VFLO: Past Returns Were Earned By A Different Portfolio VictoryShares Free Cash Flow ETF remains a ...

VFLO: Past Returns Were Earned By A Different Portfolio VictoryShares Free Cash Flow ETF remains a Buy, but I downgrade it from Strong Buy due to increased cyclical risks and slower expected returns. VFLO's portfolio has shifted from defensive names to heavier exposure in AI infrastructure, energy, and materials, increasing sensitivity to cyclical swings. The ETF's methodology—favoring high FCF yield—successfully captured recent rallies but now faces higher risk from potential multiple compression in memory and energy plays.