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VICTORYSHARES INTERNATIONAL FREE CASH FLOW GROWTH ETF (ticker: GRIN) is an exchange-traded fund listed on the Nasdaq that provides exposure to developed international large-cap equities selected for high free cash flow yield and growth characteristics. Launched on June 25, 2025, GRIN aims to replicate the Victory International Free Cash Flow Growth Index before fees and expenses.
Corporate Structure
Victory Capital Management Inc. serves as investment adviser to GRIN. Victory Capital is a diversified global asset manager with approximately US$293.1 billion in total client assets under management. The firm employs between 201 and 500 staff worldwide, combining portfolio management, trading, compliance, and distribution functions. The acquisition of Pioneer Investments (formerly Amundi US) has expanded its distribution platform and product lineup.
Free Cash Flow by Alicia Razuri
Recent Developments and News
On June 25, 2025, GRIN commenced trading on the Nasdaq under the ticker “GRIN.” At launch, the fund's methodology focused on free cash flow modified absolute momentum and included sector, country, and security weight constraints.
In July 2025, Sidley Austin LLP acted as fund counsel for three new VictoryShares ETFs, including GRIN, alongside the asset-based income ETF (ABI) and the International Free Cash Flow ETF (IFLO). Victory Capital Management Inc. was named investment adviser to each product.
On August 7, 2025, the Securities and Exchange Commission (SEC) accepted a post-effective amendment (Rule 485(b)(1)(iii)), extending the effective date of a prior registration amendment to September 8, 2025.
On August 11, 2025, VictoryShares filed Form 40-APP (CIK 0001547580) under the Investment Company Act of 1940 to request exemptive relief for a multi-class ETF and mutual fund structure. The application outlines operational relief aimed at enhancing liquidity, allowing ETF shares and mutual fund classes to coexist within a single fund vehicle.
Financial and Strategic Aspects
As of August 18, 2025, GRIN shares traded at US$26.29, reflecting an increase of 0.53% on that day. Intraday volume reached 209,890 shares compared to an average daily volume of 2,890, indicating a notable increase.
GRIN’s investment process targets companies outside the United States that demonstrate high free cash flow relative to market capitalization and upward price momentum. Constituents are weighted by free cash flow modified absolute momentum, with constraints to maintain diversification across sectors and countries. The fund’s strategy is rules-based, aiming to provide exposure to profitable, cash-generative companies in developed markets ex-US.
Market Position and Industry Context
GRIN is the fifth ETF in VictoryShares’ free cash flow suite, reflecting ongoing trends in factor-based and smart-beta ETFs. It competes with other international equity strategies that emphasize shareholder cash flows, including funds tracking quality, value, or momentum indices. Recent regulatory initiatives, such as multi-class structures and operational relief under the Investment Company Act of 1940, indicate an industry shift toward flexible ETF vehicles that can accommodate both exchange-traded and mutual fund shares. VictoryShares’ global distribution network and US$293.1 billion in assets under management position GRIN to benefit from continuing investor interest in cash-flow-focused international equities.
tl;dr
As of August 18, 2025, GRIN shares closed at $26.29 (+0.53%) with a volume of 209,890 shares (avg. 2,890). Since inception on June 25, 2025, the fund targets high free cash flow yield and momentum outside the U.S. Recent SEC filings include a post-effective amendment (August 7) and a Form 40-APP for multi-class ETF/mutual fund relief (August 11). Data availability will increase as holdings populate. Future performance will be assessed against its index and the effectiveness of the multi-class structure.
