SCHEDULE A 

TO THE EXPENSE LIMITATION AGREEMENT DATED MAY 1, 2021 

BETWEEN  

VICTORY PORTFOLIOS II AND VICTORY CAPITAL MANAGEMENT INC. 

OPERATING EXPENSE LIMITS AS OF JUNE 1, 2021 

Fund/Class	Maximum Operating Expense Limit	Date of Termination	Effective Date of Waiver
Victory US 500 Enhanced Volatility Wtd Index Fund
Class A	0.99%	October 31, 2021	November 1, 2020
Class C	1.74%	October 31, 2021	November 1, 2020
Class I	0.74%	October 31, 2021	November 1, 2020
Victory Market Neutral Income Fund
Class A	0.75%	October 31, 20221	November 1, 2020
Class C	1.50%	October 31, 2021	November 1, 2020
Class I	0.40%	October 31, 2021	November 1, 2020
Member Class	0.55%	October 31, 2021	June 10, 2020
VictoryShares US 500 Volatility Wtd ETF	0.35%	October 31, 20221	November 1, 2020
VictoryShares US Discovery Enhanced Volatility Wtd ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares US 500 Enhanced Volatility Wtd ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares Developed Enhanced Volatility Wtd ETF	0.45%	October 31, 2021	November 1, 2020
VictoryShares US EQ Income Enhanced Volatility Wtd ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares US Small Cap Volatility Wtd ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares International Volatility Wtd ETF	0.45%	October 31, 2021	November 1, 2020
VictoryShares US Large Cap High Div Volatility Wtd ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares US Small Cap High Div Volatility Wtd ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares International High Div  Volatility Wtd ETF	0.45%	October 31, 2021	November 1, 2020
VictoryShares Emerging Market High Div Volatility Wtd ETF	0.50%	October 31, 2021	November 1, 2020
VictoryShares Dividend Accelerator ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares US Multi-Factor Minimum Volatility ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares USAA Core Intermediate-Term Bond ETF	0.40%	October 31, 2021	November 1, 2020
VictoryShares USAA Core Short-Term Bond ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	0.45%	October 31, 2021	November 1, 2020
VictoryShares USAA MSCI International Value Momentum ETF	0.35%	October 31, 2021	November 1, 2020
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	0.25%	October 31, 2021	November 1, 2020
VictoryShares USAA MSCI USA Value Momentum ETF	0.20%	October 31, 2021	November 1, 2020
VictoryShares Nasdaq Next 50 ETF	0.18%	May 30, 2022	August 25, 2020
VictoryShares Top Veteran Employers ETF	0.60%	November 2, 2021	June 18, 2020
VictoryShares Defend America ETF	0.60%	November 2, 2021	June 18, 2020
VictoryShares ESG Core Plus Bond ETF*	0.40%	October 31, 2022	June 1, 2021
VictoryShares ESG Corporate Bond ETF*	0.40%	October 31, 2022	June 1, 2021
VictoryShares THB Mid Cap ESG ETF*	0.55%	October 31, 2022	June 1, 2021

* Pending Launch 

(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions) 

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