Fund Description: Victory CEMP US 500 Volatility Wtd Index ETF, formerly Compass EMP US 500 Volatility Weighted 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 US 500 Volatility Wtd Index ETF seeks to provide investment results that match the performance, before fees and expenses, of the CEMP U.S. Large Cap 500 Volatility Weighted Index. INDEX DESCRIPTION: The CEMP U.S. Large Cap 500 Volatility Weighted Index is an unmanaged index that was created by the Fund’s investment advisor and generally consists of the common stock of the 500 largest companies by market capitalization that have their headquarters in the U.S. and the stock of which trades on U.S. exchanges. The Index may include less than 500 stocks depending on the number of companies meeting the Index’s criteria. The Index includes only companies with consistent positive earnings (at least its 4 most recent quarters) and is weighted based on the volatility of each stock. Volatility is the extent to which the return of a security fluctuates between its highest price and its lowest price within a given period. The weight of each member in the Index is defined by its own volatility relative to the average volatility of all Index members measured over the past 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting. The Index is reconstituted every March and September and is adjusted to limit exposure to any particular sector to 25%. FUND STRATEGY: Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in securities of U.S. issuers included in the Index as of its most recent reconstitution. The Fund employs a replication strategy that entails holding all, or approximately all, the stocks in the Index. FUND MANAGEMENT: Victory Capital Management Inc. serves as the Fund's investment adviser. The portfolio managers are primarily responsible for day-to-day management of the Fund and are members of the Adviser's Compass EMP investment team.