# EDGAR Filing Document

**Accession Number:** 0001547580
**File Stem:** 0001683863-23-002290
**Filing Date:** 2023-3
**Character Count:** 9413
**Document Hash:** 24269cb2ca367a23069cc5846c38b3d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-002290.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001683863-23-002290

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**EFFECTIVENESS DATE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios II
- **CENTRAL INDEX KEY:** 0001547580
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-181176
- **FILM NUMBER:** 23742084

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD, 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 216-898-2411

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD, 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Compass EMP Funds Trust
- **DATE OF NAME CHANGE:** 20120417

## Series and Classes Contracts Data

### VictoryShares US Discovery Enhanced Volatility Wtd ETF (Series ID: S000044750)

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|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | CSF           | C000139052 |

---

### VictoryShares US Small Cap Volatility Wtd ETF (Series ID: S000049904)

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|  |  |  |
|:---|:---|:---|
| Class Name                                    | Ticker Symbol | Class ID   |
| VictoryShares US Small Cap Volatility Wtd ETF | CSA           | C000157585 |

---

### VictoryShares US Small Cap High Div Volatility Wtd ETF (Series ID: S000049908)

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|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| VictoryShares US Small Cap High Div Volatility Wtd ETF | CSB           | C000157589 |

---

## Series and Classes Contracts Data

### VictoryShares US Discovery Enhanced Volatility Wtd ETF (Series ID: S000044750)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000139052 | VictoryShares US Discovery Enhanced Volatility Wtd ETF | CSF             |

### VictoryShares US Small Cap Volatility Wtd ETF (Series ID: S000049904)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000157585 | VictoryShares US Small Cap Volatility Wtd ETF | CSA             |

### VictoryShares US Small Cap High Div Volatility Wtd ETF (Series ID: S000049908)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000157589 | VictoryShares US Small Cap High Div Volatility Wtd ETF | CSB             |

?xml version="1.0" encoding="utf-8"? 497

**Victory Portfolios II**

**VictoryShares US Small Cap Volatility Wtd ETF (CSA)**

**VictoryShares US Small Cap High Div Volatility Wtd ETF (CSB)**

**VictoryShares US Discovery Enhanced Volatility Wtd ETF (CSF)**

**(each, a "Fund")**

**Supplement dated March 17, 2023**

**to the Prospectus dated November 1, 2022**

Effective March 20, 2023, each Fund will implement the changes to its investment strategy described below. These changes reflect revisions by Nasdaq, Inc., the index provider for each Fund, to the rules-based methodologies of the respective index that each Fund seeks to track.

The individual securities owned by each Fund are expected ultimately to change as a result of the revisions to the rules-based methodology utilized by each index. Each Fund will continue its current investment strategy to invest at least 80% of its assets directly or indirectly in the securities included in its index.

**VictoryShares US Small Cap Volatility Wtd ETF**

**Index the Fund Seeks to Track:** Nasdaq Victory US Small Cap 500 Volatility Weighted Index (the "Index")

---

| | |
|:---|:---|
| Current Investment Strategy | Investment Strategy Effective March 20, 2023 |
| The Index follows a rules-based methodology to <br> construct its constituent securities:<br>| &nbsp;&nbsp; The Index follows a rules-based methodology to <br> construct its constituent securities:<br>|
| —˃The Index universe begins with all publicly <br> traded U.S. stocks and then screens for all <br> companies with positive earnings over the last <br> twelve months.<br>| &nbsp;&nbsp; —˃The Index universe begins with all publicly <br> traded U.S. stocks and then gathers the bottom <br> 10% by market capitalization as represented by the <br> NASDAQ US Small Cap Index (NQUSS). <br>|
| —˃The Index identifies the 500 largest U.S. <br> companies with market capitalizations of less than <br> $3 billion measured at the time the Index's <br> constituent securities are determined.<br>| &nbsp;&nbsp; —˃The Index then screens for the 500 largest <br> companies by market capitalization with positive <br> earnings over the last twelve months. <br>|
| —˃The 500 stocks are weighted based on their <br> daily standard deviation (volatility) of daily price <br> changes over the last 180 trading days. Stocks with <br> lower volatility receive a higher weighting and <br> stocks with higher volatility receive a lower <br> weighting.<br>| &nbsp;&nbsp; —˃The 500 stocks are weighted based on their <br> daily standard deviation (volatility) of daily price <br> changes over the last 180 trading days. Stocks with <br> lower volatility receive a higher weighting and <br> stocks with higher volatility receive a lower <br> weighting.<br>|

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**VictoryShares US Small Cap High Div Volatility Wtd ETF**

**Index the Fund Seeks to Track:** Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index (the "Index")

---

| | |
|:---|:---|
| Current Investment Strategy | Investment Strategy Effective March 20, 2023 |
| The Index follows a rules-based methodology to <br> construct its constituent securities:<br>| &nbsp;&nbsp; The Index follows a rules-based methodology to <br> construct its constituent securities: <br>|
| —˃The Index universe begins with the stocks <br> included in the Nasdaq Victory US Small Cap 500 <br> Volatility Weighted Index, a volatility weighted index <br> comprised of the 500 largest U.S. companies with <br> market capitalizations of less than $3 billion with <br> positive earnings over the last twelve months.<br>| &nbsp;&nbsp; —˃The Index universe begins with the stocks <br> included in the Nasdaq Victory US Small Cap 500 <br> Volatility Weighted Index.<br>|
| —˃The Index identifies the 100 highest dividend <br> yielding stocks in the Nasdaq Victory US Small Cap <br> 500 Volatility Weighted Index.<br>| &nbsp;&nbsp; —˃The Index identifies the 100 highest dividend <br> yielding stocks in the Nasdaq Victory US Small Cap <br> 500 Volatility Weighted Index.<br>|
| —˃The 100 stocks are weighted based on their <br> daily standard deviation (volatility) of daily price <br> changes over the last 180 trading days. Stocks with <br> lower volatility receive a higher weighting and <br> stocks with higher volatility receive a lower <br> weighting.<br>| &nbsp;&nbsp; —˃The 100 stocks are weighted based on their <br> daily standard deviation (volatility) of daily price <br> changes over the last 180 trading days. Stocks with <br> lower volatility receive a higher weighting and <br> stocks with higher volatility receive a lower <br> weighting.<br>|

---

**VictoryShares US Discovery Enhanced Volatility Wtd ETF**

**Index the Fund Seeks to Track:** Nasdaq Victory US Small Cap 500 Long/Cash Volatility Weighted Index (the "Index")

---

| | |
|:---|:---|
| Current Investment Strategy | Investment Strategy Effective March 20, 2023 |
| The Index follows a rules-based methodology to <br> construct its constituent securities:<br>| &nbsp;&nbsp; The Index follows a rules-based methodology to <br> construct its constituent securities:<br>|
| —˃The Index universe begins with all publicly <br> traded U.S. stocks and then screens for all <br> companies with positive earnings over the last <br> twelve months.<br>| &nbsp;&nbsp; —˃The Index universe begins with all publicly <br> traded U.S. stocks and then gathers the bottom <br> 10% by market capitalization as represented by the <br> NASDAQ US Small Cap Index (NQUSS).<br>|
| —˃The Index identifies the 500 largest U.S. <br> companies with market capitalizations of less than <br> $3 billion measured at the time the Index's <br> constituent securities are determined.<br>| &nbsp;&nbsp; —˃The Index then screens for the 500 largest <br> companies by market capitalization with positive <br> earnings over the last twelve months.<br>|
| —˃The 500 stocks are weighted based on their <br> daily standard deviation (volatility) of daily price <br> changes over the last 180 trading days. Stocks with <br> lower volatility receive a higher weighting and <br> stocks with higher volatility receive a lower <br> weighting.<br>| &nbsp;&nbsp; —˃The 500 stocks are weighted based on their <br> daily standard deviation (volatility) of daily price <br> changes over the last 180 trading days. Stocks with <br> lower volatility receive a higher weighting and <br> stocks with higher volatility receive a lower <br> weighting.<br>|

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If you wish to obtain more information, please call the VictoryShares internal team at 866-376-7890.

PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

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