VictoryShares Corporate Bond ETF

VictoryShares Corporate Bond ETF (UCRD) is an actively managed Victory Capital fund that holds mostly investment-grade corporate bonds, with room for some junk bonds and foreign issuers. It paid a 4.28% trailing yield, distributed monthly, as of October 27, 2026. Its 0.40% expense ratio is well above the 0.07% average of similar funds. With about $151 million in net assets, it is also the smallest fund in that group.

• Over the year to Oct 27, 2026, UCRD returned -1.6%, 6th of 8 among similar funds.
• Its 5-year annualized return was -0.1%.
• Its worst full calendar year was 2022 (-17.2%); its best was 2023 (+9.2%).
• The deepest fall in its price history was 22.4% (Dec 16, 2021 to Oct 24, 2022), recovered by Oct 14, 2025.

As of Jun 30, 2026, the fund held 493 securities; the ten largest made up 7.13% of assets, and 3.48% sat in cash and money-market holdings.

The bonds mature in 12.4 years on average (weighted by size), with an average coupon of 4.45%.

• Over the three months to Jun 30, 2026, investors added a net $87.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.48%, +0.71%, +0.29%.

UCRD does not track an index. Victory Capital's managers pick the bonds, aiming for "maximum current income without undue risk to principal." At least 80% of the fund goes into corporate bonds. Most are investment grade, meaning rated BBB- or Baa3 or higher, the ratings agencies' range for borrowers judged likely to repay. Up to 10% can go into below-investment-grade ("junk") bonds, up to 20% into U.S. government debt, and up to 30% into dollar-denominated bonds from foreign companies, banks and governments, including emerging markets.

The managers give each bond an internal credit rating using their own models built for each industry. They review those ratings regularly while the fund owns the bond. There is no fixed rebalancing schedule. Instead, the managers use "relative value trading," moving money between sectors, ratings and issuers when they think bonds are mispriced. Turnover was 22% in the latest prospectus.

The fund may use U.S. Treasury futures to manage duration, which measures how much a bond's price moves when interest rates change. As of June 30, 2026, it held no derivatives. It owned 493 holdings, the top 10 made up 7.13% of assets, and 83% of assets were in U.S. issuers. The largest positions included AT&T, Bank of America, Truist, HSBC and several long-term Treasury bonds.

• UCRD charges 0.4% a year, versus an average of 0.07% for the similar funds below (8th of 8, cheapest first).
• Of that, 0.35% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.06% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $573 over 10 years (assuming a 5% annual return).

It pays monthly from a portfolio of mostly investment-grade corporate bonds, with a 4.28% trailing yield as of October 27, 2026.

UCRD paid monthly, with a trailing 12-month yield of 4.28% ($0.89 a share) as of October 27, 2026. It launched in October 2021, so it has no record in the 2008 or 2020 crashes. Its one big test came when rates rose in 2022. The fund lost 16.76% that year, and its value fell 22.4% from December 2021 to October 2022. It took about 36 months, until October 2025, to recover. A retiree who had to sell in late 2022 would have locked in much of that loss. Its average maturity of 12.4 years keeps it sensitive to rate changes. It costs 0.40% a year, or $573 over 10 years on $10,000 in the SEC's standard example, compared with a 0.07% peer average. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).