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 May 20, 2025

	Maximum
	Operating		Effective Date of
Fund/Class	Expense Limit	Date of Termination	Waiver
Victory Market Neutral Income Fund
Class A	0.76%	October 31, 2025	November 1, 2024
Class C	1.51%	October 31, 2025	November 1, 2024
Class I	0.41%	October 31, 2025	November 1, 2024
Member Class	0.56%	October 31, 2025	November 1, 2024
VictoryShares US 500 Volatility Wtd	0.35%	October 31, 2025	November 1, 2024
ETF
VictoryShares US 500 Enhanced	0.35%	October 31, 2025	November 1, 2024
Volatility Wtd ETF
VictoryShares US EQ Income	0.35%	October 31, 2025	November 1, 2024
Enhanced Volatility Wtd ETF
VictoryShares International Volatility	0.45%	October 31, 2025	November 1, 2024
Wtd ETF
VictoryShares US Large Cap High Div	0.35%	October 31, 2025	November 1, 2024
Volatility Wtd ETF
VictoryShares US Small Cap High Div	0.35%	October 31, 2025	November 1, 2024
Volatility Wtd ETF
VictoryShares Dividend Accelerator	0.35%	October 31, 2025	November 1, 2024
ETF
VictoryShares US Multi-Factor	0.35%	October 31, 2025	November 1, 2024
Minimum Volatility ETF
VictoryShares Core Intermediate	0.40%	October 31, 2025	November 1, 2024
Bond ETF
VictoryShares Short-Term Bond ETF	0.35%	October 31, 2025	November 1, 2024
VictoryShares Emerging Markets	0.45%	October 31, 2025	November 1, 2024
Value Momentum ETF
VictoryShares International Value	0.35%	October 31, 2025	November 1, 2024
Momentum ETF
VictoryShares US Small Mid Cap	0.25%	October 31, 2025	November 1, 2024
Value Momentum ETF

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

B-1

	Maximum
	Operating		Effective Date of
Fund/Class	Expense Limit	Date of Termination	Waiver
VictoryShares US Value Momentum	0.20%	October 31, 2025	November 1, 2024
ETF
VictoryShares Core Plus Intermediate	0.40%	October 31, 2025	November 1, 2024
Bond ETF
VictoryShares Corporate Bond ETF	0.40%	October 31, 2025	November 1, 2024
VictoryShares WestEnd US Sector	0.46%	October 31, 2025	November 1, 2024
ETF
VictoryShares Free Cash Flow ETF	0.39%	October 31, 2025	November 1, 2024
VictoryShares Small Cap Free Cash	0.49%	October 31, 2025	November 1, 2024
Flow ETF
VictoryShares WestEnd Global Equity	0.60%	October 31, 2025	May 21, 2024
ETF
VictoryShares WestEnd Dynamic	0.70%	October 31, 2025	May 21, 2024
Equity ETF
VictoryShares WestEnd Economic	0.40%	October 31, 2025	May 21, 2024
Cycle Bond ETF
VictoryShares Hedged Equity Income	0.55%	October 31, 2025	May 21, 2024
ETF
VictoryShares Free Cash Flow	0.39%	October 31, 2026	December 4, 2024
Growth ETF
VictoryShares International Free	0.56%	October 31, 2026	May 20, 2025
Cash Flow ETF
VictoryShares International Free	0.56%	October 31, 2026	May 20, 2025
Cash Flow Growth ETF
VictoryShares Pioneer Asset-Based	0.70%	October 31, 2026	May 20, 2025
Income ETF

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

B-2