News Release - 10/5/2021

Victory Capital Expands VictoryShares® ETF Offerings
Introduces Active Fixed Income and U.S. Mid Cap ETFs that Integrate ESG Criteria
SAN ANTONIO--(BUSINESS WIRE)-- Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the“Company”) today announced that its wholly owned investment adviser, Victory Capital Management Inc., has launchedthree new active ETFs under the VictoryShares brand, all of which integrate Environmental, Social and Governance(“ESG”) criteria into their respective processes. The new transparent, active strategies offer investors Victory Capital’s
ESG and well-established active capabilities in core plus fixed income, corporate bonds and U.S. mid cap equities in anETF wrapper.
Two of the ETFs, VictoryShares ESG Corporate Bond ETF (UCRD) and VictoryShares ESG Core Plus Bond ETF(UBND), are managed by USAA® Investments, a Victory Capital Investment Franchise. The third ETF, VictoryShares
THB Mid Cap ESG ETF (MDCP), is managed by the Company’s THB Asset Management℠ Franchise.
“Active ETFs continue to gain traction with investors seeking to access managers who have proven successful in mutualfunds and other investment vehicles,” said Mannik Dhillon, CFA, CAIA, President, VictoryShares and Solutions. “We arethrilled to offer our clients ETF strategies that blend our deep experience in active management with an ESG lens, whichtoday’s investors are increasingly seeking.”
UCRD and UBND seek to provide investors with above-average income through yield-focused portfolios. UCRD offers
exposure to primarily investment-grade corporate bonds and UBND offers exposure to intermediate-term bonds. “Thesenew ETFs are distinct in that they combine our bond-by-bond fundamental analysis with our sophisticated, proprietary
ESG scoring system,” said James Jackson, CFA, Head of Fixed Income Portfolio Management for USAA Investments.
“MDCP invests in a focused, high-conviction portfolio of approximately 30 mid cap stocks that our team believes
represent high-quality, low-risk businesses with the potential to prudently grow shareholder equity over time,” said
Christopher Cuesta, CFA, Chief Investment Officer for THB Asset Management. “We are excited to bring our team’s long
history of integrating ESG factors into our investment process to investors through an ETF vehicle.”
About Victory Capital
Victory Capital is a diversified global asset management firm with $164.9 billion in assets under management as ofAugust 31, 2021. The Company operates a next-generation business model combining boutique investment qualities withthe benefits of a fully integrated, centralized operating and distribution platform.
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms andindividual investors. With 10 autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a wide1

array of investment styles and investment vehicles including, actively managed mutual funds, separately managed
accounts, active ETFs, multi-asset class strategies, custom-designed solutions, private funds and a 529 College Savings
Plan.
For more information, please visit www.vcm.com or follow us: Twitter and LinkedIn.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation ReformAct of 1995. These statements may include, without limitation, any statements preceded by, followed by or includingwords such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,”“future,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could”
and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors beyond Victory Capital’s control such as the COVID-19
pandemic and its effect on our business, operations and financial results going forward, as discussed in our “RiskFactors” and elsewhere in our Company’s filings with the SEC, that could cause Victory Capital’s actual results,
performance or achievements to be materially different from the expected results, performance or achievements
expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Victory Capital’s present and futurebusiness strategies and the environment in which it will operate in the future. Any forward-looking statement made in thispress release speaks only as of the date hereof. Except as required by law, Victory Capital assumes no obligation toupdate these forward-looking statements, or to update the reasons actual results could differ materially from thoseanticipated in the forward-looking statements, even if new information becomes available in the future.
ESG investing is defined as utilizing environmental, social, and governance (ESG) criteria as a set of standards for acompany’s operations that socially conscious investors use to screen potential investments.
Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA andthe USAA logos are registered trademarks and the USAA Investments logo is a trademark of United Services Automobile
Association and is being used by Victory Capital and its affiliates under license.
Carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain aprospectus or summary prospectus containing this and other important information, visit
www.victorysharesliterature.com or call 800.991.8191. Read it carefully before investing.
VictoryShares ETFs are distributed by Foreside Fund Services, LLC, member FINRA. Victory Capital Management Inc. isthe adviser to the VictoryShares ETFs. Victory Capital is not affiliated with Foreside Fund Services, LLC.
Investments involve risk including possible loss of principal. ETFs have the same risks as the underlying securities
traded on the exchange throughout the day. Redemptions are limited and often commissions are charged on each trade.
ETFs may trade at a premium or discount to their net asset value. The Adviser’s integration of responsible investing orESG considerations may result in the Fund forgoing some market opportunities available to funds that do not apply suchconsiderations. Responsible investing considerations may be linked to long-term rather than short-term returns. The ETFs
may invest in non-U.S. securities. International investments may involve risk of capital loss from unfavorable fluctuation in2

currency values, from differences in generally accepted accounting principles or from economic or political instability inother nations.
To the extent the VictoryShares THB Mid Cap ESG ETF invests in a small number of issuers and/or focuses it
investments in select industries, it may be more subject to a decline in value of a single security or industry than a more
broadly invested fund. Investments in mid-cap companies typically exhibit higher volatility. Investments in mid-cap
companies typically exhibit higher volatility.
The fixed income ETFs are subject to interest rate, inflation, credit and default risk. The bond market is volatile. Bonds
and bond funds will decrease in value as interest rates rise and vice versa. Credit risk refers to the possibility that debt
issuers may not be able to make principal and interest payments or may have their debt downgraded by ratings agencies.
Investors:
Matthew Dennis, CFA
Chief of Staff
Director, Investor Relations
216-898-2412
mdennis@vcm.com
Media:Tricia Ross
310-622-8226
tross@finprofiles.com
Source: Victory Capital Holdings, Inc.

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