At a glance
FLOW charges 0.25% a year, below the 0.47% average of the 6 funds most like it (the 2nd cheapest of 7). It has $28.6M in assets, the 7th largest of that group; it paid 1.71% of its price in distributions over the past 12 months, monthly. Over the past year it returned +31.1% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds; over three years it returned +24.4% a year. Its ten largest positions make up 22.8% of the fund, out of 100 in all.
The short version
Global X U.S. Cash Flow Kings 100 ETF (FLOW) tracks an index of about 100 large and mid-sized US companies that produce the most free cash flow (cash left after running and investing in the business) relative to their value, excluding most financial firms. Its 0.25% yearly fee is below the 0.47% average of similar funds. The trade-off: $28.6 million in assets as of May 31, 2026, and a record only since July 2023.
Price history
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FLOW +31.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FLOW official prospectus, to Dec 31, 2025 | — | +17.46% | — | — | — | +17.35% |
| FLOW price data to Oct 27, 2026 | +27.0% | +31.1% | +24.4% | — | — | +20.5% |
- Over the year to Oct 27, 2026, FLOW returned +31.1%, 4th of 7 among similar funds.
- Its worst full calendar year was 2024 (+13.1%); its best was 2025 (+17.6%).
- The deepest fall in its price history was 21.6% (Nov 25, 2024 to Apr 8, 2025), recovered by Aug 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +26.9% | — |
| 2025 | +17.6% | +17.46% |
| 2024 | +13.1% | +13.21% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5500 | |
| 2025 | $0.7900 | +19.7% |
| 2024 | $0.6600 |
What's inside
As of May 31, 2026, the fund held 100 securities; the ten largest made up 22.77% of assets.
| Holding | Weight | |
|---|---|---|
| QUALCOMM INCORPORATED | 3.46% | |
| FORD MOTOR COMPANY | 2.72% | |
| HP INC. | 2.35% | |
| DELTA AIR LINES, INC. | 2.33% | |
| ARCHER-DANIELS-MIDLAND COMPANY. | 2.16% | |
| THE KRAFT HEINZ COMPANY | 2.00% | |
| FOX CORPORATION | 1.98% | |
| D.R. HORTON, INC. | 1.98% | |
| Altria Group, Inc. | 1.93% | |
| ADOBE INC. | 1.88% | |
| DIAMONDBACK ENERGY, INC. | 1.78% | |
| BRISTOL-MYERS SQUIBB COMPANY | 1.78% | |
| SALESFORCE, INC. | 1.76% | |
| CarMax, Inc. | 1.76% | |
| OMNICOM GROUP INC. | 1.74% |
By country
United States 99.85%By asset type
Stocks 99.85%By sector
Sectors of the companies held, for the 42.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors withdrew a net $2.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.82%, +4.50%, -2.40%.
How it works
FLOW tracks the Global X U.S. Cash Flow Kings 100 Index. The index starts with the Mirae Asset U.S. 1000 Index, roughly the 1,000 largest US companies. It removes companies with negative free cash flow over the past year, plus financial companies other than real estate investment trusts (REITs). It keeps the 100 with the highest free cash flow yield: operating cash flow minus capital spending, divided by enterprise value (market value plus debt, minus cash). The prospectus warns that a high yield can signal gloomy expectations for a company's earnings.
Holdings are weighted by each company's free cash flow in dollars, not by market value. At each quarterly reset, each stock is capped at 2% and each sector at 25%. Weights drift between resets: as of May 31, 2026, Qualcomm made up 3.5% of the fund. The prospectus reports turnover of 103.2%, roughly like replacing the whole portfolio in a year. Trading costs are not included in the 0.25% fee.
The fund generally holds every index stock in about the same proportions as the index (called replication) and does not move to cash in downturns. Its adviser, Global X Management, a Mirae Asset affiliate, also owns the index, which the prospectus flags as a potential conflict of interest. It uses no leverage or options; as of May 31, 2026, it held 100 stocks and no derivatives.
What it really costs
- FLOW charges 0.25% a year, versus an average of 0.47% for the similar funds below (2nd of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLOW | $26 | $80 | $141 | $318 |
In a retirement portfolio
FLOW is a 100-stock bet on a single measure, free cash flow yield, with about three years of history and $28.6 million in assets as of May 31, 2026, so it fits better as a smaller add-on than a core holding.
Alongside a broad index fund, FLOW could add a tilt toward companies that generate a lot of cash relative to their value. Its history is short. It launched in July 2023, so it has no record through the 2008, 2020 or 2022 downturns. Both of its full calendar years were gains: 13.21% in 2024 and 17.46% in 2025. Its deepest drop was 21.6%, from November 25, 2024, to April 8, 2025. It regained its peak by August 13, 2025, about four months later. Anyone who needed cash near that low would have locked in the loss.
Income is modest: a 1.71% yield over the 12 months to October 27, 2026, paid monthly. Costs are low: $26 in the first year and $318 over 10 years on $10,000, under the SEC's standard example. Past results don't predict future returns, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a free cash flow strategy at low cost: 0.25% a year, versus 0.39% for VFLO and 0.59% for CALF.
- Owners of a market-value-weighted index fund seeking a complement: holdings like Qualcomm, Ford, HP and Delta Air Lines, with most financial stocks excluded.
- Long-term holders who can sit through swings like its 21.6% drop between November 2024 and April 2025, which it recovered by August 2025.
Look elsewhere if
- Investors needing meaningful income: the yield over the past 12 months was 1.71% as of October 27, 2026, even though it pays monthly.
- Those wanting a long record or a large fund: FLOW launched in July 2023 and had $28.6 million in assets as of May 31, 2026.
- Investors wary of heavy trading or in-house indexes: turnover was 103.2%, and the fund's adviser also owns the index it tracks.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLOW this fund | — | 0.25% | $28.6M | +31.1% | +24.4% |
| CALF Pacer US Small Cap Cash Cows ETF | 38% | 0.59% | $3.67B | +32.7% | +15.0% |
| VFLO VictoryShares Free Cash Flow ETF | 24% | 0.39% | $7.76B | +42.0% | +31.5% |
| FXD First Trust Consumer Discretionary AlphaDEX… | 19% | 0.61% | $269.2M | -1.1% | +13.6% |
| GVLU Gotham 1000 Value ETF | 18% | 0.5% | $233.3M | +19.7% | +19.1% |
| AFMC First Trust Active Factor Mid Cap ETF | 18% | 0.65% | $211.5M | +20.0% | +23.3% |
| SCHD Schwab US Dividend Equity ETF | 15% | 0.06% | $112.34B | +38.9% | +19.9% |
Questions investors ask
Is FLOW good for retirement?
FLOW can play a supporting role, but its record is short. It launched in July 2023, so it has no history through the 2008, 2020 or 2022 downturns. It fell 21.6% from November 2024 to April 2025, then regained its peak by August 2025. Its expense ratio is a modest 0.25%. It pays monthly, with a 1.71% yield as of October 27, 2026. It is also small, with $28.6 million in assets as of May 31, 2026. It may suit investors who pair it with broader core funds.
What's the difference between FLOW and VFLO?
Both focus on companies with strong free cash flow, but FLOW is cheaper and far smaller. FLOW charges 0.25% a year, versus 0.39% for VictoryShares Free Cash Flow ETF (VFLO). VFLO had about $7.76 billion in assets as of June 30, 2026, against FLOW's $28.6 million as of May 31, 2026. As of October 27, 2026, VFLO had returned more over one year (42% vs. 31.1%) and three years (31.5% vs. 24.4% a year). Their holdings overlap only partly. Past returns don't predict future results.
Does FLOW pay monthly dividends?
Yes, FLOW pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $0.77 per share. That is a yield of 1.71% (income over the past year divided by the share price). Income is not the index's main aim, because it ranks stocks by free cash flow yield, not dividends. The prospectus also warns that companies can reduce or eliminate their dividends, which would lower what the fund pays out.
What are FLOW's top holdings?
As of May 31, 2026, FLOW's largest holdings were Qualcomm (3.5%), Ford (2.7%), HP (2.4%), Delta Air Lines (2.3%) and Archer-Daniels-Midland (2.2%). Next came Kraft Heinz, Fox, D.R. Horton, Altria and Adobe, at about 2% each. The top 10 made up 22.8% of the 100-stock fund, so no single company dominates. The index caps each stock at 2% at every quarterly reset, but the largest positions had grown past that since the last reset.
How has FLOW performed since launch?
FLOW has gained in both of its full calendar years. According to the prospectus, it returned 13.21% in 2024 and 17.46% in 2025. From its July 2023 launch through December 31, 2025, it returned 17.35% a year. Based on share prices, it gained 31.1% over the year to October 27, 2026, and 26.95% in 2026 through that date. Through 2025, its worst calendar quarter was a 4.5% loss, in the second quarter of 2024. Past returns don't predict future results.