Fund Evaluator:
Victory NASDAQ-100 Index (USNQX)
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Best Performing in Large Growth Over the Last Year
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Fund Details
Victory NASDAQ-100 Index Overview
Victory NASDAQ-100 Index (USNQX) is a passively managed U.S. Equity Large Growth fund. Victory Capital Management Inc. launched the fund in 2000.
The investment seeks to match, before fees and expenses, the performance of the stocks composing the Nasdaq-100 Index. The fund's principal investment strategy is, under normal market conditions, to invest at least 80% of the fund's assets in the common stocks of companies composing the Nasdaq-100 Index. The Nasdaq-100 Index composed of 100 of the largest nonfinancial domestic and international companies listed on The Nasdaq Stock Market based on market capitalization. The fund is non-diversified.
About Victory NASDAQ-100 Index (USNQX)
There are 2 members of the management team with an average tenure of 3.92 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: S&P 500 (TR) (1970) index with a weighting of 100% and NASDAQ 100 TR USD index with a weighting of 100%. Victory NASDAQ-100 Index has 103 securities in its portfolio. The top 10 holdings constitute 46.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Victory NASDAQ-100 Index is part of the Equity global asset class and is within the U.S. Equity fund group. Victory NASDAQ-100 Index has 3.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.6%. There is 3.4% 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 NASDAQ-100 Index has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $2 billion average for the Large Growth 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.
USNQX 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 NASDAQ-100 Index expense ratio is average compared to funds in the Large Growth category. Victory NASDAQ-100 Index has an expense ratio of 0.42%, which is 56% 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 NASDAQ-100 Index has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 54% for the Large Growth category.
Recently, in the month of June 2026, Victory NASDAQ-100 Index returned -0.2%, which earned it a grade of B, as the Large Growth category had an average return of -1.3%. 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 NASDAQ-100 Index has a trailing yield of 0.15%, which is above the 0.06% 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 NASDAQ-100 Index Grades
Year to date, the fund has returned 20.1%, 13.0 percentage points better than the category, which translates into a grade of A. The fund has returned 33.9% over the past year (grade of A), 26.3% over the past three years (grade of A) and 16.2% per year over the past five years (grade of A) and 21.8% per year over the past 10 years (grade of A).
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USNQX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| USNQX Return (NAV) | -0.2% | 27.6% | 33.9% | 26.3% | 16.2% | 21.8% |
| USNQX Grade | B | A | A | A | A | A |
| +/- Category | 1.2% | 9.8% | 18.0% | 5.6% | 6.2% | 5.4% |
| Large Growth Avg | -1.3% | 17.8% | 15.9% | 20.7% | 10.0% | 16.4% |
| USNQX Tax Cost Ratio | na | na | 0.8% | 0.8% | 0.9% | 0.6% |
USNQX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USNQX Return (NAV) | 20.1% | 20.6% | 25.4% | 54.4% | -32.7% | 27.0% | 48.3% | 38.9% | -0.4% | 32.3% | 6.7% |
| USNQX Grade | A | A | D | A | D | A | B | A | C | B | A |
| +/- Category | 13.0% | 4.8% | -4.2% | 15.6% | -0.7% | 6.4% | 6.3% | 5.7% | 0.3% | 2.5% | 3.9% |
| Large Growth Avg | 7.1% | 15.7% | 29.6% | 38.8% | -32.0% | 20.5% | 42.0% | 33.2% | -0.7% | 29.8% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 17.1% |
| Total Risk Index: | 1.41 - High |
| Category Risk Index: | 0.99 - Above Average |
| Category Risk Grade: | D (62% Rank) |
| Beta: | 1.24 |
| R-Squared: | 89% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $9681 Mil |
| Fund Total Assets: | $7,676 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 8% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.0 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Dhillon Mannik (2019), Dunlap Lela (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 103 |
| % in Top 10 Holdings: | 46.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 3.4% |
Portfolio Allocation |
|
| Domestic Stock: | 96.6% |
| Foreign Stock: | 3.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
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: | $ 250 |
| 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 (%): | 0.42% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Victory NASDAQ-100 Index |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
