The Pacer U.S. Cash Cows 100 ETF (COWZ) is an exchange-traded fund designed to track the performance of an index composed of U.S. publicly traded companies selected based on free cash flow generation. The ETF is managed by Pacer ETFs and trades under the ticker COWZ on an international exchange.

Classified as an international equity ETF, COWZ aims to reflect, before fees and expenses, the performance of the stocks included in its reference index. To achieve this objective, the fund follows a passive, rules-based management strategy, maintaining a portfolio that seeks to replicate the composition and methodology of the index.

The index tracked by COWZ selects U.S. companies with a focus on operational efficiency and cash flow generation. Asset weighting is determined according to the index’s proprietary financial criteria, designed to emphasize companies with stronger free cash flow characteristics.

The index undergoes periodic reviews, including additions, removals, and rebalancing, which are mirrored by the ETF. This approach seeks to reflect the dynamics of financially efficient companies within the U.S. equity market.

Diversification and sector exposure

COWZ provides diversified exposure to U.S. companies across multiple sectors of the economy, with an emphasis on cash-generating businesses. Sector exposure includes areas such as:

• Information technology.

• Financial sector.

• Industrials.

• Energy.

• Consumer discretionary.

• Consumer staples.

• Healthcare.

This composition highlights the presence of free cash flow–focused companies across a broad range of economic segments.

Structure and costs

COWZ shares are traded on the secondary market, while share creation and redemption occur through authorized participants, a mechanism that helps keep the ETF’s market price close to its net asset value (NAV).

The fund charges a management fee, typical of index-based ETFs, and does not apply a performance fee.

COWZ distributes income primarily in the form of dividends paid by the companies held in its portfolio, in accordance with the fund’s distribution policies.

History and evolution of the ETF

The Pacer U.S. Cash Cows 100 ETF was launched during a period of growing interest in equity strategies centered on cash flow generation and financial efficiency.

Since its inception, the ETF has been used to track U.S. companies with strong cash flow fundamentals, maintaining consistent alignment with its index methodology.

Between 2020 and 2024, COWZ reflected key movements in the U.S. equity market amid heightened volatility, monetary policy shifts, and increased focus on corporate profitability and financial discipline.

Additional Information

Pacer US Cash Cows 100 ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $19.66 billion.

Over the past 12 months, Pacer US Cash Cows 100 ETF recorded a return of 25.92%, with its price trading between $56.87 and $72.40 during the same period.

The ETF is traded under the ticker COWZ.