Victory Portfolios II

11/12/2026 | Press release | Distributed by Public on 11/12/2026 13:56

Prospectus by Investment Company (Form 497)

Victory Portfolios II

Fund

Ticker

VictoryShares US Value Momentum ETF

ULVM

VictoryShares US Small Mid Cap Value Momentum ETF

USVM

VictoryShares International Value Momentum ETF

UIVM

VictoryShares Emerging Markets Value Momentum ETF

UEVM

VictoryShares Short-Term Bond ETF

USTB

VictoryShares Core Intermediate Bond ETF

UITB

VictoryShares Free Cash Flow ETF

VFLO

VictoryShares Small Cap Free Cash Flow ETF

SFLO

VictoryShares Free Cash Flow Growth ETF

GFLW

VictoryShares International Free Cash Flow ETF

IFLO

VictoryShares International Free Cash Flow Growth ETF

GRIN

VictoryShares Pioneer Asset-Based Income ETF

ABI

Supplement dated November 12, 2026,

to the Statement of Additional Information dated November 1, 2026 ("SAI"),

The table referencing Fund Ownership under the section titled PORTFOLIO MANAGERS on page 72 of the SAI has been deleted and replaced with the following:

[tbl:s-udw-vf,6,,1,,,]

Dollar Range of Shares

Beneficially Owned as of

Portfolio Manager

Fund

June 30, 2026

VictoryShares Index ETFs Team

Mannik Dhillon

VictoryShares US Value Momentum ETF

None

VictoryShares US Small Mid Cap Value Momentum ETF

None

VictoryShares International Value Momentum ETF

None

VictoryShares Emerging Markets Value Momentum ETF

None

VictoryShares Free Cash Flow ETF

$1-$10,000

VictoryShares Small Cap Free Cash Flow ETF

None

VictoryShares Free Cash Flow Growth ETF

None

VictoryShares International Free Cash Flow ETF

None

VictoryShares International Free Cash Flow Growth ETF

None

Lance Humphrey

VictoryShares US Value Momentum ETF

None

VictoryShares US Small Mid Cap Value Momentum ETF

None

VictoryShares International Value Momentum ETF

None

VictoryShares Emerging Markets Value Momentum ETF

None

VictoryShares Small Cap Free Cash Flow ETF

None

VictoryShares Free Cash Flow ETF

None

VictoryShares Free Cash Flow Growth ETF

None

VictoryShares International Free Cash Flow ETF

None

VictoryShares International Free Cash Flow Growth ETF

None

Lela Dunlap

VictoryShares US Value Momentum ETF

None

VictoryShares US Small Mid Cap Value Momentum ETF

None

VictoryShares International Value Momentum ETF

None

VictoryShares Emerging Markets Value Momentum ETF

None

VictoryShares Small Cap Free Cash Flow ETF

None

VictoryShares Free Cash Flow ETF

$10,001-$50,000

VictoryShares Free Cash Flow Growth ETF

$10,001-$50,000

VictoryShares International Free Cash Flow ETF

None

VictoryShares International Free Cash Flow Growth ETF

None

Victory Income Investors Team

Kurt Daum

VictoryShares Short-Term Bond ETF

None

VictoryShares Core Intermediate Bond ETF

None

R. Neal Graves

VictoryShares Core Intermediate Bond ETF

$100,001-$500,000

James F. Jackson Jr.

VictoryShares Short-Term Bond ETF

$100,001-$500,000

VictoryShares Core Intermediate Bond ETF

$100,001-$500,000

Brian W. Smith

VictoryShares Short-Term Bond ETF

$100,001-$500,000

Douglas J. Rollwitz

VictoryShares Short-Term Bond ETF

None

Michael Duncan

VictoryShares Core Intermediate Bond ETF

$10,001-$50,000

Stephanie Garza

VictoryShares Core Intermediate Bond ETF

$10,001-$50,000

Zachary Winters

VictoryShares Short-Term Bond ETF

$1-$10,000

Pioneer Investments Team

Noah Funderburk

VictoryShares Pioneer Asset-Based Income ETF

None

Nicolas Pauwels

VictoryShares Pioneer Asset-Based Income ETF

$10,001-$50,000

PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

34297-00-1126

Victory Portfolios II published this content on November 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 12, 2026 at 19:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]