Fund Description: USAA MSCI USA Small Cap Value Momentum Blend Index ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the USAA ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The USAA MSCI USA Small Cap Value Momentum Blend Index ETF seeks to provide investment returns that closely correspond to the price and yield performance of the MSCI USA Small Cap Select Value Momentum Blend Index. INDEX DESCRIPTION: The MSCI USA Small Cap Select Value Momentum Blend Index is designed to deliver exposure to equity securities of small-capitalization U.S. issuers that have higher exposure to value and momentum factors within the MSCI USA Small Cap Index (the Parent Index) while also maintaining moderate Index turnover and lower realized volatility than traditional capitalization weighted indexes. The value factor indicates how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. A value score is derived from a company’s valuation ratios, e.g. forward price to earnings, share price to book value, and enterprise value to operating cash flow. The momentum factor indicates whether changes in a company’s share price are trending up or down. Securities generally are filtered by selecting the top 90% by count of securities in the Parent Index, based on the highest 12-month annualized traded value. The Index Provider ranks each stock of the Parent Index based on its value and momentum scores. The Index will rebalance quarterly. FUND STRATEGY: Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes, exclusive of collateral held from securities lending) in securities in the Index. The Fund may invest in a representative sample of securities in its Index, which means the Fund may hold some, but not all of the securities in the Index. Using a sampling strategy aims to create a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including number of stocks in the Parent Index and asset size of the Fund. Based on its analysis of these factors, the Fund may invest in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index. Thus, there may be instances in which the Fund is underweight or overweight a security in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index. Such instruments may include derivatives, including futures. FUND MANAGEMENT: USAA Asset Management Company (AMCO) serves as the Investment Adviser to the Fund. SSGA Funds Management, Inc. serves as the Subadviser to the Fund.