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      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares US Small Cap Volatility Wtd ETF</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="US Small Cap Volatility WTD ETF" sharesOutstandingClassId="C000157585" sharesOutstandingTickerSymbol=" CSA "/>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
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            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.000700000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.002400000</indexFundReturnDiffAfterExpense>
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            <indexFundReturnDailyStdevAfterExpense>0.000274943</indexFundReturnDailyStdevAfterExpense>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
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          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>658803.8125</avgPortfolioSecuritiesValue>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
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        <investmentAdvisers>
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            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
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          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
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            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
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            <adminStateCountry adminState="US-OH" adminCountry="US"/>
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          <admin>
            <adminName>Victory Capital Management Inc</adminName>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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          <broker>
            <brokerName>RBC CAPITAL MARKETS</brokerName>
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          <broker>
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          <broker>
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          <broker>
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          <broker>
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        <aggregateCommission>11511.84000000</aggregateCommission>
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        <lineOfCredit hasLineOfCredit="Y">
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                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
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            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
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                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
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      <managementInvestmentQuestion>
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          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
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        <fundLendSecurities didFundLendSecurities="Y">
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          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
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          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <investmentAdvisers>
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            <transferAgentName>Citibank, N.A.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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          <custodian>
            <custodianName>Citibank N.A.</custodianName>
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            <adminName>Victory Capital Management Inc</adminName>
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          <admin>
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      <managementInvestmentQuestion>
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          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>2065506.80333333</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>26310</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>
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            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
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            <transferAgentLei>E57ODZWZ7FF32TWEFA76</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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          <custodian>
            <custodianName>Citibank N.A.</custodianName>
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            <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>
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            <adminStateCountry adminState="US-OH" adminCountry="US"/>
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            <isAdminSubAdmin>Y</isAdminSubAdmin>
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          <admin>
            <adminName>Victory Capital Management Inc</adminName>
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            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>UBS SECURITIES LLC</brokerName>
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          <broker>
            <brokerName>JEFFERIES LLC</brokerName>
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          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
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          <broker>
            <brokerName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</brokerName>
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            <grossCommission>1606.73000000</grossCommission>
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          <broker>
            <brokerName>J.P. MORGAN SECURITIES LLC</brokerName>
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          <broker>
            <brokerName>CITIGROUP GLOBAL MARKETS INC.</brokerName>
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          <broker>
            <brokerName>MORGAN STANLEY &amp; CO. LLC</brokerName>
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                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
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            <lineOfCreditDetail>
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        <isInterfundBorrowing>N</isInterfundBorrowing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares USAA Core Intermediate-Term Bond ETF</mgmtInvFundName>
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          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
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          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
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                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
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              <didIndemnificationRights>N</didIndemnificationRights>
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
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          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>1808091.138</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>28453</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
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          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <custodian>
            <custodianName>Citibank N.A.</custodianName>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
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          <admin>
            <adminName>Victory Capital Management Inc</adminName>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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          <broker>
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          <broker>
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          <broker>
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          <broker>
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          <broker>
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      <managementInvestmentQuestion>
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          <fundType>Exchange-Traded Fund</fundType>
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            <indexFundReturnDiffAfterExpense>0.012100000</indexFundReturnDiffAfterExpense>
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        <fundLendSecurities didFundLendSecurities="Y">
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
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                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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          <pricingService>
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        <relyOnRuleType>N/A</relyOnRuleType>
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        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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          <custodian>
            <custodianName>Citibank N.A.</custodianName>
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            <adminName>Citi Fund Services Ohio, Inc.</adminName>
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      <managementInvestmentQuestion>
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          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
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          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <investmentAdvisers>
          <investmentAdviser>
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          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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          <admin>
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        <investmentAdvisers>
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    <signature registrantSignedName="Victory Portfolios II" signedDate="2020-09-10" signature="Allan Shaer" title="Principal Financial Officer"/>
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</edgarSubmission>
