Pacer Developed Markets International Cash Cows 100 ETF
ICOW
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- Pacer Developed Markets International Cash Cows 100 ETF (ICOW) is an exchange-traded fund that tracks the Pacer Developed Markets International Cash Cows 100 Index, screening the FTSE Developed ex-US Index for the top 100 companies based on free cash flow yield and weighting them by trailing 12-month free cash flow with a 2% cap per holding. The ETF provides investors with exposure to high-quality international equities in developed markets outside the United States, focusing on sectors such as consumer staples, energy, telecommunications, and industrials; top holdings as of mid-2025 include British American Tobacco p.l.c., Vodafone Group Public Limited Company, Samsung Electronics Co., Ltd., and Eni S.p.A. Launched on June 16, 2017, ICOW is issued by Pacer ETFs, a provider of rules-based ETFs headquartered in Malvern, Pennsylvania, with operations primarily in the United States and listings on major exchanges. ICOW emphasizes companies generating strong free cash flow relative to enterprise value, excluding financials (except REITs), those with negative projected free cash flow, and smaller market caps under $3 billion, while prioritizing liquidity from the 500 most liquid FTSE Developed ex-US constituents. The fund rebalances semi-annually to capture current market conditions, aiming for long-term capital appreciation through high free cash flow yields, which stood at 11.72% for the index as of June 30, 2025, compared to 3.73% for the FTSE All-World Developed ex-US Index. It targets institutional and retail investors seeking value-oriented international diversification, with assets under management reaching approximately $1.23 billion, a dividend yield of 2.04%, and an expense ratio of 0.65%. In recent developments, Pacer ETFs launched UCITS versions of ICOW, alongside COWZ and GCOW, on the Euronext Dublin and Amsterdam exchanges in May 2024, marking the firm's expansion into Europe under UCITS regulations and providing European investors access to the Cash Cows strategy as sub-funds of the Dublin-based Pacer ETFs ICAV. This followed Pacer ETFs surpassing $25 billion in total assets under management and significant growth in the Cash Cows series to over $35 billion in 2023-2024, driven by strong performance. The launches represent Pacer's strategic push into international distribution channels amid rising demand for free cash flow-focused strategies.