At a glance
VFLO charges 0.39% a year, below the 0.48% average of the 4 funds most like it (the 2nd cheapest of 5). It has $7.76B in assets, the 2nd largest of that group; it paid 1.06% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +42.0% with distributions reinvested (S&P 500: +11.5%), 2nd of those 5 funds; over three years it returned +31.5% a year. Its ten largest positions make up 30.8% of the fund, out of 50 in all.
The short version
VictoryShares Free Cash Flow ETF (VFLO) is an index fund. It holds 50 large US companies, leaving out financial companies and REITs, that score high on free cash flow relative to their value and on growth trends. Its 0.39% expense ratio is below the 0.48% average of similar cash-flow funds. Because it weights holdings by cash flow, it can lean heavily on a few areas, such as energy, which was its biggest sector as of June 30, 2026.
Price history
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VFLO +42.0% 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 | |
|---|---|---|---|---|---|---|
| VFLO official prospectus, to Dec 31, 2025 | — | +17.53% | — | — | — | +21.44% |
| VFLO price data to Oct 27, 2026 | +37.9% | +42.0% | +31.5% | — | — | +27.6% |
- Over the year to Oct 27, 2026, VFLO returned +42.0%, 2nd of 5 among similar funds.
- Its worst full calendar year was 2025 (+17.5%); its best was 2024 (+21.8%).
- The deepest fall in its price history was 17.8% (Nov 26, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +37.9% | — |
| 2025 | +17.5% | +17.53% |
| 2024 | +21.8% | +21.81% |
| 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) | $0.4000 | |
| 2025 | $0.6273 | +53.0% |
| 2024 | $0.4100 |
What's inside
As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 30.83% of assets.
| Holding | Weight | |
|---|---|---|
| DEVON ENERGY CORPORATION | 3.49% | |
| EXPEDIA GROUP, INC. | 3.41% | |
| ADOBE INC. | 3.37% | |
| SANDISK CORPORATION | 3.03% | |
| COEUR MINING, INC. | 3.02% | |
| NEWMONT CORPORATION | 3.01% | |
| MERCK & CO., INC. | 2.98% | |
| SALESFORCE, INC. | 2.90% | |
| INTUIT INC. | 2.87% | |
| EXXON MOBIL CORPORATION | 2.76% | |
| BOOKING HOLDINGS INC. | 2.73% | |
| ACCENTURE PUBLIC LIMITED COMPANY | 2.73% | |
| UBER TECHNOLOGIES, INC. | 2.67% | |
| THE CIGNA GROUP | 2.66% | |
| TENET HEALTHCARE CORPORATION | 2.37% |
By country
United States 92.87%Ireland 4.19%United Kingdom 1.76%Netherlands 0.9%By asset type
Stocks 99.73%By sector
Sectors of the companies held, for the 68.2% 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 $642.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.58%, +10.65%, -1.63%.
How it works
VFLO tracks the Victory U.S. Large Cap Free Cash Flow Index. VettaFi, which has no ties to Victory Capital, builds the index. It starts with the VettaFi US Equity Large/Mid-Cap 1000 Index and drops financial companies and real estate investment trusts. It then removes companies whose projected free cash flow or earnings are negative. Free cash flow is the cash left after a company pays its operating costs and invests in its business. The rest are ranked by free cash flow yield, which is free cash flow divided by enterprise value (share value plus debt, minus cash). The 75 highest-yielding companies get a growth score based on trends such as sales and earnings, and the 50 with the highest scores make the index.
Weights depend on a mix of each company's total free cash flow and its free cash flow yield. No company can be more than 4% of the index, and no sector more than 45%. The index is rebalanced and reconstituted every quarter. That frequent reshuffling drove portfolio turnover to 149%, according to the prospectus filed October 27, 2026.
The fund tries to hold every stock in the index. It can put up to 20% of its assets in other instruments, such as index futures, to manage cash. As of June 30, 2026, it held a tiny S&P 500 E-mini futures position.
What it really costs
- VFLO charges 0.39% a year, versus an average of 0.48% for the similar funds below (2nd of 5, 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 |
|---|---|---|---|---|
| VFLO | $40 | $132 | $232 | $527 |
In a retirement portfolio
VFLO is a concentrated 50-stock strategy with high turnover, large sector bets and a short record that hasn't been through a bear market, so it fits better as a smaller position next to a broad core fund.
VFLO could add a tilt toward cash-rich, reasonably priced large US companies. Its record is short. The fund launched in June 2023, so it missed the 2008, 2020 and 2022 market drops. Its weakest calendar year, 2025, was still a 17.5% gain. Its deepest decline was 17.8%, from November 26, 2024 to April 8, 2025. It recovered by August 22, 2025, about 4.5 months later. Someone who had to sell shares during that drop would have locked in losses. Income is modest: the trailing yield was 1.06% as of October 27, 2026, paid quarterly. Costs are lower than average for this type of fund. In the SEC's standard example, $10,000 invested would cost $40 in the first year and $527 over 10 years. Past results don't predict future returns, and any plan should look at the whole portfolio rather than one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based tilt toward 50 cash-generating US companies like Devon Energy, Adobe and Merck, at a cost below similar funds' average.
- Those who already own a broad index fund and want a smaller holding that leans toward value, energy and cash-rich technology names.
- Long-term holders comfortable with a short track record dating from June 2023 and with quarterly turnover in the portfolio.
Look elsewhere if
- Retirees seeking steady income; the trailing yield was just 1.06% as of October 27, 2026, paid quarterly.
- Investors wanting broad diversification; the top 10 holdings made up about 31% of assets as of June 30, 2026, with heavy energy exposure.
- Those wanting proof of how a fund holds up in a bear market; VFLO hasn't yet been through one.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VFLO this fund | — | 0.39% | $7.76B | +42.0% | +31.5% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 38% | 0.25% | $33.1M | +31.1% | +24.4% |
| COWZ Pacer US Cash Cows 100 ETF | 36% | 0.49% | $18.69B | +25.8% | +15.5% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 22% | 0.6% | $180.7M | +57.0% | +16.5% |
| BUL Pacer US Cash Cows Growth ETF | 20% | 0.6% | $131.4M | +13.3% | +21.8% |
Questions investors ask
What does VFLO invest in?
VFLO holds 50 large US companies picked for high free cash flow relative to enterprise value, plus strong sales and earnings trends. Financial companies and REITs are excluded. As of June 30, 2026, its largest holdings were Devon Energy, Expedia, Adobe, Sandisk, Coeur Mining and Newmont, each about 3% to 3.5% of assets. The top 10 made up about 31% of the fund, and energy was its largest sector.
VFLO vs COWZ: what's the difference?
Both screen for high free cash flow yield. About 36% of their holdings overlap. VFLO holds 50 stocks, adds a growth score and charges 0.39%. Pacer US Cash Cows 100 ETF (COWZ) holds 100 stocks and charges 0.49%. VFLO returned 42% over one year and 31.5% a year over three years as of October 27, 2026. COWZ returned 26% and 16.9% a year as of October 29, 2026. COWZ is much larger, with $18.7 billion as of July 31, 2026.
Does VFLO pay monthly dividends?
No. VFLO pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.57 per share, a trailing yield of 1.06%. That is modest, because the index picks stocks for free cash flow and growth, not dividend yield. Payments will vary as holdings and company payouts change.
What is VFLO's expense ratio?
VFLO's expense ratio is 0.39%, according to the prospectus filed October 27, 2026. That is below the 0.48% average for similar cash-flow funds, though Global X U.S. Cash Flow Kings 100 ETF (FLOW) charges 0.25%. In the SEC's standard example, $10,000 invested with a 5% annual return would cost $40 over one year, $232 over five years and $527 over 10 years.
How has VFLO performed since launch?
VFLO has returned strong gains over a short history. The prospectus shows returns of 21.81% in 2024 and 17.53% in 2025, and 21.44% a year from launch through December 31, 2025. Based on price, it gained 37.9% in 2026 through October 27 and 42% over the year to that date. The fund launched in June 2023, so it hasn't yet been tested by a major bear market.