Fund Description: Victory CEMP US Small Cap High Dividend Volatility Weighted Index ETF, formerly Compass EMP US Small Cap High Dividend 100 Volatility Weighted Index ETF, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Victory Portfolios II, Compass EMP Funds Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Victory CEMP US Small Cap High Dividend Volatility Weighted Index ETF seeks to provide investment results that match the performance, before fees and expenses, of the CEMP US Small Cap High Dividend 100 Volatility Weighted Index. INDEX DESCRIPTION: The CEMP US Small Cap High Dividend 100 Volatility Weighted Index is an unmanaged index created by the Fund's investment adviser consisting of the common stock of the 100 highest dividend yielding stocks of the CEMP US Small Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies with market capitalizations of less than $3 billion measured at the time the Index's constituent securities are determined. The Index may include fewer than 100 stocks depending on the number of companies meeting the Index's criteria. The Index is reconstituted every March and September (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. To be eligible for inclusion in the Index, a company must have positive earnings in each of the four most recent quarters. Index securities are weighted based on the volatility of each security relative to the average volatility of all Index constituents. For purposes of the Index, volatility is defined as a company's annualized standard deviation of daily price changes over the past 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting. FUND STRATEGY: A passive or indexing approach is used to try to achieve the Fund's investment objective. The Fund does not try to outperform the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in the stock of issuers included in the Index. The Fund seeks to track the returns of the Index by employing, under normal circumstances, a sampling process to invest in a representative sample of stocks included in the Index. The Fund's advisers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index. The Adviser monitors each Fund on an ongoing basis, and makes adjustments to its portfolio, as necessary, to minimize tracking error and to maintain liquidity. 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.