Fund Evaluator:
Victory Extended Market Index (USMIX)
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Fund Details
Victory Extended Market Index Overview
Victory Extended Market Index (USMIX) is a passively managed U.S. Equity Small Blend fund. Victory Capital Management Inc. launched the fund in 2000.
The investment seeks to match, before fees and expenses, the performance of all small- and mid-cap stocks as measured by the Victory Extended Market Index. The fund's principal investment strategy is, under normal market conditions, to invest at least 80% of its assets in securities or other financial instruments of companies that are components of, or have economic characteristics similar to, the securities included in the index. The index is a market cap-weighted index consisting of the small and mid-cap companies in the U.S. equity market.
About Victory Extended Market Index (USMIX)
There are 2 members of the management team with an average tenure of 4.09 years: Mannik Dhillon (2019), Lela Dunlap (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Victory Extended Market TR USD index with a weighting of 100%. Victory Extended Market Index has 2549 securities in its portfolio. The top 10 holdings constitute 2.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Victory Extended Market Index is part of the Equity global asset class and is within the U.S. Equity fund group. Victory Extended Market Index has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.0%. There is 0.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Victory Extended Market Index has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $811 million in total assets, which is above the $683 million average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
USMIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Victory Extended Market Index expense ratio is below average compared to funds in the Small Blend category. Victory Extended Market Index has an expense ratio of 0.35%, which is 66% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Victory Extended Market Index has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of August 2026, Victory Extended Market Index returned 0.9%, which earned it a grade of B, as the Small Blend category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Victory Extended Market Index has a trailing yield of 0.93%, which is above the 0.43% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Victory Extended Market Index Grades
Year to date, the fund has returned 15.2%, 2.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 19.7% over the past year (grade of C), 16.2% over the past three years (grade of B) and 6.0% per year over the past five years (grade of D) and 11.6% per year over the past 10 years (grade of A).
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USMIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| USMIX Return (NAV) | 0.9% | 3.5% | 19.7% | 16.2% | 6.0% | 11.6% |
| USMIX Grade | B | B | C | B | D | A |
| +/- Category | 1.0% | 0.7% | -1.3% | 1.5% | -1.2% | 1.4% |
| Small Blend Avg | -0.1% | 2.8% | 21.0% | 14.8% | 7.2% | 10.2% |
| USMIX Tax Cost Ratio | na | na | 1.7% | 2.1% | 2.5% | 1.9% |
USMIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USMIX Return (NAV) | 15.2% | 10.5% | 12.1% | 25.7% | -24.0% | 15.6% | 31.2% | 27.9% | -9.7% | 17.7% | 15.5% |
| USMIX Grade | D | B | B | A | F | F | A | B | B | A | F |
| +/- Category | -2.9% | 2.6% | 0.7% | 9.1% | -7.6% | -7.7% | 16.8% | 2.5% | 2.2% | 3.8% | -4.9% |
| Small Blend Avg | 18.1% | 8.0% | 11.5% | 16.6% | -16.5% | 23.3% | 14.4% | 25.5% | -11.9% | 13.9% | 20.4% |
| Risk Measures | |
| Standard Deviation: | 17.4% |
| Total Risk Index: | 1.43 - High |
| Category Risk Index: | 0.94 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | 1.09 |
| R-Squared: | 66% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $811 Mil |
| Fund Total Assets: | $ 811 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.2 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Dhillon Mannik (2019), Dunlap Lela (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 2549 |
| % in Top 10 Holdings: | 2.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 99.0% |
| Foreign Stock: | 0.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-235-8396 |
| Website: | www.usaa.com |
| Status: | Open |
| Inception Date: | October 27, 2000 |
| Min. Initial Purchase: | $3,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.35% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | Victory Extended Market Index |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
