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VictoryShares US Multi-Factor Minimum Volatility ETF As of June 22, 2017 Offers exposure to large- and mid-cap US stocks in a portfolio that seeks to minimize volatility and maximize risk-adjusted returns. Seeks to provide investment results that track the performance of the Nasdaq Victory US Multi-Factor Minimum Volatility Index before fees and expenses. About the Nasdaq Victory US Multi-Factor Minimum Volatility Index Employs a two-step approach that aims to deliver superior risk-adjusted equity returns, while seeking to minimize the overall portfolio volatility. Uses a screening model based on fundamental factors—such as earnings quality, momentum, profitability, and valuation—to help identify stocks most likely to outperform. Seeks to minimize overall portfolio volatility by weighting stocks based on the correlation of assets and a series of constraints. The index is reconstituted/rebalanced semi-annually. FUND CHARACTERISTICS Ticker Symbol CUSIP Number IIV Ticker Primary Listing Expense Ratio Net Inception Date Number of Holdings Average Market Capitalization Average P/E Ratio Standard Deviation Sharpe Ratio R-Squared VSMV 92647N691 VSMV.IV NASDAQ 0.35 6/22/2017 62 $139B 21.0 N/A N/A N/A Number of Holdings, Mkt Cap and P/E Ratio represent the underlying index as of 5/31/2017 Why VSMV? Seeks to provide a smoother path to long-term capital appreciation. For a next-generation approach to low-volatility investing, as stocks are selected based on a multi-factor screening process, and then the portfolio is optimized with the goal of minimizing volatility. For a disciplined, low-cost exposure to core US equities while seeking to minimize overall portfolio risk. Designed to be used as core portfolio or broad market replacement. ABOUT VICTORYSHARES VictoryShares is a specialist ETF provider with a focus on rulesbased solutions that seek to bridge the gap between active and passive. Our ETFs are brought to you by Victory Capital, an integrated multi-boutique investment manager. SECTOR WEIGHTING n Financials n Industrials n Consumer Discretionary n Information Technology n Health Care n Consumer Staples n Utilities n Materials n Energy n Telecommunication Services n Real Estate 18.0% 14.2% 11.0% 16.4% 10.3% 19.6% 2.9% 2.9% 1.2% 3.1% 0.4% Sector Weighting represents the underlying index as of 5/31/2017 VictoryShares US Multi-Factor Minimum Volatility ETF As of June 22, 2017 Top 10 Holdings Market Cap ($B) Weighting (%) Bottom 10 Holdings Market Cap ($B) Weighting (%) Apple Inc. 795.2 5.1 Darden Restaurants, Inc. 11.1 0.3 Microsoft Corporation 539.4 4.3 New Residential Investment Corp. 4.9 0.3 Johnson & Johnson 345.6 4.1 Six Flags Entertainment Corporation 5.5 0.3 Lockheed Martin Corporation 81.4 3.5 Allstate Corporation 31.5 0.3 Raytheon Company 47.7 3.4 Bunge Limited 11.2 0.2 PepsiCo, Inc. 167.1 3.3 Expeditors International of Washington, Inc. 9.6 0.2 McDonald's Corporation 123.0 3.3 CenterPoint Energy, Inc. Everest Re Group, Ltd. 10.5 3.2 3M Company 236.9 3.1 32.2 3.1 AT&T Inc. Waste Management, Inc. 12.3 0.2 122.1 0.2 Spirit AeroSystems Holdings, Inc. Class A 6.6 0.1 Williams-Sonoma, Inc. 4.2 0.1 Holdings represent the underlying index as of 5/31/2017. ANNUALIZED RATE OF RETURN Quarter YTD 1 Year 5 Year Since Inception* Net Asset Value (NAV) – – – – – Closing Market Price – – – – – – – – – – VictoryShares US Multi-Factor Minimum Volatility ETF Expense Ratio Gross Net 0.71% 0.35% Indexes for Comparison Nasdaq Victory US Multi-Factor Minimum Volatility Index * June 22, 2017. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call the Fund at 1-866-376-7890. ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The market price used to calculate the Closing Market Price is the last trade as of the time that the Fund’s NAV is calculated. If you trade your shares at another time, your return may differ. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Fund characteristics, sector weightings, and holdings allocations will differ as of June 22, 2017 and may not represent the underlying index data presented. An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the Fund can be found in the Fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, please visit www.victorysharesliterature.com, call your Financial Advisor, or call shareholder services at 1.866.376.7890. Read the prospectus carefully before investing. Investing involves risk, including the potential loss of principal. There is no guarantee that the Fund will achieve its investment objective or that the strategies will be successful. The Fund has the same risks as the underlying securities traded on the exchange throughout the day. Redemptions are limited, and commissions are often charged on each trade. ETFs may trade at a premium or discount to their net asset value. The Fund is not actively managed and may be affected by a general decline in market segments related to the Index. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The performance of the Fund may diverge from that of the Index. The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least October 31, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details. Fund holdings and sector allocations are subject to change, may differ www.victoryshares.com // 800.991.8191 from the Index, and should not be considered investment advice. Standard deviation is applied to the annual rate of return of an investment to measure the investment’s volatility. Investors also use it as a gauge for the amount of expected volatility. R-squared values can range from 0.00 to 1.00, with the market index at 1.00. Sharpe ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk. Price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings. Multi-factor strategies combine several academically accepted characteristics—such as momentum, quality, value and growth, among others—in an investment strategy in an effort to achieve more consistent performance over time. VictoryShares ETFs are distributed by Foreside Fund Services, LLC, member FINRA and SIPC. Victory Capital Management Inc. is the adviser to the VictoryShares ETFs. Victory Capital is not affiliated with Foreside Fund Services, LLC. NOT A DEPOSIT NOT FDIC OR NCUA INSURED MAY LOSE VALUE NO BANK OR CREDIT UNION GUARANTEE ©2017 Victory Capital Management