December
31,
2023
Semi
Annual
Report
VictoryShares
US
500
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
VictoryShares
International
Volatility
Wtd
ETF
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
VictoryShares
International
High
Div
Volatility
Wtd
ETF
VictoryShares
Dividend
Accelerator
ETF
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
VictoryShares
Nasdaq
Next
50
ETF
VictoryShares
Core
Plus
Intermediate
Bond
ETF
VictoryShares
Corporate
Bond
ETF
VictoryShares
THB
Mid
Cap
ESG
ETF
VictoryShares
WestEnd
U.S.
Sector
ETF
VictoryShares
Free
Cash
Flow
ETF
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
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TABLE
OF
CONTENTS
Victory
Portfolios
II
1
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
VictoryShares
US
500
Volatility
Wtd
ETF
22
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
31
VictoryShares
International
Volatility
Wtd
ETF
40
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
56
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
59
VictoryShares
International
High
Div
Volatility
Wtd
ETF
62
VictoryShares
Dividend
Accelerator
ETF
68
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
71
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
73
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
82
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
85
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
95
VictoryShares
Nasdaq
Next
50
ETF
111
VictoryShares
Core
Plus
Intermediate
Bond
ETF
113
VictoryShares
Corporate
Bond
ETF
130
VictoryShares
THB
Mid
Cap
ESG
ETF
138
VictoryShares
WestEnd
U.S.
Sector
ETF
140
VictoryShares
Free
Cash
Flow
ETF
146
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
148
Financial
Statements
Statements
of
Assets
and
Liabilities
152
Statements
of
Operations
159
Statements
of
Changes
in
Net
Assets
166
Financial
Highlights
173
Notes
to
Financial
Statements
192
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
209
Expense
Examples
209
Advisory
Contract
Approval
211
Privacy
Policy
217
2
Call
Victory
at:
866-376-7890
Visit
our
website
at:
vcm.com
IRA
DISTRIBUTION
WITHHOLDING
DISCLOSURE
We
generally
must
withhold
federal
income
tax
at
a
rate
of
10%
of
the
taxable
portion
of
your
distribution
and,
if
you
live
in
a
state
that
requires
state
income
tax
withholding,
at
your
state’s
tax
rate.
However,
you
may
elect
not
to
have
withholding
apply
or
to
have
income
tax
withheld
at
a
higher
rate.
Any
withholding
election
that
you
make
will
apply
to
any
subsequent
distribution
unless
and
until
you
change
or
revoke
the
election.
If
you
wish
to
make
a
withholding
election,
or
change
or
revoke
a
prior
withholding
election,
call
800-539-3863
and
form
W-4P
(OMB
No.
1545-0074
withholding
certificate
for
pension
or
annuity
payments)
will
be
electronically
sent.
If
you
do
not
have
a
withholding
election
in
place
by
the
date
of
a
distribution,
federal
income
tax
will
be
withheld
from
the
taxable
portion
of
your
distribution
at
a
rate
of
10%.
If
you
must
pay
estimated
taxes,
you
may
be
subject
to
estimated
tax
penalties
if
your
estimated
tax
payments
are
not
sufficient
and
sufficient
tax
is
not
withheld
from
your
distribution.
For
more
specific
information,
please
consult
your
tax
adviser.
The
Funds
are
distributed
by
Foreside
Fund
Services,
LLC.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Funds
and
receives
fees
from
the
Funds
for
performing
services
for
the
Funds.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Victory
Funds.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863.
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Funds,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
INVESTMENTS
INVOLVE
RISK
PRINCIPAL
LOSS
IS
POSSIBLE
3
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
500
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
0.4%
McDonald's
Corp.
0.4%
General
Dynamics
Corp.
0.3%
Walmart,
Inc.
0.3%
The
Kraft
Heinz
Co.
0.3%
Cencora,
Inc.
0.3%
PepsiCo,
Inc.
0.3%
Waste
Management,
Inc.
0.3%
Republic
Services,
Inc.
0.3%
Colgate-Palmolive
Co.
0.3%
Industrials
18.0%
Financials
16.2%
Health
Care
13.5%
Information
Technology
12.6%
Consumer
Discretionary
10.0%
Consumer
Staples
9.4%
Utilities
7.3%
Materials
4.8%
Energy
4.3%
Communication
Services
3.2%
4
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Small
Cap
500
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Universal
Corp.
0.5%
Nelnet,
Inc.,
Class
A
0.4%
Grand
Canyon
Education,
Inc.
0.4%
Graham
Holdings
Co.,
Class
B
0.4%
Brady
Corp.,
Class
A
0.4%
Northwestern
Energy
Group,
Inc.
0.4%
BellRing
Brands,
Inc.
0.4%
NewMarket
Corp.
0.3%
ALLETE,
Inc.
0.3%
FirstCash
Holdings,
Inc.
0.3%
Industrials
23.1%
Financials
21.7%
Consumer
Discretionary
15.2%
Information
Technology
8.5%
Consumer
Staples
8.0%
Materials
5.3%
Health
Care
5.3%
Energy
4.4%
Utilities
4.4%
Communication
Services
2.4%
5
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
International
500
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
SoftBank
Corp.
0.5%
Great-West
Lifeco,
Inc.
0.4%
Japan
Tobacco,
Inc.
0.4%
Beiersdorf
AG
0.4%
Oversea-Chinese
Banking
Corp.
Ltd.
0.3%
Royal
Bank
of
Canada
0.3%
Sun
Life
Financial,
Inc.
0.3%
Telstra
Group
Ltd.
0.3%
Koninklijke
KPN
NV
0.3%
Metro,
Inc.
0.3%
Financials
22.5%
Industrials
18.2%
Consumer
Staples
10.6%
Consumer
Discretionary
9.1%
Health
Care
7.4%
Materials
7.0%
Information
Technology
6.7%
Communication
Services
6.6%
Utilities
5.1%
Energy
3.9%
6
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
High
Dividend
100
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
1.8%
The
Kraft
Heinz
Co.
1.6%
International
Business
Machines
Corp.
1.5%
Kimberly-Clark
Corp.
1.4%
PPL
Corp.
1.4%
Darden
Restaurants,
Inc.
1.4%
Kellanova
1.4%
Duke
Energy
Corp.
1.4%
Philip
Morris
International,
Inc.
1.3%
Consolidated
Edison,
Inc.
1.3%
Utilities
24.2%
Financials
23.3%
Consumer
Staples
15.2%
Energy
11.3%
Health
Care
8.6%
Information
Technology
5.0%
Materials
4.5%
Consumer
Discretionary
2.9%
Communication
Services
2.8%
Industrials
1.5%
7
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Small
Cap
High
Dividend
100
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Universal
Corp.
2.4%
Northwestern
Energy
Group,
Inc.
1.6%
ALLETE,
Inc.
1.6%
Spire,
Inc.
1.5%
MSC
Industrial
Direct
Co.,
Inc.
1.5%
Avista
Corp.
1.4%
Clearway
Energy,
Inc.,
Class
C
1.4%
Portland
General
Electric
Co.
1.4%
Northwest
Natural
Holding
Co.
1.4%
MGE
Energy,
Inc.
1.4%
Financials
26.7%
Consumer
Discretionary
19.6%
Utilities
16.5%
Industrials
11.4%
Energy
6.7%
Consumer
Staples
6.4%
Materials
5.9%
Communication
Services
2.5%
Health
Care
1.9%
Information
Technology
1.2%
8
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
International
High
Dividend
100
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
SoftBank
Corp.
2.2%
Japan
Tobacco,
Inc.
1.6%
Oversea-Chinese
Banking
Corp.
Ltd.
1.6%
Telstra
Group
Ltd.
1.6%
Koninklijke
KPN
NV
1.6%
BCE,
Inc.
1.5%
ACS
Actividades
de
Construccion
y
Servicios
SA
1.4%
Swisscom
AG,
Registered
Shares
1.4%
Coles
Group
Ltd.
1.4%
Canadian
Imperial
Bank
of
Commerce
1.4%
Financials
25.1%
Communication
Services
16.2%
Utilities
12.3%
Industrials
10.3%
Materials
10.3%
Energy
8.2%
Consumer
Staples
7.7%
Consumer
Discretionary
3.7%
Real
Estate
2.6%
Health
Care
1.8%
9
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
Dividend
Accelerator
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
3M
Co.
3.7%
Flowers
Foods,
Inc.
3.2%
Apple,
Inc.
2.9%
Jack
Henry
&
Associates,
Inc.
2.5%
Agilent
Technologies,
Inc.
2.4%
Union
Pacific
Corp.
2.3%
Consolidated
Edison,
Inc.
2.3%
McDonald's
Corp.
2.2%
Colgate-Palmolive
Co.
2.2%
NetApp,
Inc.
2.1%
Industrials
26.5%
Consumer
Staples
23.9%
Financials
11.3%
Information
Technology
10.4%
Health
Care
9.1%
Materials
8.8%
Consumer
Discretionary
6.6%
Utilities
2.5%
Energy
0.6%
10
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Multi-Factor
Minimum
Volatility
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Microsoft
Corp.
10.2%
Apple,
Inc.
10.1%
Johnson
&
Johnson
3.7%
AbbVie,
Inc.
3.5%
Lockheed
Martin
Corp.
3.4%
Merck
&
Co.,
Inc.
3.3%
Walmart,
Inc.
3.3%
Republic
Services,
Inc.
3.3%
Electronic
Arts,
Inc.
3.2%
Waste
Management,
Inc.
3.2%
Information
Technology
26.7%
Industrials
17.8%
Health
Care
16.4%
Consumer
Staples
12.2%
Energy
8.2%
Consumer
Discretionary
6.7%
Financials
6.1%
Communication
Services
4.4%
Materials
1.0%
11
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
500
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
0.4%
McDonald's
Corp.
0.4%
General
Dynamics
Corp.
0.3%
Walmart,
Inc.
0.3%
The
Kraft
Heinz
Co.
0.3%
Cencora,
Inc.
0.3%
PepsiCo,
Inc.
0.3%
Waste
Management,
Inc.
0.3%
Republic
Services,
Inc.
0.3%
Colgate-Palmolive
Co.
0.3%
Industrials
18.0%
Financials
16.2%
Health
Care
13.4%
Information
Technology
12.6%
Consumer
Discretionary
10.0%
Consumer
Staples
9.3%
Utilities
7.3%
Materials
4.8%
Energy
4.3%
Communication
Services
3.2%
12
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
High
Dividend
100
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
0.5%
The
Kraft
Heinz
Co.
0.4%
International
Business
Machines
Corp.
0.4%
Kimberly-Clark
Corp.
0.4%
PPL
Corp.
0.4%
Kellanova
0.4%
Darden
Restaurants,
Inc.
0.3%
Duke
Energy
Corp.
0.3%
Philip
Morris
International,
Inc.
0.3%
Consolidated
Edison,
Inc.
0.3%
Utilities
6.1%
Financials
5.9%
Consumer
Staples
3.9%
Energy
2.8%
Health
Care
2.2%
Information
Technology
1.3%
Materials
1.1%
Consumer
Discretionary
0.7%
Communication
Services
0.7%
Industrials
0.4%
13
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Small
Cap
High
Dividend
500
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Universal
Corp.
0.1%
Nelnet,
Inc.,
Class
A
0.1%
Grand
Canyon
Education,
Inc.
0.1%
Graham
Holdings
Co.,
Class
B
0.1%
Brady
Corp.,
Class
A
0.1%
NewMarket
Corp.
0.1%
Northwestern
Energy
Group,
Inc.
0.1%
ALLETE,
Inc.
0.1%
BellRing
Brands,
Inc.
0.1%
FirstCash
Holdings,
Inc.
0.1%
Industrials
6.2%
Financials
5.8%
Consumer
Discretionary
4.1%
Information
Technology
2.3%
Consumer
Staples
2.1%
Materials
1.4%
Health
Care
1.4%
Energy
1.2%
Utilities
1.2%
Communication
Services
0.7%
14
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
International
500
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
SoftBank
Corp.
0.5%
Great-West
Lifeco,
Inc.
0.4%
Beiersdorf
AG
0.3%
Japan
Tobacco,
Inc.
0.3%
Royal
Bank
of
Canada
0.3%
Sun
Life
Financial,
Inc.
0.3%
Oversea-Chinese
Banking
Corp.
Ltd.
0.3%
Telstra
Group
Ltd.
0.3%
Koninklijke
KPN
NV
0.3%
Metro,
Inc.
0.3%
Financials
22.4%
Industrials
18.2%
Consumer
Staples
10.5%
Consumer
Discretionary
9.2%
Health
Care
7.4%
Materials
6.9%
Information
Technology
6.7%
Communication
Services
6.6%
Utilities
5.0%
Energy
3.9%
15
Victory
Portfolios
II
VictoryShares
Nasdaq
Next
50
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Q-50
®
 Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Monolithic
Power
Systems,
Inc.
3.5%
Alnylam
Pharmaceuticals,
Inc.
2.8%
Ulta
Beauty,
Inc.
2.7%
ICON
PLC
2.7%
Tractor
Supply
Co.
2.7%
eBay,
Inc.
2.6%
Rivian
Automotive,
Inc.,
Class
A
2.6%
VeriSign,
Inc.
2.4%
Align
Technology,
Inc.
2.4%
PTC,
Inc.
2.4%
Information
Technology
37.2%
Health
Care
20.3%
Consumer
Discretionary
19.7%
Industrials
9.6%
Communication
Services
7.9%
Materials
2.2%
Utilities
1.5%
Energy
1.3%
16
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)