Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.
Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 5.75%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.
Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.
The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least October 31, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.
Returns are average annual total returns, except those for periods of less than one year, which are cumulative.
Alpha is the excess return of a fund relative to the return of a benchmark index. Beta is a measure of the volatility, or systematic risk, of a security or portfolio relative to the market or a benchmark. R-Squared (R2 ) is a statistical measure that represents the percentage of a fund’s or security’s movements that can be explained by movements in a benchmark index. Information Ratio is a measure of the value added per unit of active risk by a manager over the benchmark. Sharpe Ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk. Standard deviation is a measure of the dispersion of a set of data from its mean. Source: Zephyr
The CEMP Commodity Volatility Weighted Index consist of the 20 most liquid commodities futures. These commodities futures are then weighted based on their standard deviation (volatility). The Bloomberg Commodity Index tracks prices of futures contracts on physical commodities on the commodity markets. The index is designed to minimize concentration in any one commodity or sector. It currently has 22 commodity futures in seven sectors. An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.
All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective.
The Fund’s use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities. The value of the Fund’s direct or indirect investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. Conversely, if rates fall, the value of the fixed income securities generally increases. The value of fixed income securities typically falls when an issuer’s credit quality declines and may even become worthless if an issuer defaults. The Fund may be subject to liquidity risk in that the Adviser may not be able to acquire or sell underlying securities held by the Fund at a price that is acceptable to the Advisor. Indexes are unmanaged statistical composites and their returns do not include payment of any sales charges or fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. The Fund is subject to commodity-related risks, including production risks caused by unfavorable weather, animal and plant disease and geologic and environmental factors. Commodity-related risks also include unfavorable changes in government regulation, such as tariffs, embargoes or burdensome production rules and restrictions. The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC
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Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.
The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.
Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee