News Release - 6/22/2023

Victory Capital Introduces VictoryShares® Free Cash Flow ETF Further
Expanding its ETF Offerings
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 launched a
new rules-based exchange-traded fund (“ETF”), VictoryShares Free Cash Flow ETF (VFLO).
VFLO seeks to provide investment results that track the performance of the Victory U.S. Large Cap Free Cash Flow Index(“the Index”), which invests in profitable U.S. large-cap companies with high free cash flow yields and favorable growthprospects. The Index screens an initial universe of companies for historical and projected free cash flows. It then goes astep further by eliminating companies with the worst growth characteristics to seek better outcomes in a variety of market
environments.
“With the launch of VFLO, we are evolving traditional value strategies by leveraging well-researched methodologies
designed to provide investors with a compelling opportunity to capitalize on companies with attractive free cash flow
yields without sacrificing growth potential,” said Mannik Dhillon, CFA, CAIA, President, VictoryShares and Solutions. “It isa testament to our commitment to developing innovative solutions designed to deliver improved investment outcomes forour clients and investors.”
About Victory Capital
Victory Capital is a diversified global asset management firm with $154.8 billion in assets under management as of May
31, 2023. It was ranked No. 55 on the Fortune 100 Fastest-Growing Companies list for 2022 and is one of only 24
companies to make the list for the second consecutive year. The Company employs a next-generation business strategy
that combines boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution
platform.
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms andindividual investors. With 12 autonomous Investment Franchises and a Solutions Business, Victory Capital offers a widearray of investment products and services, including mutual funds, ETFs, separately managed accounts, alternativeinvestments, third-party ETF model strategies, collective investment trusts, private funds, a 529 Education Savings Plan,and brokerage services.
Victory Capital is headquartered in San Antonio, Texas, with offices nationwide and investment professionals in the U.S.
and abroad. To learn more please visit www.vcm.com or follow Victory Capital on Twitter and LinkedIn.
Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain a1

prospectus or summary prospectus containing this and other important information, visit
www.victorysharesliterature.com. Read it carefully before investing.
The Victory U.S. Large Cap Free Cash Flow Index aims to select high quality companies from its starting universe by
applying profitability screens. It then selects companies with the strongest free cash flow yield that exhibit higher growth.
The Index is rebalanced and reconstituted quarterly.
This Index calculates free cash flow yield by dividing expected free cash flow by enterprise value. Expected free cash flowis the average of trailing 12-month FCF and next 12-month forward free cash flow. Enterprise value (EV) measures acompany's total value, often used as a more comprehensive alternative to equity market capitalization.
The Fund invests in securities included in, or representative of securities included in, the Index, regardless of theirinvestment merits. The performance of the Fund may diverge from that of the Index. Derivatives may not work as
intended and may result in losses. Large shareholders, including other funds advised by the Adviser, may own asubstantial amount of the Fund’s shares. The actions of shareholders, including large inflows or outflows, may adversely
affect other shareholders, including potentially increasing capital gains. Investments in mid-cap companies typicallyexhibit higher volatility. The value of your investment is also subject to geopolitical risks such as wars, terrorism,environmental disasters, and public health crises; the risk of technology malfunctions or disruptions; and the responses tosuch events by governments and/or individual companies.
Distributed by Foreside Fund Services, LLC (Foreside). Foreside is not affiliated with Victory Capital Management Inc.
(VCM), the Fund's advisor. Neither Foreside nor VCM are affiliated with VettaFi.
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,and ETFs may trade at a premium or discount to their net asset value.
© 2022 Fortune Media IP Limited All rights reserved. Fortune® is a registered trademark of Fortune Media IP Limited
and is used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products orservices of, Victory Capital Holdings, Inc.
The Fortune® annual list ranks the top performing, publicly traded companies in revenues, profits and stock returns over
the three-year period ended April 30, 2022.
Investors:
Matthew Dennis, CFA
Chief of Staff
Director, Investor Relations
216-898-2412
mdennis@vcm.com
Media:Jessica Davila
Director, Global Communications
210-694-9693

2jessica_davila@vcm.com
Source: Victory Capital Holdings, Inc.

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