Fund Evaluator:
Victory 500 Index Member (USSPX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
Victory 500 Index Member Overview
Victory 500 Index Member (USSPX) is a passively managed U.S. Equity Large Blend fund. Victory Capital Management Inc. launched the fund in 1996.
The investment seeks to match, before fees and expenses, the performance of the stocks composing the Victory US Large Cap 500 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 index. In seeking to track the performance of the index, the fund's subadviser attempts to allocate the fund's investments among stocks in approximately the same weightings as the index, beginning with the stocks that make up the larger portion of the index's value.
About Victory 500 Index Member (USSPX)
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 Victory US Large 500 Cap TR USD index with a weighting of 100%. Victory 500 Index Member has 510 securities in its portfolio. The top 10 holdings constitute 35.6% 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 500 Index Member is part of the Equity global asset class and is within the U.S. Equity fund group. Victory 500 Index Member has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.5%. There is 0.5% 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 500 Index Member has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is below the $6 billion average for the Large 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.
USSPX 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 500 Index Member expense ratio is below average compared to funds in the Large Blend category. Victory 500 Index Member has an expense ratio of 0.23%, which is 72% 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 500 Index Member has a portfolio turnover rate of 2%, indicating that holds its assets around 0.5 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of June 2026, Victory 500 Index Member returned -0.9%, which earned it a grade of D, as the Large Blend category had an average return of -0.2%. 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 500 Index Member has a trailing yield of 0.82%, which is above the 0.56% category average. The fund normally distributes its income quarterly 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 500 Index Member Grades
Year to date, the fund has returned 10.4%, 1.4 percentage points better than the category, which translates into a grade of B. The fund has returned 22.1% over the past year (grade of B), 20.7% over the past three years (grade of B) and 13.0% per year over the past five years (grade of B) and 15.5% per year over the past 10 years (grade of A).
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USSPX 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 |
|
| USSPX Return (NAV) | -0.9% | 15.5% | 22.1% | 20.7% | 13.0% | 15.5% |
| USSPX Grade | D | B | B | B | B | A |
| +/- Category | -0.7% | 1.6% | 2.6% | 2.3% | 1.5% | 1.4% |
| Large Blend Avg | -0.2% | 13.8% | 19.5% | 18.5% | 11.6% | 14.1% |
| USSPX Tax Cost Ratio | na | na | 1.1% | 0.9% | 1.0% | 0.9% |
USSPX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USSPX Return (NAV) | 10.4% | 17.7% | 25.0% | 27.0% | -19.4% | 27.5% | 21.2% | 31.2% | -4.7% | 21.5% | 11.7% |
| USSPX Grade | B | B | B | A | D | C | A | B | B | C | B |
| +/- Category | 1.4% | 1.8% | 2.9% | 3.2% | -2.1% | 1.0% | 3.7% | 1.4% | 1.3% | 0.3% | 1.5% |
| Large Blend Avg | 9.0% | 15.9% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 13.2% |
| Total Risk Index: | 1.09 - Above Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 1.01 |
| R-Squared: | 100% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $15428 Mil |
| Fund Total Assets: | $4,800 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 2% |
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: | 510 |
| % in Top 10 Holdings: | 35.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.5% |
| Foreign Stock: | 0.5% |
| 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: | May 1, 1996 |
| 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 (%): | 0.23% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Victory 500 Index Member |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
