Core Insights - Annex Advisory Services, LLC reduced its stake in Victory Portfolios II - VictoryShares Free Cash Flow ETF (NASDAQ: VFLO) by 1,421,755 shares, valued at approximately $54.53 million, leading to a decrease in the fund's quarter-end position value in VFLO by $50.69 million [1][5]. ETF Overview - The VictoryShares Free Cash Flow ETF (VFLO) has an Assets Under Management (AUM) of $5.91 billion, a price of $39.47 as of January 31, 2026, a dividend yield of 1.58%, and a 1-year total return of 10.22% [3]. - VFLO provides exposure to a curated basket of U.S. large- and mid-cap companies, focusing on those with strong free cash flow yields and growth metrics [4]. Transaction Implications - The sale of VFLO shares by Annex is not concerning as VFLO was not among the firm's top five holdings prior to the transaction, and the firm maintains exposure to large-cap stocks through other ETFs [5]. - Following the sale, VFLO represented 1.0486% of Annex Advisory Services, LLC's 13F AUM as of December 31, 2025 [8]. Performance Insights - VFLO achieved a modest return of approximately 10% in 2025, with a total return of 59% since its inception three years ago, indicating a well-positioned fund focused on companies with strong profits [7]. - The strongest sector in VFLO's holdings is healthcare, closely followed by energy and consumer markets [7].