Group 1: VettaFi and Indexing Business - VettaFi, formed from the merger of multiple indexing businesses, was recently acquired by TMX Group and now manages over $75 billion in assets across various indices [2] - The company assists clients in product development, offering services such as formalizing rulebooks, conducting backtesting, and evaluating liquidity [2] - Ongoing management and education are essential for partners to differentiate themselves in the crowded ETF market, which has over 4,000 products [3] Group 2: Thematic ETFs and Portfolio Management - Thematic ETFs are becoming increasingly important, with a focus on analyzing portfolio overlap to enhance existing allocations [3] - Key thematic areas attracting investor demand include artificial intelligence and nuclear energy, with advisors typically allocating 5-10% of portfolios to these strategies [3] Group 3: Gold Market Dynamics - Gold prices are driven by strong physical demand from China and central banks, record ETF inflows, and macroeconomic factors such as a weaker U.S. dollar and inflation uncertainty [4] - Gold serves as a portfolio diversifier and can coexist with bitcoin, fulfilling different roles within an investment strategy [4] Group 4: Notable ETFs - Alerian MLP ETF (AMLP) has over $10 billion in assets and recently celebrated its 15-year anniversary [5] - VictoryShares Free Cash Flow ETF (VFLO) is approaching $5 billion in assets despite being less than three years old [5] - The ROBO Global ETF Suite focuses on robotics and artificial intelligence, while the Range Nuclear Renaissance Index (NUKZ) expands VettaFi's thematic indexing in nuclear energy [5]

Core Insights - Investors may overlook growth-oriented, profitable companies generating free cash flow (FCF) due to home country bias, but can benefit from international exposure through the VictoryShares International Free Cash Flow Growth ETF (GRIN) [1] Group 1: ETF Overview - GRIN tracks the Victory International Free Cash Flow Growth Index, targeting high-growth, international large-cap companies with potential for compounding FCF generation over time [2] - The Index uses FCF as a forward-looking measure, filtering companies based on FCF trends, FCF to return on invested capital, and growth prospects [2] Group 2: Importance of FCF - FCF is a key metric for assessing sustainable growth companies, indicating their ability to reinvest, offer dividends, or buy back stock, all contributing to shareholder value [3] - GRIN's indexed approach focuses on international companies exhibiting these characteristics, helping diversify portfolios concentrated in U.S. equities [3] Group 3: Notable Holdings - Rolls-Royce Holdings, a British aerospace and defense company, is a top holding in GRIN with a 3.88% allocation, potentially benefiting from increased military spending in the EU [4] - Siemens Energy, a German company, is experiencing record orders due to power demands from AI applications, crucial for Europe's power grid [5] - Siemens is also a leading wind power company, contrasting with the U.S. political agenda, highlighting missed opportunities for investors with a home country bias [6] - Sea Limited, based in Singapore, has seen a nearly 70% increase in value for the year as of 8/31/2025, capitalizing on e-commerce strength in Southeast Asia [7] Group 4: Diversification Strategies - For global diversification, investors can pair GRIN with other VictoryShares ETFs, such as the value-oriented VictoryShares Free Cash Flow ETF (VFLO), which focuses on high-quality, large-cap U.S. stocks [8] - The VictoryShares Free Cash Flow Growth ETF (GFLW) provides exposure to U.S. companies with high FCF profitability and growth potential [9]

Investment Strategy & Market Analysis - Free cash flow is considered a crucial valuation metric, favored by investors like Warren Buffett for identifying companies generating more cash than needed for operations [2] - Traditional value investing relying on price-to-book ratios is becoming less relevant as intangible assets now constitute approximately 80-85% of assets in S&P 500 companies [4] - A portfolio based on free cash flow yield outperformed a portfolio based on value factor (determined by price-to-book) between 2000 and June 2024, returning over double the amount [5] ETF Performance & Characteristics - Pacer US Cash Cows ETF (COWZ) selects 100 companies from the Russell 1000 index with the highest free cash flow yield, currently holding approximately $21 billion in assets [7] - VictoryShares Free Cash Flow ETF (VFLO) has gathered over $26 billion in assets year-to-date, totaling $44 billion, due to its consideration of both trailing and forward-looking free cash flow [9] - Invesco NASDAQ Free Cash Flow Achievers ETF (QZ) focuses on technology companies with positive free cash flow in each of the trailing 11 years and year-over-year growth [11] - Invesco product (QZ) has shown the best performance, returning about 19% over the past year, likely due to its focus on technology stocks [15] ETF Methodologies & Holdings - Pacer's COWZ ETF portfolio is heavily weighted in healthcare (20%) and energy (19%), with top holdings including Ford, Exxon Mobil, and Chevron [9] - VictoryShares' VFLO ETF portfolio is heavily weighted in consumer discretionary, with top holdings including Qualcomm, Mercar, and United Health [11] - Invesco's QZ ETF portfolio includes top holdings like Nvidia, Meta, and Broadcom, reflecting its focus on technology companies [12]

Group 1 - The VictoryShares Free Cash Flow ETF (VFLO) offers a unique investment option for value-oriented investors, utilizing a free cash flow-weighted methodology that provides a deep value tilt [1] - This ETF distinguishes itself from traditional value funds by focusing on free cash flow, which may appeal to investors seeking more robust value strategies [1]