Pacer S&P Small Cap Cash Cows 100 ETF (Ticker: CALF) is an exchange-traded fund that seeks to provide investment results tracking the S&P SmallCap 600 Pure Value Index, focusing on small-cap U.S. companies with high free cash flow yields. The ETF offers exposure to a portfolio of small-cap value stocks selected for their strong free cash flow generation relative to enterprise value; it employs a rules-based methodology emphasizing financial strength, profitability, and valuation metrics. Pacer ETFs, the issuer, provides a range of actively managed and index-tracking ETFs including the Pacer US Cash Cows Growth Leaders ETF (COWG), Pacer US Small Cap Cash Cows 100 ETF (CALF), Pacer Trendpilot ETFs, and Pacer Metaurus products; services encompass portfolio management, index licensing, and investor education tools. Founded in 2016 and headquartered in Wayne, Pennsylvania, the firm operates primarily in the United States with products listed on major exchanges like NYSE Arca, targeting retail and institutional investors seeking income-oriented equity strategies. Recent developments include the launch of the Pacer US Large Cap Cash Cows Leadership ETF in late 2024, expansion of the Cash Cows lineup with enhanced ESG screening options announced in Q3 2025, and a strategic partnership with S&P Dow Jones Indices to refine quality dividend methodologies amid rising demand for high free cash flow dividend strategies; no major acquisitions or reorganizations reported in the past two years.