GFLW vs ILCG: Grades, Fees and Holdings Compared

Victoryshares Free Cash Flow Growth ETF

GFLWCNasdaq

iShares Morningstar Growth ETF

ILCGANYSE Arca

Overlap

24.8%by weight

Expense ratio

ILCG −0.35pt a year

GFLW0.39%ILCG0.04%

Avg volume · 30D

GFLW 3.0×the volume

GFLW211KILCG70.4K

GFLW vs ILCG Performance

Oct 31, 2025 – Oct 30, 2026

+7.7%GFLW+3.2%ILCG

Expense ratio: GFLW 0.39%; ILCG 0.04%, better
Fund size: GFLW $1.13B; ILCG $3B
1Y total return: GFLW +7.7%, better; ILCG +3.2%
Yield (12M): GFLW 0.36%; ILCG 0.44%, better
Holdings: GFLW 101; ILCG 328
Avg volume (30D): GFLW 211K sh, better; ILCG 70.4K sh
NAV per share: GFLW $31.41; ILCG $109.98
52W range

ETF.net Grade

Pillar letters and Scores for GFLW, ILCG, with each pillar’s weight
Pillar	GFLW	ILCG
Cost30% weight	F24	A96Higher
Mission25% weight	A100	A100
Risk15% weight	D37	C44Higher
Tradability15% weight	C53	B64Higher
Holdings10% weight	B69Higher	C49
Durability5% weight	D25	B64Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. GFLW and ILCG are both graded against the same 35 US Growth Index funds, so their Grades compare head to head.

US Growth Index⁠

Category · 35 funds

See all 35 ›

ILCG ranks 2nd and GFLW 24th of 35 funds in the US Growth Index Category.

Rank 1ASPYGState Street SPDR Portfolio S&P 500 Growth ETFScore 84
Rank 2AILCGiShares Morningstar Growth ETFScore 78
Rank 2AIMCGiShares Morningstar Mid-Cap Growth ETFScore 78
Rank 24CEGUSiShares ESG Aware MSCI USA Growth ETFScore 53
Rank 24CGFLWVictoryshares Free Cash Flow Growth ETFScore 53
Rank 26CPWBInvesco Large Cap Growth ETFScore 52

Our read on each fund

ETF.net Research

GFLWCVictoryshares Free Cash Flow Growth ETF

ILCGAiShares Morningstar Growth ETF

In short

GFLW No data

ILCG Growth by Morningstar's rulebook. A 2004-vintage iShares fund that screens large and mid caps for above-average earnings, sales, cash-flow and book-value growth, and charges four basis points to do it.

Stated mandate

GFLW No data

ILCG The fund aims to follow an index of U.S. large- and mid-cap stocks chosen for above-average earnings, sales, cash-flow, and book-value growth.

Why people hold it

GFLW No data

ILCG 0.04% a year. The typical fund in its factor peer group charges roughly eight times that, so almost none of the return leaks out the fee door.
Uses Morningstar's growth definition (earnings, sales, cash flow, book value) rather than S&P's or Russell's, and reaches into mid caps, not just the S&P 500.ishares.com
Trading since 2004, a multi-billion-dollar fund holding roughly 300 stocks. Long-running plumbing, not a launch-week experiment.
Tracking has been tight, and the fund sits in the upper half of its factor cohort overall, with cost doing much of the heavy lifting.

Worth knowing

GFLW No data

ILCG Pure growth means no value ballast, and the ride has been bumpier than most funds in its factor group. The style can sit out of favor for long stretches.
Concentration runs high for the cohort: cap-weighted growth screens funnel a big share of the fund into the same handful of mega-cap names.
Moderately traded, not a tape leader. Sibling IUSG applies S&P's growth definition at the same 0.04%, so the pick is which index rulebook you prefer.

Full GFLW profile⁠

Full ILCG profile⁠

GFLW vs ILCG Holdings

How GFLW and ILCG differ

Overlap by weight

24.8%

Shared holdings make up 72.2% of GFLW and 41.3% of ILCG.

Level by level

Holdings61 in both24.8%
Sector11 Sectors83.9%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in GFLW and ILCG, widest gap first
Sector	More in GFLWMore in ILCG	GFLW	ILCG
Health Care	GFLW +12.5 points	19.1%	6.5%
Technology	ILCG +7.2 points	46.3%	53.5%
Financials	ILCG +5.3 points	0.2%	5.5%
Materials	GFLW +1.7 points	3.1%	1.4%
Industrials	GFLW +1.6 points	11.3%	9.7%
Real Estate	ILCG +1.6 points	0.0%	1.6%
Consumer Discretionary	ILCG +1.0 points	8.7%	9.7%
Communication	ILCG +1.0 points	7.5%	8.5%
Energy	GFLW +0.2 points	1.0%	0.8%
Utilities	Same weight	0.9%	0.9%
Consumer Staples	Same weight	1.8%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in GFLW and ILCG, widest gap first
Country	More in GFLWMore in ILCG	GFLW	ILCG
United States	GFLW +0.5 points	100.0%	99.5%
Other countries (5)	ILCG +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

GFLW27.6%
ILCG49.8%

Securities held

GFLW100
ILCG325

Asset class

GFLW: Equity
ILCG: Equity

Holdings

Only in GFLW39
In both61
Only in ILCG264

Only in GFLW

39 securities, 27.7% of GFLW by weight

Royalty Pharma PLC2.95%
Newmont Corp2.12%
Intuit Inc1.65%
Spotify Technology SA1.25%
Viking Holdings Ltd1.16%
Halozyme Therapeutics Inc1.12%
Roku Inc1.11%
Pinterest Inc1.05%
Booking Holdings Inc0.96%
Tg Therapeutics Inc0.95%
Adobe Inc0.93%
Deckers Outdoor Corp0.84%
Brinker International0.76%
Viper Energy Inc0.71%
Maplebear Inc0.66%
Draftkings Inc0.66%
Salesforce Inc0.65%
Medpace Holdings Inc0.61%
Coeur Mining Inc0.56%
Workday Inc0.52%
Sterling Infrastructure0.49%
Neurocrine Biosciences In0.46%
Hubspot Inc0.46%
New York Times Co/The0.45%
Wayfair Inc0.44%
Docusign Inc0.42%
Armstrong World Industrie0.41%
Ies Holdings Inc0.40%
Atlassian Corp PLC0.37%
Corcept Therapeutics Inc0.36%
Rubrik Inc0.28%
Paycom Software Inc0.27%
Dynatrace Inc0.27%
Elastic NV0.25%
Nutanix Inc - A0.25%
Gitlab Inc0.24%
Interdigital Inc.0.24%
Manhattan Associates Inc0.23%
Rambus Inc0.21%

Only in ILCG

264 securities, 58.6% of ILCG by weight

Apple8.12%
Amazon.com Inc4.21%
Microsoft3.08%
Alphabet Class A3.01%
Advanced Micro Devices2.66%
Alphabet Class C2.43%
Tesla Inc2.26%
Micron Technology1.77%
Meta Platforms Class A1.59%
Visa Class A1.14%
Ge Aerospace1.01%
Intel Corporation0.99%
Mastercard Class A0.94%
Walmart0.69%
Costco Wholesale Corp0.63%
Marvell Technology0.55%
Welltower0.55%
Boeing0.44%
Texas Instrument0.40%
Analog Devices0.35%
Oracle0.35%
Corning0.32%
Quanta Services Inc0.30%
Johnson Controls International PLC0.29%
Cloudflare Class A0.29%
Freeport Mcmoran Inc0.29%
Deere0.25%
Royal Caribbean Group0.25%
Ecolab0.25%
Lumentum Holdings0.24%
Moodys Corp0.24%
Oreilly Automotive Inc0.23%
Cummins Inc0.22%
Aon PLC Class A0.22%
Robinhood Markets Class A0.21%
Csx0.21%
Transdigm Group0.20%
Cencora0.20%
Bank of New York Mellon Corp0.20%
Starbucks Corp0.20%
Marathon Petroleum0.20%
Ww Grainger Inc0.19%
Bloom Energy Class A0.19%
Tjx0.19%
Fastenal0.19%
Equinix Reit0.18%
Eaton PLC0.18%
Natera0.18%
Emerson Electric0.18%
Ametek Inc0.18%

Weight gaps

All 61 Holdings in both funds, largest gap first.

Holding weights in GFLW and ILCG, widest gap first
Holding	More in GFLWMore in ILCG	GFLW	ILCG
NVIDIA Corp.NVDA	ILCG +12.13 points	3.27%	15.40%
Broadcom IncAVGO	ILCG +3.63 points	1.29%	4.92%
Cardinal Health IncCAH	GFLW +2.82 points	2.92%	0.10%
Dell Technologies IncDELL	GFLW +2.34 points	2.62%	0.28%
Caterpillar IncCAT	GFLW +2.15 points	2.66%	0.51%
Sandisk Corp/DeSNDK	GFLW +2.16 points	2.41%	0.25%
Mckesson Corp.MCK	GFLW +1.71 points	1.81%	0.10%
Monster Beverage CorpMNST	GFLW +1.67 points	1.88%	0.21%
Vertiv Holdings CoVRT	GFLW +1.50 points	1.78%	0.28%
Marriott Int'l Inc - Class AMAR	GFLW +1.45 points	1.56%	0.11%
Western Digital Corp.WDC	GFLW +1.42 points	1.85%	0.43%
Airbnb IncABNB	GFLW +1.40 points	1.61%	0.21%
Comfort Systems Usa Inc.FIX	GFLW +1.31 points	1.45%	0.14%
Seagate Technology HoldSTX	GFLW +1.27 points	1.74%	0.47%
Fortinet IncFTNT	GFLW +1.21 points	1.48%	0.27%
Incyte PharmaceuticalsINCY	GFLW +1.17 points	1.20%	0.03%
Keysight Technologies IncKEYS	GFLW +1.14 points	1.31%	0.17%
Ge Vernova LlcGEV	GFLW +1.12 points	1.86%	0.74%
Eli Lilly & CoLLY	GFLW +1.08 points	4.74%	3.66%
Uber Technologies IncUBER	GFLW +1.05 points	1.16%	0.11%
Applied Materials IncAMAT	GFLW +1.00 points	2.00%	1.00%
Netflix Inc.NFLX	GFLW +0.99 points	1.83%	0.84%
Howmet Aerospace IncHWM	GFLW +0.98 points	1.24%	0.26%
Lam Research CorpLRCX	GFLW +0.92 points	1.89%	0.97%
Vistra CorpVST	GFLW +0.80 points	0.95%	0.15%
Palantir Technologies IncPLTR	ILCG +0.76 points	0.56%	1.32%
Autodesk Inc.ADSK	GFLW +0.71 points	0.88%	0.17%
Hilton Worldwide HldHLT	GFLW +0.70 points	0.95%	0.25%
Amphenol Corp. - Class AAPH	GFLW +0.66 points	1.29%	0.63%
Zscaler IncZS	GFLW +0.66 points	0.74%	0.08%
Kla CorpKLAC	GFLW +0.64 points	1.31%	0.67%
Jabil IncJBL	GFLW +0.62 points	0.71%	0.09%
Intuitive Surgical Inc.ISRG	GFLW +0.61 points	1.10%	0.49%
Idexx Laboratories IncIDXX	GFLW +0.59 points	0.72%	0.13%
Crowdstrike Holdings Inc-CRWD	GFLW +0.58 points	1.38%	0.80%
Palo Alto Networks IncPANW	GFLW +0.53 points	1.49%	0.96%
Macom Technology SolutionMTSI	GFLW +0.51 points	0.56%	0.05%
Datadog Inc-Class ADDOG	GFLW +0.50 points	0.75%	0.25%
Trane Technologies PLCTT	GFLW +0.50 points	0.65%	0.15%
Doordash IncDASH	GFLW +0.44 points	0.66%	0.22%
Emcor Group Inc.EME	GFLW +0.43 points	0.52%	0.09%
Alnylam PharmaceuticalsALNY	GFLW +0.43 points	0.50%	0.07%
Tko Group Holdings IncTKO	GFLW +0.42 points	0.44%	0.02%
Monolithic Power SystemsMPWR	GFLW +0.40 points	0.58%	0.18%
Snowflake IncSNOW	GFLW +0.39 points	0.72%	0.33%
Applovin CorpAPP	GFLW +0.38 points	0.58%	0.20%
Everpure IncP	GFLW +0.36 points	0.49%	0.13%
Dexcom IncDXCM	GFLW +0.35 points	0.45%	0.10%
Veeva Systems IncVEEV	GFLW +0.35 points	0.50%	0.15%
Cintas Corp.CTAS	GFLW +0.33 points	0.57%	0.24%
Fair Isaac Corp.FICO	GFLW +0.32 points	0.37%	0.05%
Reddit IncRDDT	GFLW +0.32 points	0.36%	0.04%
Nextpower Inc -Cl ANXT	GFLW +0.28 points	0.30%	0.02%
Cadence Design Sys. IncCDNS	GFLW +0.28 points	0.57%	0.29%
Astera Labs IncALAB	GFLW +0.27 points	0.40%	0.13%
Arista Networks IncANET	GFLW +0.27 points	0.83%	0.56%
Credo Technology Group HoCRDO	GFLW +0.22 points	0.30%	0.08%
Servicenow IncNOW	GFLW +0.19 points	0.54%	0.35%
Mongodb IncMDB	GFLW +0.17 points	0.26%	0.09%
Motorola Solutions Inc.MSI	GFLW +0.17 points	0.43%	0.26%
Circle Internet Group IncCRCL	GFLW +0.17 points	0.21%	0.04%

All GFLW holdings⁠All 325 ILCG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GFLW vs ILCG Cost

Overpaying GFLW vs ILCG

$7,049

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GFLW 0.39%
$7,898
ILCG 0.04%
$849

Amount$10,000

Years30 years

Cost over time

GFLW 0.39%
ILCG 0.04%
Overpaying

Year by year

Year	GFLW	ILCG	Overpaying
10	$705	$73	$632
20	$2,725	$288	$2,437
30	$7,898	$849	$7,049

Expense ratio

0.39%GFLW
0.04%ILCG, cheaper

ILCG0.04%GFLW0.39%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

ILCG 2nd cheapest of 35 funds

GFLW 27th cheapest of 35 funds

GFLW vs ILCG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GFLW 0.36%; ILCG 0.44%, better
Payout (12M): GFLW $0.11; ILCG $0.48
Last payment: GFLW $0.11; ILCG $0.14
Ex-dividend: GFLW Sep 9, 2026; ILCG Sep 15, 2026
Paid on: GFLW Sep 10, 2026; ILCG Sep 18, 2026
Frequency: GFLW Irregular; ILCG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GFLWIrregular · 5 paymentsAll GFLW payments⁠

ILCGQuarterly · 40 paymentsAll ILCG payments⁠

GFLW vs ILCG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GFLW 19.7%since Jan 2025ILCG 17.8%
Return per unit of riskSharpe ratio, 3 years: GFLW 0.67since Jan 2025ILCG 1.06
Worst fallMax drawdown, 5 years: GFLW −24.1%since Dec 2024ILCG −35.4%
Market sensitivityBeta, 5 years: GFLW 1.25ILCG 1.23; Market = 1

GFLW and ILCG in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026ILCG

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GFLW vs ILCG

In short

Stated mandate

Why people hold it

Worth knowing

How GFLW and ILCG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GFLW

Only in ILCG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The best growth ETF is the cheap one on the index you want

How GFLW and ILCG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GFLW

Only in ILCG

Weight gaps