Fund Description: Victory CEMP Developed Enhanced Volatility Wtd Index ETF, formerly Compass EMP Developed 500 Enhanced 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 Developed Enhanced Volatility Wtd Index ETF seeks to provide investment results that match the performance, before fees and expenses, of the CEMP International 500 Long/Cash Volatility Weighted Index. INDEX DESCRIPTION: The CEMP International 500 Long/Cash 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 a developed country (excluding the U.S. and emerging markets) and the stock of which trades on an exchange in a developed country (other than the U.S. and emerging markets). Emerging markets are generally those with a less-developed economy and per-capita income significantly lower than the U.S. The Index includes only those 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. The Index seeks to limit risk during unfavorable (non-normal) market conditions by reducing its exposure to the market. The Index’s exposure to the market is dictated by a mathematical index construction algorithm, which is not subject to discretionary human judgment or intervention. The Index’s stock component is reconstituted every March and September. FUND STRATEGY: Under normal market conditions, the Fund invests at least 80% of its assets in the securities of issuers included in the Index as of its most recent reconstitution. The Fund seeks to track the returns of the Index. The Fund employs a representative sampling strategy, meaning it will invest in a sample of the stocks in the Index whose investment characteristics closely resemble the investment characteristics of the Index as a whole. However, the Fund may use a replication strategy to achieve its investment objective, meaning it generally may invest in all of the component securities of the Index, when the Advisor believes it is in the best interests of the Fund. During unfavorable market conditions the Fund will invest its cash in excess of the amount required for stock investments primarily in fixed income securities, including domestic and foreign treasury bills and notes, commercial paper and corporate debt. With respect to such excess cash investments, the Fund expects the dollar-weighted average fixed income maturity to be 12 months or less and the credit quality of such securities to be primarily investment grade. However, up to 20% of the fixed income portfolio may be composed of lower-quality corporate notes and bonds rated B- or higher, which are commonly referred to as junk bonds. FUND MANAGEMENT: Victory Capital Management Inc. serves as the Fund's investment adviser.