At a glance
GLOW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $59.5M in assets, the 8th largest of that group; it paid 1.16% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds. Its ten largest positions make up 87.2% of the fund, out of 14 in all.
The short version
VictoryShares WestEnd Global Equity ETF (GLOW) is a fund of funds. It owns other stock ETFs (14 as of June 30, 2026) instead of individual stocks. WestEnd Advisors, part of Victory Capital, moves money among US sectors and foreign regions based on its view of the economy. It charges 0.74% a year, and the underlying ETFs' own fees come on top of that. GLOW has traded only since June 2024.
Price history
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GLOW +12.7% 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 | |
|---|---|---|---|---|---|---|
| GLOW official prospectus, to Dec 31, 2025 | — | +21.18% | — | — | — | +16.59% |
| GLOW price data to Oct 27, 2026 | +12.6% | +12.7% | — | — | — | +16.3% |
- Over the year to Oct 27, 2026, GLOW returned +12.7%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+21.3%); its best was 2025 (+21.3%).
- The deepest fall in its price history was 15.6% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.6% | — |
| 2025 | +21.3% | +21.18% |
| 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) | $0.1800 | |
| 2025 | $0.4200 |
What's inside
As of Jun 30, 2026, the fund held 14 securities; the ten largest made up 87.24% of assets.
| Fund held | Weight | |
|---|---|---|
| STATE STREET TECHNOLOGY SELECT Other | 18.08% | |
| ISHARES CORE MSCI EUROPE ETF Other | 14.93% | |
| STATE STREET FINANCIAL SELECT Other | 12.65% | |
| VANGUARD FTSE ALL WORLD EX US ETF Other | 12.39% | |
| STATE STREET HEALTH CARE SELEC Other | 8.29% | |
| STATE STREET COMMUNICATION SERVICES SELECT SECTOR Other | 5.85% | |
| ISHARES CORE S P SMALL CAP ETF Other | 5.08% | |
| ISHARES BIOTECHNOLOGY ETF | 3.39% | |
| ISHARES EXPANDED TECH SECTOR Other | 3.29% | |
| ISHARES U S TRANSPORTATION ETF Other | 3.29% | |
| STATE STREET CONSUMER DISCRETIONARY SELECT S SPDR Other | 3.28% | |
| STATE STREET UTILITIES SELECT SECTOR SPDR ETF Other | 3.20% | |
| STATE STREET MATERIALS SELECT SECTOR SPDR ETF Other | 3.18% | |
| VANGUARD FTSE PACIFIC ETF Other | 2.49% |
By country
United States 99.38%By asset type
Other 95.99%Stocks 3.39%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $5.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.23%, +4.89%, +1.11%.
How it works
GLOW does not track an index. WestEnd Advisors, an investment franchise of Victory Capital, picks the ETFs it owns. WestEnd studies economies in developed and emerging regions, such as Western Europe, Asia/Pacific and the United Kingdom. It looks at interest rates, inflation, growth, unemployment and similar "macroeconomic" factors. It then favors ETFs focused on the regions and sectors it expects to benefit, and it avoids the rest. At least 80% of assets go into stock ETFs.
Under normal conditions, at least 40% goes to ETFs that invest mainly outside the US. When WestEnd sees unfavorable conditions, it may cut that, typically to 20%–40%. US holdings are built sector by sector using GICS, a standard system that sorts companies into 11 sectors. The fund usually holds four to eight sectors at a time. As of June 30, 2026, it held 14 ETFs, with 87% of assets in the top ten. The largest were the State Street Technology Select Sector ETF (18.1%), iShares Core MSCI Europe ETF (14.9%), State Street Financial Select Sector ETF (12.7%) and Vanguard FTSE All-World ex-US ETF (12.4%).
When choosing among similar ETFs, WestEnd weighs market exposure, cost and liquidity. The fund trades often, and its portfolio turnover was 51%. It uses no leverage or options. Holders also pay the underlying ETFs' fees indirectly.
What it really costs
- GLOW charges 0.74% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.52% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.14% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $1,071 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GLOW | $76 | $267 | $474 | $1,071 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
GLOW mixes US sector ETFs with broad foreign stock ETFs, so it could serve as the stock part of a portfolio, though with active sector bets.
GLOW puts US and foreign stock exposure in one fund, but its track record is short. It launched in June 2024, so it was not around for the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 21.18%. Its deepest drop was 15.6%, from February 19 to April 8, 2025. It had recovered by June 2, 2025, in under two months. A longer bear market could cut deeper and last longer. That matters for anyone who may need to sell shares in a down year.
Income is modest: the yield was 1.16% as of October 27, 2026, paid quarterly. The fund costs 0.74% a year. In the SEC's standard $10,000 example, that comes to $1,071 over 10 years. 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 one fund that combines US sector ETFs with European, Pacific and broad foreign stock ETFs, chosen by WestEnd's economic outlook.
- People comfortable with active sector bets, such as the 18% technology and 13% financials ETF weights as of June 30, 2026.
- Long-term holders who can ride out stock swings like the 15.6% drop in early 2025 and need little income.
Look elsewhere if
- Cost-focused investors: the 0.74% expense ratio comes on top of the fees charged by the 14 ETFs it holds.
- Those who want a long record or a large fund: GLOW launched June 2024 and held $59.5 million as of June 30, 2026.
- Investors seeking income or built-in downside protection: it uses no options buffer and yielded 1.16% as of October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GLOW this fund | 0.74% | $59.5M | +12.7% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is GLOW a good fund for retirement?
It could hold the stock part of a portfolio, but it has trade-offs. GLOW returned 21.18% in 2025, its only full calendar year. Its deepest drop was 15.6%, from February to April 2025, and it had recovered by June 2025. It has never been through a long bear market. It charges 0.74% a year, held $59.5 million as of June 30, 2026, and yielded just 1.16% as of October 27, 2026.
How much international exposure does GLOW have?
As of June 30, 2026, GLOW had three foreign-focused holdings: iShares Core MSCI Europe ETF (14.9%), Vanguard FTSE All-World ex-US ETF (12.4%) and Vanguard FTSE Pacific ETF (2.5%). Together they made up less than the 40% the prospectus calls for under normal conditions. The prospectus lets WestEnd cut foreign exposure, typically to 20%–40%, when it sees unfavorable conditions. The rest of the fund was in US sector and small-company ETFs.
Does GLOW pay dividends?
Yes. GLOW pays distributions quarterly, passing along dividends from the ETFs it owns. Over the 12 months through October 27, 2026, it paid about $0.40 per share, a yield of 1.16%. That is a small income stream. The fund's stated goal is long-term capital appreciation, not income, so it may not suit someone who relies on a portfolio for steady cash.
What is GLOW's expense ratio?
GLOW's expense ratio is 0.74% a year, according to the prospectus filed October 27, 2026. That figure reflects a 0.52% management fee and a 0.14% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would cost about $76 after one year, $474 after five and $1,071 after ten. The ETFs GLOW holds also charge their own fees, which the fund bears indirectly.
GLOW vs BUFR: what's the difference?
They follow different strategies. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund. It uses options to soften losses in exchange for limits on gains. GLOW holds ordinary stock ETFs and uses no options. As of October 27, 2026, GLOW returned 12.7% over one year, compared with 11.6% for BUFR. GLOW costs 0.74% a year and BUFR costs 0.95%. BUFR is far larger, with about $10.5 billion in net assets as of August 31, 2026.