Fund Description: VictoryShares Nasdaq Next 50 ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Victory Portfolios II an open-end investment management company. INVESTMENT OBJECTIVE: The VictoryShares Nasdaq Next 50 ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Nasdaq Q-50 Index. INDEX DESCRIPTION: The Nasdaq Q-50 Index is composed of the 50 largest nonfinancial domestic and international companies listed on The Nasdaq Stock Market based on market capitalization after excluding the companies included in the Nasdaq-100 Index. The Index is constructed without regard to market capitalization size but its constituent companies will typically be large- and mid-cap. The Index is reconstituted quarterly, and the companies in the Index are weighted by market capitalization. The Index may include more than or fewer than 50 stocks depending on the number of companies meeting the Index's criteria. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing at least 80% of its assets in securities in the Index. The Fund generally seeks to track the returns of the Index by employing a replication strategy that seeks to hold all the stocks in the Index in proportion to their weightings in the Index. FUND MANAGEMENT: Victory Capital Management Inc. serves as the Fund's investment adviser.