What happened
According to an SEC filing dated Jan. 23, 2026, Annex Advisory Services, LLC reduced its stake in Victory Portfolios II - VictoryShares Free Cash Flow ETF (VFLO 0.18%) by 1,421,755 shares. The estimated value of the shares sold was $54.53 million, based on the average closing price during the quarter. The fund's quarter-end position value in VFLO decreased by $50.69 million, reflecting both trading activity and stock price movements.
What else to know
- This sale left VFLO at 1.0486% of Annex Advisory Services, LLC's 13F AUM as of Dec. 31, 2025.
- Top five holdings after the filing:
- NASDAQ: UBND: $373,537,062 (7.1% of AUM)
- NYSEMKT: AVUS: $275,474,732 (5.3% of AUM)
- NYSEMKT: SMTH: $181,835,936 (3.5% of AUM)
- NYSEMKT: AVEM: $162,237,486 (3.1% of AUM)
- NYSEMKT: IOO: $161,749,641 (3.1% of AUM)
- As of Jan. 31, 2026, VFLO shares were priced at $39.47, up 10.22% over the last 12 months.
ETF overview
| Metric | Value |
|---|---|
| AUM | $5.91 billion |
| Price (as of market close 1/31/26) | $39.47 |
| Dividend yield | 1.58% |
| 1-year total return | 10.22% |
ETF snapshot
VictoryShares Free Cash Flow ETF (VFLO) provides investors with exposure to a curated basket of U.S. large- and mid-cap companies. The companies chosen for the fund are based on the largest U.S. companies by profit, selected to show strong free cash flow yields and growth metrics.
What this transaction means for investors
The sale of VFLO shares by Annex doesn’t seem concerning, as the ETF wasn’t even among the firm’s top five holdings before the transaction. Outside of that, there are other ETFS in those top holdings that provide exposure to large-cap stocks, so Annex isn’t losing exposure to those types of companies.
What is interesting about Annex’s portfolio is that two of its top three holdings are bond ETFs, namely UBND and SMTH, indicating the firm’s strong stance on the bond market.
With VFLO, saw a modest return in 2025 with an approximate 10% gain throughout the year. It has a balanced approach to its holdings, where its strongest sector is healthcare, but not too far off from energy, and the consumer markets as well. Only created three years ago, the fund’s share price has seen a return of 59% since its inception, and with its focus on companies with strong profits, it looks well-positioned to continue delivering positive returns for the foreseeable future.
