At a glance
SFLO charges 0.49% a year, below the 0.54% average of the 5 funds most like it (the 2nd cheapest of 6). It has $606.4M in assets, the 2nd largest of that group; it paid 0.73% of its price in distributions over the past 12 months, monthly. Over the past year it returned +38.1% with distributions reinvested (S&P 500: +11.5%), the best of those 6 funds. Its ten largest positions make up 13.0% of the fund, out of 201 in all.
The short version
VictoryShares Small Cap Free Cash Flow ETF (SFLO) tracks the Victory U.S. Small Cap Free Cash Flow Index. The index holds about 200 US small companies chosen for strong free cash flow, the cash left after running and investing in the business, and then for growth. Its 0.49% expense ratio is below the 0.54% average of similar funds. But its record only goes back to December 2023, and it trades heavily, with 134% portfolio turnover.
Price history
The interactive chart needs JavaScript.
SFLO +38.1% 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 | |
|---|---|---|---|---|---|---|
| SFLO official prospectus, to Dec 31, 2025 | — | +11.95% | — | — | — | +9.75% |
| SFLO price data to Oct 27, 2026 | +36.1% | +38.1% | — | — | — | +18.5% |
- Over the year to Oct 27, 2026, SFLO returned +38.1%, 1st of 6 among similar funds.
- Its worst full calendar year was 2024 (+6.6%); its best was 2025 (+11.9%).
- The deepest fall in its price history was 26.6% (Nov 25, 2024 to Apr 8, 2025), recovered by Aug 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +36.1% | — |
| 2025 | +11.9% | +11.95% |
| 2024 | +6.6% | +6.49% |
| 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) | $0.2320 | |
| 2025 | $0.3123 | -11.3% |
| 2024 | $0.3520 |
What's inside
As of Jun 30, 2026, the fund held 201 securities; the ten largest made up 13.03% of assets, and 2.99% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| GODADDY INC. | 1.65% | |
| OSCAR HEALTH, INC. | 1.51% | |
| LYFT, INC. | 1.37% | |
| DOCUSIGN, INC. | 1.28% | |
| Symbotic Inc | 1.27% | |
| PAR PACIFIC HOLDINGS, INC. | 1.23% | |
| CHORD ENERGY CORPORATION | 1.22% | |
| TUTOR PERINI CORPORATION | 1.20% | |
| VIPER ENERGY, INC. | 1.17% | |
| Maplebear Inc | 1.13% | |
| ZOOMINFO TECHNOLOGIES INC. | 1.08% | |
| CAL-MAINE FOODS, INC. | 1.02% | |
| PINTEREST, INC. | 0.97% | |
| MATCH GROUP, INC. | 0.95% | |
| DROPBOX, INC. | 0.94% |
By country
United States 92.83%Bermuda 2.3%Marshall Islands 2.23%Guernsey 0.69%Cayman Islands 0.64%By asset type
Stocks 99.54%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $45.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.36%, +3.01%, +2.35%.
How it works
SFLO is an index fund from Victory Capital. It aims to match, before fees, the Victory U.S. Small Cap Free Cash Flow Index, built by VettaFi LLC using fixed rules. The fund tries to hold every stock in the index and takes no defensive steps in falling markets.
The index starts with the VettaFi US Equity Mid/Small-Cap 2500 Index, minus financial companies and real estate investment trusts. Companies expected to post negative earnings or free cash flow (cash left after operating costs and capital spending) are removed. The rest are ranked by free cash flow yield: free cash flow divided by enterprise value, meaning stock market value plus debt minus cash. The top 300 get a growth score based on sales and earnings trends, and the 200 highest scorers make the cut.
Weights reflect both total free cash flow and free cash flow yield. No company can exceed 4%, and no sector 45%. The index is rebuilt every quarter, so trading is heavy: portfolio turnover was 134%. As of June 30, 2026, the fund held 201 companies, led by GoDaddy (1.6%), Oscar Health (1.5%) and Lyft (1.4%); the top 10 made up 13% of assets. It may use index futures to stay invested while holding cash for redemptions.
What it really costs
- SFLO charges 0.49% a year, versus an average of 0.54% for the similar funds below (2nd of 6, cheapest first).
- Of that, 0.45% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $166 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SFLO | $166 | $292 | $661 | $— |
In a retirement portfolio
It is a narrow, rules-based bet on small companies with a short track record and steep past drops, so it fits better as a smaller add-on than as a foundation.
SFLO could add exposure to small US companies, tilted toward businesses that generate cash. The fund launched on December 21, 2023, so it did not exist during the 2008, 2020 or 2022 market declines. Its deepest drop was 26.6%, from November 25, 2024 to April 8, 2025. It recovered by August 13, 2025, about four months later. Its weakest calendar year, 2024, was still a gain of about 6.5%. Someone who had to sell shares or draw cash during that drop would have locked in losses. Income is small. The fund pays monthly, but the trailing 12-month yield was 0.73% as of October 27, 2026. The expense ratio is 0.49%. In the prospectus's standard $10,000 example, costs total $166 after one year and $661 after five years. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US small-cap stocks screened for positive free cash flow and earnings, with financial companies and REITs left out.
- Cost-conscious investors comparing small-cap cash flow funds: SFLO's 0.49% expense ratio compares with 0.59% for CALF and 0.55% for DSMC.
- Investors who can hold through sharp swings, such as the 26.6% drop between November 2024 and April 2025.
Look elsewhere if
- Investors who need meaningful income: despite monthly payments, the trailing yield was 0.73% as of October 27, 2026.
- Investors who want a long track record: the fund launched in December 2023 and has not yet been through a full bear market.
- Investors who want broad, low-turnover small-cap exposure: the fund holds about 200 stocks chosen by formula and had 134% turnover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SFLO this fund | — | 0.49% | $606.4M | +38.1% | — |
| CALF Pacer US Small Cap Cash Cows ETF | 36% | 0.59% | $3.67B | +32.7% | +15.0% |
| DSMC Distillate Small/Mid Cash Flow ETF | 28% | 0.55% | $129.1M | +26.7% | +17.3% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders… | 22% | 0.59% | $30.2M | +31.3% | +21.3% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 22% | 0.6% | $28.7M | +26.7% | +18.1% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 20% | 0.38% | $11.6M | +19.6% | — |
Questions investors ask
Is SFLO good for retirement?
It may suit a smaller, higher-risk part of a retirement portfolio better than a core role. The fund returned 11.95% in 2025 and averaged 9.75% a year from launch through December 31, 2025. But it fell 26.6% between November 2024 and April 2025 before recovering by August 2025. Its yield is low, at 0.73% as of October 27, 2026. With less than three years of history, it has not been tested in a long bear market.
What's the difference between SFLO and CALF?
Both funds buy small US companies with strong cash flow, but SFLO is cheaper and smaller. SFLO charges 0.49% a year, compared with 0.59% for the Pacer US Small Cap Cash Cows ETF (CALF). CALF had about $3.67 billion in assets as of July 31, 2026, compared with SFLO's $606 million as of June 30, 2026. Their holdings overlap by about 36%. Over the year to October 27, 2026, SFLO returned 38.1% and CALF returned 32.7%.
Does SFLO pay monthly dividends?
Yes. SFLO pays distributions monthly, but the amounts are small. Over the 12 months to October 27, 2026, it paid about $0.292 per share, a trailing yield of 0.73%. The fund picks companies for free cash flow and growth, not for high dividends, so its payouts are modest. Investors looking mainly for income may want to compare it with funds built around dividends.
What is SFLO's expense ratio?
SFLO's expense ratio is 0.49% a year, according to its prospectus filed October 27, 2026. That figure includes a 0.45% management fee and reflects a 0.04% fee waiver. It is below the 0.54% average for similar funds and ranks second-cheapest of six. In the prospectus's standard example of $10,000 earning 5% a year, costs total $166 after one year, $292 after three years and $661 after five years.
What are SFLO's top holdings?
As of June 30, 2026, SFLO's largest holdings were GoDaddy (1.6%), Oscar Health (1.5%), Lyft (1.4%), DocuSign (1.3%) and Symbotic (1.3%). The top ten made up only about 13% of the fund, which held 201 stocks. Energy companies such as Par Pacific, Chord Energy and Viper Energy also ranked near the top. About 93% of assets were in US-domiciled companies, and the rest were in companies based in places such as Bermuda and the Marshall Islands.