Market Insights
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Featured Market Commentary
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Infrastructure for Innovation: How TRFK Supports AI & Beyond
November 2025
Category: Thematic Series, TRFK
The ongoing digital revolution has transformed how people and organizations create, transmit, and utilize information. As global data volumes continue to expand rapidly, the infrastructure that enables this activity has become indispensable to the modern economy.
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Oil is Above $100 Again…Is 2026 Shaping Up like 2022?
March 2026
Category: Cash Cows Series, COWZ
The recent spike in oil prices reminds us of 2022, when crude surged to over $120 per barrel within months.
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Oil is Above $100 Again...Is 2026 Shaping Up like 2022?
March 2026
Category: Cash Cows Series, COWZ
The recent spike in oil prices reminds us of 2022, when crude surged to over $120 per barrel within months.
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Behind the Chart: Explaining Free Cash Flow Yield
as of 12/31/25
Category: Cash Cows Series, GCOW, COWZ, CALF, ICOW, ECOW
Over the long run, Free Cash Flow Yield (Free Cash Flow to Enterprise Value, FCF/EV or FCF Yield) has been one of the best-performing factors for equity selection.
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The Power of Free Cash Flow Yield
December 2025
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.
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Pacer U.S. Large Cap Cash Cows Growth Leaders Index Rebalance
January 2026
Category: Cash Cows Series, COWG
The Pacer U.S. Cash Cows Growth Leaders Index (COWG Index) completed its quarterly reconstitution, effective after the market close on 12/19/2025. The Index continues to apply its free cash flow (FCF) margin–based screening process, selecting large-cap companies with the highest FCF-to–sales ratios and weighting constituents by six-month price momentum, subject to a 5% cap per security.
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Pacer U.S. Cash Cows 100 Index Rebalance
January 2026
Category: Cash Cows Series, COWZ
The Pacer U.S. Cash Cows 100 Index (COWZ Index) completed its quarterly reconstitution on 12/19/2025, refreshing its holdings based on the Free Cash Flow (FCF) yield factor (FCF/Enterprise Value) to position for Q1 2026.
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Unlocking the Potential of Small-Cap Equities
July 2025
Category: Cash Cows Series, CALF, CAFG
This paper outlines our timely perspective on why current market conditions may be offering an attractive moment to re-engage with small-cap equities.
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International Equities in Focus: A Tactical and Strategic Reallocation Opportunity
June 2025
Category: Cash Cows Series, GCOW, Trendpilot Series, PATN, PTEU, ICOW, PTIN, Leaders Series
In 2025, international equities, represented by MSCI ACWI ex US Index, outperformed the S&P 500 Index by 13.3% on a total return basis as of May 31, 2025. This meaningful reversal in relative performance suggests positive momentum is building outside the U.S., raising the prospect of a structural shift in global equity leadership.
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The Critical Role of Free Cash Flow in Growth Investing
March 2025
Category: Cash Cows Series, QQQG
When it comes to growth investing, sales growth is a critical factor for investors to consider, as it provides insights into a company’s business momentum and future potential.
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Optimizing Corporate Bond Investments Through a Free Cash Flow Lens
February 2025
Category: Cash Cows Series, MILK
Corporate bond ETFs have surged in popularity among investors seeking diversified exposure to fixed-income markets over the past two decades. These funds typically hold anywhere from 1,000 to 5,000 bonds, offering broad-based exposure that mirrors the overall corporate bond universe.
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Is the Market Being Hijacked by the Magnificent Seven?
January 2025
Category: Cash Cows Series, COWG
The Dominance of the Magnificent Seven over 2 years The "Magnificent Seven" stocks—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—have been a focal point for investors since early 2023. These seven companies delivered an extraordinary 76% performance (weighted average) for that year, with their collective weight rising to 25% in the Russell 1000 Index.
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The Investment Case of Effective Risk Management
December 2024 Update
Category: PTLC, Trendpilot Series, PSMD, Pacer Swan SOS Series
Risk management is critical for any investment strategy. Whether investors are navigating short term opportunities or charting a course for long-term growth, the inherent uncertainties and volatility in market conditions may expose investors’ wealth to substantial fluctuations.
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Upgrading Your S&P 500 Investments
December 2024
Category: PTLC, Trendpilot Series, PSFF, QDPL, Pacer Swan SOS Series, Dividend Multiplier Series
The S&P 500, representing 500 of the largest publicly traded companies in the U.S., is widely recognized as a benchmark for the U.S. stock market. It serves as a key indicator of the overall health and performance of large-cap companies, with insights into market trends and economic conditions.
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International Equity Investment Part 2
May 2024
Category: Cash Cows Series, ICOW, EAFG
When it comes to investing in international stocks, many investors default to the traditional asset allocation approach, in which broad-based index funds are chosen due to their cost-efficiency and diversification benefits.
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Growth Investing Illuminated Part 2: The Magnificent Seven
March 2024
Category: Cash Cows Series, COWG
The issue of narrow market breadth, dominated by the Magnificent Seven, has become a significant concern for many U.S. equity investors.
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Investment Crossroads Part 1: International Equity
February 2024
Category: Cash Cows Series, GCOW, ICOW, ECOW
2024 may be a good time to look for opportunities in international stocks. Anticipating uncertainties and a possible uptick in market volatility, we expect international stocks may offer the potential for attractive returns as well as provide diversification for U.S. investors' portfolios.
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Feeling Emotional? You're Not Alone.
December 2023
Category: PTLC, PTMC, Trendpilot Series, PTNQ, PTEU, PTIN, TRND, PTBD
To be an informed investor, it’s important to keep up with world news and understand how current events can affect the market and your investments.
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Small-Cap Stocks: A Revisit at the Year End
December 2023
Category: Cash Cows Series, CALF
At the beginning of the year, we provided our perspective on small-cap opportunities. Since then, the market landscape has witnessed substantial changes and developments.
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Investing in the Intangible Economy: FCF as the Answer
November 2023
Category: Cash Cows Series, COWZ, COWG
Over the last 20 years, a notable shift has occurred in the U.S. business landscape. More companies are adopting capital-light business models where their products or services are based on factors beyond traditional tangible assets like buildings and machinery.
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Growth Investing Illuminated: The “take-one” on FCF Margin
October 2023
Category: Cash Cows Series, COWG, CAFG
In the realm of growth investing, investors look for companies that are expected to outpace the industry or the market averages in terms of growth. However, approaching growth investing isn't always a straightforward endeavor, given there is no universally accepted formula to gauge a company's growth potential.
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Exploring the Quality Dimensions of Free Cash Flow Yield
September 2023
Category: Cash Cows Series, COWZ
Pacer US Cash Cows 100 ETF (COWZ) screens for high Free Cash Flow Yield (Free Cash Flow / Enterprise Value) companies within the Russell 1000 Index. As a value factor, Free Cash Flow Yield (FCF Yield) offers investors an effective way for identifying undervalued companies.
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Invest in Dividend Payers With Free Cash Flow
June 2023
Category: Cash Cows Series, COWZ
Dividends are a popular, time-tested strategy that investors look to as a source of income in their portfolios. Over time, reinvested dividends have been the primary driver of total returns for stocks.
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Sailing Abroad: Identifying Intl Value Investing Opportunities
February 2023
Category: Cash Cows Series, GCOW, ICOW, ECOW
Most investors admit they don’t have enough international exposure in their portfolios. However, many believe there may be a significant opportunity in the international space going forward.
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Small Cap Stocks: A Closer Look at the True Opportunity
January 2023
Category: Cash Cows Series, CALF
2022 brought on the highest inflation in 40 years and the worst calendar year performance for the stock market since 2008. With concerns of an impending recession looming, and a potential 5% Fed funds rate on the horizon, now seems like a good time to revisit the small-cap investing landscape, especially opportunities in quality value small-cap stocks.
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Low Volatility Is Not a Buy and Hold Strategy
November 2022
Category: ALTL, Pacer Factor Series
Don’t get us wrong, there are long-term benefits to holding stocks that have low levels of price fluctuations.
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A Dive into the Energy Sector: Part 1
October 2022
Category: Cash Cows Series, COWZ
Though inflation eased slightly for the second month in a row, people in the US are still seeing rising prices everywhere.
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A Dive into the Energy Sector: Part 2
October 2022
Category: Cash Cows Series, COWZ
In part 1 of our dive into the Energy sector, we emphasized that by screening for energy stocks with a high free cash flow (FCF) yield, we can identify where high FCF is generated and where such profitability is undervalued.
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A Closer Look at Health Care
September 2022
Category: Cash Cows Series, COWZ
Currently, Health Care is one of the top sectors in the Pacer US Cash Cows 100 ETF (COWZ), occupying ¼ of the fund’s holding, the highest weighting since the fund's inception in 2016.
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Inflation and Equity Valuation
August 2022
Category: Cash Cows Series, COWZ
The Consumer Price Index (CPI) number continued to surprise and jumped 9.1% in June, and rose to the highest level in 40 years.
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From Equity Valuation to Earnings Growth
August 2022
Category: PTLC, Trendpilot Series, Pacer Swan SOS Series
In the most recent Pacer perspective, we highlighted the inverse relationship between inflation and the S&P 500’s P/E ratio.
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The Case for Small Cap, Quality and Value.
May 2021
Category: Cash Cows Series, CALF
One of the most popular asset classes available to investors has been the small cap value space. Small cap companies are those with somewhat smaller market capitalization, which can range from just $300 million to $2 billion.
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Why the 200-day Simple Moving Average?
November 2017
Category: PTLC, PTMC, Trendpilot Series, PTNQ, PTEU
Investors have long used moving averages to determine trends in the market.
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Revisiting International Equity in 2026
April 2026
Category: Cash Cows Series, GCOW, Trendpilot Series, PATN, PTEU, ICOW, PTIN, ECOW, Leaders Series, EAFG, PIEL
In 2024, the case for international equities was largely theoretical. Since 2025, it has become increasingly observable.
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Maximizing AI and Data Center Growth Potential with the TRFK ETF
August 2025
Category: TRFK, Thematic Series
The global AI market is expanding rapidly, attracting substantial capital to established leaders and proven applications. TRFK’s targeted portfolio seeks to provide exposure to companies positioned to benefit from AI adoption and the broader digital revolution, aligning with key themes reshaping the global economy.
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Multi-Factor Investing: Beyond the Traditional Factors
August 2024
Category: PALC, PAMC, Pacer Factor Series
Many investors prefer a "plain vanilla" approach to portfolio construction, which typically involves broad market exposure with diversification across a wide range of companies. As a result, a significant portion of investment capital flows into broad-based index funds.
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Investing in the Data Center Ecosystem
April 2024
Category: TRFK, Thematic Series
The digital revolution, powered by advances in technology like computing and communication, has reshaped society, changing how people and businesses interact and work. With technology advancing rapidly, the amount of data created has skyrocketed.
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The NASDAQ-100 - Is this time really different?
December 2023 Update
Category: Trendpilot Series, PTNQ
Since the end of the 2008 Great Recession to the end of 2021, the NASDAQ-100® had an astonishing run of performance.
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Trend following in Fixed Income Markets in 2022
July 2022
Category: Trendpilot Series, PTBD
2022 has been a unique year for fixed income trend following strategies in that credit spreads and interest rates have increased at the same time.
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Putting Risk Into Context
December 2021
Category: Trendpilot Series, PTBD
The Case for Dynamic vs Static Risk Management
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"Risk-Free Return" Could Turn Out to Be "Return-Free Risk"
November 2020
Category: Trendpilot Series, PTBD
2020 will certainly go down in history as one of the more interesting years we’ve seen. As the Old English phrase alludes to, “may you live in interesting times” might not always be a good thing.
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Trendpilot in Action - the 2020 Pandemic
April 2020
Category: Trendpilot Series, TRND
We have just experienced one of the fastest selloffs in market history. While Pacer Trendpilot Series ETFs may not have shifted into cash immediately, they stuck to the rules and made the move fast enough to miss a significant portion of the market decline.
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Infrastructure for Innovation: How TRFK Supports AI & Beyond
November 2025
Category: TRFK, Thematic Series
The ongoing digital revolution has transformed how people and organizations create, transmit, and utilize information. As global data volumes continue to expand rapidly, the infrastructure that enables this activity has become indispensable to the modern economy.
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Beyond Compute: How TRFK Continues to Capture the AI Infrastructure Buildout
June 2026
Category: TRFK, Thematic Series
Early investor attention around AI focused primarily on chips and compute capacity. More recently, however, conversation has broadened to include the infrastructure required to support AI deployment at scale.
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Dividend Multiplier: Part 1
November 2024 Update
Category: QDPL, Dividend Multiplier Series
One of investors' most constant and common concerns is finding ways to increase their yield. The Pacer Dividend Multiplier Strategy provides broad-based equity exposure while aiming to deliver a multiple of the index’s dividend yield.
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Dividend Multiplier: Part 2
November 2024 Update
Category: QDPL, Dividend Multiplier Series
With a fundamental knowledge of dividend futures, we can dig deeper into how to utilize dividend futures contracts to enhance an investor’s income-potential through the Dividend Multiplier Strategy.
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Dividend Multiplier Series: How Dividend Multipliers Stand Out
September 2024
Category: QDPL, Dividend Multiplier Series
Income investing is a strategy focused on generating steady and reliable income from a portfolio, which appeals to investors who prioritize consistent cash flow. Traditionally, corporate bonds have been a key component of this approach, offering predictable interest payments over time.
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Understanding the 5G Opportunity
July 2020
Category: SRVR, Pacer Custom Series
Over the past year, the topic of 5G has attracted a lot of attention. Investors have been seeking answers as to what 5G is, and how they should invest based on what they find.
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The House Doesn't Always Win — Sometimes Investors Do
September 2025
Category: Thematic Series, ODDS
Digital entertainment is transforming the global economy. Learn how online gambling, video game development, and eSports fuel growth and how ODDS ETF offers exposure to this high-potential sector.
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Credit Markets Improve as Fed Holds Firm—Is Your Portfolio Positioned?
May 2025
Category: Pacer Custom Series, FLRT
The easing of trade tensions between the U.S. and China provides investors with a clear signal that the Trump administration is adopting a softer approach to the clashes that recently disrupted global markets.
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Midstream, Free Cash Flow and Income
March 2023
Category: Pacer Custom Series, USAI
The energy sector, so far, has impressed the market with an improved balance sheet and strong free cash flow generation as we highlighted in the part 1 and part 2 of our dive into the energy story.
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Buffer ETFs: An Alternative Solution to the 60/40 Allocation
November 2024
Category: Pacer Swan SOS Series
Investors often seek the traditional 60/40 balanced portfolio (60% equities/40% fixed income) for diversification and reduced volatility. However, with correlation between equities and fixed income rising in recent years, investors may want to consider an alternative approach to the traditional 60/40 balanced portfolio.
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The One-take on ETF Liquidity and Trading
June 2024
Category: General Material
Exchange-traded funds (ETFs) have become an increasingly popular investment vehicle among both individual and institutional investors. Understanding how to execute ETF trades efficiently is crucial for maximizing the benefits of intraday trading.
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Equity is still attractive...if you focus on dividends
April 2023
Category: General Material
The decade after the great financial crisis is referred to as the “TINA” era, which is short for “There Is No Alternative.” The term describes an investment world where there was no alternative to owning equities because of low interest rates.
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A Letter From The President
June 2016
Category: General Material
As we wrap up our “birthday” celebrations here in Paoli this week, I can’t help but be grateful as I reflect on the accomplishments and recognition we’ve had during our infancy as an exchange traded fund (ETF) provider.
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