Five international firms in VictoryShares’ GRIN ETF

VictoryShares’ GRIN ETF tracks the Victory International Free Cash Flow Growth Index, a benchmark that selects large-cap companies outside the United States based on free cash flow performance.

The index measures free cash flow return on invested capital (FCF ROIC). Expected FCF blends trailing 12-month free cash flow with forward 12-month estimates, then divides that figure by invested capital to show how efficiently a company converts capital into spendable cash. Constituents are weighted by a free cash flow modified absolute momentum rule and limited to profitable firms in developed markets outside the U.S.

The methodology targets companies whose revenue translates into cash available for dividends, share buybacks or reinvestment. With the S&P 500 trading near record highs, the fund provides a way to add international equity exposure.

The fund and index materials list five example holdings that meet the FCF ROIC screen. Siemens Energy is included for exposure to grid modernization and capital spending tied to decarbonization and decentralized power systems. ASML is identified as the only supplier of extreme ultraviolet lithography machines used to produce the most advanced semiconductors. Tokyo Electron is cited for wafer-processing equipment that can benefit when chipmakers expand capacity. Barrick Gold appears for free cash flow driven by operational efficiency and disciplined capital allocation. Fujikura, a producer of optical fiber and electronic components linked to 5G rollouts and data center growth, was held at about 1.95% of the fund as of July 6, 2026.

Fund documents note that VettaFi LLC serves as the index provider and receives a licensing fee; GRIN is not issued, sponsored, endorsed or sold by VettaFi. Prospective investors are directed to read the fund prospectus for further details.

The prospectus and related materials identify risks including market volatility, currency fluctuations, political or regulatory developments, possible divergence between the fund’s performance and the index, trading at prices different from net asset value, concentration effects from large shareholders, company-specific events that could impair free cash flow, and the fund’s limited operating history. The index excludes U.S. companies and applies sector, country and individual security weight constraints.

Holdings are subject to change and the information provided is not investment advice.