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Pacer ETFs

The Cash Cows ETF Series

ICOW

Pacer Developed Markets International Cash Cows 100 ETF

A strategy driven exchange traded fund that aims to provide capital appreciation over time by screening the FTSE Developed ex-US Index for the top 100 international 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 12/31/2020

1. High Quality International Companies
Unique focus on quality international companies with high free cash flow yield.
 

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


3. Long-Term Capital Appreciation
Using free cash flow yield to measure the sustainability of a company may produce potentially higher returns and more attractive upside/downside capture over time.




 


 

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.
Upside/Downside capture: Upside/downside capture ratio show you whether a given fund has outperformed--gained more or lost less than--a broad market benchmark during periods of market strength and weakness

Pacer Developed Markets International Cash Cows 100 Index Strategy Overview

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

Top 100 international 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 semi-annually

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) and companies with a market capitalization smaller than $3 billion USD, are excluded from the index universe. In addition, companies with negative free cash flow (FCF) are excluded based on FactSet analyst consensus estimates for average projected FCF and earnings over the next two years. Companies included in the index universe are the 500 most liquid in the FTSE Developed ex-US Index. Liquidity is defined as 90-day daily average traded volume multiplied by most recent share price.
(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.
P/E ratio a fundamental measure commonly used to determine if an investment is valued appropriately. Each holding’s P/E is the latest closing price divided by the latest fiscal year’s earnings per share. Negative P/E ratios are excluded from this calculation.
 

Performance

as of 12/31/2020

  Since Fund Inception (6/16/17) YTD 1 Year 3 Year 5 Year
Pacer Developed Markets International Cash Cows 100 ETF NAV 6.67 7.75 7.75 3.06 N/A
Pacer Developed Markets International Cash Cows 100 ETF Market Price 6.53 7.24 7.24 2.00 N/A
Pacer Developed Markets International Cash Cows 100 Index 7.69 8.94 8.94 4.00 N/A
FTSE Developed ex-US Index 1.47 -2.63 -2.63 -1.24 4.20

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.

The Pacer Developed Markets International Cash Cows 100 Index was released on 12/8/16.

Top 10 Holdings (%)

as of 6/30/17

View All Holdings

Daily Holdings

Ticker Holding Weight

Sector Breakdown (%)

as of 12/31/2020

Sector Weight (%)
Industrials 24.06
Communication Services 19.37
Consumer Staples 15.63
Materials 12.50
Consumer Discretionary 10.62
Information Technology 6.42
Energy 6.37
Health Care 4.31
Utilities 0.41
Real Estate 0.30

Top 10 Country Breakdown (%)

as of 12/31/2020

Country Weight
Japan 26.95
United Kingdom 17.46
Germany 8.51
South Koreaa 5.55
France 4.77
Australia 4.48
Swizterland 4.34
Spain 4.29
Canada 4.05
Hong Kong 3.69

Index Characteristics

as of 12/31/2020

  Pacer Developed Markets International Cash Cows 100 Index FTSE Developed ex-US Index
Weighted Average Market Cap ($mil) 34,240.43 74,092.48
Dividend Yield (%) 3.69 2.48
Free Cash Flow Yield (%) 8.51 2.73
Price to Earnings (P/E) Ratio 15.37 20.78

Free cash flow yield measures a company’s total free cash flow relative to its enterprise value. This is an internal statistic and does not constitute investor yield. It is an internal statistic and does not constitute investor yield.
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.
Weighted average market cap is the sum of each company’s weight multiplied by its market cap.
Price to earning ratio (P/E ratio) is a fundamental measure used to determine if an investment is valued appropriately. Each holding’s P/E is the latest closing price divided by the latest fiscal year’s earnings per share. Negative P/E ratios are excluded from this calculation.
Treasury yield is the interest rate on a given bond issued by the United States government.

 

Distributions

Ex Date Total Distributions Ordinary Income* Short Term Capital Gains Long Term Capital Gains Return of Capital
12/21/2020 $0.24282182 $0.24282182 $0 $0 $0
9/21/2020 $0.32299372 $0.32299372 $0 $0 $0
6/22/2020 $0.09231436 $0.09231436 $0 $0 $0
3/23/2020 $0.04462082 $0.04462082 $0 $0 $0
12/24/2019 $0.20395600 $0.20395600 $0 $0 $0
9/24/2019 $0.34097509 $0.34097509 $0 $0 $0
6/25/2019 $0.19256656 $0.19256656 $0 $0 $0
3/26/2019 $0.11193775 $0.11193775 $0 $0 $0
12/24/2018 $0.20663238 $0.20663238 $0 $0 $0
9/25/2018 $0.16848479 $0.16848479 $0 $0 $0
6/26/2018 $0.18072634 $0.18072634 $0 $0 $0
3/27/2018 $0.07282160 $0.07282160 $0 $0 $0
12/27/2017 $0.13909 $0.13909 $0 $0 $0
9/26/2017 $0.09612410 $0.09612410 $0 $0 $0

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 Mar 5, 2021

From Jan 4, 2021 to Mar 5, 2021
Days traded at premium 24
Days traded at discount 19
As of Date Discount Premium
01/04/2021 -0.25
01/05/2021 0.26
01/06/2021 0.58
01/07/2021 0.28
01/08/2021 0.4
01/11/2021 -0.19
01/12/2021 -0.14
01/13/2021 -0.19
01/14/2021 -0.21
01/15/2021 -0.32
01/19/2021 -0.4
01/20/2021 -0.01
01/21/2021 -0.31
01/22/2021 -0.15
01/25/2021 -0.05
01/26/2021 0.13
01/27/2021 -0.76
01/28/2021 0.16
01/29/2021 0.16
Next

ICOW Premium/Discount Q1 2021

From Jan 4, 2021 to Mar 5, 2021
Days traded at premium 24
Days traded at discount 19
As of Date Discount Premium
01/04/2021 -0.25
01/05/2021 0.26
01/06/2021 0.58
01/07/2021 0.28
01/08/2021 0.4
01/11/2021 -0.19
01/12/2021 -0.14
01/13/2021 -0.19
01/14/2021 -0.21
01/15/2021 -0.32
01/19/2021 -0.4
01/20/2021 -0.01
01/21/2021 -0.31
01/22/2021 -0.15
01/25/2021 -0.05
01/26/2021 0.13
01/27/2021 -0.76
01/28/2021 0.16
01/29/2021 0.16
02/01/2021 0.42
02/02/2021 0.56
02/03/2021 0.1
02/04/2021 0.41
02/05/2021 0.28
02/08/2021 0.01
02/09/2021 0.14
02/10/2021 -0.19
02/11/2021 0.33
02/12/2021 0.42
02/16/2021 0.1
02/17/2021 0.23
02/18/2021 0.08
02/19/2021 0.14
02/22/2021 -0.12
02/23/2021 -0.06
02/24/2021 0.38
02/25/2021 -1.09
02/26/2021 0.33
03/01/2021 0.38
03/02/2021 -0.01
03/03/2021 -0.48
03/04/2021 -0.07
03/05/2021 0.95

 

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  • Description
  • Pacer Developed Markets International Cash Cows 100 ETF Factsheet

    Pacer Developed Markets International Cash Cows 100 ETF Factsheet

    as of 12/31/20

    Category: Cash Cows Series, ICOW


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