VictoryShares Core Intermediate Bond ETF
UITB
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- VictoryShares USAA Core Intermediate-Term Bond ETF (UITB) is an actively managed exchange-traded fund that seeks high current income without undue risk to principal by investing primarily in U.S. dollar-denominated fixed income securities with a dollar-weighted average maturity of three to ten years. The fund employs a bottom-up security selection process driven by proprietary fundamental research and relative value analysis, targeting higher-quality securities across asset classes including Treasuries (42.2% weighting), mortgage-backed securities (MBS, 13.5%), asset-backed securities (ABS, 12.8%), commercial mortgage-backed securities (CMBS, 4.5%), corporate bonds in financial institutions (7.8%), industrials (13.8%), and utilities (3.0%) sectors; it maintains an effective duration of 5.83 years and weighted average life of 7.75 years as of September 30, 2025. Credit quality emphasizes investment-grade ratings, with AA-rated securities comprising 61.7%, AAA at 12.7%, BBB at 15.1%, and minimal exposure below BBB (0.4%); the fund holds approximately 1,126 securities and benchmarks performance against the Bloomberg U.S. Aggregate Bond Index. Originally launched on October 24, 2017, as the USAA Core Intermediate-Term Bond ETF by USAA Asset Management Company, the fund underwent a significant transition following Victory Capital Holdings, Inc.'s acquisition of USAA's mutual fund, ETF, and 529 plan businesses, which closed on July 1, 2019, for approximately $850 million; this deal expanded Victory Capital's fixed income capabilities, added active fixed income ETFs to its lineup, and realized over $120 million in projected cost synergies. The fund was rebranded under the VictoryShares platform post-acquisition, with performance prior to July 1, 2019, reflecting the predecessor fund managed by USAA Asset Management; Victory Capital Management, Inc. serves as investment adviser, with a team including Chief Investment Officer James Jackson, CFA, and Senior Portfolio Managers Neal Graves, CFA, CPA, Kurt Daum, JD, Brian Smith, CFA, CPA, and Doug Rollwitz, CFA, CPA. UITB trades on NASDAQ under ticker UITB (CUSIP 92647N527), with net assets of $2.6 billion, a net expense ratio of 0.38%, and a 30-day SEC yield of 4.20% (subsidized and unsubsidized) as of September 30, 2025; it distributes monthly dividends, recently declaring $0.1632 per share. The fund targets intermediate core bond investors seeking income-oriented, flexible exposure to the U.S. investment-grade bond market, outperforming its Morningstar category peers (ranked 65/430 over three years, 37/382 over five years) and its benchmark on rolling three- and five-year excess returns 100% of the time through December 31, 2024. Headquartered in San Antonio, Texas, via its Victory Capital operations in Cleveland, Ohio, UITB operates exclusively in U.S. markets with no international geographic focus; no major partnerships, new product launches, funding rounds, or operational reorganizations have been reported in the last 1-2 years beyond ongoing portfolio management and monthly distributions.