CALF Hits Record High as Russell 2000 Climbs 23% in 2026

1 articles · Updated · CNBC · Aug 17

CALF rose nearly 27% in 2026 and reached an all-time high Friday, outpacing the S&P 500’s 13% gain as the Russell 2000 also set a record.
The ETF’s rally reflects investor demand for quality small caps: it holds 200 companies with the highest free-cash-flow yields and currently yields 1.08%.
Ovintiv, up 62%, stood out after $682 million in free cash flow beat estimates and management raised production guidance; analyst targets imply roughly 15% to 19% more upside.
AngloGold Ashanti has gained about 17% and yields 4.5%, while Upbound is up nearly 11% and offers an 8% yield after lifting its 2026 free-cash-flow outlook to about $250 million.
Analyst sentiment remains broadly supportive across the screen, with consensus targets pointing to further gains even after the small-cap rally pushed CALF and the Russell 2000 to records.