<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN/A</submissionType>
    <accessionNumber>0001752724-18-000309</accessionNumber>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001547580</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-22696</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000044749</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000044751</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000037778</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000044750</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000037769</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000049904</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000044752</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000049905</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000056883</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000056886</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000049909</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000044753</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000049910</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000049908</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000049906</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000049907</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2018-06-30" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Victory Portfolios II</registrantFullName>
      <investmentCompFileNo>811-22696</investmentCompFileNo>
      <registrantCik>0001547580</registrantCik>
      <registrantLei>00000000000000000000</registrantLei>
      <registrantstreet1>4900 Tiedeman Road</registrantstreet1>
      <registrantstreet2>4th Floor</registrantstreet2>
      <registrantcity>Brooklyn</registrantcity>
      <registrantzipCode>44144</registrantzipCode>
      <registrantstate>US-OH</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>800-539-3863</registrantphoneNumber>
      <websites>
        <website webpage="www.vcm.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Victory Capital Advisers, Inc.</officeName>
          <officeAddress1>4900 Tiedeman Road</officeAddress1>
          <officeAddress2>4th Floor</officeAddress2>
          <officeCity>Brooklyn</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>44144</officeRecordsZipCode>
          <officePhone>800-539-3863</officePhone>
          <booksRecordsDesc>records relating to its function as distributor for certain funds</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Victory Capital Management Inc.</officeName>
          <officeAddress1>4900 Tiedeman Road</officeAddress1>
          <officeAddress2>4th Floor</officeAddress2>
          <officeCity>Brooklyn</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>44144</officeRecordsZipCode>
          <officePhone>800-539-3863</officePhone>
          <booksRecordsDesc>records relating to its functions as investment adviser and administrator</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Citi Fund Services Ohio, Inc.</officeName>
          <officeAddress1>4400 Easton Commons</officeAddress1>
          <officeAddress2>Suite 200</officeAddress2>
          <officeCity>Columbus</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>43219</officeRecordsZipCode>
          <officePhone>614-470-8000</officePhone>
          <booksRecordsDesc>records relating to its functions as sub-administrator and sub-fund accountant</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>FIS Investor Services LLC</officeName>
          <officeAddress1>4249 Easton Way</officeAddress1>
          <officeAddress2>Suite 400</officeAddress2>
          <officeCity>Columbus</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>43219</officeRecordsZipCode>
          <officePhone>800-237-4851</officePhone>
          <booksRecordsDesc>records relating to its functions as transfer agent and dividend disbursing agent for certain funds</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Foreside Fund Services, LLC</officeName>
          <officeAddress1>Three Canal Plaza</officeAddress1>
          <officeAddress2>Suite 100</officeAddress2>
          <officeCity>Portland</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-ME"/>
          <officeRecordsZipCode>04101</officeRecordsZipCode>
          <officePhone>866-251-6920</officePhone>
          <booksRecordsDesc>records relating to function as distributor for certain funds</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Citibank N.A.</officeName>
          <officeAddress1>388 Greenwich St.</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10013</officeRecordsZipCode>
          <officePhone>813-604-4707</officePhone>
          <booksRecordsDesc>records relating to its function as custodian and transfer agent for certain funds</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>Y</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Victory Portfolios"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>20</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Gloria Nelund</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04852"/>
            <fileNumberInfo fileNumber="811-21584"/>
            <fileNumberInfo fileNumber="811-08979"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>David Meyer</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21584"/>
            <fileNumberInfo fileNumber="811-04852"/>
            <fileNumberInfo fileNumber="811-08979"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>David Adcock</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08979"/>
            <fileNumberInfo fileNumber="811-04852"/>
            <fileNumberInfo fileNumber="811-21584"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Sally Dungan</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08979"/>
            <fileNumberInfo fileNumber="811-04852"/>
            <fileNumberInfo fileNumber="811-21584"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>John Kelly</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21584"/>
            <fileNumberInfo fileNumber="811-08979"/>
            <fileNumberInfo fileNumber="811-04852"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>David Brown</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08979"/>
            <fileNumberInfo fileNumber="811-21584"/>
            <fileNumberInfo fileNumber="811-04852"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Leigh Wilson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04852"/>
            <fileNumberInfo fileNumber="811-21584"/>
            <fileNumberInfo fileNumber="811-08979"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>E. Lee Beard</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21584"/>
            <fileNumberInfo fileNumber="811-08979"/>
            <fileNumberInfo fileNumber="811-04852"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Dennis Bushe</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08979"/>
            <fileNumberInfo fileNumber="811-04852"/>
            <fileNumberInfo fileNumber="811-21584"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Nigel Andrews</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08979"/>
            <fileNumberInfo fileNumber="811-21584"/>
            <fileNumberInfo fileNumber="811-04852"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Colin Kinney</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>4900 Tiedeman Road</ccoStreet1>
          <ccoStreet2>4th Floor</ccoStreet2>
          <ccoCity>Brooklyn</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-OH"/>
          <ccoZipCode>44144</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="00-0000000"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-32519"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Victory Capital Advisors, Inc.</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-047577</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000037059</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>549300ONM3SKSOHIQ840</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-OH"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Cohen &amp; Company, Ltd.</publicAccountantName>
          <pcaobNumber>925</pcaobNumber>
          <publicAccountantLei>00000000000000000000</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-OH"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US Small Cap Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000049904</mgmtInvSeriesId>
        <mgmtInvLei>549300RO4RNI6E2H8O37</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US Small Cap Volatility WTD ETF" sharesOutstandingClassId="C000157585" sharesOutstandingTickerSymbol=" CSA "/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.02330</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.02730</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000211136</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0002101229</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1879760.22</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>15115.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2439.02</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>6200.33</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>1716.05</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>180.9</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>10536.3</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>32086408.66000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US Large Cap High Div Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000049907</mgmtInvSeriesId>
        <mgmtInvLei>549300RS1Y46ILB96P77</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US Large Cap High Div Volatility WTD ETF" sharesOutstandingClassId="C000157588" sharesOutstandingTickerSymbol=" CDL "/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.00040</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00420</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000194694</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0001946157</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>3410095.22</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>8644.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>5283.36</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>1743.7</grossCommission>
          </broker>
          <broker>
            <brokerName>KCG Americas LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>41.24</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>16850.79</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4154.58</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>397.98</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P Morgan Securities PLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000018718</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>141.44</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>28613.09</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>137132572.67000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="900000" daysCreditUsed="5"/>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US 500 Enhanced Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000044751</mgmtInvSeriesId>
        <mgmtInvLei>549300Q6CRVFDKHYIW55</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US 500 Enhanced Volatility WTD ETF" sharesOutstandingClassId="C000139053" sharesOutstandingTickerSymbol=" CFO "/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.00010</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00410</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000151717</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0001496983</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>5493246.87</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>65162.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BTIG, LLC.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>1467.6</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P Morgan Securities PLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000018718</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>116.98</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>27017.27</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>1314.54</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15489.39</grossCommission>
          </broker>
          <broker>
            <brokerName>KCG Americas LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>34.06</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>35187.37</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>80627.21</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>677164578</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="6000000" daysCreditUsed="1"/>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US EQ Income Enhanced Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000044753</mgmtInvSeriesId>
        <mgmtInvLei>549300DSJ7VCXV0QYG22</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US Eq Income Enhanced Volatility WTD ETF" sharesOutstandingClassId="C000139055" sharesOutstandingTickerSymbol=" CDC "/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.00030</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00420</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.007961551</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0079593831</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>20284647.76</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>45138.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>46542.6</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P Morgan Securities PLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000018718</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>585.08</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>1732.62</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17272.99</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>55048.01</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>7259.16</grossCommission>
          </broker>
          <broker>
            <brokerName>KCG Americas LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>170.06</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>128610.52</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>616840852</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="11400000" daysCreditUsed="1"/>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US Discovery Enhanced Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000044750</mgmtInvSeriesId>
        <mgmtInvLei>5493009CD7TFDJU7BM08</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US Discovery Enhanced Volatility WTD ETF" sharesOutstandingClassId="C000139052" sharesOutstandingTickerSymbol="CSF"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.00010</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00400</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000151207</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0001535343</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>6488447.26</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>52217.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5202.23</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>12015.19</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>9336.64</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>381.9</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>26935.96</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>82716893.41000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="600000" daysCreditUsed="1"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares Dividend Accelerator ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000056886</mgmtInvSeriesId>
        <mgmtInvLei>5493006Y0YRJCU9TI370</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Dividend Accelerator ETF" sharesOutstandingClassId="C000180597" sharesOutstandingTickerSymbol=" VSDA "/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.0003</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00420</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000051018</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0000489079</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>227565.85</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>314.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>583.33</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>97.93</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>10.08</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>691.34</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>6649695.48000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares Emerging Market Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000049906</mgmtInvSeriesId>
        <mgmtInvLei>549300J0GBE9TS76LU30</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Emerging Market Volatility WTD ETF" sharesOutstandingClassId="C000157587" sharesOutstandingTickerSymbol=" CEZ "/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.00210</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00730</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.001051930</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0010519355</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>319562.71</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>8496.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>32506.32</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P Morgan Securities PLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000018718</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>14.67</grossCommission>
          </broker>
          <broker>
            <brokerName>Investment Technology Group</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000132722</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1.98</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000162416</brokerCrdNo>
            <brokerLei>549300XBXPHWOGWFYM84</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>2353.64</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>297.48</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>35174.09</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>27517543.60000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="976923" daysCreditUsed="39"/>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Victory Market Neutral Income Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000037769</mgmtInvSeriesId>
        <mgmtInvLei>549300K0CUZCEEMBX789</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000116492" sharesOutstandingTickerSymbol="CBHCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000116493" sharesOutstandingTickerSymbol="CBHIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000116490" sharesOutstandingTickerSymbol="CBHAX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1994388.14</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>26591.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>FIS Investor Services, LLC</transferAgentName>
            <transferAgentFileNo>084-06522</transferAgentFileNo>
            <transferAgentLei>6WQI0GK1PRFVBA061U48</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management, Inc.</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Victory Capital Advisers, Inc.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000037059</brokerDealerCrdNo>
            <brokerDealerLei>549300ONM3SKSOHIQ840</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-OH" brokerDealerCountry="US"/>
            <brokerDealerCommission>304.33</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>170.18</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300E8QX0ZMRDC2M81</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>857.13</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>199.28</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>90275.59</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P Morgan Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000018718</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>180.38</grossCommission>
          </broker>
          <broker>
            <brokerName>KCG Americas LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4.02</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>SZ</brokerCountry>
            <grossCommission>36921.35</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>128607.93</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Deutsche Bank</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>529900BXKPMXQTRE1V05</principalLei>
            <principalCountry>SZ</principalCountry>
            <principalTotalPurchaseSale>0.31</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BMO Capital</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000016686</principalCrdNo>
            <principalLei>L64HM9LHPDOS1B9HJC68</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>169622.79</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4447252.71</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>194304992.01</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>51863670.14000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="1750667" interfundBorrowingDaysOutstanding="3"/>
        </interfundBorrowingDetails>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US 500 Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000044749</mgmtInvSeriesId>
        <mgmtInvLei>549300N0220QBME2UW10</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US 500 Volatility WTD ETF" sharesOutstandingClassId="C000139051" sharesOutstandingTickerSymbol="CFA"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.00010</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00410</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000182211</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0001818013</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>13807408.99</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>41773.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10926.77</grossCommission>
          </broker>
          <broker>
            <brokerName>KCG AMERICAS LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>24.6</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>868.32</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>26755.51</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>1040.02</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P Morgan Securities PLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000018718</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>84.36</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>11038.82</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>50738.4</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>430040838.02000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="4200000" daysCreditUsed="1"/>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares Emerging Market High Dividend Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000049910</mgmtInvSeriesId>
        <mgmtInvLei>549300TKAR4ULFMCRB55</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Emerging Market High Dividend Volatility WTD ETF" sharesOutstandingClassId="C000157591" sharesOutstandingTickerSymbol="CEY"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.00040</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00290</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000736531</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0007381743</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>153845.62</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>2053.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>J.P Morgan Securities PLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000018718</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>31.57</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>15134.52</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000162416</brokerCrdNo>
            <brokerLei>549300XBXPHWOGWFYM84</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>10095.57</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>52.26</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerCountry>SZ</brokerCountry>
            <grossCommission>1707.91</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>27021.83</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>13355046.68000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="866667" daysCreditUsed="3"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares International Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000049905</mgmtInvSeriesId>
        <mgmtInvLei>549300PQPRGG1DP3EJ39</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="International Volatility WTD ETF" sharesOutstandingClassId="C000157586" sharesOutstandingTickerSymbol=" CIL "/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.00270</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00210</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.001740486</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0017405869</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>22681.87</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>6855.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2.91</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>100.5</grossCommission>
          </broker>
          <broker>
            <brokerName>Investment Technology Group</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000132722</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12.53</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>6612.79</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>22.51</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>6751.24</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>18223968.83000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares Developed Enhanced Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000044752</mgmtInvSeriesId>
        <mgmtInvLei>549300MNJFKN4HXY1215</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Developed Enhanced Volatility WTD ETF" sharesOutstandingClassId="C000139054" sharesOutstandingTickerSymbol="CIZ"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.00070</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00410</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.001012847</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0010127337</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>3156545.45</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>57627.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Investment Technology Group</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000132722</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>146.08</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>518.58</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>50190.32</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>172.76</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>20.55</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>51048.29</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>136943311.59000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="620000" daysCreditUsed="5"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Victory US 500 Enhanced Volatility Wtd Index Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000037778</mgmtInvSeriesId>
        <mgmtInvLei>54930013A2RMMP8V1Y31</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>4</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000116526" sharesOutstandingTickerSymbol="CUHCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000116527" sharesOutstandingTickerSymbol="CUHIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000116524" sharesOutstandingTickerSymbol="CUHAX"/>
        </sharesOutstandings>
        <fundTypes>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.00080</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00860</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000282385</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0002805776</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>5493246.87</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>18348.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>FIS Investor Services, LLC</transferAgentName>
            <transferAgentFileNo>084-06522</transferAgentFileNo>
            <transferAgentLei>6WQI0GK1PRFVBA061U48</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management, Inc.</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Victory Capital Advisers, Inc.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000037059</brokerDealerCrdNo>
            <brokerDealerLei>549300ONM3SKSOHIQ840</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-OH" brokerDealerCountry="US"/>
            <brokerDealerCommission>9052.72</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>J.P Morgan Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000018718</brokerCrdNo>
            <brokerLei>K6Q0W1PS1L1O4IQL9C32</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>30.20</grossCommission>
          </broker>
          <broker>
            <brokerName>KCG Americas LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8.82</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300E8QX0ZMRDC2M81</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>12308.77</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>1262.28</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>372.38</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5297.14</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>SZ</brokerCountry>
            <grossCommission>1502.44</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>20782.03</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Citigroup</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>359947.58</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>48607032.56</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>130607294.55000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="180000" interfundBorrowingDaysOutstanding="1"/>
        </interfundBorrowingDetails>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US Small Cap High Div Volatility WTD ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000049908</mgmtInvSeriesId>
        <mgmtInvLei>549300GMUN0Q3JBDN646</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US Small Cap High Div Volatility WTD ETF" sharesOutstandingClassId="C000157589" sharesOutstandingTickerSymbol=" CSB "/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.00020</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00390</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000417347</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0004177499</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>4648015.98</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>37830.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>184.92</grossCommission>
          </broker>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>7474.33</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>7676.90</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>3870.59</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>19206.74</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>42248989.55000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="1000000" daysCreditUsed="1"/>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares International High Div Volatility Wtd ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000049909</mgmtInvSeriesId>
        <mgmtInvLei>5493001P5SPTEKIULJ27</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="International High Div Volatility WTD ETF" sharesOutstandingClassId="C000157590" sharesOutstandingTickerSymbol="CID"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.00210</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00250</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.007411752</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0074120080</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1142158.88</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>21989.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Deutsche Bank SA</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900BXKPMXQTRE1V05</brokerLei>
            <brokerCountry>AR</brokerCountry>
            <grossCommission>23212.5</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Market Corp.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>L64HM9LHPDOS1B9HJC68</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>225.12</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>23437.62</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>40350710.48000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US Multi-Factor Minimum Volatility ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000056883</mgmtInvSeriesId>
        <mgmtInvLei>5493004HRSYZ4WW5CD82</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US Mult-Factor Minimum Volatility ETF" sharesOutstandingClassId="C000180594" sharesOutstandingTickerSymbol="VSMV"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.00030</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.00420</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.000025261</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0000260209</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>86209.77</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>692.00</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
            <investmentAdviserFileNo>801-46878</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106189</investmentAdviserCrdNo>
            <investmentAdviserLei>549300YNO08S1SH3I683</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Cantor Fitzgerald &amp; Co.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>73.66</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Securities</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000035874</brokerCrdNo>
            <brokerLei>549300RX9GZX8Y9IGJ81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>427.13</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>500.79</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>4684760.59000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Victory Variable Insurance Funds" secFileNo="811-08979"/>
                <creditUser fundName="Victory Institutional Funds" secFileNo="811-21584"/>
                <creditUser fundName="Victory Portfolios" secFileNo="811-04852"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo>
      <exchangeTradedFund>
        <fundName>VictoryShares International High Div Volatility Wtd ETF</fundName>
        <etfSeriesId>S000049909</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CID"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Credit Suisse London LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="1783425.94" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="12443427.75" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="1782572.61" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="3607713.28" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="7081660.4" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.001586</averagePercentagePurchased>
        <standardDeviationPurchased>0.004482</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.998414</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.004482</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.002746</averagePercentageRedeemed>
        <percentSDRedeemed>0.001799</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.997254</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.001799</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>18475</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>4642.85</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares US 500 Volatility Wtd ETF</fundName>
        <etfSeriesId>S000044749</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CFA"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="203579858.1" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="149936950.3" authorizedParticipantRedeemValue="-151336260.8"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="9977753.25" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="4962531.24" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="4729852.68" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="8975649.93" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.001500</averagePercentagePurchased>
        <standardDeviationPurchased>0.002247</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.998500</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.002247</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.004472</averagePercentageRedeemed>
        <percentSDRedeemed>0.002035</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.995528</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.002035</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>2572.5</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>4901.2</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares Developed Enhanced Volatility Wtd ETF</fundName>
        <etfSeriesId>S000044752</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CIZ"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="39723043.51" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse London LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="12395795.78" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="17081224.39" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="17623191.02" authorizedParticipantRedeemValue="17577720.57"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="25984411.69" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.003752</averagePercentagePurchased>
        <standardDeviationPurchased>0.004372</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.996248</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.004372</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.000072</averagePercentageRedeemed>
        <percentSDRedeemed>0</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.999928</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>39956.63</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>2250</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares Emerging Market Volatility Wtd ETF</fundName>
        <etfSeriesId>S000049906</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CEZ"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse London LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="1430732.04" authorizedParticipantRedeemValue="14883304"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="1592576.73" authorizedParticipantRedeemValue="3078556.74"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.537349</averagePercentagePurchased>
        <standardDeviationPurchased>0.010069</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.462651</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.010069</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.524840</averagePercentageRedeemed>
        <percentSDRedeemed>0.009278</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.475160</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.009278</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>55188.42</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>1188.42</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>41621.88</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>19871.88</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares Dividend Accelerator ETF</fundName>
        <etfSeriesId>S000056886</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VSDA"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="2786531.48" authorizedParticipantRedeemValue="2806713.27"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="4008058.03" authorizedParticipantRedeemValue="1386065.6"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.000349</averagePercentagePurchased>
        <standardDeviationPurchased>0.000387</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.999651</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.000387</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.022976</averagePercentageRedeemed>
        <percentSDRedeemed>0.019497</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.977024</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.019497</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>2250</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>2250</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares US Discovery Enhanced Volatility Wtd ETF</fundName>
        <etfSeriesId>S000044750</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CSF"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="42241085.5" authorizedParticipantRedeemValue="2238099.53"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="4657960.56" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="39798170.64" authorizedParticipantRedeemValue="37802441.61"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.000703</averagePercentagePurchased>
        <standardDeviationPurchased>0.000982</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.999297</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.000982</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.002477</averagePercentageRedeemed>
        <percentSDRedeemed>0.002364</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.997523</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.002364</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>3941.04</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>6441.2</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares US Small Cap High Div Volatility WTD ETF</fundName>
        <etfSeriesId>S000049908</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CSB"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="25353548.92" authorizedParticipantRedeemValue="25475698.61"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="2133888.62"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="14844153.62" authorizedParticipantRedeemValue="6556179.9"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="2249480.94" authorizedParticipantRedeemValue="2188008.84"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.001622</averagePercentagePurchased>
        <standardDeviationPurchased>0.001100</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.998378</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.001100</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.001968</averagePercentageRedeemed>
        <percentSDRedeemed>0.001182</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.998032</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.001182</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>1180.28</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>1958.35</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares US Small Cap Volatility Wtd ETF</fundName>
        <etfSeriesId>S000049904</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CSA"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="15648344.46" authorizedParticipantRedeemValue="15720730.83"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="9705644.42" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="6408617.56" authorizedParticipantRedeemValue="6845158.3"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="2281220.19" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.001133</averagePercentagePurchased>
        <standardDeviationPurchased>0.001000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.998867</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.001000</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.000967</averagePercentageRedeemed>
        <percentSDRedeemed>0.001242</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.999033</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.001242</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>3399.87</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>11321.45</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares International Volatility Wtd ETF</fundName>
        <etfSeriesId>S000049905</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CIL"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="2075608.37" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="2052409.76" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="3984790.57" authorizedParticipantRedeemValue="3982938.61"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="3927426.99" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.000932</averagePercentagePurchased>
        <standardDeviationPurchased>0.005005</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.999068</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.005005</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.004367</averagePercentageRedeemed>
        <percentSDRedeemed>0.004768</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.995633</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.004768</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>102000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>60000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares Emerging Market High Dividend Volatility Wtd ETF</fundName>
        <etfSeriesId>S000049910</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CEY"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="17143221.13" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="6318143.76" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse London LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.509948</averagePercentagePurchased>
        <standardDeviationPurchased>0.143767</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.490052</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.143767</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.000000</averagePercentageRedeemed>
        <percentSDRedeemed>0</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>24286.29</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>8837.87</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>N/A</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares US Large Cap High Div Volatility Wtd ETF</fundName>
        <etfSeriesId>S000049907</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CDL"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="28459278.98" authorizedParticipantRedeemValue="8758094.26"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="2163140.13" authorizedParticipantRedeemValue="6683415.13"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="74834328.63" authorizedParticipantRedeemValue="75082213.34"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.002622</averagePercentagePurchased>
        <standardDeviationPurchased>0.001491</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.997378</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.001491</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.002479</averagePercentageRedeemed>
        <percentSDRedeemed>0.001691</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.997521</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.001691</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>758.94</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>1721.18</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares US 500 Enhanced Volatility Wtd ETF</fundName>
        <etfSeriesId>S000044751</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CFO"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="19175388.95" authorizedParticipantRedeemValue="2312748.98"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="236399324.7" authorizedParticipantRedeemValue="227522179.1"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="444785908.7" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="4800267.8" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="2199237.04"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.001328</averagePercentagePurchased>
        <standardDeviationPurchased>0.001777</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.998672</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.001777</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.002576</averagePercentageRedeemed>
        <percentSDRedeemed>0.001553</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.997424</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.001553</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>3570.41</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>8501.1</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares US EQ Income Enhanced Volatility Wtd ETF</fundName>
        <etfSeriesId>S000044753</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="CDC"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="9380063.36" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="8956061.73" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="213932352" authorizedParticipantRedeemValue="2330225.24"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="8630429.06" authorizedParticipantRedeemValue="13066801.31"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="404188778.2" authorizedParticipantRedeemValue="400128336.4"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.002288</averagePercentagePurchased>
        <standardDeviationPurchased>0.003732</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.997712</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.003732</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.002206</averagePercentageRedeemed>
        <percentSDRedeemed>0.002022</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.997794</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.002022</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>895.76</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>556.68</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>VictoryShares US Multi-Factor Minimum Volatility ETF</fundName>
        <etfSeriesId>S000056883</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="XNAS" fundsTickerSymbol="VSMV"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Credit Suisse (USA) LLC" authorizedParticipantFileNo="008-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="5441366.91" authorizedParticipantRedeemValue="1372519.85"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets" authorizedParticipantFileNo="008-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="008-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Nomura Securities" authorizedParticipantFileNo="008-15255" authorizedParticipantCrdNo="000004297" authorizedParticipantLei="OXTKY6Q8X53C9ILVV871" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch" authorizedParticipantFileNo="008-07221" authorizedParticipantCrdNo="000007691" authorizedParticipantLei="8NAV47T0Y26Q87Y0QP81" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Cantor Fitzgerald &amp; Co." authorizedParticipantFileNo="008-00201" authorizedParticipantCrdNo="000000134" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley" authorizedParticipantFileNo="008-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas" authorizedParticipantFileNo="008-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="1403549.22" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank" authorizedParticipantFileNo="008-17822" authorizedParticipantCrdNo="000002525" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="1298040.94" authorizedParticipantRedeemValue="1306334.35"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="008-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
          <authorizedParticipant authorizedParticipantName="JPMorgan" authorizedParticipantFileNo="008-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantPurchaseValue="0" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.000694</averagePercentagePurchased>
        <standardDeviationPurchased>0.000470</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.999306</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.000470</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.005271</averagePercentageRedeemed>
        <percentSDRedeemed>0.018729</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.994729</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.018729</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>2250</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>2250</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>true</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Victory Portfolios II" signedDate="2019-08-26" signature="Allan Shaer" title="Principal Financial Officer"/>
  </formData>
</edgarSubmission>
