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The Cash Cows ETF Series

GCOW

Pacer Global Cash Cows Dividend ETF

A strategy driven exchange traded fund that attempts to provide a continuous stream of income and capital appreciation over time by screening for companies with a high free cash flow yield and a high dividend 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 is the source from which dividends are paid.
  • The ability to generate a high free cash flow yield indicates that a company has the capacity to pay dividends. Paying a dividend signals management is confident in the long-term viability of the business.
  • Dividends are a source of income to investors.
  • Watch to learn more about how Pacer Cash Cows Index ETFs work.




Impact of Current Dividend Yield

as of 6/30/20201

1. Capital Appreciation
Using free cash flow yield to measure the sustainability of a company may produce a higher return with lower volatility over time.

2. Reduced Volatility
Companies with a high free cash flow yield and a high dividend yield have historically declined less in market downturns.

3. Yield
Companies with a high free cash flow yield are better positioned to grow and maintain their dividends, but there is no guarantee dividends will be paid.


 



 


(1)Dividend yield is the annual percentage of return earned by an investor on a common or preferred stock. The yield is calculated by dividing the amount of the 12 month dividends per share by the current market price per share of the stock. There is no guarantee dividends will be paid.
Source(s): FactSet


Pacer Global Cash Cows Strategy Overview

An objective rules-based methodology that uses a quality and value screens to select top companies in the index universe.
All data as of June 2020 semi-annual rebalance.

Top 100 companies with the highest free cash flow yield and highest dividend yield.

  • Weighted by dividends (highest trailing twelve month)
  • Holdings capped at 2% for each company at time of rebalance
  • Reconstituted and rebalanced semi-annually in June and December

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 for average projected FCF and earnings over the next two years.
(4)Remaining 100 companies are weighted by their trailing twelve month dividends. Dividend weighting is calculated by adding the 100 companies’ dividends and dividing the total by each company’s trailing 12 month dividends.
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)
(3)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.

Performance

as of 6/30/2020

  Since Fund Inception (2/22/16) YTD 1 Year 3 Year 5 Year
Pacer Global Cash Cows Dividend ETF NAV 3.66 -18.46 -13.85 -1.06 N/A
Pacer Global Cash Cows Dividend ETF Market Price 3.63 -18.47 -13.88 -1.22 N/A
Pacer Global Cash Cows Dividend Total Return Index 4.48 -18.50 -13.54 -0.31 N/A
Pacer Global Cash Cows Dividend Price Return Index 0.13 -20.72 -17.67 -4.62 N/A
FTSE Developed Large-Cap Index 11.53 -4.48 4.93 7.87 7.96

Monthly Performance

Source: FTSE and US Bank.

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
Communication Services 20.82
Energy 18.95
Materials 14.71
Consumer Staples 14.36
Industrials 6.34
Health Care 6.31
Real Estate 5.87
Utilities 5.43
Information Technology 4.26
Consumer DIscretionary 2.95

Top 10 Country Breakdown (%)

as of 6/30/2020

Country Weight
United States 30.28
United Kingdom 17.20
Japan 16.15
Australia 9.59
Hong Kong 6.60
Norway 2.86
Canada 2.33
France 2.22
Germany 2.11
Spain 2.01

Index Characteristics

as of 6/30/2020

  Pacer Global Cash Cows Dividend Index FTSE Developed Large-Cap Index
Weighted Average Market Cap ($mil) 59,666.13 303,497.22
Free Cash Flow Yield (%) 6.74 3.56
Dividend Yield (%) 6.56 2.44
Price/Earnings 12.60 20.29

Weighted average market cap is the sum of each company’s weight multiplied by its market cap.
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.
FTSE Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets.

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 $0.512 $0.512 $0 $0 $0
6/22/2020 $0.16247039 $0.16247039 $0 $0 $0
3/23/2020 $0.21529170 $0.21529170 $0 $0 $0
12/24/2019 $0.34764103 $0.34764103 $0 $0 $0
9/24/2019 $0.43245845 $0.43245845 $0 $0 $0
6/25/2019 $0.28236187 $0.28236187 $0 $0 $0
3/26/2019 $0.32146235 $0.32146235 $0 $0 $0
12/24/2018 $0.25679 $0.25679 $0 $0 $0
9/25/2018 $0.37688173 $0.37688173 $0 $0 $0
6/26/2018 $0.24443164 $0.24443164 $0 $0 $0
3/27/2018 $0.22295838 $0.22295838 $0 $0 $0
12/27/2017 $0.22477 $0.22477 $0 $0 $0
9/26/2017 $0.26317596 $0.26317596 $0 $0 $0
6/27/2017 $0.21802782 $0.21802782 $0 $0 $0
3/28/2017 $0.17259276 $0.17259276 $0 $0 $0
12/28/2016 $0.22806600 $0.22806600 $0 $0 $0
9/13/2016 $0.11591613 $0.11591613 $0 $0 $0
6/14/2016 $0.17877886 $0.17877886 $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 43
Days traded at discount 135
As of Date Discount Premium
01/02/2020 0.17
01/03/2020 -0.2
01/06/2020 -0.06
01/07/2020 -0.34
01/08/2020 0.14
01/09/2020 0.11
01/10/2020 -0.18
01/13/2020 -0.02
01/14/2020 -0.04
01/15/2020 -0.18
01/16/2020 0.02
01/17/2020 0.00
01/21/2020 0.01
01/22/2020 -0.03
01/23/2020 0.52
01/24/2020 -0.15
01/27/2020 -0.38
01/28/2020 -0.06
01/29/2020 0.07
01/30/2020 0.39
01/31/2020 -0.2
Next

GCOW Premium/Discount Q3 2020

From Jul 1, 2020 to Sep 18, 2020
Days traded at premium 5
Days traded at discount 51
As of Date Discount Premium
07/01/2020 -0.03
07/02/2020 -0.03
07/06/2020 -0.21
07/07/2020 -0.38
07/08/2020 -0.15
07/09/2020 -0.23
07/10/2020 -0.01
07/13/2020 -0.74
07/14/2020 0.18
07/15/2020 -0.18
07/16/2020 -0.07
07/17/2020 -0.21
07/20/2020 -0.06
07/21/2020 -0.37
07/22/2020 0.04
07/23/2020 -0.55
07/24/2020 -0.56
07/27/2020 -0.19
07/28/2020 -0.45
07/29/2020 0.24
07/30/2020 -0.27
07/31/2020 -0.3
08/03/2020 -0.05
08/04/2020 -0.38
08/05/2020 -0.13
08/06/2020 -0.28
08/07/2020 -0.26
08/10/2020 -0.13
08/11/2020 -0.5
08/12/2020 0.04
08/13/2020 -0.24
08/14/2020 -0.37
08/17/2020 -0.18
08/18/2020 -0.31
08/19/2020 -0.24
08/20/2020 -0.19
08/21/2020 -0.29
08/24/2020 -0.14
08/25/2020 -0.24
08/26/2020 -0.3
08/27/2020 -0.33
08/28/2020 -0.48
08/31/2020 -0.32
09/01/2020 -0.28
09/02/2020 -0.06
09/03/2020 -0.76
09/04/2020 0.1
09/08/2020 -0.71
09/09/2020 -0.07
09/10/2020 -0.55
09/11/2020 -0.41
09/14/2020 -0.31
09/15/2020 -0.23
09/16/2020 -0.28
09/17/2020 -0.42
09/18/2020 -0.46

 

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