Fund Description: USAA Core Intermediate-Term Bond ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the USAA ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The USAA Core Intermediate-Term Bond ETF seeks high current income without undue risk to principal. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specified index however, an actively managed ETF may have an index-based benchmark (Barclays US Aggregate Bond Index). FUND STRATEGY: Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes, exclusive of collateral held from securities lending) in debt securities and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund primarily invests in securities that have a dollar-weighted average portfolio maturity of three to ten years. The debt securities in which the Fund may invest include a mix of government obligations (including U.S., state, and local governments, their agencies and instrumentalities); mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics. The Fund will invest primarily in investment-grade securities, but may invest up to 25% of its net assets in below-investment-grade securities, which are sometimes referred to as high-yield securities or junk bonds. The Fund may use derivatives, such as futures, foreign exchange derivatives, options, and swaps, to increase or decrease its exposure to changing security prices or other factors that affect security values, to enhance income, to hedge against certain risks, or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to a market. FUND MANAGEMENT: USAA Asset Management Company (AMCO) serves as the Investment Adviser to the Fund.