SanDisk Tops VictoryShares Free Cash Flow ETF

SanDisk became the largest holding in the VictoryShares Free Cash Flow Growth ETF (GFLW) in the fund’s May 31, 2026 weighting after the Index’s free cash flow return on invested capital screen highlighted the company’s cash generation, its debt-free balance sheet and a newly authorized share repurchase program.

The Victory Free Cash Flow Growth Index ranks companies by FCF ROIC, a ratio that divides expected free cash flow by invested capital. Expected free cash flow combines trailing 12-month free cash flow with forward 12-month estimates. GFLW tracks the Index and weights companies that the Index identifies as converting capital into spendable cash efficiently.

SanDisk reported quarterly results on April 30 showing $5.95 billion in revenue and $3.62 billion in net income. Management reported $4.55 billion in operating cash flow for the first nine months of fiscal 2026. The company entered the current AI infrastructure cycle with no debt on its balance sheet, and the board approved a $6 billion share buyback program.

The company’s earnings release noted: “With a zero‑debt balance sheet, strong cash generation, and a recently authorized share repurchase program, we are positioned to deliver substantial long‑term value creation for our shareholders.” That release was cited in the Index screening that elevated SanDisk within GFLW.

As of May 31, 2026 the ETF’s top weights included SanDisk at 6.31%, Broadcom at 4.11%, NVIDIA at 3.57% and Lam Research at 3.26%. VettaFi serves as the Index provider and receives a licensing fee; it does not sponsor or manage the ETF. Funds that track the Index may not precisely match Index performance and ETFs can trade at prices that differ from net asset value.

The Index applies sector constraints and a modified absolute momentum factor in its weighting. Investors should note concentration risk in sectors or companies chosen for high free cash flow and that company-specific or market conditions can affect free cash flow generation.