SCHEDULE A

to the

INVESTMENT ADVISORY AGREEMENT

between

VICTORY PORTFOLIOS II

and

VICTORY CAPITAL MANAGEMENT INC.

Dated: May 21, 2015

ETFs

ETF Name	Fee1	Last Approved	Must Be Approved By
VictoryShares US 500 Volatility Wtd ETF	0.30%	December 5, 2023	December 31, 2024
VictoryShares US 500 Enhanced Volatility Wtd ETF	0.30%	December 5, 2023	December 31, 2024
VictoryShares US EQ Income Enhanced Volatility Wtd	0.30%	December 5, 2023	December 31, 2024
ETF
VictoryShares US Discovery Enhanced Volatility Wtd	0.30%	December 5, 2023	December 31, 2024
ETF
VictoryShares Developed Enhanced Volatility Wtd	0.40%	December 5, 2023	December 31, 2024
ETF
VictoryShares US Small Cap Volatility Wtd ETF	0.30%	December 5, 2023	December 31, 2024
VictoryShares International Volatility Wtd ETF	0.40%	December 5, 2023	December 31, 2024
VictoryShares US Large Cap High Div Volatility Wtd	0.30%	December 5, 2023	December 31, 2024
ETF
VictoryShares US Small Cap High Div Volatility Wtd	0.30%	December 5, 2023	December 31, 2024
ETF
VictoryShares International High Div Volatility Wtd	0.40%	December 5, 2023	December 31, 2024
ETF
VictoryShares Dividend Accelerator ETF	0.30%	December 5, 2023	December 31, 2024
VictoryShares US Multi-Factor Minimum Volatility	0.30%	December 5, 2023	December 31, 2024
ETF
VictoryShares Core Intermediate Bond ETF	0.30%	December 5, 2023	December 31, 2024
VictoryShares Core Short-Term Bond ETF	0.25%	December 5, 2023	December 31, 2024
VictoryShares Emerging Markets Value Momentum	0.30%	December 5, 2023	December 31, 2024
ETF
VictoryShares International Value Momentum ETF	0.25%	December 5, 2023	December 31, 2024
VictoryShares US Small Mid Cap Value Momentum	0.15%	December 5, 2023	December 31, 2024
ETF

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

			Must Be
ETF Name	Fee1	Last Approved	Approved By
VictoryShares US Value Momentum ETF	0.15%	December 5, 2023	December 31, 2024
VictoryShares Nasdaq Next 50 ETF	0.15%	December 5, 2023	December 31, 2024
VictoryShares THB Mid Cap ETF	0.50%	December 5, 2023	December 31, 2024
VictoryShares Core Plus Intermediate Bond ETF	0.35%	December 5, 2023	December 31, 2024
VictoryShares Corporate Bond ETF	0.35%	December 5, 2023	December 31, 2024
VictoryShares WestEnd US Sector ETF	0.40%	December 5, 2023	December 31, 2024
VictoryShares Free Cash Flow ETF	0.35%	December 5, 2023	December 31, 2024
VictoryShares Small Cap Free Cash Flow ETF	0.45%	December 5, 2023	December 31, 2024
VictoryShares WestEnd Global Equity ETF*	0.52%	May 21, 2024	December 31, 2024
VictoryShares WestEnd Dynamic Equity ETF*	0.65%	May 21, 2024	December 31, 2024
VictoryShares WestEnd Economic Cycle Bond ETF*	0.35%	May 21, 2024	December 31, 2024
VictoryShares Hedged Equity Income ETF*	0.50%	May 21, 2024	December 31, 2024

Mutual Funds

			Last	Must Be
	Name of Fund	Fee1	Approved	Approved By
	Victory US 500 Enhanced Volatility Wtd Index Fund	0.70%	December 5, 2023	December 31, 2024
	Victory Market Neutral Income Fund	0.35%	December 5, 2023	December 31, 2024
	Current as of May 21, 2024
* Pending launch

VICTORY PORTFOLIOS II

By: /s/ Thomas Dusenberry

Name: Thomas Dusenberry

Title: Secretary

Accepted:

VICTORY CAPITAL MANAGEMENT INC.

By: /s/ Michael Policarpo

Name: Michael Policarpo II

Title: President, Chief Financial Officer and Chief Administrative Officer

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