At a glance
GFLW charges 0.39% a year, above the 0.09% average of the 7 funds most like it (the most expensive of 8). It has $877.4M in assets, the 8th largest of that group; it paid 0.34% of its price in distributions over the past 12 months, annual. Its ten largest positions make up 30.0% of the fund, out of 100 in all.
The short version
VictoryShares Free Cash Flow Growth ETF (GFLW) is an index fund that holds 100 large US growth companies picked for positive, rising free cash flow, which is the cash left after running and investing in the business. As of June 30, 2026, chip and hardware stocks such as Sandisk and Nvidia were among its largest holdings. Its 0.39% yearly cost is well above the 0.09% average of similar growth funds.
Price history
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GFLW — 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 | |
|---|---|---|---|---|---|---|
| GFLW official prospectus, to Dec 31, 2025 | — | +11.79% | — | — | — | — |
| GFLW price data to Oct 27, 2026 | +3.2% | — | — | — | — | — |
- The deepest fall in its price history was 9.3% (Jun 30, 2026 to Jul 29, 2026), recovered by Aug 12, 2026.
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 100 securities; the ten largest made up 29.96% of assets.
| Holding | Weight | |
|---|---|---|
| SANDISK CORPORATION | 4.29% | |
| CATERPILLAR INC. | 3.80% | |
| NVIDIA CORPORATION | 3.49% | |
| APPLIED MATERIALS, INC. | 3.14% | |
| LAM RESEARCH CORPORATION | 3.12% | |
| DELL TECHNOLOGIES INC. | 2.80% | |
| KLA CORPORATION | 2.42% | |
| GE VERNOVA INC. | 2.41% | |
| ELI LILLY AND COMPANY | 2.26% | |
| BROADCOM INC. | 2.22% | |
| VERTIV HOLDINGS CO | 1.95% | |
| COMFORT SYSTEMS USA, INC. | 1.89% | |
| ROYALTY PHARMA PLC | 1.88% | |
| NEWMONT CORPORATION | 1.87% | |
| MARRIOTT INTERNATIONAL, INC. | 1.37% |
By country
United States 93.87%United Kingdom 1.88%Cayman Islands 1.42%Bermuda 1.23%Luxembourg 0.79%By asset type
Stocks 99.79%By sector
Sectors of the companies held, for the 63.1% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $43.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.64%, +10.04%, +6.07%.
How it works
GFLW tracks the Victory Free Cash Flow Growth Index. VettaFi builds the index and is not affiliated with Victory Capital. The index starts with the VettaFi US Equity Large/Mid-Cap 1000 Index and drops financial companies and real estate investment trusts. It then removes companies with negative projected free cash flow or earnings, and companies whose free cash flow has trended down over the past five years.
The remaining companies are ranked by free cash flow divided by invested capital, meaning shareholder equity plus long-term debt. This shows how much cash a business produces from the money put into it. The top 150 get a growth score based on sales trends, EBITDA trends (earnings before interest, taxes, depreciation and amortization) and analysts' long-term growth estimates. The 100 highest scorers make the index.
Weights combine total free cash flow with "absolute momentum": the size of a stock's risk-adjusted 12-month return, whether that return was up or down. Each company is capped at 4%, though prices can push a holding past the cap between rebalances. Sandisk was 4.3% on June 30, 2026. No sector may exceed 45%, or sit more than 20% above its weight in the parent index. The index rebalances and reconstitutes quarterly, and portfolio turnover was 131%. The fund aims to hold every index stock and may use futures to manage cash.
What it really costs
- GFLW charges 0.39% a year, versus an average of 0.09% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.35% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $527 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GFLW | $40 | $132 | $232 | $527 |
In a retirement portfolio
GFLW is a concentrated, high-turnover growth fund with less than two years of history and a cost well above its peers.
GFLW could add a growth tilt toward cash-generating companies, but its record is short. It launched on December 3, 2024, so it missed the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. Its weakest quarter lost 8.77% (ended March 31, 2025), and its strongest gained 21.19% (ended June 30, 2025). Price data from June 9 to October 27, 2026 show a deepest drop of 9.3%, recovered in about half a month. Someone who may need to sell in a bad year has no long downturn to judge it by. Its large weight in chip stocks could also mean sharper swings. Income is small: a 0.34% yield as of October 27, 2026, paid once a year. Costs are 0.39%, or $40 on $10,000 in year one under the SEC example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want growth stocks screened for rising free cash flow and high cash returns on capital, rather than a plain growth index.
- People comfortable with about 30% in the top 10 holdings, led by Sandisk, Caterpillar, Nvidia and chip-equipment makers, as of June 30, 2026.
- Those adding a small satellite position next to a low-cost core fund, who accept a 0.39% expense ratio and 131% turnover.
Look elsewhere if
- Cost-focused investors: Vanguard Growth ETF (VUG) and Schwab U.S. Large-Cap Growth ETF (SCHG) charge 0.04%, compared with 0.39% for GFLW.
- Anyone needing portfolio income: the yield was 0.34% as of October 27, 2026, paid once a year.
- Those wanting a record through real bear markets: the fund launched in December 2024 and missed 2008, 2020 and 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GFLW this fund | — | 0.39% | $877.4M | — | — |
| IWF iShares Russell 1000 Growth ETF | 27% | 0.19% | $128.90B | -3.7% | +20.3% |
| MGK Vanguard Mega Cap Growth ETF | 25% | 0.07% | $33.30B | +2.5% | +23.2% |
| VONG Vanguard Russell 1000 Growth ETF | 25% | 0.07% | $54.28B | -2.3% | +22.4% |
| SCHG Schwab U.S. Large-Cap Growth ETF | 24% | 0.04% | $63.03B | +2.2% | +23.0% |
| SPYG SPDR Portfolio S&P 500 Growth ETF | 24% | 0.04% | $52.99B | +7.2% | +25.3% |
| IVW iShares S&P 500 Growth ETF | 24% | 0.18% | $74.97B | +7.0% | +25.2% |
| VUG Vanguard Growth ETF | 24% | 0.04% | $379.29B | +3.8% | +25.1% |
Questions investors ask
What stocks are in GFLW?
GFLW holds 100 large US growth stocks chosen for positive, rising free cash flow. As of June 30, 2026, the largest were Sandisk (4.3%), Caterpillar (3.8%), Nvidia (3.5%), Applied Materials (3.1%) and Lam Research (3.1%). Next came Dell, KLA, GE Vernova, Eli Lilly and Broadcom. The top 10 made up about 30% of assets. Technology was the biggest sector. The index rules exclude financial companies and real estate investment trusts.
Is GFLW good for retirement?
That depends on the role it would play. GFLW is a concentrated growth fund with a short history, so it fits a small satellite slot more naturally than a core holding. It launched in December 2024 and has not been through a full bear market. Its yield was 0.34% as of October 27, 2026, paid once a year, so it offers little income. Its 0.39% expense ratio is also higher than any of the similar growth funds we compared it with.
What's the difference between GFLW and IWF?
Both hold large US growth stocks, but they choose them differently. IWF, the iShares Russell 1000 Growth ETF, tracks the Russell 1000 Growth Index. GFLW narrows about 1,000 companies to 100 using free cash flow and growth scores. It then weights them by free cash flow and the size of recent price moves. The two funds' holdings overlapped by about 27%. IWF charges 0.19% versus 0.39% for GFLW. As of June 30, 2026, IWF held about $129 billion and GFLW $877 million.
Does GFLW pay dividends?
Yes, but not much. GFLW paid about $0.11 per share in the 12 months to October 27, 2026, a yield of 0.34%, and it pays once a year. A low yield is common for funds that hold growth companies, which often reinvest their cash or buy back shares instead of paying large dividends. Investors who want regular income would need other holdings to provide it.
How has GFLW performed since it launched?
GFLW's record is short. It launched on December 3, 2024. According to its prospectus, its strongest quarter gained 21.19% (ended June 30, 2025) and its weakest lost 8.77% (ended March 31, 2025). In price data from June 9 to October 27, 2026, its deepest drop was 9.3%, from June 30 to July 29, 2026. It recovered by August 12. That is too little history to show how it would hold up in a long bear market.