VictoryShares US EQ Income Enhanced Volatility Wtd ETF

VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) tracks a Nasdaq index of about 100 high-dividend large US companies. Calmer stocks get bigger weights, and a rule can shift up to 75% of the fund into Treasury bills after steep market declines. It pays monthly, with a trailing 12-month yield of 3.11% as of October 27, 2026. It charges 0.35% a year, a little below the 0.39% average of its comparison group.

• Over the year to Oct 27, 2026, CDC returned +18.9%, 1st of 5 among similar funds.
• Its 5-year annualized return was +6.6% and its 10-year +10.5%.
• In the 2020 COVID crash it fell 17.4% and regained its old high 2.4 months after the low.
• Its worst full calendar year was 2022 (-7.8%); its best was 2021 (+33.0%).
• The deepest fall in its price history was 21.3% (Apr 20, 2022 to Aug 24, 2023), recovered by Nov 25, 2024.

As of Jun 30, 2026, the fund held 100 securities; the ten largest made up 16% of assets.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $32.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.31%, -1.06%, +2.58%.

CDC tracks the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index. Nasdaq runs the index and is not affiliated with Victory Capital. The starting pool is the 500 largest US companies by market value that earned a profit over the past 12 months. From those, the index picks the 100 with the highest dividend yields. It then weights each stock by volatility, meaning how much its price moved day to day over the last 180 trading days. Steadier stocks get bigger weights and jumpier ones get smaller weights. The index is rebuilt every March and September, and no sector can be more than 25% of it.

The "Enhanced" part is a cash switch. At each month-end, the index checks a reference version of itself that holds the same stocks with no cash. If that version is 8% or more below its all-time high, the index moves 75% into 30-day Treasury bills or Treasury money market funds. If the drop deepens to 16%, 24% and then 32% at later month-ends, the index moves back into stocks in 25% steps. At a 32% drop it is fully invested again. It also goes back to 100% stocks once the drop shrinks to less than 8%.

The checks happen only at month-end, so the fund can miss sharp moves in between. Switching can also add trading costs and taxable gains. The fund's portfolio turnover was 43%.

• CDC charges 0.35% a year, versus an average of 0.39% for the similar funds below (2nd of 5, cheapest first).
• Of that, 0.3% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.02% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $466 over 10 years (assuming a 5% annual return).

CDC pays monthly from a portfolio of high-dividend, lower-volatility large US stocks, with utilities as its largest sector.

CDC can add monthly income and smaller swings than the broad market. As of October 27, 2026, its trailing yield was 3.11% and its one-year beta was 0.15 (beta measures how much a fund tends to move with the market). It costs 0.35% a year, or $36 in the first year on $10,000 in the SEC's standard example. The fund launched in 2014, so it has no record from 2008. In the 2020 COVID crash it fell 17.4% and was back at its high by June 3, 2020. Its slide that began in April 2022 lasted longer. Its deepest drop was 21.3%, bottoming August 24, 2023, and it did not regain its high until November 25, 2024. It lost 7.75% in 2022 and 4.91% in 2023, so anyone selling shares to cover spending would have sold at lower prices two years in a row. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).