As of February 10, 2026, Victory Capital managed $20 billion in ETF assets, with an impressive $9 billion of new money flowing in during the past 12 months. To learn more about the firm’s ETF success and the industry developments impacting their business, I spoke to David C. Brown, Chairman and Chief Executive Officer of Victory Capital. You can watch the full interview, but below are the strategic highlights.



The Value of Free Cash Flow

“We’ve been in the business for a decade and we have evolved our product lineup,” said Brown. 

The VictoryShares Free Cash Flow ETF (VFLO), launched in June 2023, has quickly emerged as the firm’s largest ETF offering. Aided by $3.1 billion of net inflows and a one-year return of 16% (as of February 10, 2026), VFLO had $6.2 billion in assets. Following this successful launch, Victory expanded the lineup to include the VictoryShares Small Cap Free Cash Flow ETF (SFLO) and the VictoryShares International Free Cash Flow Growth ETF (GRIN), among others using similar fundamental metrics.

“At the core of it, we really believe one of the great ways to evaluate a good company is to look at free cash flow… especially on a forward-looking basis,” explained Brown. “It is very understandable at the advisor and the client level.”

Active Fixed Income and the Pioneer Legacy

Victory also offers a robust suite of fixed income ETFs, led by the VictoryShares Core Intermediate Bond ETF (UITB). This $2.6 billion actively managed ETF seeks to capitalize on passive index inefficiencies through careful consideration of price and risk. By investing in higher-quality securities, the fund has earned a four-star rating from Morningstar for its strong five-year record.

The firm’s expansion took a historic leap in April 2025. Victory Capital completed the acquisition of Amundi US and rebranded the franchise as Pioneer Investments. The Victory Pioneer Fund carries a mutual fund record dating back to 1928 and, as of late 2025, managed $10 billion in assets.

The integration of this expertise led to the June 2025 launch of the VictoryShares Pioneer Asset-Based Income ETF (ABI). ABI focuses on below-investment-grade securities backed by assets with cash flows distinct from those found in traditional unsecured credit strategies.

“The Pioneer brand has been around a long time and we brought it back. We have gotten such great feedback,” noted Brown. “We are evaluating different ETFs that we can use with that investment capability.”

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