VictoryShares US Value Momentum ETF

VictoryShares US Value Momentum ETF (ULVM) is a Victory Capital index fund. It holds about 125 large US stocks chosen from the Nasdaq US 500 Large Cap Index because they look cheap and their prices have been rising. It gives steadier stocks bigger weights, which puts utilities, insurers and real estate trusts among its largest holdings. Its expense ratio is 0.20%, about half the 0.40% average of similar funds.

• Over the year to Oct 27, 2026, ULVM returned +19.6%, 6th of 9 among similar funds.
• Its 5-year annualized return was +11.5%.
• Its worst full calendar year was 2022 (-9.0%); its best was 2021 (+31.1%).
• The deepest fall in its price history was 19.8% (Jan 4, 2022 to Sep 30, 2022), recovered by Jan 25, 2024.

As of Jun 30, 2026, the fund held 124 securities; the ten largest made up 14.91% of assets.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $74K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +6.73%, +2.10%, +2.43%.

The fund tracks the Nasdaq Victory US Value Momentum Index, which Nasdaq builds using fixed rules. It starts with the stocks in the Nasdaq US 500 Large Cap Index and gives each one two scores. The value score measures how cheap a stock is compared with its fundamentals, using ratios such as price-to-earnings, price-to-book and price to operating cash flow. The momentum score measures the stock's price trend over the last six and 12 months, skipping the most recent month and adjusting for how much the price swings. Each stock is scored only against others in its own sector. The two scores count equally, and the top 25% of stocks make the index.

Holdings are weighted by realized volatility, meaning how much a stock's price has actually moved, not by company size. Calmer stocks get more weight. As a result, no stock is very large in the fund: the top ten made up 14.91% of assets as of June 30, 2026. As of September 30, 2026, the index had 125 stocks, with company values from $10.4 billion to $2.0 trillion. The index is rebalanced and reconstituted every quarter. Portfolio turnover was 101%, which roughly means the fund replaced its whole portfolio over the year.

The fund aims to hold every stock in the index. It may put up to 20% of assets into other instruments, such as index futures, to stay fully invested. It is passively managed, so it takes no defensive steps when markets fall.

• ULVM charges 0.2% a year, versus an average of 0.4% for the similar funds below (3rd of 9, cheapest first).
• Of that, 0.15% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.04% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $302 over 10 years (assuming a 5% annual return).

Its tilt toward cheaper, steadier large-cap stocks such as utilities and insurers can offset a portfolio built on broad, size-weighted index funds.

ULVM may add a value tilt and steadier-stock weighting to a portfolio built around a broad index fund. But it has not escaped hard falls. It lost 28.28% in the quarter ended March 31, 2020, so weighting toward calmer stocks did not protect it in the COVID crash. Its worst calendar year was 2018, at −12.1%. In the 2022 bear market it fell 19.8% from January 4 to September 30, 2022, and did not recover until January 25, 2024, about 16 months after the low. Anyone forced to sell during a stretch like that would lock in losses. The fund launched in 2017, so it has no 2008 record. It pays monthly, with a trailing yield of 1.78% as of October 27, 2026. Under the SEC's standard example, $10,000 would cost $302 in fees over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.