Fund Description: Victory CEMP Emerging Market Volatility Wtd Index ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Victory Portfolios II, formerly Compass EMP Funds Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Victory CEMP Emerging Market Volatility Wtd Index ETF seeks to provide investment results that match the performance, before fees and expenses, of the CEMP Emerging Market 500 Volatility Weighted Index. INDEX DESCRIPTION: The CEMP Emerging Market 500 Volatility Weighted Index consists of 500 of the largest emerging market country stocks with consistent positive earnings. These stocks are then weighted based on their standard deviation (volatility). The Index universe begins with all publicly traded stocks domiciled in the Emerging Market countries, then screens for all companies with consistent net positive earnings for four consecutive quarters. The Index identifies up to the 500 largest Emerging Market stocks by market capitalization. The remaining 500 stocks are weighted based on their daily standard deviation (volatility) over the last 180 trading days compared to the aggregate mean. The Index is reconstituted every March and September. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets directly or indirectly in the stock of issuers included in the Index. The Fund uses a sampling process to invest in a representative sample of stocks included in the Index. The Fund’s adviser select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index. At times, the Fund may invest in other investment companies, including exchange traded funds (ETFs), in order to access a particular asset class or market. The Fund also may pursue its investment objective by investing in the Index securities indirectly by investing all or a portion of its assets in another investment company advised by the Adviser, including an ETF, that seeks to track the Index. FUND MANAGEMENT: Victory Capital Management Inc. serves as the investment adviser to the Fund.