The VictoryShares US Discovery Enhanced Volatility Wtd ETF endeavors to match the investment returns of the Nasdaq VictoryUS Small Cap 500 Long/Cash Volatility Weighted Index (known as the "Long/Cash Index"), excluding any charges for fees and expenses. Its distinct Volatility Weighting Methodology incorporates both fundamental criteria and volatility as factors in an attempt to surpass the performance of conventional market capitalization-weighted indexing strategies. The underlying Long/Cash Index actively manages market risk by strategically decreasing its equity market involvement during severe downturns, then re-entering when asset prices have either fallen further or recovered. This Long/Cash Index is structured around the month-end price of the Nasdaq Victory US Small Cap 500 Volatility Weighted Index, termed the "Reference Index." Its rules for disinvesting and re-engaging with the market are determined by comparing the Reference Index's month-end valuation against its All-Time Highest Daily Closing Value (AHDCV), which represents the peak daily closing price recorded by the Reference Index since its inception.


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