VIRTUAL EVENTS

When Growth Runs Hot: Why Free Cash Flow Is the Signal, Not the Noise

The market continues to be driven by a small group of mega-cap leaders, but rising valuations, growing capex demands, and narrowing leadership may introduce new risks for diversified portfolios. Meanwhile, many traditional value and growth investment approaches are struggling to identify companies that generate sustainable, real economic return. Free cash flow (FCF) may be a metric that can provide more clarity and guidance for investors.

Join the experts at Victory Capital for an educational webcast exploring the FCF metric and how investors can deploy it to capture opportunities and mitigate risk.

December 16, 2025

11 AM PT | 2 PM ET

1 CE Credit

SUMMARY

Topics covered will include:

What today’s market concentration means for portfolio construction
Why traditional value and growth factors may be missing key opportunities
The importance of FCF as a quality signal
How the VictoryShares FCF ETF suite can help address valuation and concentration risk

This program is accepted for one hour of continuing education (CE) credit by the Certified Financial Planner Board of Standards for the CFP® designation, The Investment and Wealth Institute for CIMA®, CPWA®, RMA®, and CIMC designations, The ETF Institute for the CETF® designation and The American College of Financial Services.

CFA Institute members are encouraged to self-document their continuing professional development activities in their online CE tracker.

SPEAKERS

Lance Humphrey, CFA

Head of Portfolio Management
VictoryShares and Solutions

Michael Mack

Client Portfolio Manager
VictoryShares and Solutions

Todd Rosenbluth

Head of Research
VettaFi

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Important Disclosures

Carefully consider a fund’s investment objectives, risks, charges, and expenses
before investing. To obtain a prospectus or summary prospectus containing this
and other important information, visit http://www.vcm.com/prospectus. Read it carefully before investing.

All investing involves risk, including the potential loss of principal. An investment
should only be made with an understanding of the risks involved with owning a
particular security or asset class.

Free cash flow is the remaining cash a company has after covering all expenses. It can
be used to invest in growing the business, pay dividends or pay down debt.

VictoryShares ETFs distributed by Victory Capital Services, Inc. (VCS). VCS is not
affiliated with VettaFi.

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