GFLW vs IMCG: Grades, Fees and Holdings Compared

Victoryshares Free Cash Flow Growth ETF

GFLWCNasdaq

iShares Morningstar Mid-Cap Growth ETF

IMCGANYSE Arca

Overlap

17.7%by weight

Expense ratio

IMCG −0.33pt a year

GFLW0.39%IMCG0.06%

Avg volume · 30D

GFLW 1.6×the volume

GFLW211KIMCG132K

GFLW vs IMCG Performance

Oct 31, 2025 – Oct 30, 2026

+7.7%GFLW+14.0%IMCG

Expense ratio: GFLW 0.39%; IMCG 0.06%, better
Fund size: GFLW $1.13B; IMCG $4.04B
1Y total return: GFLW +7.7%; IMCG +14.0%, better
Yield (12M): GFLW 0.36%; IMCG 0.67%, better
Holdings: GFLW 101; IMCG 262
Avg volume (30D): GFLW 211K sh, better; IMCG 132K sh
NAV per share: GFLW $31.41; IMCG $93.24
52W range

ETF.net Grade

Pillar letters and Scores for GFLW, IMCG, with each pillar’s weight
Pillar	GFLW	IMCG
Cost30% weight	F24	A78Higher
Mission25% weight	A100Higher	A95
Risk15% weight	D37	A78Higher
Tradability15% weight	C53	B61Higher
Holdings10% weight	B69	A75Higher
Durability5% weight	D25	B66Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. GFLW and IMCG 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 ›

IMCG 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 2ASCHGSchwab U.S. Large-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

IMCGAiShares Morningstar Mid-Cap Growth ETF

In short

GFLW No data

IMCG Growth investing usually means megacaps. IMCG works the middle of the market instead: roughly 300 mid-cap growth names, indexed since 2004, for six basis points a year.

Stated mandate

GFLW No data

IMCG The Fund seeks to track an index of U.S. mid-capitalization equities with growth characteristics. Its strategy uses representative sampling and generally invests at least 80% of assets in securities from the Underlying Index.

Why people hold it

GFLW No data

IMCG 0.06% a year, one third of the 0.18% median for its growth-fund peer group. Mid-cap indexing at large-cap-index prices.
The growth leaderboard is stacked with large-cap funds (VUG, SCHG, SPYG, VONG). IMCG covers the middle instead, holding about 300 mid-cap growth names.
Sticks close to the Morningstar mid-cap growth index it follows, one of the tighter tracking jobs in its peer group.
Running since 2004 under the iShares roof, with a multi-billion-dollar asset base behind it.

Worth knowing

GFLW No data

IMCG Moderately traded rather than heavily traded, so bid-ask spreads can run wider than the megacap growth ETFs sitting beside it in the category.
This is a size-and-style bet. Mid-cap growth companies tend to move more sharply than the broad market, in both directions.
Distributions land quarterly, but a growth screen is not built around income.

Full GFLW profile⁠

Full IMCG profile⁠

GFLW vs IMCG Holdings

How GFLW and IMCG differ

Overlap by weight

17.7%

Shared holdings make up 28.8% of GFLW and 21.3% of IMCG.

Level by level

Holdings34 in both17.7%
Sector11 Sectors61.5%
Countryby domicile98.2%
Asset classEquity100%

Sector

Sector weights in GFLW and IMCG, widest gap first
Sector	More in GFLWMore in IMCG	GFLW	IMCG
Technology	GFLW +23.0 points	46.3%	23.3%
Financials	IMCG +12.3 points	0.2%	12.5%
Industrials	IMCG +11.7 points	11.3%	23.0%
Health Care	GFLW +10.2 points	19.1%	8.9%
Communication	GFLW +5.3 points	7.5%	2.2%
Real Estate	IMCG +3.6 points	0.0%	3.6%
Materials	IMCG +3.3 points	3.1%	6.4%
Energy	IMCG +2.5 points	1.0%	3.5%
Utilities	IMCG +2.2 points	0.9%	3.1%
Consumer Discretionary	IMCG +1.9 points	8.7%	10.6%
Consumer Staples	IMCG +1.1 points	1.8%	2.9%

Country, concentration and asset class

Country by domicile

Country weights in GFLW and IMCG, widest gap first
Country	More in GFLWMore in IMCG	GFLW	IMCG
United States	GFLW +1.8 points	100.0%	98.2%
China	IMCG +0.6 points	0.0%	0.6%
Other countries (3)	IMCG +1.3 points	0.0%	1.3%

Concentration

Weight in the 10 largest Holdings

GFLW27.6%
IMCG12.4%

Securities held

GFLW100
IMCG259

Asset class

GFLW: Equity
IMCG: Equity

Holdings

Only in GFLW66
In both34
Only in IMCG225

Only in GFLW

66 securities, 71.1% of GFLW by weight

Eli Lilly & Co4.74%
NVIDIA Corp.3.27%
Royalty Pharma PLC2.95%
Caterpillar Inc2.66%
Sandisk Corp/De2.41%
Newmont Corp2.12%
Applied Materials Inc2.00%
Lam Research Corp1.89%
Ge Vernova Llc1.86%
Western Digital Corp.1.85%
Netflix Inc.1.83%
Mckesson Corp.1.81%
Vertiv Holdings Co1.78%
Seagate Technology Hold1.74%
Intuit Inc1.65%
Marriott Int'l Inc - Class A1.56%
Palo Alto Networks Inc1.49%
Crowdstrike Holdings Inc-1.38%
Kla Corp1.31%
Broadcom Inc1.29%
Amphenol Corp. - Class A1.29%
Spotify Technology SA1.25%
Howmet Aerospace Inc1.24%
Viking Holdings Ltd1.16%
Uber Technologies Inc1.16%
Halozyme Therapeutics Inc1.12%
Roku Inc1.11%
Intuitive Surgical Inc.1.10%
Pinterest Inc1.05%
Booking Holdings Inc0.96%
Tg Therapeutics Inc0.95%
Adobe Inc0.93%
Deckers Outdoor Corp0.84%
Arista Networks Inc0.83%
Brinker International0.76%
Viper Energy Inc0.71%
Maplebear Inc0.66%
Draftkings Inc0.66%
Salesforce Inc0.65%
Trane Technologies PLC0.65%
Medpace Holdings Inc0.61%
Applovin Corp0.58%
Cadence Design Sys. Inc0.57%
Palantir Technologies Inc0.56%
Coeur Mining Inc0.56%
Servicenow Inc0.54%
Workday Inc0.52%
Sterling Infrastructure0.49%
Neurocrine Biosciences In0.46%
Hubspot Inc0.46%

Only in IMCG

225 securities, 78.6% of IMCG by weight

Cloudflare Class A1.35%
Johnson Controls International PLC1.30%
Freeport Mcmoran Inc1.29%
Lumentum Holdings1.10%
Royal Caribbean Group1.05%
Ecolab1.03%
Moodys Corp1.00%
Oreilly Automotive Inc0.97%
Cummins Inc0.97%
Robinhood Markets Class A0.97%
Aon PLC Class A0.92%
Csx0.89%
Transdigm Group0.88%
Bloom Energy Class A0.87%
Cencora0.85%
Bank of New York Mellon Corp0.85%
Ww Grainger Inc0.82%
Natera0.81%
Marathon Petroleum0.80%
Fastenal0.79%
Ametek Inc0.79%
Emerson Electric0.79%
Baker Hughes Class A0.73%
Ross Stores Inc0.72%
Edwards Lifesciences0.71%
Autozone0.70%
United Rentals0.69%
Rockwell Automation Inc0.68%
Ciena0.67%
Carvana Class A0.66%
Sherwin Williams0.66%
Westinghouse Air Brake Technologie0.65%
Teradyne0.63%
Nasdaq Inc0.63%
Nxp Semiconductors NV0.60%
Msci0.60%
Microchip Technology Inc0.60%
Coherent0.59%
Digital Realty Trust Reit0.59%
Ventas Reit0.58%
Illinois Tool Inc0.57%
Arthur J Gallagher0.56%
Block Class A0.56%
Te Connectivity PLC0.55%
Chipotle Mexican Grill0.53%
Nucor0.53%
Williams0.52%
Interactive Brokers Group Inc Clas0.49%
Marsh0.48%
Coinbase Global Class A0.48%

Weight gaps

All 34 Holdings in both funds, largest gap first.

Holding weights in GFLW and IMCG, widest gap first
Holding	More in GFLWMore in IMCG	GFLW	IMCG
Cardinal Health IncCAH	GFLW +2.48 points	2.92%	0.44%
Dell Technologies IncDELL	GFLW +1.32 points	2.62%	1.30%
Incyte PharmaceuticalsINCY	GFLW +1.09 points	1.20%	0.11%
Monster Beverage CorpMNST	GFLW +1.02 points	1.88%	0.86%
Comfort Systems Usa Inc.FIX	GFLW +0.84 points	1.45%	0.61%
Snowflake IncSNOW	IMCG +0.80 points	0.72%	1.52%
Airbnb IncABNB	GFLW +0.70 points	1.61%	0.91%
Motorola Solutions Inc.MSI	IMCG +0.68 points	0.43%	1.11%
Keysight Technologies IncKEYS	GFLW +0.55 points	1.31%	0.76%
Datadog Inc-Class ADDOG	IMCG +0.45 points	0.75%	1.20%
Cintas Corp.CTAS	IMCG +0.45 points	0.57%	1.02%
Zscaler IncZS	GFLW +0.39 points	0.74%	0.35%
Tko Group Holdings IncTKO	GFLW +0.34 points	0.44%	0.10%
Macom Technology SolutionMTSI	GFLW +0.32 points	0.56%	0.24%
Fortinet IncFTNT	GFLW +0.30 points	1.48%	1.18%
Vistra CorpVST	GFLW +0.31 points	0.95%	0.64%
Jabil IncJBL	GFLW +0.30 points	0.71%	0.41%
Doordash IncDASH	IMCG +0.26 points	0.66%	0.92%
Astera Labs IncALAB	IMCG +0.22 points	0.40%	0.61%
Nextpower Inc -Cl ANXT	GFLW +0.21 points	0.30%	0.09%
Alnylam PharmaceuticalsALNY	GFLW +0.19 points	0.50%	0.31%
Autodesk Inc.ADSK	GFLW +0.18 points	0.88%	0.70%
Monolithic Power SystemsMPWR	IMCG +0.18 points	0.58%	0.76%
Fair Isaac Corp.FICO	GFLW +0.17 points	0.37%	0.20%
Mongodb IncMDB	IMCG +0.15 points	0.26%	0.41%
Idexx Laboratories IncIDXX	GFLW +0.13 points	0.72%	0.59%
Veeva Systems IncVEEV	IMCG +0.13 points	0.50%	0.63%
Emcor Group Inc.EME	GFLW +0.12 points	0.52%	0.40%
Hilton Worldwide HldHLT	IMCG +0.12 points	0.95%	1.07%
Reddit IncRDDT	GFLW +0.11 points	0.36%	0.25%
Everpure IncP	IMCG +0.10 points	0.49%	0.59%
Credo Technology Group HoCRDO	IMCG +0.08 points	0.30%	0.38%
Dexcom IncDXCM	GFLW +0.04 points	0.45%	0.41%
Circle Internet Group IncCRCL	GFLW +0.01 points	0.21%	0.20%

All GFLW holdings⁠All 259 IMCG 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 IMCG Cost

Overpaying GFLW vs IMCG

$6,628

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

GFLW 0.39%
$7,898
IMCG 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

GFLW 0.39%
IMCG 0.06%
Overpaying

Year by year

Year	GFLW	IMCG	Overpaying
10	$705	$110	$595
20	$2,725	$432	$2,293
30	$7,898	$1,270	$6,628

Expense ratio

0.39%GFLW
0.06%IMCG, cheaper

IMCG0.06%GFLW0.39%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

IMCG 9th cheapest of 35 funds

GFLW 27th cheapest of 35 funds

GFLW vs IMCG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GFLW 0.36%; IMCG 0.67%, better
Payout (12M): GFLW $0.11; IMCG $0.62
Last payment: GFLW $0.11; IMCG $0.19
Ex-dividend: GFLW Sep 9, 2026; IMCG Sep 15, 2026
Paid on: GFLW Sep 10, 2026; IMCG Sep 18, 2026
Frequency: GFLW Irregular; IMCG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GFLWIrregular · 5 paymentsAll GFLW payments⁠

IMCGQuarterly · 39 paymentsAll IMCG payments⁠

GFLW vs IMCG 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 2025IMCG 16.6%
Return per unit of riskSharpe ratio, 3 years: GFLW 0.67since Jan 2025IMCG 0.97
Worst fallMax drawdown, 5 years: GFLW −24.1%since Dec 2024IMCG −35.1%
Market sensitivityBeta, 5 years: GFLW 1.25IMCG 1.14; Market = 1

GFLW and IMCG in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026IMCG
Best ETFs
The cheap large-cap growth pick is the S&P 500 list
Updated Oct 2, 2026IMCG

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GFLW vs IMCG

In short

Stated mandate

Why people hold it

Worth knowing

How GFLW and IMCG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GFLW

Only in IMCG

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

The cheap large-cap growth pick is the S&P 500 list