholding taxes.  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.04%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.53% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2014
VictoryShares Developed Enhanced Volatility Wtd ETF | VictoryShares Developed Enhanced Volatility Wtd ETF  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.40%
Other Expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.58%
Fee Waivers/Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.13%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.45% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 46
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 173
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 311
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 713
Annual Return 2015 rr_AnnualReturn2015 (6.64%)
Annual Return 2016 rr_AnnualReturn2016 (8.04%)
Annual Return 2017 rr_AnnualReturn2017 25.68%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 25.68%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.74% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2014
VictoryShares Developed Enhanced Volatility Wtd ETF | VictoryShares Developed Enhanced Volatility Wtd ETF | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 25.20%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.43% [1]
VictoryShares Developed Enhanced Volatility Wtd ETF | VictoryShares Developed Enhanced Volatility Wtd ETF | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.01%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.41% [1]
[1] Inception date is October 1, 2014.
[2] Victory Capital Management Inc., the Fund's investment adviser, ("Adviser") has contractually agreed to waive its management fee and/or reimburse expenses through at least October 31, 2019 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding Acquired Fund Fees and Expenses and certain other items such as interest, taxes and brokerage commissions) do not exceed 0.45%. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed by it or by the Fund's predecessor adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment. This agreement may only be terminated by the Fund's Board of Trustees.
XML 56 R114.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Nov. 01, 2018
XML 57 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 58 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 60 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 84 74 1 true 55 0 false 2 false false R1.htm 000001 - Document - Document and Entity Information Sheet http://victory.com/20181025/role/DocumentAndEntityInformation Document and Entity Information 1 false true R2.htm 020000 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US 500 Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesUS500VolatilityWtdETF Risk/Return Summary- VictoryShares US 500 Volatility Wtd ETF 2 false false R8.htm 020006 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US 500 Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesUS500VolatilityWtdETF Risk/Return Detail Data- VictoryShares US 500 Volatility Wtd ETF 3 false true R9.htm 020007 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Quality Growth ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesQualityGrowthETF Risk/Return Summary- VictoryShares Quality Growth ETF 4 false false R13.htm 020011 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Quality Growth ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesQualityGrowthETF Risk/Return Detail Data- VictoryShares Quality Growth ETF 5 false true R14.htm 020012 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Quality Value ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesQualityValueETF Risk/Return Summary- VictoryShares Quality Value ETF 6 false false R18.htm 020016 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Quality Value ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesQualityValueETF Risk/Return Detail Data- VictoryShares Quality Value ETF 7 false true R19.htm 020017 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Small Cap Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesUSSmallCapVolatilityWtdETF Risk/Return Summary- VictoryShares US Small Cap Volatility Wtd ETF 8 false false R25.htm 020023 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Small Cap Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesUSSmallCapVolatilityWtdETF Risk/Return Detail Data- VictoryShares US Small Cap Volatility Wtd ETF 9 false true R26.htm 020024 - Document - Risk/Return Summary {Unlabeled} - VictoryShares International Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesInternationalVolatilityWtdETF Risk/Return Summary- VictoryShares International Volatility Wtd ETF 10 false false R32.htm 020030 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares International Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesInternationalVolatilityWtdETF Risk/Return Detail Data- VictoryShares International Volatility Wtd ETF 11 false true R33.htm 020031 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Emerging Market Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesEmergingMarketVolatilityWtdETF Risk/Return Summary- VictoryShares Emerging Market Volatility Wtd ETF 12 false false R39.htm 020037 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Emerging Market Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesEmergingMarketVolatilityWtdETF Risk/Return Detail Data- VictoryShares Emerging Market Volatility Wtd ETF 13 false true R40.htm 020038 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Large Cap High Div Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesUSLargeCapHighDivVolatilityWtdETF Risk/Return Summary- VictoryShares US Large Cap High Div Volatility Wtd ETF 14 false false R46.htm 020044 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Large Cap High Div Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesUSLargeCapHighDivVolatilityWtdETF Risk/Return Detail Data- VictoryShares US Large Cap High Div Volatility Wtd ETF 15 false true R47.htm 020045 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Small Cap High Div Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesUSSmallCapHighDivVolatilityWtdETF Risk/Return Summary- VictoryShares US Small Cap High Div Volatility Wtd ETF 16 false false R53.htm 020051 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Small Cap High Div Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesUSSmallCapHighDivVolatilityWtdETF Risk/Return Detail Data- VictoryShares US Small Cap High Div Volatility Wtd ETF 17 false true R54.htm 020052 - Document - Risk/Return Summary {Unlabeled} - VictoryShares International High Div Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesInternationalHighDivVolatilityWtdETF Risk/Return Summary- VictoryShares International High Div Volatility Wtd ETF 18 false false R60.htm 020058 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares International High Div Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesInternationalHighDivVolatilityWtdETF Risk/Return Detail Data- VictoryShares International High Div Volatility Wtd ETF 19 false true R61.htm 020059 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Emerging Market High Div Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesEmergingMarketHighDivVolatilityWtdETF Risk/Return Summary- VictoryShares Emerging Market High Div Volatility Wtd ETF 20 false false R65.htm 020063 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Emerging Market High Div Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesEmergingMarketHighDivVolatilityWtdETF Risk/Return Detail Data- VictoryShares Emerging Market High Div Volatility Wtd ETF 21 false true R66.htm 020064 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Dividend Accelerator ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesDividendAcceleratorETF Risk/Return Summary- VictoryShares Dividend Accelerator ETF 22 false false R70.htm 020068 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Dividend Accelerator ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesDividendAcceleratorETF Risk/Return Detail Data- VictoryShares Dividend Accelerator ETF 23 false true R71.htm 020069 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Multi-Factor Minimum Volatility ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesUSMultiFactorMinimumVolatilityETF Risk/Return Summary- VictoryShares US Multi-Factor Minimum Volatility ETF 24 false false R75.htm 020073 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Multi-Factor Minimum Volatility ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesUSMultiFactorMinimumVolatilityETF Risk/Return Detail Data- VictoryShares US Multi-Factor Minimum Volatility ETF 25 false true R76.htm 020074 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Global Multi-Factor Minimum Volatility ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesGlobalMultiFactorMinimumVolatilityETF Risk/Return Summary- VictoryShares Global Multi-Factor Minimum Volatility ETF 26 false false R80.htm 020078 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Global Multi-Factor Minimum Volatility ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesGlobalMultiFactorMinimumVolatilityETF Risk/Return Detail Data- VictoryShares Global Multi-Factor Minimum Volatility ETF 27 false true R81.htm 020079 - Document - Risk/Return Summary {Unlabeled} - VictoryShares International Multi-Factor Minimum Volatility ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesInternationalMultiFactorMinimumVolatilityETF Risk/Return Summary- VictoryShares International Multi-Factor Minimum Volatility ETF 28 false false R85.htm 020083 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares International Multi-Factor Minimum Volatility ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesInternationalMultiFactorMinimumVolatilityETF Risk/Return Detail Data- VictoryShares International Multi-Factor Minimum Volatility ETF 29 false true R86.htm 020084 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US 500 Enhanced Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesUS500EnhancedVolatilityWtdETF Risk/Return Summary- VictoryShares US 500 Enhanced Volatility Wtd ETF 30 false false R92.htm 020090 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US 500 Enhanced Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesUS500EnhancedVolatilityWtdETF Risk/Return Detail Data- VictoryShares US 500 Enhanced Volatility Wtd ETF 31 false true R93.htm 020091 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US EQ Income Enhanced Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesUSEQIncomeEnhancedVolatilityWtdETF Risk/Return Summary- VictoryShares US EQ Income Enhanced Volatility Wtd ETF 32 false false R99.htm 020097 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US EQ Income Enhanced Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesUSEQIncomeEnhancedVolatilityWtdETF Risk/Return Detail Data- VictoryShares US EQ Income Enhanced Volatility Wtd ETF 33 false true R100.htm 020098 - Document - Risk/Return Summary {Unlabeled} - VictoryShares US Discovery Enhanced Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesUSDiscoveryEnhancedVolatilityWtdETF Risk/Return Summary- VictoryShares US Discovery Enhanced Volatility Wtd ETF 34 false false R106.htm 020104 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares US Discovery Enhanced Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesUSDiscoveryEnhancedVolatilityWtdETF Risk/Return Detail Data- VictoryShares US Discovery Enhanced Volatility Wtd ETF 35 false true R107.htm 020105 - Document - Risk/Return Summary {Unlabeled} - VictoryShares Developed Enhanced Volatility Wtd ETF Sheet http://victory.com/20181025/role/DocumentRiskReturnSummaryUnlabeledVictorySharesDevelopedEnhancedVolatilityWtdETF Risk/Return Summary- VictoryShares Developed Enhanced Volatility Wtd ETF 36 false false R113.htm 020111 - Disclosure - Risk/Return Detail Data {Elements} - VictoryShares Developed Enhanced Volatility Wtd ETF Sheet http://victory.com/20181025/role/DisclosureRiskReturnDetailDataElementsVictorySharesDevelopedEnhancedVolatilityWtdETF Risk/Return Detail Data- VictoryShares Developed Enhanced Volatility Wtd ETF 37 false false R114.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data 38 false false All Reports Book All Reports ck0001547580-20181025.xml ck0001547580-20181025.xsd ck0001547580-20181025_cal.xml ck0001547580-20181025_def.xml ck0001547580-20181025_lab.xml ck0001547580-20181025_pre.xml BarChart1.png BarChart2.png BarChart3.png BarChart4.png BarChart5.png BarChart6.png BarChart7.png BarChart8.png BarChart9.png BarChart10.png BarChart11.png http://xbrl.sec.gov/rr/2012-01-31 http://xbrl.sec.gov/dei/2012-01-31 true true ZIP 62 0001104659-18-066871-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-18-066871-xbrl.zip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