Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain a prospectus or summary prospectus containing this and other important information, visit www.vcm.com/prospectus. Read it carefully before investing.

All investing involves risk, including the potential loss of principal.

The Fund, under normal circumstances, invests at least 80% of its assets in equity securities of U.S. companies that are classified in one or more of the following sectors published by The Global Industry Classification Standard ("GICS®"): (1) Communication Services; (2) Consumer Discretionary; (3) Consumer Staples; (4) Energy; (5) Financials; (6) Health Care; (7) Industrials; (8) Information Technology; (9) Materials; (10) Real Estate; and (11) Utilities ("GICS® Sectors"). GICS® is an independent, industry classification system that assigns classifications based on an issuer's primary business activity.

The Fund has the same risks as the underlying securities traded on the exchange throughout the day. ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. ETFs may trade at a premium or discount to their net asset value. In addition to the normal risks associated with investing, investments concentrated in an industry or group of industries may face more risks and exhibit higher volatility than investments that are more broadly diversified over industries or sectors. The communication services sector may be dominated by a small number of companies which may increase volatility. Companies in this sector are particularly vulnerable to product obsolescence due to technology advances and social media trends. Communication services companies may be negatively affected by pricing competition, security breaches, research and development costs and government regulations. Companies in the consumer discretionary sector are subject to the performance of the overall international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and spending. Companies in the consumer discretionary sector are also subject to the risks of product obsolescence, resource depletion and labor relations. Companies in the consumer staples sector may be affected by general economic conditions, commodity production, interest rates, product cycles and consumer confidence. Success depends heavily on disposable household income and consumer spending. Investments in companies in the energy sector may be subject to substantial government regulation, as well as risks involving changes in energy prices, international political instability, and liability for environmental damage and accidents resulting in loss of life or property. Companies in the financial services sector are subject to extensive government regulation that may affect the scope of their activities, the prices they can charge and capital maintenance. The industry is subject to severe competition and can be significantly affected by market conditions, including interest rate changes.  The profitability of companies in the healthcare sector may be affected by extensive government regulation, fluctuations in the cost of, and demand for, medical products and services and product liability claims. The sector is subject to severe competition and product obsolescence, and relies heavily on patent protection. Investments in companies in the industrials sector may be adversely affected by changes in supply and demand for products and services, governmental regulation and changes spending policies, world events and economic conditions. Investments in aerospace and defense companies, a component of the industrials sector, may be adversely affected by changes in governmental policies and spending. Transportation companies may be adversely affected by price movements resulting from economic changes, fuel prices, labor agreements and insurance costs.  Technology companies may be adversely affected by economic downturns, short product cycles, aggressive pricing, market competition and government regulation. Information technology companies are particularly vulnerable to rapid changes in technological product cycles, severe competition and government regulation. Companies in the materials sector may be adversely affected by commodity prices, exchange rates, import controls, increased competition, environmental policies, consumer demand and natural events. Risks of investing include losses associated with worldwide production at times that far outweighs demand. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. Companies in the real estate sector, including real estate investment trusts ("REITs"), are subject to the risks associated with investing in real estate, particularly changes in economic conditions, and interest rate fluctuations. The sector is also subject to property obsolescence, supply and demand, and environmental regulations and conditions. Utilities companies may be adversely affected by supply and demand, operating costs, government regulation and environmental issues. The value of utility equity securities may have an inverse relationship to interest rate changes. Less- or un-regulated utilities companies have risks similar to those in the industrials sector. The value of any 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 to such events by governments and/or individual companies.

Victory Capital Management Inc. (VCM) serves as the Fund's investment adviser. WestEnd Advisors, LLC (WestEnd) is responsible for the day-to-day management of the Fund.
Distributed by Foreside Fund Services, LLC (Foreside). VCM and its affiliates, including WestEnd, are not affiliated with Foreside. Learn more about Foreside at FINRA's BrokerCheck