QUAL vs VFLO: Grades, Fees and Holdings Compared

iShares MSCI USA Quality Factor ETF

QUALACboe

VictoryShares Free Cash Flow ETF

VFLOBNasdaq

Overlap

5.7%by weight

Expense ratio

QUAL −0.24pt a year

QUAL0.15%VFLO0.39%

Avg volume · 30D

VFLO 2.0×the volume

QUAL1.03MVFLO2.06M

3Y return · a year

VFLO +10.5pt

QUAL+20.9%VFLO+31.4%

QUAL vs VFLO Performance

Oct 31, 2025 – Oct 30, 2026

+14.4%QUAL+45.6%VFLO

Expense ratio: QUAL 0.15%, better; VFLO 0.39%
Fund size: QUAL $48B; VFLO $12.5B
1Y total return: QUAL +14.4%; VFLO +45.6%, better
Yield (12M): QUAL 0.85%; VFLO 1.06%, better
Holdings: QUAL 121; VFLO 51
Avg volume (30D): QUAL 1.03M sh; VFLO 2.06M sh, better
NAV per share: QUAL $222.43; VFLO $54.36
52W range

ETF.net Grade

Pillar letters and Scores for QUAL, VFLO, with each pillar’s weight
Pillar	QUAL	VFLO
Cost30% weight	A84Higher	C44
Mission25% weight	A94Higher	B65
Risk15% weight	B64	A73Higher
Tradability15% weight	A96	A96
Holdings10% weight	D35	C53Higher
Durability5% weight	A96Higher	B61

Rank among US Quality Index funds

How we build Categories ›

Same Category. QUAL and VFLO are both graded against the same 26 US Quality Index funds, so their Grades compare head to head.

US Quality Index⁠

Category · 26 funds

See all 26 ›

QUAL ranks 1st and VFLO 9th of 26 funds in the US Quality Index Category.

Rank 1AJQUAJPMorgan U.S. Quality Factor ETFScore 81
Rank 1AQUALiShares MSCI USA Quality Factor ETFScore 81
Rank 3AFQALFidelity Quality Factor ETFScore 75
Rank 8BDUHPU.S. High Relative Profitability Portfolio ETF Class SharesScore 64
Rank 9BVFLOVictoryShares Free Cash Flow ETFScore 63
Rank 10BSQLTiShares MSCI USA Small-Cap Quality Factor ETFScore 60

Our read on each fund

ETF.net Research

QUALAiShares MSCI USA Quality Factor ETF

VFLOBVictoryShares Free Cash Flow ETF

In short

QUAL QUAL screens US large and mid caps for high return on equity, low debt and steady earnings, then does it sector by sector, so the portfolio stays spread across the market instead of piling into whichever sector looks healthiest.

VFLO Free cash flow investing with a growth guardrail. VFLO holds about 50 US large caps chosen for high cash flow yields, screened so it isn't just buying whatever looks cheapest. A concentrated bet on companies that actually generate cash.

Stated mandate

QUAL The fund tracks an index of U.S. large- and mid-capitalization stocks selected for quality characteristics, including high return on equity, stable earnings, and low debt.

VFLO The Fund seeks, before fees and expenses, to closely track the Victory U.S. Large Cap Free Cash Flow Index. It normally invests at least 80% of its assets in securities in that Index.

Why people hold it

QUAL At 0.15%, it undercuts the typical quality-factor fund, where the cohort median sits at 0.29%.
Sector neutral by design: companies are ranked on return on equity, leverage and earnings variability against rivals in their own GICS sector.msci.com ishares.com
Running since 2013, now a $25B-$100B fund that trades actively, with returns that stay close to its index.

VFLO The index blends value and growth: high free cash flow yields, but filtered for growth characteristics, so the cheapest names don't automatically make the cut.
About 50 holdings, so the cash flow screen actually shapes the portfolio instead of getting diluted into a closet index fund.
The methodology weighs expected free cash flow using forward estimates, not only what a company already banked.vcm.com
A multi-billion-dollar fund that trades actively, so getting in and out is rarely where the friction shows up.

Worth knowing

QUAL About 120 large and mid caps, leaning on the same familiar giants as a broad US index fund. This is a tilt on core equity, not new ground.
Sector neutrality cuts both ways: it keeps a foot in every sector rather than stepping away from ones with weak fundamentals.msci.com
Cheap, not cheapest. JQUA (0.12%) and VFQY (0.13%) shave a basis point or three off the fee.

VFLO At 0.44%, it costs more than the typical US multifactor fund, and well above broad value options like FNDX (0.25%) or VONV (0.06%).
Roughly 50 names is real concentration. Sector and single-stock positions can push results a long way from the broad large-cap market, either direction.
It launched in 2023, so the record is short, and distributions arrive on an irregular cadence rather than a set calendar.

Full QUAL profile⁠

Full VFLO profile⁠

QUAL vs VFLO Holdings

How QUAL and VFLO differ

Overlap by weight

5.7%

Shared holdings make up 26.8% of VFLO and 5.7% of QUAL.

Level by level

Holdings12 in both5.7%
Sector11 Sectors68.9%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in QUAL and VFLO, widest gap first
Sector	More in QUALMore in VFLO	QUAL	VFLO
Energy	VFLO +19.7 points	3.6%	23.3%
Financials	QUAL +12.3 points	12.3%	0.0%
Health Care	VFLO +7.0 points	9.9%	16.9%
Industrials	QUAL +6.1 points	8.7%	2.6%
Materials	VFLO +3.8 points	1.8%	5.5%
Consumer Staples	QUAL +3.5 points	4.5%	1.0%
Communication	QUAL +3.5 points	9.4%	5.8%
Consumer Discretionary	QUAL +2.3 points	9.3%	7.0%
Technology	QUAL +1.8 points	36.9%	35.1%
Real Estate	QUAL +1.5 points	1.5%	0.0%
Utilities	VFLO +0.6 points	2.1%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in QUAL and VFLO, widest gap first
Country	More in QUALMore in VFLO	QUAL	VFLO
United States	VFLO +1.2 points	98.8%	100.0%
Switzerland	QUAL +1.2 points	1.2%	0.0%

Concentration

Weight in the 10 largest Holdings

QUAL44.8%
VFLO34.3%

Securities held

QUAL118
VFLO50

Asset class

QUAL: Equity
VFLO: Equity

Holdings

Only in QUAL106
In both12
Only in VFLO38

Only in QUAL

106 securities, 94.1% of QUAL by weight

Microsoft7.97%
Apple7.35%
NVIDIA5.92%
Eli Lilly4.48%
Meta Platforms Class A4.04%
Visa Class A3.55%
Tjx3.52%
Lam Research2.83%
Mastercard Class A2.52%
Applied Material Inc2.37%
Johnson & Johnson2.18%
Kla2.12%
Berkshire Hathaway Inc Class B1.94%
Alphabet Class A1.60%
Netflix1.47%
Merck & Co Inc1.42%
Ross Stores Inc1.40%
Automatic Data Processing Inc1.29%
Arista Networks1.28%
Alphabet Class C1.26%
Costco Wholesale Corp1.17%
Walmart1.08%
Linde PLC1.08%
Accenture PLC Class A1.05%
Lockheed Martin1.04%
Fortinet0.96%
3M0.91%
Procter & Gamble0.91%
Coca-Cola0.86%
Garmin0.84%
Chipotle Mexican Grill0.84%
Gilead Sciences0.80%
Williams Sonoma Inc0.76%
Illinois Tool Inc0.75%
Prologis Reit0.74%
Trane Technologies PLC0.70%
Cintas0.68%
Ulta Beauty Inc0.61%
Howmet Aerospace0.58%
Fastenal0.55%
Cadence Design Systems0.54%
Ww Grainger Inc0.53%
Xcel Energy Inc0.53%
Consolidated Edison0.51%
BlackRock0.50%
Vertex Pharmaceuticals0.49%
Motorola Solutions Inc0.45%
Comfort Systems Usa0.43%
Atmos Energy0.43%
Applovin Class A0.43%

Only in VFLO

38 securities, 73.1% of VFLO by weight

Accenture PLC5.02%
Marathon Petroleum Corp.3.87%
Micron Technology Inc.3.56%
Centene Corp.3.32%
Diamondback Energy Inc2.73%
Cigna Group/The2.72%
Phillips 662.70%
Expedia Group Inc.2.62%
Conocophillips2.56%
Permian2.43%
Sandisk Corp/De2.42%
International Business Ma2.40%
Salesforce Inc2.25%
T-Mobile Us Inc2.19%
Uber Technologies Inc2.13%
Newmont Corp1.91%
Tenet Healthcare Corp1.89%
Royalty Pharma PLC1.84%
Booking Holdings Inc1.84%
Cardinal Health Inc1.72%
Workday Inc1.62%
Zoom Communications Inc1.51%
Delta Air Lines Inc1.49%
Fox Corp - Class A1.46%
Vistra Corp1.43%
Leidos Holdings Inc1.41%
Jazz Pharmaceuticals PLC1.22%
Steel Dynamics Inc1.21%
Nrg Energy Inc.1.14%
Tapestry Inc1.13%
Gen Digital Inc1.11%
Broadridge Fin Solutions1.02%
Incyte Pharmaceuticals0.98%
Jm Smucker Co0.98%
Neurocrine Biosciences In0.88%
Snap-On Inc.0.85%
Borgwarner Inc.0.85%
Albemarle Corp.0.71%

Weight gaps

All 12 Holdings in both funds, largest gap first.

Holding weights in QUAL and VFLO, widest gap first
Holding	More in QUALMore in VFLO	QUAL	VFLO
IntuitINTU	VFLO +2.67 points	0.57%	3.24%
Eog ResourcesEOG	VFLO +2.46 points	0.35%	2.81%
Devon EnergyDVN	VFLO +2.44 points	0.20%	2.64%
Adobe IncADBE	VFLO +2.39 points	0.97%	3.36%
Cognizant Technology Solutions ClaCTSH	VFLO +1.89 points	0.19%	2.08%
Omnicom Group IncOMC	VFLO +1.86 points	0.09%	1.95%
Expand EnergyEXE	VFLO +1.79 points	0.07%	1.86%
Zoetis Inc Class AZTS	VFLO +1.37 points	0.15%	1.52%
AutodeskADSK	VFLO +1.17 points	0.37%	1.54%
Exxonmobil Holdings CorpXOM	VFLO +1.09 points	2.61%	3.70%
United TherapeuticsUTHR	VFLO +1.06 points	0.08%	1.14%
Coeur MiningCDE	VFLO +0.86 points	0.07%	0.93%

All 118 QUAL holdings⁠All 52 VFLO 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.

QUAL vs VFLO Cost

Overpaying VFLO vs QUAL

$4,761

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

QUAL 0.15%
$3,137
VFLO 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

QUAL 0.15%
VFLO 0.39%
Overpaying

Year by year

Year	QUAL	VFLO	Overpaying
10	$274	$705	$431
20	$1,071	$2,725	$1,654
30	$3,137	$7,898	$4,761

Expense ratio

0.15%QUAL, cheaper
0.39%VFLO

QUAL0.15%VFLO0.39%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

QUAL 3rd cheapest of 26 funds

VFLO 14th cheapest of 26 funds

QUAL vs VFLO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QUAL 0.85%; VFLO 1.06%, better
Payout (12M): QUAL $1.89; VFLO $0.58
Last payment: QUAL $0.47; VFLO $0.10
Ex-dividend: QUAL Sep 15, 2026; VFLO Oct 8, 2026
Paid on: QUAL Sep 18, 2026; VFLO Oct 9, 2026
Frequency: QUAL Quarterly; VFLO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

QUALQuarterly · 16 paymentsAll QUAL payments⁠

VFLOMonthly · 39 paymentsAll VFLO payments⁠

QUAL vs VFLO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: QUAL 11.7%, betterVFLO 17.0%
Return per unit of riskSharpe ratio, 3 years: QUAL 1.32VFLO 1.44, better
Worst fallMax drawdown, 5 years: QUAL −28.2%VFLO −17.8%since Jun 2023
Market sensitivityBeta, 5 years: QUAL 0.90VFLO 0.88; Market = 1

QUAL and VFLO in the news

All news⁠

Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Updated Sep 22, 2026QUALVFLO
New ETFs
Two old strategies got ETF tickers. Jensen's new one lets a rule pick the stocks.
Oct 5, 2026QUAL
New ETFs
Jensen's first passive ETF charges 0.25% for a 10-year profit test
Oct 5, 2026QUAL
News
Adobe beats estimates and holds its 10.2% ARR target
Sep 10, 2026VFLO

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