December 31, 2021

Semi Annual Report

VictoryShares USAA MSCI USA Value Momentum ETF

VictoryShares USAA MSCI USA Small Cap Value Momentum ETF

VictoryShares USAA MSCI International Value Momentum ETF

VictoryShares USAA MSCI Emerging Markets Value Momentum ETF


 

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Victory Portfolios II

TABLE OF CONTENTS

Investment Objective & Portfolio
Holdings (Unaudited)
   

2

   

Schedules of Portfolio Investments

 
VictoryShares USAA MSCI USA Value
Momentum ETF
    6    
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF
    12    
VictoryShares USAA MSCI International Value
Momentum ETF
    25    
VictoryShares USAA MSCI Emerging Markets
Value Momentum ETF
    38    

Financial Statements

 

Statements of Assets and Liabilities

    50    

Statements of Operations

    52    

Statements of Changes in Net Assets

    54    

Financial Highlights

    56    

Notes to Financial Statements

   

60

   

Supplemental Information (Unaudited)

   

71

   

Proxy Voting and Portfolio Holdings Information

    71    

Expense Examples

    71    

Advisory Contract Approval

    73

 

 

Privacy Policy (inside back cover)

     
 


1


 
Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF
 

December 31, 2021

 

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI USA Select Value Momentum Blend Index.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

The J.M. Smucker Co.

   

1.1

%

 

Public Storage

   

1.1

%

 

Oracle Corp.

   

1.0

%

 

Juniper Networks, Inc.

   

1.0

%

 

Extra Space Storage, Inc.

   

0.9

%

 

AbbVie, Inc.

   

0.9

%

 

Archer-Daniels-Midland Co.

   

0.9

%

 

Bristol-Myers Squibb Co.

   

0.9

%

 

Alphabet, Inc., Class A

   

0.9

%

 

The Kroger Co.

   

0.9

%

 

Sector Allocation*:

December 31, 2021

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2


 
Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
 

December 31, 2021

 

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI USA Small Cap Select Value Momentum Blend Index.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

National Fuel Gas Co.

   

0.5

%

 

Weis Markets, Inc.

   

0.5

%

 

Otter Tail Corp.

   

0.5

%

 

Encore Wire Corp.

   

0.5

%

 

Universal Corp.

   

0.5

%

 

STAG Industrial, Inc.

   

0.5

%

 

Life Storage, Inc.

   

0.4

%

 

Ingles Markets, Inc., Class A

   

0.4

%

 

Amphastar Pharmaceuticals, Inc.

   

0.4

%

 

National Storage Affiliates Trust

   

0.4

%

 

Sector Allocation*:

December 31, 2021

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


3


 
Victory Portfolios II
VictoryShares USAA MSCI International Value Momentum ETF
 

December 31, 2021

 

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI World ex USA Select Value Momentum Blend Index.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

Loblaw Cos. Ltd.

   

1.1

%

 

George Weston Ltd.

   

1.0

%

 

Segro PLC

   

0.9

%

 

Bank Leumi Le-Israel BM

   

0.9

%

 

Tesco PLC

   

0.9

%

 

Hermes International

   

0.9

%

 

Koninklijke Ahold Delhaize NV

   

0.8

%

 

Novo Nordisk A/S, Class B

   

0.8

%

 

Merck KGaA

   

0.8

%

 

Sofina SA

   

0.7

%

 

Sector Allocation*:

December 31, 2021

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


4


 
Victory Portfolios II
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
 

December 31, 2021

 

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI Emerging Markets Select Value Momentum Blend Index.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

China Power International Development Ltd.

   

1.0

%

 

Synnex Technology International Corp.

   

1.0

%

 

WPG Holdings Ltd.

   

1.0

%

 

Taishin Financial Holding Co. Ltd.

   

1.0

%

 

Compal Electronics, Inc.

   

0.9

%

 

Bank of China Ltd., Class H

   

0.9

%

 

China Development Financial Holding Corp.

   

0.9

%

 

Arca Continental SAB de CV

   

0.9

%

 

KT&G Corp.

   

0.9

%

 

Grupo Bimbo SAB de CV, Class A

   

0.8

%

 

Sector Allocation*:

December 31, 2021

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


5


 
Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF
  Schedule of Portfolio Investments
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Common Stocks (99.7%)

 

Communication Services (5.1%):

 

Alphabet, Inc., Class A (a)

   

1,177

   

$

3,409,816

   

AMC Entertainment Holdings, Inc. (a) (b)

   

13,974

     

380,093

   

AT&T, Inc.

   

60,436

     

1,486,726

   

Discovery, Inc., Class A (a) (b)

   

64,310

     

1,513,857

   

DISH Network Corp., Class A (a) (b)

   

50,117

     

1,625,795

   

Liberty Global PLC, Class C (a)

   

90,634

     

2,545,909

   

Lumen Technologies, Inc. (b)

   

187,747

     

2,356,225

   

News Corp., Class A

   

105,735

     

2,358,948

   

The Interpublic Group of Cos., Inc.

   

60,671

     

2,272,129

   

ViacomCBS, Inc., Class B

   

40,676

     

1,227,602

   
     

19,177,100

   

Consumer Discretionary (9.4%):

 

Advance Auto Parts, Inc.

   

4,950

     

1,187,406

   

AutoZone, Inc. (a)

   

738

     

1,547,136

   

Bath & Body Works, Inc.

   

17,486

     

1,220,348

   

BorgWarner, Inc.

   

45,583

     

2,054,426

   

D.R. Horton, Inc.

   

21,477

     

2,329,181

   

DoorDash, Inc., Class A (a)

   

4,356

     

648,608

   

eBay, Inc.

   

16,999

     

1,130,433

   

Ford Motor Co.

   

120,481

     

2,502,390

   

Garmin Ltd.

   

9,128

     

1,242,960

   

General Motors Co. (a)

   

33,916

     

1,988,495

   

Genuine Parts Co.

   

9,938

     

1,393,308

   

Lear Corp.

   

11,423

     

2,089,838

   

Lennar Corp., Class A

   

17,095

     

1,985,755

   

LKQ Corp.

   

32,919

     

1,976,128

   

Mohawk Industries, Inc. (a)

   

7,971

     

1,452,157

   

Newell Brands, Inc.

   

84,623

     

1,848,166

   

PulteGroup, Inc.

   

32,663

     

1,867,017

   

Target Corp. (c)

   

10,726

     

2,482,425

   

Tesla, Inc. (a)

   

602

     

636,182

   

Tractor Supply Co.

   

6,242

     

1,489,341

   

Whirlpool Corp.

   

9,290

     

2,179,991

   
     

35,251,691

   

Consumer Staples (8.2%):

 

Archer-Daniels-Midland Co.

   

51,249

     

3,463,920

   

Bunge Ltd.

   

32,082

     

2,995,176

   

Costco Wholesale Corp.

   

3,895

     

2,211,191

   

Keurig Dr Pepper, Inc.

   

57,030

     

2,102,126

   

Molson Coors Beverage Co., Class B

   

54,078

     

2,506,515

   

The Estee Lauder Cos., Inc.

   

4,123

     

1,526,335

   

The J.M. Smucker Co.

   

30,020

     

4,077,316

   

The Kraft Heinz Co.

   

73,108

     

2,624,577

   

The Kroger Co.

   

73,940

     

3,346,524

   

Tyson Foods, Inc., Class A

   

35,317

     

3,078,230

   

Walgreens Boots Alliance, Inc.

   

52,395

     

2,732,923

   
     

30,664,833

   

See notes to financial statements.

 


6


 
Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Energy (3.0%):

 

ConocoPhillips

   

32,284

   

$

2,330,259

   

Devon Energy Corp.

   

39,737

     

1,750,415

   

Diamondback Energy, Inc.

   

5,952

     

641,923

   

EOG Resources, Inc.

   

22,388

     

1,988,726

   

Exxon Mobil Corp.

   

42,899

     

2,624,990

   

Pioneer Natural Resources Co.

   

11,519

     

2,095,076

   
     

11,431,389

   

Financials (12.1%):

 

AGNC Investment Corp.

   

136,035

     

2,045,966

   

Ally Financial, Inc.

   

31,379

     

1,493,954

   

American Financial Group, Inc.

   

6,663

     

914,963

   

American International Group, Inc.

   

32,163

     

1,828,788

   

Athene Holding Ltd., Class A (a)

   

19,189

     

1,599,019

   

Bank of America Corp.

   

25,787

     

1,147,264

   

Blackstone, Inc.

   

18,013

     

2,330,702

   

Capital One Financial Corp.

   

10,463

     

1,518,077

   

Citigroup, Inc.

   

29,149

     

1,760,308

   

Citizens Financial Group, Inc.

   

41,116

     

1,942,731

   

Equitable Holdings, Inc.

   

56,572

     

1,854,996

   

Fifth Third Bancorp

   

22,672

     

987,366

   

Franklin Resources, Inc.

   

34,691

     

1,161,801

   

Invesco Ltd.

   

76,892

     

1,770,054

   

KKR & Co., Inc.

   

32,031

     

2,386,309

   

Lincoln National Corp.

   

18,251

     

1,245,813

   

Loews Corp.

   

47,575

     

2,747,932

   

MetLife, Inc.

   

34,165

     

2,134,971

   

Morgan Stanley

   

23,917

     

2,347,693

   

Prudential Financial, Inc.

   

18,940

     

2,050,066

   

Raymond James Financial, Inc.

   

13,596

     

1,365,038

   

Regions Financial Corp.

   

84,081

     

1,832,966

   

Signature Bank

   

3,033

     

981,084

   

Synchrony Financial

   

15,898

     

737,508

   

The Goldman Sachs Group, Inc.

   

6,005

     

2,297,213

   

Upstart Holdings, Inc. (a)

   

5,202

     

787,063

   

Wells Fargo & Co.

   

42,720

     

2,049,706

   
     

45,319,351

   

Health Care (15.4%):

 

AbbVie, Inc.

   

25,964

     

3,515,526

   

Anthem, Inc.

   

5,489

     

2,544,371

   

Bio-Rad Laboratories, Inc., Class A (a)

   

1,772

     

1,338,870

   

Bio-Techne Corp.

   

2,768

     

1,431,997

   

Bristol-Myers Squibb Co.

   

54,902

     

3,423,140

   

Cardinal Health, Inc.

   

24,813

     

1,277,621

   

Centene Corp. (a)

   

29,518

     

2,432,283

   

Charles River Laboratories International, Inc. (a)

   

5,840

     

2,200,395

   

Cigna Corp.

   

10,948

     

2,513,989

   

CVS Health Corp.

   

29,996

     

3,094,387

   

Danaher Corp.

   

5,232

     

1,721,380

   

See notes to financial statements.

 


7


 
Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Eli Lilly & Co.

   

5,651

   

$

1,560,919

   

HCA Healthcare, Inc.

   

8,316

     

2,136,547

   

Horizon Therapeutics PLC (a)

   

18,295

     

1,971,469

   

Jazz Pharmaceuticals PLC (a)

   

19,498

     

2,484,045

   

Laboratory Corp. of America Holdings (a)

   

7,857

     

2,468,748

   

McKesson Corp.

   

12,218

     

3,037,028

   

Merck & Co., Inc.

   

23,062

     

1,767,472

   

Moderna, Inc. (a)

   

8,120

     

2,062,318

   

Molina Healthcare, Inc. (a)

   

6,637

     

2,111,097

   

Novavax, Inc. (a) (b)

   

2,956

     

422,915

   

PerkinElmer, Inc.

   

7,612

     

1,530,469

   

Pfizer, Inc.

   

35,306

     

2,084,819

   

Quest Diagnostics, Inc.

   

9,061

     

1,567,644

   

Universal Health Services, Inc., Class B

   

15,939

     

2,066,651

   

Viatris, Inc.

   

151,460

     

2,049,254

   

Waters Corp. (a)

   

3,527

     

1,314,160

   

West Pharmaceutical Services, Inc.

   

3,244

     

1,521,469

   
     

57,650,983

   

Industrials (14.2%):

 

AMERCO, Inc.

   

3,873

     

2,812,689

   

Carrier Global Corp.

   

43,781

     

2,374,682

   

Deere & Co.

   

3,313

     

1,135,995

   

Eaton Corp. PLC

   

15,998

     

2,764,774

   

Expeditors International of Washington, Inc.

   

13,555

     

1,820,301

   

FedEx Corp.

   

4,073

     

1,053,441

   

Generac Holdings, Inc. (a)

   

5,171

     

1,819,778

   

General Dynamics Corp.

   

14,492

     

3,021,147

   

General Electric Co.

   

8,807

     

831,997

   

Huntington Ingalls Industries, Inc.

   

6,660

     

1,243,688

   

Ingersoll Rand, Inc. (c)

   

21,045

     

1,302,054

   

Jacobs Engineering Group, Inc.

   

18,909

     

2,632,700

   

Johnson Controls International PLC

   

35,857

     

2,915,533

   

Knight-Swift Transportation Holdings, Inc.

   

47,344

     

2,885,143

   

L3Harris Technologies, Inc.

   

12,716

     

2,711,560

   

Old Dominion Freight Line, Inc.

   

4,439

     

1,590,849

   

Owens Corning, Inc.

   

21,424

     

1,938,872

   

Parker-Hannifin Corp.

   

3,626

     

1,153,503

   

Raytheon Technologies Corp.

   

26,236

     

2,257,870

   

Republic Services, Inc. (c)

   

14,233

     

1,984,792

   

Robert Half International, Inc.

   

22,342

     

2,491,580

   

Sensata Technologies Holding PLC (a)

   

18,692

     

1,153,110

   

Snap-on, Inc.

   

11,270

     

2,427,333

   

Textron, Inc.

   

27,424

     

2,117,133

   

Trane Technologies PLC

   

6,513

     

1,315,821

   

United Rentals, Inc. (a)

   

4,949

     

1,644,503

   

Westinghouse Air Brake Technologies Corp.

   

21,903

     

2,017,485

   
     

53,418,333

   

See notes to financial statements.

 


8


 
Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Information Technology (16.3%):

 

Affirm Holdings, Inc. (a)

   

8,460

   

$

850,738

   

Applied Materials, Inc.

   

13,865

     

2,181,796

   

Arrow Electronics, Inc. (a)

   

21,376

     

2,870,156

   

Asana, Inc., Class A (a)

   

8,593

     

640,608

   

Bill.com Holdings, Inc. (a)

   

3,749

     

934,063

   

Broadcom, Inc.

   

2,734

     

1,819,231

   

Cisco Systems, Inc.

   

32,292

     

2,046,344

   

Cloudflare, Inc., Class A (a)

   

14,620

     

1,922,530

   

Dell Technologies, Inc., Class C (a)

   

32,920

     

1,849,116

   

EPAM Systems, Inc. (a)

   

4,201

     

2,808,158

   

F5, Inc. (a)

   

12,822

     

3,137,672

   

Fortinet, Inc. (a)

   

6,767

     

2,432,060

   

Gartner, Inc. (a)

   

6,648

     

2,222,559

   

Hewlett Packard Enterprise Co.

   

164,739

     

2,597,934

   

HP, Inc.

   

74,757

     

2,816,096

   

Intel Corp.

   

51,243

     

2,639,015

   

International Business Machines Corp.

   

10,647

     

1,423,078

   

Intuit, Inc.

   

2,440

     

1,569,457

   

Juniper Networks, Inc.

   

100,549

     

3,590,605

   

Micron Technology, Inc.

   

27,290

     

2,542,064

   

NetApp, Inc.

   

27,623

     

2,541,040

   

NXP Semiconductors NV

   

5,355

     

1,219,762

   

ON Semiconductor Corp. (a)

   

14,208

     

965,007

   

Oracle Corp.

   

41,307

     

3,602,384

   

Qorvo, Inc. (a)

   

13,890

     

2,172,257

   

Seagate Technology Holdings PLC

   

26,483

     

2,992,049

   

TE Connectivity Ltd.

   

8,169

     

1,317,986

   

VMware, Inc., Class A

   

5,122

     

593,537

   

Western Digital Corp. (a)

   

28,218

     

1,840,096

   

Zebra Technologies Corp. (a)

   

1,928

     

1,147,546

   
     

61,284,944

   

Materials (4.6%):

 

Albemarle Corp.

   

3,454

     

807,442

   

CF Industries Holdings, Inc.

   

14,876

     

1,052,923

   

Corteva, Inc.

   

51,998

     

2,458,465

   

Freeport-McMoRan, Inc.

   

44,480

     

1,856,150

   

International Paper Co.

   

21,293

     

1,000,345

   

LyondellBasell Industries NV, Class A

   

19,911

     

1,836,392

   

Nucor Corp.

   

20,236

     

2,309,939

   

Steel Dynamics, Inc.

   

32,681

     

2,028,510

   

The Mosaic Co.

   

50,055

     

1,966,661

   

Westrock Co.

   

41,393

     

1,836,194

   
     

17,153,021

   

Real Estate (6.6%):

 

AvalonBay Communities, Inc.

   

4,890

     

1,235,165

   

Camden Property Trust

   

16,792

     

3,000,394

   

CBRE Group, Inc., Class A (a)

   

22,007

     

2,387,980

   

Equity Residential

   

14,390

     

1,302,295

   

See notes to financial statements.

 


9


 
Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Extra Space Storage, Inc.

   

15,519

   

$

3,518,623

   

Iron Mountain, Inc.

   

54,494

     

2,851,671

   

Mid-America Apartment Communities, Inc.

   

12,671

     

2,907,234

   

Public Storage

   

10,555

     

3,953,481

   

Regency Centers Corp.

   

12,382

     

932,984

   

Simon Property Group, Inc.

   

9,084

     

1,451,351

   

UDR, Inc.

   

20,945

     

1,256,490

   
     

24,797,668

   

Utilities (4.8%):

 

CenterPoint Energy, Inc.

   

38,416

     

1,072,191

   

Duke Energy Corp. (c)

   

14,564

     

1,527,764

   

Edison International

   

20,458

     

1,396,259

   

Evergy, Inc. (c)

   

19,782

     

1,357,243

   

Exelon Corp.

   

57,085

     

3,297,230

   

FirstEnergy Corp.

   

32,855

     

1,366,439

   

NRG Energy, Inc.

   

60,803

     

2,619,393

   

PG&E Corp. (a)

   

105,839

     

1,284,885

   

UGI Corp.

   

61,298

     

2,814,191

   

Vistra Corp.

   

58,382

     

1,329,358

   
     

18,064,953

   

Total Common Stocks (Cost $313,473,773)

   

374,214,266

   

Collateral for Securities Loaned^ (0.7%)

 

BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)

   

60,722

     

60,722

   
Fidelity Investments Money Market Government Portfolio, Institutional Shares,
0.01% (d)
   

1,192,583

     

1,192,583

   
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares,
0.02% (d)
   

30,303

     

30,303

   

JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)

   

241,628

     

241,628

   
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares,
0.06% (d)
   

1,086,406

     

1,086,406

   

Total Collateral for Securities Loaned (Cost $2,611,642)

   

2,611,642

   

Total Investments (Cost $316,085,415) ? 100.4%

   

376,825,908

   

Liabilities in excess of other assets ? (0.4)%

   

(1,377,671

)

 

NET ASSETS ? 100.00%

 

$

375,448,237

   

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

(b)  All or a portion of this security is on loan.

(c)  All or a portion of this security has been segregated as collateral for derivative instruments.

(d)  Rate disclosed is the daily yield on December 31, 2021.

PLC ? Public Limited Company

See notes to financial statements.

 


10


 
Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Futures Contracts Purchased

    Number of
Contracts
  Expiration
Date
  Notional
Amount
 

Value

  Unrealized
Appreciation
(Depreciation)
 

E-Mini S&P 500 Futures

   

4

   

3/18/22

 

$

937,929

   

$

951,700

   

$

13,771

   

Total unrealized appreciation

 

$

13,771

   

Total unrealized depreciation

   

?

   

Total net unrealized appreciation (depreciation)

 

$

13,771

   

See notes to financial statements.

 


11


 
Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF
  Schedule of Portfolio Investments
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Common Stocks (99.7%)

 

Communication Services (3.4%):

 

AMC Networks, Inc., Class A (a)

   

14,190

   

$

488,704

   

Cars.com, Inc. (a)

   

19,133

     

307,850

   

Consolidated Communications Holdings, Inc. (a)

   

28,072

     

209,979

   

Entercom Communications Corp. (a)

   

150,656

     

387,186

   

Gannett Co., Inc. (a)

   

41,684

     

222,176

   

Globalstar, Inc. (a)

   

318,985

     

370,023

   

Gray Television, Inc.

   

29,231

     

589,297

   

IDT Corp., Class B (a)

   

4,026

     

177,788

   

iHeartMedia, Inc., Class A (a)

   

27,432

     

577,169

   

John Wiley & Sons, Inc., Class A

   

8,346

     

477,975

   

Liberty Latin America Ltd., Class C (a)

   

25,758

     

293,641

   

Lions Gate Entertainment Corp., Class A (a)

   

39,752

     

661,473

   

Loyalty Ventures, Inc. (a)

   

1,090

     

32,776

   

Magnite, Inc. (a)

   

8,740

     

152,950

   

Nexstar Media Group, Inc., Class A

   

2,348

     

354,501

   

Scholastic Corp.

   

22,483

     

898,421

   

TechTarget, Inc. (a)

   

3,315

     

317,113

   

TEGNA, Inc.

   

41,701

     

773,970

   

Telephone & Data Systems, Inc.

   

44,801

     

902,740

   

The EW Scripps Co., Class A (a)

   

27,263

     

527,539

   

United States Cellular Corp. (a)

   

27,850

     

877,832

   

WideOpenWest, Inc. (a)

   

13,660

     

293,963

   
     

9,895,066

   

Consumer Discretionary (11.6%):

 

Abercrombie & Fitch Co. (a)

   

12,086

     

420,955

   

Academy Sports & Outdoors, Inc. (a)

   

5,911

     

259,493

   

Adtalem Global Education, Inc. (a)

   

14,990

     

443,104

   

American Axle & Manufacturing Holdings, Inc. (a)

   

22,965

     

214,263

   

American Eagle Outfitters, Inc. (b)

   

8,998

     

227,829

   

Asbury Automotive Group, Inc. (a)

   

1,943

     

335,614

   

AutoNation, Inc. (a)

   

6,206

     

725,171

   

Big Lots, Inc.

   

4,832

     

217,682

   

Boot Barn Holdings, Inc. (a)

   

5,007

     

616,111

   

Caleres, Inc.

   

16,680

     

378,302

   

Capri Holdings Ltd. (a)

   

8,142

     

528,497

   

Carriage Services, Inc.

   

8,036

     

517,840

   

Century Communities, Inc.

   

6,512

     

532,616

   

Citi Trends, Inc. (a)

   

6,310

     

597,873

   

Clarus Corp.

   

15,754

     

436,701

   

Crocs, Inc. (a)

   

3,035

     

389,148

   

Dana, Inc.

   

22,485

     

513,108

   

Dick's Sporting Goods, Inc. (b)

   

4,871

     

560,116

   

Dillard's, Inc., Class A

   

1,966

     

481,709

   

Ethan Allen Interiors, Inc.

   

34,025

     

894,517

   

Foot Locker, Inc.

   

12,183

     

531,544

   

Funko, Inc., Class A (a)

   

26,305

     

494,534

   

See notes to financial statements.

 


12


 
Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

GameStop Corp., Class A (a) (b)

   

2,441

   

$

362,220

   

Genesco, Inc. (a)

   

6,550

     

420,314

   

G-III Apparel Group Ltd. (a)

   

13,933

     

385,108

   

Golden Entertainment, Inc. (a)

   

9,141

     

461,895

   

Graham Holdings Co., Class B

   

1,775

     

1,117,948

   

Green Brick Partners, Inc. (a)

   

25,964

     

787,488

   

Group 1 Automotive, Inc.

   

3,080

     

601,278

   

GrowGeneration Corp. (a) (c)

   

9,658

     

126,037

   

H&R Block, Inc.

   

16,410

     

386,620

   

Haverty Furniture Cos., Inc. (b)

   

9,894

     

302,460

   

Hibbett, Inc.

   

5,731

     

412,231

   

Houghton Mifflin Harcourt Co. (a)

   

13,621

     

219,298

   

Hovnanian Enterprises, Inc., Class A (a)

   

4,540

     

577,897

   

KB Home

   

12,849

     

574,736

   

Kohl's Corp. (c)

   

7,521

     

371,462

   

Laureate Education, Inc., Class A

   

36,822

     

450,701

   

M/I Homes, Inc. (a)

   

8,343

     

518,768

   

Macy's, Inc.

   

18,772

     

491,451

   

MarineMax, Inc. (a) (b)

   

10,328

     

609,765

   

MDC Holdings, Inc.

   

13,131

     

733,104

   

Meritage Homes Corp. (a)

   

5,161

     

629,952

   

Modine Manufacturing Co. (a)

   

36,180

     

365,056

   

Movado Group, Inc.

   

16,291

     

681,453

   

Penske Automotive Group, Inc.

   

6,939

     

744,000

   

Perdoceo Education Corp. (a)

   

75,789

     

891,279

   

PVH Corp.

   

2,330

     

248,495

   

Qurate Retail, Inc., Class A

   

61,094

     

464,314

   

Rent-A-Center, Inc.

   

12,637

     

607,081

   

Revolve Group, Inc. (a)

   

8,273

     

463,619

   

Service Corp. International

   

8,043

     

570,973

   

Shoe Carnival, Inc.

   

6,511

     

254,450

   

Shutterstock, Inc.

   

7,277

     

806,874

   

Signet Jewelers Ltd.

   

5,201

     

452,643

   

Skyline Champion Corp. (a)

   

3,751

     

296,254

   

Smith & Wesson Brands, Inc.

   

26,065

     

463,957

   

Sportsman's Warehouse Holdings, Inc. (a)

   

17,598

     

207,656

   

Tapestry, Inc.

   

7,108

     

288,585

   

Taylor Morrison Home Corp. (a)

   

16,466

     

575,651

   

Tenneco, Inc., Class A (a)

   

31,461

     

355,509

   

The Buckle, Inc. (b)

   

8,128

     

343,896

   

The Container Store Group, Inc. (a)

   

16,877

     

168,432

   

The Goodyear Tire & Rubber Co. (a)

   

32,559

     

694,158

   

The ODP Corp. (a)

   

12,690

     

498,463

   

Toll Brothers, Inc.

   

10,050

     

727,520

   

TravelCenters of America, Inc. (a)

   

3,883

     

200,440

   

Tri Pointe Homes, Inc. (a)

   

24,156

     

673,711

   

Vista Outdoor, Inc. (a)

   

11,049

     

509,027

   

XPEL, Inc. (a)

   

3,913

     

267,180

   

Zumiez, Inc. (a)

   

12,580

     

603,714

   
     

34,281,850

   

See notes to financial statements.

 


13


 
Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Consumer Staples (4.8%):

 

Celsius Holdings, Inc. (a)

   

6,273

   

$

467,778

   

Central Garden & Pet Co., Class A (a)

   

9,880

     

472,758

   

Coca-Cola Consolidated, Inc.

   

1,718

     

1,063,768

   

Coty, Inc., Class A (a) (c)

   

20,513

     

215,386

   

Darling Ingredients, Inc. (a)

   

10,616

     

735,583

   

Edgewell Personal Care Co.

   

8,825

     

403,391

   

Fresh Del Monte Produce, Inc.

   

24,298

     

670,625

   

Hostess Brands, Inc. (a)

   

40,857

     

834,300

   

Ingles Markets, Inc., Class A

   

14,427

     

1,245,627

   

Pilgrim's Pride Corp. (a)

   

35,470

     

1,000,254

   

Sanderson Farms, Inc.

   

5,148

     

983,680

   

Seaboard Corp.

   

283

     

1,113,608

   

SpartanNash Co.

   

28,129

     

724,603

   

The Andersons, Inc.

   

20,926

     

810,045

   

United Natural Foods, Inc. (a)

   

10,851

     

532,567

   

Universal Corp.

   

24,625

     

1,352,405

   

Weis Markets, Inc. (b) (c)

   

22,261

     

1,466,555

   
     

14,092,933

   

Energy (3.5%):

 

Antero Resources Corp. (a)

   

30,224

     

528,920

   

Arch Resources, Inc.

   

3,783

     

345,464

   

Berry Corp.

   

24,522

     

206,475

   

Callon Petroleum Co. (a) (b)

   

12,002

     

567,094

   

Centennial Resource Development, Inc., Class A (a)

   

83,046

     

496,615

   

Civitas Resources, Inc.

   

12,527

     

613,447

   

CNX Resources Corp. (a)

   

24,718

     

339,873

   

CONSOL Energy, Inc. (a)

   

9,345

     

212,225

   

Dorian LPG Ltd.

   

61,219

     

776,869

   

EQT Corp. (a)

   

14,981

     

326,736

   

Gevo, Inc. (a) (b)

   

42,821

     

183,274

   

Helix Energy Solutions Group, Inc. (a)

   

125,227

     

390,708

   

International Seaways, Inc.

   

39,836

     

584,792

   

Laredo Petroleum, Inc. (a) (b)

   

3,354

     

201,676

   

Magnolia Oil & Gas Corp., Class A

   

14,389

     

271,520

   

Marathon Oil Corp.

   

44,587

     

732,119

   

Matador Resources Co.

   

8,274

     

305,476

   

Meta Materials, Inc. (a) (b)

   

51,259

     

126,097

   

Northern Oil and Gas, Inc.

   

11,278

     

232,101

   

Ovintiv, Inc.

   

17,784

     

599,321

   

PDC Energy, Inc.

   

10,378

     

506,239

   

Peabody Energy Corp. (a) (c)

   

21,681

     

218,328

   

SM Energy Co.

   

20,593

     

607,082

   

Transocean Ltd. (a) (b)

   

144,331

     

398,354

   

Whiting Petroleum Corp. (a)

   

8,577

     

554,760

   
     

10,325,565

   

See notes to financial statements.

 


14


 
Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Financials (11.8%):

 

Affiliated Managers Group, Inc.

   

2,428

   

$

399,430

   

A-Mark Precious Metals, Inc.

   

4,384

     

267,862

   

American Equity Investment Life Holding Co.

   

14,185

     

552,080

   

American National Group, Inc.

   

4,597

     

868,098

   

Ameris Bancorp

   

7,517

     

373,445

   

Assured Guaranty Ltd.

   

12,452

     

625,090

   

Atlanticus Holdings Corp. (a)

   

3,188

     

227,368

   

B Riley Financial, Inc.

   

10,230

     

909,038

   

Berkshire Hills Bancorp, Inc.

   

12,903

     

366,832

   

Brighthouse Financial, Inc. (a)

   

10,430

     

540,274

   

BrightSpire Capital, Inc.

   

23,061

     

236,606

   

Chimera Investment Corp.

   

46,595

     

702,653

   

CIT Group, Inc.

   

9,710

     

498,511

   

Cowen, Inc., Class A

   

16,741

     

604,350

   

Customers Bancorp, Inc.

   

14,548

     

951,003

   

Dime Community Bancshares, Inc.

   

13,798

     

485,138

   

Donnelley Financial Solutions, Inc. (a)

   

15,453

     

728,454

   

Encore Capital Group, Inc. (a)

   

8,939

     

555,201

   

Enova International, Inc. (a)

   

14,477

     

592,978

   

Enstar Group Ltd. (a)

   

2,106

     

521,425

   

First Bancorp/Puerto Rico

   

25,041

     

345,065

   

Flagstar Bancorp, Inc.

   

16,613

     

796,427

   

Flushing Financial Corp.

   

16,941

     

411,666

   

FNB Corp.

   

68,697

     

833,295

   

Genworth Financial, Inc. (a)

   

155,973

     

631,691

   

Granite Point Mortgage Trust, Inc.

   

34,121

     

399,557

   

Great Western Bancorp, Inc.

   

9,740

     

330,770

   

Hancock Whitney Corp.

   

6,812

     

340,736

   

HarborOne Bancorp, Inc.

   

42,924

     

636,992

   

HCI Group, Inc.

   

7,463

     

623,459

   

Hope Bancorp, Inc.

   

58,303

     

857,637

   

Houlihan Lokey, Inc.

   

5,170

     

535,198

   

Janus Henderson Group PLC

   

18,896

     

792,498

   

Jefferies Financial Group, Inc.

   

22,295

     

865,046

   

LendingClub Corp. (a)

   

13,848

     

334,845

   

Meta Financial Group, Inc.

   

7,279

     

434,265

   

Metropolitan Bank Holding Corp. (a)

   

3,339

     

355,704

   

MFA Financial, Inc.

   

50,325

     

229,482

   

MGIC Investment Corp.

   

43,167

     

622,468

   

Midland States Bancorp, Inc.

   

18,236

     

452,070

   

Mr. Cooper Group, Inc. (a)

   

14,110

     

587,117

   

National Western Life Group, Inc., Class A

   

3,248

     

696,501

   

Navient Corp.

   

29,096

     

617,417

   

New Residential Investment Corp.

   

23,385

     

250,453

   

New York Community Bancorp, Inc.

   

39,212

     

478,779

   

Northfield Bancorp, Inc.

   

32,695

     

528,351

   

OFG Bancorp

   

13,217

     

351,044

   

Old Republic International Corp.

   

39,309

     

966,215

   

See notes to financial statements.

 


15


 
Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

PacWest Bancorp

   

6,785

   

$

306,478

   

Pennymac Financial Services

   

9,453

     

659,630

   

Pinnacle Financial Partners, Inc.

   

8,289

     

791,600

   

Popular, Inc.

   

10,120

     

830,245

   

Radian Group, Inc.

   

14,346

     

303,131

   

Ready Capital Corp.

   

16,933

     

264,663

   

ServisFirst Bancshares, Inc.

   

6,924

     

588,125

   

Silvergate Capital Corp., Class A (a)

   

5,975

     

885,495

   

SiriusPoint Ltd. (a)

   

98,163

     

798,065

   

SLM Corp.

   

21,407

     

421,076

   

State Auto Financial Corp.

   

8,553

     

442,105

   

Sterling Bancorp

   

25,877

     

667,368

   

Triumph Bancorp, Inc. (a)

   

4,225

     

503,113

   

Universal Insurance Holdings, Inc.

   

30,204

     

513,468

   

Unum Group

   

23,771

     

584,054

   
     

34,869,200

   

Health Care (25.0%):

 

Agios Pharmaceuticals, Inc. (a)

   

7,407

     

243,468

   

Alkermes PLC (a)

   

31,476

     

732,132

   

Anavex Life Sciences Corp. (a)

   

22,593

     

391,763

   

Atea Pharmaceuticals, Inc. (a)

   

33,271

     

297,443

   

Aurinia Pharmaceuticals, Inc. (a)

   

7,449

     

170,359

   

Avid Bioservices, Inc. (a)

   

16,432

     

479,486

   

Beam Therapeutics, Inc. (a) (b)

   

5,985

     

476,945

   

BioCryst Pharmaceuticals, Inc. (a)

   

14,915

     

206,573

   

Biohaven Pharmaceutical Holding Co. Ltd. (a)

   

2,409

     

331,984

   

C4 Therapeutics, Inc. (a)

   

7,115

     

229,103

   

CareDx, Inc. (a)

   

3,387

     

154,041

   

Castle Biosciences, Inc. (a)

   

4,398

     

188,542

   

Catalyst Pharmaceuticals, Inc. (a)

   

78,759

     

533,198

   

Celldex Therapeutics, Inc. (a)

   

9,854

     

380,759

   

Cerevel Therapeutics Holdings, Inc. (a)

   

7,888

     

255,729

   

Curis, Inc. (a)

   

72,122

     

343,301

   

Dynavax Technologies Corp. (a) (b)

   

13,190

     

185,583

   

Eagle Pharmaceuticals, Inc. (a)

   

18,179

     

925,675

   

Emergent BioSolutions, Inc. (a)

   

13,109

     

569,848

   

Enanta Pharmaceuticals, Inc. (a)

   

5,120

     

382,874

   

Exelixis, Inc. (a)

   

20,995

     

383,789

   

Fate Therapeutics, Inc. (a)

   

2,480

     

145,105

   

Halozyme Therapeutics, Inc. (a)

   

10,183

     

409,458

   

Humanigen, Inc. (a)

   

18,131

     

67,447

   

Ideaya Biosciences, Inc. (a)

   

12,235

     

289,235

   

Inhibrx, Inc. (a)

   

6,699

     

292,545

   

Intellia Therapeutics, Inc. (a)

   

3,112

     

367,963

   

Ironwood Pharmaceuticals, Inc. (a)

   

63,201

     

736,924

   

IVERIC bio, Inc. (a)

   

13,646

     

228,161

   

Ligand Pharmaceuticals, Inc. (a)

   

2,052

     

316,952

   

Morphic Holding, Inc. (a)

   

4,840

     

229,319

   

See notes to financial statements.

 


16


 
Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF
  Schedule of Portfolio Investments ? continued
December 31, 2021
 

  (Unaudited)

Security Description

 

Shares

 

Value

 

Myriad Genetics, Inc. (a)

   

15,105

   

$

416,898

   

Natera, Inc. (a)

   

2,909

     

271,672

   

Ocugen, Inc. (a) (b)

   

61,302

     

278,924

   

OPKO Health, Inc. (a)

   

112,822

     

542,674

   

Organogenesis Holdings, Inc. (a)

   

48,578

     

448,861

   

Protagonist Therapeutics, Inc. (a)

   

4,404

     

150,617

   

Prothena Corp. PLC (a)

   

8,137

     

401,968

   

Repligen Corp. (a)

   

2,866

     

759,031

   

Rubius Therapeutics, Inc. (a)

   

13,444

     

130,138

   

Sorrento Therapeutics, Inc. (a) (b)

   

36,760

     

170,934

   

SpringWorks Therapeutics, Inc. (a)

   

3,716

     

230,318

   

United Therapeutics Corp. (a)

   

5,442

     

1,175,907

   

Vanda Pharmaceuticals, Inc. (a)

   

43,573

     

683,660

   

Veracyte, Inc. (a)

   

5,998

     

247,118

   

Vericel Corp. (a)

   

5,078

     

199,565

   

Xenon Pharmaceuticals, Inc. (a)

   

7,545