VictoryShares Short-Term Bond ETF USTB

Effective Nov. 1, 2022, Julianne Bass, a portfolio manager for Victory Capital’s USAA taxable fixed-income strategies, has departed the firm. Bass, who joined USAA in 1999, had been a comanager on USAA Intermediate-Term Bond UIITX and USAA Short-Term Bond UISBX since 2007 and later became a comanager on USAA Income UIINX, VictoryShares USAA Core Intermediate-Term Bond ETF UITB, and VictoryShares USAA Core Short-Term Bond ETF USTB. USAA adopts a collaborative, team-based approach to managing portfolios, and experienced comanagers John Spear (CIO), Jim Jackson (head of fixed-income portfolio management), Brian Smith, Kurt Daum, and Neal Graves remain on each of those strategies. Also effective Nov. 1, 2022, the firm named Doug Rollwitz as a comanager on VictoryShares USAA Core Short-Term Bond ETF. Rollwitz, who joined USAA in 1997, has been a comanager on the firm’s ultrashort and short-term bond mutual funds since 2018 and 2019, respectively. Given the experience and expertise of the continuing managers along with the team-based management approach employed across USAA’s taxable strategies, these changes do not alter our view. USAA Intermediate-Term Bond, USAA Income, VictoryShares USAA Core Intermediate-Term Bond ETF, USAA Short-Term Bond, and VictoryShares USAA Core Short-Term Bond ETF each maintain their Morningstar Analyst Ratings.