Morningstar Magazine - June/July 2018 - 17

THE CASE FOR VALUE AND
MOMENTUM FACTORS.
ULVM
USAA MSCI USA
Value Momentum
Blend Index ETF
VALUE
* Price/Book
* Price/Earnings
* Price/Cash Flow

VALUE AND
MOMENTUM
COMBINATION

MOMENTUM
* 6 month volatility
adjusted return
* 12 month volatility
adjusted return

* ETFs that seek exposure to value and momentum stocks with
lower realized volatility versus broad market indexes*
* Utilizes uncorrelated factors with the intent to deliver long-term
risk-adjusted returns*
* Risk weighted portfolio to help balance the volatility of the
overall portfolio

USVM
USAA MSCI USA Small
Cap Value Momentum
Blend Index ETF
UIVM
USAA MSCI International
Value Momentum
Blend Index ETF
UEVM
USAA MSCI Emerging
Markets Value
Momentum Blend
Index ETF

Call 800-531-1445 or visit advisor.usaa.com to learn more.
USAA investment products are available to all advisors and their clients, you don't have to be a Member.

Consider the investment objectives, risks, charges and expenses and other information of the USAA ETFs, available in each ETF's prospectus, carefully before investing. Contact us at
800-531-1445 for a prospectus containing this and other information about the funds from USAA Investment Management Company, Distributor. Read it carefully before investing. The
information provided does not constitute a recommendation of any investment strategy or product for a particular investor and should not be considered advice given in a fiduciary
capacity, including within the meaning of ERISA. Investors should consult a financial advisor/financial consultant before making any investment decisions.
* There is no guarantee this objective will be met.
The ETFs listed are not actively managed, and USAA generally does not attempt to take defensive positions under any market conditions, including declining markets.
Investing in securities products involves risk, including possible loss of principal.
Exchange-Traded Funds (ETFs) are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost.
Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. * The sale price the ETF could receive for a security may differ from the ETF's valuation of the security and may differ from the
value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. * This information is intended for U.S. residents.
Shares of ETFs are bought and sold in the market at a market price, which may differ from NAV. Investors selling ETF shares in the market may receive less than NAV. Investors buying and selling ETF shares at market price may pay brokerage
commissions, which will reduce returns. Market returns are based upon the closing price, which is generally at 4:00 p.m. ET and do not represent the returns you would receive if you traded shares at other times. Investors may acquire ETF
shares and tender them for redemption in Creation Unit Aggregations only. Individual ETF shares are not redeemable. * Value investing entails investing in securities that are inexpensive (or "cheap") relative to other stocks in the universe based on
ratios such as earnings-to-price or book-to-price and shorting securities that are expensive based on the same ratios. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value
strategy may suffer. In addition, value stocks are subject to the risks that their intrinsic value may never be realized by the market. * Momentum investing entails investing more in securities that have recently had higher total returns and investing less
in securities that have had lower total returns. These securities may be more volatile than a broad cross-section of securities, and momentum may be an indicator that a security's price is peaking. Momentum can turn quickly and cause significant
variation from other types of investments. The fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.
Investments in foreign securities are subject to additional and more diverse risks, including but not limited to currency fluctuations, market illiquidity, and political and economic instability. Foreign investing may result in more rapid and extreme
changes in value than investments made exclusively in the securities of U.S. companies. There may be less publicly available information relating to foreign companies than those in the United States. Foreign securities may also be subject to
foreign taxes. Investments made in emerging market countries may be particularly volatile. Economies of emerging market countries are generally less diverse and mature than more developed countries and may have less stable political systems.
Investing in small-cap companies involves the greater risk of investing in smaller, less well-known companies, especially those which have a narrow product line or are traded infrequently, compared to investing in established companies with
proven track records.
USAA mutual funds advised by USAA Asset Management Company, a registered investment advisor; distribution services provided by USAA Investment Management Company, a registered broker-dealer. ©2018 USAA. 252145-0518

http://advisor.usaa.com

Table of Contents for the Digital Edition of Morningstar Magazine - June/July 2018