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VictoryShares WestEnd Economic Cycle Bond ETF

Why BMDL? 

  • Core active U.S. fixed income portfolio designed to evolve with the macroeconomic and interest rate environment.
  • Performance of bonds with different durations and credit quality can vary widely as the interest rate environment evolves with the economic cycle, providing opportunity for outperformance through active allocation decisions.
  • Differentiated credit analysis can enhance the potential for excess return through fixed income security selection.
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About BMDL

  • Seeks to provide current income and capital appreciation within the U.S. fixed income market through a combination of the WestEnd Advisors' macroeconomic approach to dynamic duration and credit allocation and Victory Income Investors proprietary research process and credit ratings for security selection.
  • Blends the specialties of two experienced investment teams to implement a dynamic fixed income portfolio intended to evolve along with the economic cycle and credit conditions. 
  • Employs a top-down process that utilizes qualitative analysis of a wide range of economic data to identify areas of potential strength and weakness in the fixed income markets layered with a bottom-up, independent credit analysis and rating process.

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Past performance does not guarantee future results. The performance data quoted represents past performance and current performance may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market price returns are based on price of the last reported trade on the fund’s primary exchange. If you trade your shares at another time, your return may differ. ETF redemptions are limited and commissions are often charged on each trade. ETFs may trade at a premium or discount to their net asset value.

Returns include reinvestment of dividends and capital gains. Performance for periods greater than one year is annualized.

Fee waivers and/or expense reimbursements were in place for some or all periods shown, without which, fund performance would have been lower.

Net expense ratios reflect the contractual waiver and/or reimbursement of management fees through October 31, 2025.

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Top 10 Holdings

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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 vcm.com/prospectus. Read it carefully before investing.

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

The Fund has the same risks as the underlying securities traded on the exchange throughout the day. ETFs may trade at a premium or discount to their net asset value.

In addition to the normal risks associated with investing, fixed income securities are subject to interest rate, inflation, credit and default risk. The bond market is volatile. Bonds and bond funds will decrease in value as interest rates rise and vice versa. Credit risk refers to the possibility that debt issuers may not be able to make principal and interest payments or may have their debt downgraded by ratings agencies.

High yield securities may be more volatile, be subject to greater levels of credit or default risk, and may be less liquid and more difficult to sell at an advantageous time or price than higher-rated securities of similar maturity. 

Mortgage-backed securities (“MBS”) and Asset-backed securities ("ABS") are subject to credit, prepayment and extension risk and may react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain MBS and ABS. Small movements in interest rates may quickly and significantly reduce the value of certain MBS and ABS.

Derivatives may not work as intended and may result in losses.

The Fund may frequently change its holdings, resulting in higher fees, lower returns, and more capital gains.

The Fund is new with a limited operating history. As a result, it does not have a record of performance or other dealings for prospective investors to evaluate when making investment decisions.

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 to such events by governments and/or individual companies.

The Bloomberg U.S. Government/Credit Bond Index measures the non-securitized component of the Bloomberg U.S. Aggregate Bond Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related, and corporate securities.

Distributed by Foreside Fund Services, LLC (Foreside). Foreside is not affiliated with Victory Capital Management Inc. or its affiliates.

Learn more about Foreside at FINRA's BrokerCheck.

Not FDIC Insured • May Lose Value • No Bank Guarantee

20240620-3632823

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©2024 Victory Capital Management Inc.