GFLW vs SPYG: Grades, Fees and Holdings Compared

Victoryshares Free Cash Flow Growth ETF

GFLWCNasdaq

State Street SPDR Portfolio S&P 500 Growth ETF

SPYGANYSE Arca

Overlap

21.3%by weight

Expense ratio

SPYG −0.35pt a year

GFLW0.39%SPYG0.04%

Avg volume · 30D

SPYG 10.8×the volume

GFLW211KSPYG2.28M

GFLW vs SPYG Performance

Oct 31, 2025 – Oct 30, 2026

+7.7%GFLW+8.3%SPYG

Expense ratio: GFLW 0.39%; SPYG 0.04%, better
Fund size: GFLW $1.13B; SPYG $55.5B
1Y total return: GFLW +7.7%; SPYG +8.3%, better
Yield (12M): GFLW 0.36%; SPYG 0.50%, better
Holdings: GFLW 101; SPYG 154
Avg volume (30D): GFLW 211K sh; SPYG 2.28M sh, better
NAV per share: GFLW $31.41; SPYG $119.59
52W range

ETF.net Grade

Pillar letters and Scores for GFLW, SPYG, with each pillar’s weight
Pillar	GFLW	SPYG
Cost30% weight	F24	A96Higher
Mission25% weight	A100Higher	A98
Risk15% weight	D37	B62Higher
Tradability15% weight	C53	A95Higher
Holdings10% weight	B69Higher	D38
Durability5% weight	D25	A79Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. GFLW and SPYG 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 ›

SPYG ranks 1st 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 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

SPYGAState Street SPDR Portfolio S&P 500 Growth ETF

In short

GFLW No data

SPYG The growth half of the S&P 500 for 0.04% a year, running since 2000. No exotic screen, no reinvention: just the index's fastest-growing names, in the cheapest wrapper tracking that index.

Stated mandate

GFLW No data

SPYG The fund seeks to track, before fees and expenses, the total return of the S&P 500 Growth Index. It provides exposure to S&P 500 companies selected for strong growth characteristics.

Why people hold it

GFLW No data

SPYG Costs 0.04% a year, well under the typical fee in the US growth-ETF group.
The cheapest way to buy the S&P 500 Growth Index: VOOG follows the same benchmark at 0.07%.
Has tracked its index tightly, one of the strongest implementations among growth funds we grade.
Trading since 2000, now a multi-billion-dollar fund that changes hands actively, so spreads stay thin. Pays quarterly.

Worth knowing

GFLW No data

SPYG About 150 stocks, not 500. You get the growth slice, which means heavier single-name and sector concentration than the full index.
The index screens on growth and momentum, so rebalances lean into names that have already run and the ride is bumpier than the broad market.
Large-cap US only. No small caps, no international, no bonds.

Full GFLW profile⁠

Full SPYG profile⁠

GFLW vs SPYG Holdings

How GFLW and SPYG differ

Overlap by weight

21.3%

Shared holdings make up 61.9% of GFLW and 36.5% of SPYG.

Level by level

Holdings49 in both21.3%
Sector11 Sectors76.5%
Asset classEquity100%
Countryby domicile99.8%

Sector

Sector weights in GFLW and SPYG, widest gap first
Sector	More in GFLWMore in SPYG	GFLW	SPYG
Health Care	GFLW +12.2 points	19.1%	6.8%
Financials	SPYG +9.0 points	0.2%	9.2%
Communication	SPYG +7.3 points	7.5%	14.8%
Technology	SPYG +6.6 points	46.3%	52.9%
Industrials	GFLW +5.7 points	11.3%	5.6%
Materials	GFLW +2.8 points	3.1%	0.3%
Energy	GFLW +1.0 points	1.0%	0.0%
Consumer Staples	GFLW +0.6 points	1.8%	1.2%
Real Estate	SPYG +0.6 points	0.0%	0.6%
Utilities	GFLW +0.6 points	0.9%	0.3%
Consumer Discretionary	GFLW +0.4 points	8.7%	8.3%

Country, concentration and asset class

Country by domicile

Country weights in GFLW and SPYG, widest gap first
Country	More in GFLWMore in SPYG	GFLW	SPYG
United States	GFLW +0.2 points	100.0%	99.8%
China	SPYG +0.1 points	0.0%	0.1%
Mexico	SPYG +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

GFLW27.6%
SPYG58.9%

Securities held

GFLW100
SPYG152

Asset class

GFLW: Equity
SPYG: Equity

Holdings

Only in GFLW51
In both49
Only in SPYG103

Only in GFLW

51 securities, 38.0% of GFLW by weight

Royalty Pharma PLC2.95%
Cardinal Health Inc2.92%
Dell Technologies Inc2.62%
Western Digital Corp.1.85%
Mckesson Corp.1.81%
Keysight Technologies Inc1.31%
Spotify Technology SA1.25%
Viking Holdings Ltd1.16%
Halozyme Therapeutics Inc1.12%
Roku Inc1.11%
Pinterest Inc1.05%
Tg Therapeutics Inc0.95%
Adobe Inc0.93%
Deckers Outdoor Corp0.84%
Brinker International0.76%
Zscaler Inc0.74%
Snowflake Inc0.72%
Viper Energy Inc0.71%
Maplebear Inc0.66%
Draftkings Inc0.66%
Salesforce Inc0.65%
Medpace Holdings Inc0.61%
Cintas Corp.0.57%
Coeur Mining Inc0.56%
Macom Technology Solution0.56%
Alnylam Pharmaceuticals0.50%
Sterling Infrastructure0.49%
Neurocrine Biosciences In0.46%
Hubspot Inc0.46%
New York Times Co/The0.45%
Wayfair Inc0.44%
Motorola Solutions Inc.0.43%
Docusign Inc0.42%
Armstrong World Industrie0.41%
Ies Holdings Inc0.40%
Astera Labs Inc0.40%
Atlassian Corp PLC0.37%
Corcept Therapeutics Inc0.36%
Nextpower Inc -Cl A0.30%
Credo Technology Group Ho0.30%
Rubrik Inc0.28%
Paycom Software Inc0.27%
Dynatrace Inc0.27%
Mongodb Inc0.26%
Elastic NV0.25%
Nutanix Inc - A0.25%
Gitlab Inc0.24%
Interdigital Inc.0.24%
Manhattan Associates Inc0.23%
Circle Internet Group Inc0.21%

Only in SPYG

103 securities, 63.5% of SPYG by weight

Microsoft Corp10.99%
Apple Inc7.11%
Alphabet Inc Class A4.65%
Meta Platforms Inc Class A3.85%
Alphabet Inc Class C3.75%
Amazon.com Inc3.54%
Micron Technology Inc2.95%
Berkshire Hathaway Inc Class B2.82%
Advanced Micro Devices2.58%
Tesla Inc1.97%
JPMorgan Chase & Co1.73%
Johnson & Johnson1.09%
Visa Inc Class A Shares1.07%
Mastercard Inc A0.96%
Rtx Corp0.75%
AbbVie Inc0.66%
Cisco Systems Inc0.63%
Philip Morris International0.51%
Goldman Sachs Group Inc0.49%
Amgen Inc0.47%
General Electric0.47%
Welltower Inc0.47%
Coca Cola Co/The0.42%
Morgan Stanley0.38%
Intl Business Machines Corp0.35%
Oracle Corp0.35%
American Express Co0.32%
Gilead Sciences Inc0.31%
Quanta Services Inc0.27%
Marvell Technology Inc0.25%
Tjx Companies Inc0.24%
Lumentum Holdings Inc0.23%
McDonald’s Corp0.22%
Royal Caribbean Cruises Ltd0.22%
Progressive Corp0.21%
Robinhood Markets Inc A0.20%
O Reilly Automotive Inc0.20%
Corning Inc0.20%
Hca Healthcare Inc0.20%
Parker Hannifin Corp0.18%
Bloom Energy Corp A0.18%
Transdigm Group Inc0.18%
Bank of New York Mellon Corp0.18%
Johnson Controls Internation0.18%
S+p Global Inc0.17%
Boeing Co/The0.17%
Cme Group Inc0.17%
Constellation Energy0.16%
General Dynamics Corp0.14%
Ciena Corp0.14%

Weight gaps

All 49 Holdings in both funds, largest gap first.

Holding weights in GFLW and SPYG, widest gap first
Holding	More in GFLWMore in SPYG	GFLW	SPYG
NVIDIA Corp.NVDA	SPYG +11.17 points	3.27%	14.44%
Broadcom IncAVGO	SPYG +3.29 points	1.29%	4.58%
Sandisk Corp/DeSNDK	GFLW +1.87 points	2.41%	0.54%
Caterpillar IncCAT	GFLW +1.83 points	2.66%	0.83%
Newmont CorpNEM	GFLW +1.79 points	2.12%	0.33%
Monster Beverage CorpMNST	GFLW +1.69 points	1.88%	0.19%
Eli Lilly & CoLLY	GFLW +1.67 points	4.74%	3.07%
Airbnb IncABNB	GFLW +1.52 points	1.61%	0.09%
Vertiv Holdings CoVRT	GFLW +1.52 points	1.78%	0.26%
Intuit IncINTU	GFLW +1.51 points	1.65%	0.14%
Seagate Technology HoldSTX	GFLW +1.46 points	1.74%	0.28%
Fortinet IncFTNT	GFLW +1.33 points	1.48%	0.15%
Marriott Int'l Inc - Class AMAR	GFLW +1.32 points	1.56%	0.24%
Comfort Systems Usa Inc.FIX	GFLW +1.32 points	1.45%	0.13%
Ge Vernova LlcGEV	GFLW +1.20 points	1.86%	0.66%
Incyte PharmaceuticalsINCY	GFLW +1.14 points	1.20%	0.06%
Netflix Inc.NFLX	GFLW +1.11 points	1.83%	0.72%
Applied Materials IncAMAT	GFLW +1.07 points	2.00%	0.93%
Howmet Aerospace IncHWM	GFLW +1.01 points	1.24%	0.23%
Palo Alto Networks IncPANW	GFLW +1.00 points	1.49%	0.48%
Lam Research CorpLRCX	GFLW +1.00 points	1.89%	0.89%
Vistra CorpVST	GFLW +0.83 points	0.95%	0.12%
Autodesk Inc.ADSK	GFLW +0.80 points	0.88%	0.08%
Uber Technologies IncUBER	GFLW +0.79 points	1.16%	0.37%
Amphenol Corp. - Class AAPH	GFLW +0.72 points	1.29%	0.57%
Hilton Worldwide HldHLT	GFLW +0.73 points	0.95%	0.22%
Kla CorpKLAC	GFLW +0.70 points	1.31%	0.61%
Palantir Technologies IncPLTR	SPYG +0.70 points	0.56%	1.26%
Jabil IncJBL	GFLW +0.66 points	0.71%	0.05%
Intuitive Surgical Inc.ISRG	GFLW +0.66 points	1.10%	0.44%
Booking Holdings IncBKNG	GFLW +0.64 points	0.96%	0.32%
Crowdstrike Holdings Inc-CRWD	GFLW +0.64 points	1.38%	0.74%
Idexx Laboratories IncIDXX	GFLW +0.59 points	0.72%	0.13%
Trane Technologies PLCTT	GFLW +0.51 points	0.65%	0.14%
Datadog Inc-Class ADDOG	GFLW +0.50 points	0.75%	0.25%
Doordash IncDASH	GFLW +0.47 points	0.66%	0.19%
Workday IncWDAY	GFLW +0.47 points	0.52%	0.05%
Emcor Group Inc.EME	GFLW +0.44 points	0.52%	0.08%
Veeva Systems IncVEEV	GFLW +0.42 points	0.50%	0.08%
Monolithic Power SystemsMPWR	GFLW +0.42 points	0.58%	0.16%
Dexcom IncDXCM	GFLW +0.41 points	0.45%	0.04%
Tko Group Holdings IncTKO	GFLW +0.41 points	0.44%	0.03%
Cadence Design Sys. IncCDNS	GFLW +0.40 points	0.57%	0.17%
Applovin CorpAPP	GFLW +0.39 points	0.58%	0.19%
Everpure IncP	GFLW +0.36 points	0.49%	0.13%
Servicenow IncNOW	GFLW +0.35 points	0.54%	0.19%
Fair Isaac Corp.FICO	GFLW +0.35 points	0.37%	0.02%
Reddit IncRDDT	GFLW +0.33 points	0.36%	0.03%
Arista Networks IncANET	GFLW +0.29 points	0.83%	0.54%

All GFLW holdings⁠All 152 SPYG 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 SPYG Cost

Overpaying GFLW vs SPYG

$7,049

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

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

Amount$10,000

Years30 years

Cost over time

GFLW 0.39%
SPYG 0.04%
Overpaying

Year by year

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

Expense ratio

0.39%GFLW
0.04%SPYG, cheaper

SPYG0.04%GFLW0.39%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

SPYG 2nd cheapest of 35 funds

GFLW 27th cheapest of 35 funds

GFLW vs SPYG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GFLW 0.36%; SPYG 0.50%, better
Payout (12M): GFLW $0.11; SPYG $0.59
Last payment: GFLW $0.11; SPYG $0.15
Ex-dividend: GFLW Sep 9, 2026; SPYG Sep 21, 2026
Paid on: GFLW Sep 10, 2026; SPYG Sep 23, 2026
Frequency: GFLW Irregular; SPYG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GFLWIrregular · 5 paymentsAll GFLW payments⁠

SPYGQuarterly · 39 paymentsAll SPYG payments⁠

GFLW vs SPYG 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 2025SPYG 16.5%
Return per unit of riskSharpe ratio, 3 years: GFLW 0.67since Jan 2025SPYG 1.28
Worst fallMax drawdown, 5 years: GFLW −24.1%since Dec 2024SPYG −32.7%
Market sensitivityBeta, 5 years: GFLW 1.25SPYG 1.17; Market = 1

GFLW and SPYG in the news

All news⁠

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

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GFLW vs SPYG

In short

Stated mandate

Why people hold it

Worth knowing

How GFLW and SPYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GFLW

Only in SPYG

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