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The Cash Cows ETF Series

COWZ

Pacer US Cash Cows 100 ETF

A strategy driven exchange traded fund that aims to provide capital appreciation over time by screening the Russell 1000 for the top 100 companies based on free cash flow yield.

Cash Cows Index Strategy

  • Free cash flow is the cash remaining after a company has paid expenses, interest, taxes, and long-term investments. It can be used to buy back stock, pay dividends, or participate in mergers and acquisitions.
  • The ability to generate a high free cash flow yield indicates a company is producing more cash than it needs to run the business and can invest in growth opportunities.
  • Watch to learn more about how Pacer Cash Cows Index ETFs work.




Free Cash Flow Yield Comparison

as of 6/30/2020

1. High Quality US Equities
The strategy targets US companies with strong cash flows and healthy balance sheets.

2. Trading at a Discount
Exposure to opportunities in the market where high quality stocks are trading at a discount.


3. Long-Term Growth and Income
Companies with a high free cash flow yield have the ability to grow dividends over time, but there is no guarantee dividends will be paid.





 


 


Definitions
Free Cash Flow (FCF): A company’s cash flow from operations minus capital expenditures (expenses, interest, taxes, and long-term investments)
Enterprise Value (EV): A company’s market capitalization adjusted to eliminate any capital structure bias (i.e. by adding debt and subtracting cash or cash equivalents)
Free Cash Flow Yield: FCF/EV. Measures a company’s total free cash flow relative to its enterprise value. This is an internal statistic and does not constitute investor yield.


Pacer US Cash Cows Strategy Overview

An objective rules-based methodology that uses a quality screen to select top companies in the index universe.
All data as of June 2020 quarterly rebalance.

Top 100 large-cap companies with the highest free cash flow yield.

  • Weighted by free cash flow (highest trailing twelve month)
  • Holdings capped at 2% for each company at time of rebalance
  • Reconstituted and rebalanced quarterly

Source: FactSet
(1)The individual components of the index are weighted by their total market capitalization. Market capitalization is determined by multiplying each company’s market price by their total outstanding shares. Companies are ranked in descending order based on their market cap in dollars.
(2)Financial companies, other than real estate investment trusts (REITs), are excluded from the index universe. In addition, companies with negative free cash flow are excluded based on FactSet analyst consensus estimates using average projected FCF and earnings over the next two years.
(3)The 3-year dividend growth is a weighted average of each company’s 3-year dividends per share growth rate. The growth rate is determined by measuring the change between each company’s most recent trailing 12 month dividends per share versus their trailing 12 month dividend per share 3 years ago.
(4)Remaining 100 companies are weighted by their trailing twelve month free cash flow. Free cash flow weighting is calculated as a company’s operating cash flow minus capital expenditures. Companies are ranked in descending order based on their free cash flow in dollars.

Performance

as of 6/30/2020

  Since Fund Inception (12/16/16) YTD 1 Year 3 Year 5 Year
Pacer US Cash Cows 100 ETF NAV 4.19 -12.30 -4.07 3.25 N/A
Pacer US Cash Cows 100 ETF Market Price 4.17 -12.26 -3.84 3.13 N/A
Pacer US Cash Cows 100 Index 4.56 -12.45 -3.97 3.57 N/A
Russell 1000 Value Index 2.67 -16.26 -8.84 1.82 4.64
Russell 1000 Index 11.47 -2.81 7.48 10.64 10.47

Monthly Performance

Source: US Bank and FTSE.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than the performance quoted. Visit www.paceretfs.com for the most recent month-end performance. Index returns are for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. You cannot invest directly in an index.

Total return is the actual rate of return of an investment over a given evaluation period. Total return includes interest, capital gains, dividends and distributions realized over a given period of time.

Top 10 Holdings (%)

as of 6/30/17

View All Holdings

Daily Holdings

Ticker Holding Weight

Sector Breakdown (%)

as of 6/30/2020

Sector Weight
Information Technology 21.55
Health Care 20.61
Consumer Discretionary 18.11
Materials 8.95
Industrials 8.47
Communication Services 7.88
Consumer Staples 7.56
Energy 3.63
Utilities 2.55
Real Estate 0.69

Index Characteristics

as of 6/30/2020

  Pacer US Cash Cows 100 Index Russell 1000 Index Russell 1000 Value Index
Weighted Average Market Cap ($mil) 33,151.35 348,351.64 113,586.53
Dividend Yield (%) 3.02 1.84 2.80
Free Cash Flow Yield (%) 8.67 3.35 4.01
Price/Earnings (P/E) Ratio 11.57 23.04 17.32

Weighted average market cap is the sum of each company’s weight multiplied by its market cap.
Russell 1000 Value Index is a market-capitalization weighted index representing approximately 1000 large- and mid cap value stocks in the Russell 3000 Index.
Russell 1000 Index is a market-capitalization weighted index representing the top 1000 large-cap stocks in the Russell 3000 Index.
Dividend yield is calculated using the gross dividend of a security (i.e., before any applicable withholding tax). Special cash dividends, unless they are paid for three consecutive years, and capital repayments are excluded from the dividend yield calculation. There is no guarantee dividends will be paid.

Source: FTSE International Limited ("FTSE") © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

Distributions

Ex Date Total Distributions Ordinary Income* Short Term Capital Gains Long Term Capital Gains Return of Capital
9/21/2020 $0.213 $0.213 $0 $0 $0
6/22/2020 $0.10868132 $0.10868132 $0 $0 $0
3/23/2020 $0.28308544 $0.28308544 $0 $0 $0
12/24/2019 $0.20332575 $0.20332575 $0 $0 $0
9/24/2019 $0.15512556 $0.15512556 $0 $0 $0
6/25/2019 $0.13130910 $0.13130910 $0 $0 $0
3/26/2019 $0.11926347 $0.11926347 $0 $0 $0
12/24/2018 $0.14500092 $0.14500092 $0 $0 $0
9/25/2018 $0.12129040 $0.12129040 $0 $0 $0
6/26/2018 $0.07763696 $0.07763696 $0 $0 $0
3/27/2018 $0.08470963 $0.08470963 $0 $0 $0
12/27/2017 $0.12761 $0.12761 $0 $0 $0
9/26/2017 $0.29124402 $0.29124402 $0 $0 $0
6/27/2017 $0.093415 $0.093415 $0 $0 $0
3/28/2017 $0.052409 $0.052409 $0 $0 $0
12/28/2016 $0.03319000 $0.03319000 $0 $0 $0

2020 Distribution Schedule

Past distributions are not indicative of future distributions.
*Ordinary income is composed mainly of wages, salaries, commissions and interest income from bonds, and it is taxable using ordinary income rates.

Premium/Discount

As of Sep 18, 2020

From Jan 2, 2020 to Sep 18, 2020
Days traded at premium 84
Days traded at discount 94
As of Date Discount Premium
01/02/2020 0.16
01/03/2020 0.24
01/06/2020 0.08
01/07/2020 0.08
01/08/2020 0.05
01/09/2020 -0.15
01/10/2020 -0.03
01/13/2020 -0.19
01/14/2020 0.00
01/15/2020 -0.07
01/16/2020 -0.16
01/17/2020 -0.05
01/21/2020 0.04
01/22/2020 0.14
01/23/2020 0.03
01/24/2020 -0.2
01/27/2020 0.02
01/28/2020 0.14
01/29/2020 -0.08
01/30/2020 0.01
01/31/2020 0.08
Next

COWZ Premium/Discount Q3 2020

From Jul 1, 2020 to Sep 18, 2020
Days traded at premium 26
Days traded at discount 30
As of Date Discount Premium
07/01/2020 -0.01
07/02/2020 -0.1
07/06/2020 -0.07
07/07/2020 -0.05
07/08/2020 -0.05
07/09/2020 -0.02
07/10/2020 0.06
07/13/2020 0.22
07/14/2020 -0.08
07/15/2020 -0.03
07/16/2020 0.01
07/17/2020 0.08
07/20/2020 0.06
07/21/2020 0.01
07/22/2020 0.12
07/23/2020 0.09
07/24/2020 0.04
07/27/2020 0.08
07/28/2020 0.07
07/29/2020 -0.07
07/30/2020 -0.11
07/31/2020 -0.1
08/03/2020 0.09
08/04/2020 -0.06
08/05/2020 -0.02
08/06/2020 -0.04
08/07/2020 -0.13
08/10/2020 0.03
08/11/2020 0.01
08/12/2020 -0.07
08/13/2020 -0.08
08/14/2020 0.02
08/17/2020 -0.01
08/18/2020 -0.05
08/19/2020 -0.07
08/20/2020 -0.01
08/21/2020 -0.03
08/24/2020 -0.08
08/25/2020 0.01
08/26/2020 -0.08
08/27/2020 0.00
08/28/2020 -0.07
08/31/2020 0.07
09/01/2020 -0.12
09/02/2020 0.07
09/03/2020 0.02
09/04/2020 -0.22
09/08/2020 0.14
09/09/2020 0.1
09/10/2020 -0.17
09/11/2020 0.03
09/14/2020 0.16
09/15/2020 0.00
09/16/2020 -0.01
09/17/2020 -0.07
09/18/2020 0.01

 

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  • Description
  • Pacer US Cash Cows 100 ETF Factsheet

    Pacer US Cash Cows 100 ETF Factsheet

    as of 6/30/20

    Category: Cash Cows Series, COWZ


    Download

  • Free Cash Flow as a Proven Measurement of Quality

    Free Cash Flow as a Proven Measurement of Quality

    as of 12/31/19

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW


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  • Is The Lowest Cost The Best Solution?

    Is The Lowest Cost The Best Solution?

    as of 6/30/20

    Category: Cash Cows Series, COWZ


  • Institutional Presentation: Pacer Cash Cows Index ETF Strategies

    Institutional Presentation: Pacer Cash Cows Index ETF Strategies

    as of 6/30/20

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL


  • Pacer ETFs Performance

    Pacer ETFs Performance

    as of 8/31/20

    Category: Trendpilot Series, PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, PTBD, Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL, HERD, Leaders Series, PEXL, Pacer Custom Series, PWS, VETS, SRVR, INDS, RTL, SZNE, USAI, AFTY, ALTL, PALC, PAMC, VIRS


    Download

  • The Power of Free Cash Flow Yield

    The Power of Free Cash Flow Yield

    December 2019

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW
    Valuation metrics offer investors a simple way to assess a company’s worth by looking at its sales, earnings and cash flow.

    Download

  • Value Stocks - Not the Bargain They Used to Be.

    Value Stocks - Not the Bargain They Used to Be.

    May 2018

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW
    Following age old investing advice to buy low, value stocks are appealing to most investors because of their potentially attractive prices below fair value.

    Download

  • Break from the herd. Consider free cash flow.

    Break from the herd. Consider free cash flow.

    January 2017

    Category: Cash Cows Series, GCOW, COWZ
    The Department of Labor’s new fiduciary regulations require many financial advisors to change the way they do business.

    Download

  • Pacer Cash Cows ETF Series

    Pacer Cash Cows ETF Series

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL, HERD

    Educational Videos

    Duration: 2:51

    Watch Now

  • Cash Cows in 1 Minute

    Cash Cows in 1 Minute

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL, HERD

    Educational Videos

    Duration: 1:00

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  • Pacer Cash Cows Index Series 2020 Q1 Quarterly Rebalance

    Pacer Cash Cows Index Series 2020 Q1 Quarterly Rebalance

    Category: Cash Cows Series, COWZ

    Institutional Presentation Videos

  • Pacer Cash Cows Index Series 2019 Q4 Quarterly Rebalance

    Pacer Cash Cows Index Series 2019 Q4 Quarterly Rebalance

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL

    Institutional Presentation Videos

  • Pacer Cash Cows Index Series 2019 Q3 Quarterly Rebalance

    Pacer Cash Cows Index Series 2019 Q3 Quarterly Rebalance

    Category: Cash Cows Series, COWZ, CALF, BUL

    Institutional Presentation Videos

  • Pacer Cash Cows Index Series 2019 Q2 Quarterly Rebalance

    Pacer Cash Cows Index Series 2019 Q2 Quarterly Rebalance

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL

    Institutional Presentation Videos

  • Pacer Cash Cows Index Series 2019 Q1 Quarterly Rebalance

    Pacer Cash Cows Index Series 2019 Q1 Quarterly Rebalance

    Category: Cash Cows Series, COWZ, CALF

    Institutional Presentation Videos

  • Cash Cows Update April 2, 2020 Webinar

    Cash Cows Update April 2, 2020 Webinar

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL

    Institutional Presentation Videos

    Duration: 45:15

  • Cash Cows Update April 16, 2020 Webinar

    Cash Cows Update April 16, 2020 Webinar

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL

    Institutional Presentation Videos

    Duration: 42:53

  • Cash Cows Update June 9, 2020 Webinar

    Cash Cows Update June 9, 2020 Webinar

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW, BUL

    Institutional Presentation Videos

    Duration: 43:01

  • Finding Opportunities in an Overvalued Market with Free Cash Flow Yield: July 14, 2020

    Finding Opportunities in an Overvalued Market with Free Cash Flow Yield: July 14, 2020

    Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW

    Institutional Presentation Videos

    Duration: 40:42

  • COWZ 2020 Q2 Quarterly Rebalance

    COWZ 2020 Q2 Quarterly Rebalance

    Category: Cash Cows Series, COWZ

    Institutional Presentation Videos