
See exactly how ICOW's revenue becomes profit — a Sankey that traces revenue (and its reported segments) through gross profit, operating expenses, and net profit, with the year-over-year change on every line.
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This exchange-traded fund employs a disciplined strategy focused on achieving long-term capital growth. It does this by evaluating companies within the FTSE Developed ex-US Index and selecting the top 100 non-U.S. firms that demonstrate the strongest free cash flow yield.

The Pacer Developed Markets International Cash Cows 100 ETF is a large-cap foreign value fund uniquely excluding financials. ICOW selects 100 stocks from the FTSE Developed ex-US Index based on high free cash flow yield, resulting in a low average PE portfolio. ICOW's performance has lagged international value peers, and with a 0.65% expense ratio and declining dividends, I do not rate it a Buy.

Pacer Developed Markets International Cash Cows 100 ETF holds 100 international stocks with high free cash flow yield. ICOW portfolio is well-diversified, with a focus on energy and industrials, and shows both value and growth characteristics. ICOW has slightly outperformed an international benchmark since its inception, but it has lagged several factor-based ETFs for three years, especially in 2024.

Free cash flow is crucial for companies, especially in a higher interest rate environment. The Pacer Developed Markets International Cash Cows 100 ETF focuses on companies with high free cash flow. ICOW offers exposure to international companies with strong financial positions and emphasizes free cash flow yield for potential investors.

ICOW: Attractive Fundamentals, Average Performance

Pacer Developed Markets International Cash Cows 100 ETF seeks to provide exposure to the top 100 international companies based on free cash flow yield. ICOW currently has $915 million in net assets and charges a net expense ratio of 0.65%. The Fund has outperformed cap-weighted international index products since its launch in June 2017.