ETF Evaluator:
VictoryShares Free Cash Flow ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Mid-Cap Value Over the Last Year
| 45.0% | VictoryShares Free Cash Flow ETF (VFLO) |
| 39.1% | Bushido Capital US SMID Cap Equity ETF (RNIN) |
| 38.8% | Bushido Capital US Equity ETF (SMRI) |
| 37.8% | ProShares Equities for Rising Rates ETF (EQRR) |
| 37.4% | Vanguard US Multifactor ETF (VFMF) |
Risk
Index
Risk
Index
ETF Details
VictoryShares Free Cash Flow ETF Overview
VictoryShares Free Cash Flow ETF (VFLO) is a passively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). Victory Capital Management Inc. launched the ETF in 2023.
The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory U.S. Large Cap Free Cash Flow Index.
Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its assets in securities in the index. The index provider constructs the index in accordance with a rules-based methodology that selects 50 companies from the S-Network U.S. Equity Large/Mid-Cap 1000 Index. The fund generally seeks to track the returns of the index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the index.
About VictoryShares Free Cash Flow ETF (VFLO)
There are 3 members of the management team with an average tenure of 2.66 years: Mannik Dhillon (2023), Lance Humphrey (2023) and Lela Dunlap (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Victory US Large Cap Fre Cash Flo TR USD index with a weighting of 100%. VictoryShares Free Cash Flow ETF has 52 securities in its portfolio. The top 10 holdings constitute 32.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VictoryShares Free Cash Flow ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. VictoryShares Free Cash Flow ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VictoryShares Free Cash Flow ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $9 billion in total assets, which is above the $2 billion average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VFLO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VictoryShares Free Cash Flow ETF expense ratio is below average compared to funds in the Mid-Cap Value category. VictoryShares Free Cash Flow ETF has an expense ratio of 0.39%, which is 17% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VictoryShares Free Cash Flow ETF has a portfolio turnover rate of 142%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Mid-Cap Value category.
Recently, in the month of July 2026, VictoryShares Free Cash Flow ETF returned 8.7%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 3.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VictoryShares Free Cash Flow ETF has a trailing yield of 1.07%, which is below the 2.05% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VictoryShares Free Cash Flow ETF Grades
Year to date, the ETF has returned 26.8%, 11.4 percentage points better than the category, which translates into a grade of A. The fund has returned 45.0% over the past year (grade of A) and 24.2% over the past three years (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about VictoryShares Free Cash Flow ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
VFLO Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VFLO Return (NAV) | 8.7% | 18.3% | 45.0% | 24.2% | na | na |
| VFLO Return (Price) | 8.8% | 18.5% | 45.1% | 24.3% | na | na |
| NAV +/- Price Return | -0.066% | -0.156% | -0.088% | -0.039% | na | na |
| Mid-Cap Value Avg | 3.5% | 6.1% | 23.5% | 13.9% | 10.2% | 10.8% |
| VFLO Grade (NAV) | A | A | A | A | na | na |
| +/- Category (NAV) | 5.2% | 12.2% | 21.5% | 10.3% | na | na |
| VFLO Tax-Cost Ratio | na | na | 0.4% | 0.5% | na | na |
VFLO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VFLO Return (NAV) | 26.8% | 17.5% | 21.8% | na | na | na | na | na | na | na | na |
| VFLO Return (Price) | 26.8% | 17.5% | 21.8% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.001% | -0.001% | 0.001% | na | na | na | na | na | na | na | na |
| Mid-Cap Value Avg | 15.4% | 10.4% | 12.2% | 12.9% | -5.7% | 31.6% | 0.6% | 25.6% | -10.0% | 15.5% | 20.3% |
| VFLO Grade (NAV) | A | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 11.4% | 7.1% | 9.6% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.81 |
| R-Squared: | 46% |
| Standard Deviation: | 15.4% |
| Category Risk Index: | 1.08 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.26 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 1.1% |
| Total Assets: | $ 9,184 Mil |
| Share Class Assets: | $ 9,184 Mil |
| Turnover: | 142.0% |
| Expense Ratio: | 0.39% |
| Index Fund: | Yes |
| Index Tracked: | Victory US Large Cap Fre Cash Flo TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Dhillon Mannik (2023), Humphrey Lance (2023), Dunlap Lela (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 52 |
| % in Top 10 Holdings: | 32.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 100.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 866-376-7890 |
| Website: | www.CompassEMPFunds.com |
| Inception Date: | June 21, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.39% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.47% |
