Consider the investment objectives, risks, charges and expenses and other information of the USAA ETFs, available in each ETF’s prospectus, carefully before investing. Call 800-531-1445 for a prospectus containing this and other information about the funds from USAA Investment Management Company, Distributor. Read the prospectus 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.
This information is intended for U.S. residents.
Past performance is no guarantee of future results.
Investing in securities products involves risk, including possible loss of principal.
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. Eastern time 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.
Fixed income securities are subject to price volatility and a number of risks, including interest rate risk. Interest rates and bond prices move in opposite directions so that as interest rates rise, bond prices usually fall, and vice versa. Interest rates are currently at historically low levels. Fixed income securities also carry other risks, such as inflation risk, liquidity risk, call risk, and credit and default risks. Lower-quality fixed income securities involve greater risk of default or price changes. Securities of non-U.S. issuers generally involve greater risks than U.S. investments, and can decline significantly in response to adverse issuer, political, regulatory, market, and economic risks. Fixed-income securities sold or redeemed prior to maturity may be subject to loss.
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.
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.
Diversification is a technique to help reduce risk. There is no absolute guarantee that diversification will protect against a loss of income.
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 U.S. 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.
Transactions in ETF shares have tax consequences.
Investments provided by USAA Investment Management Company and USAA Financial Advisors Inc., both registered broker dealers, and affiliates.
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