At a glance
BUL charges 0.6% a year, above the 0.48% average of the 6 funds most like it (the 5th cheapest of 7). It has $131.4M in assets, the 5th largest of that group; it paid 0.16% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +13.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +21.8% a year. At its worst it fell 36.8% in the 2020 crash (S&P 500: 33.7%) and 27.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 18 months after the lows. Its ten largest positions make up 44.6% of the fund, out of 49 in all.
The short version
Pacer US Cash Cows Growth ETF (BUL) is an index fund that holds the 50 companies in the S&P 900 Pure Growth Index with the highest free cash flow yield. That yield measures how much cash a business has left after paying for its operations and investment, relative to its total value. The fund charges 0.60% a year, above the 0.48% average of similar funds. Its holdings lean heavily toward travel and leisure names such as Booking Holdings and Carnival.
Price history
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BUL +13.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BUL official prospectus, to Dec 31, 2025 | — | +19.20% | — | +11.85% | — | +13.66% |
| BUL price data to Oct 27, 2026 | +11.1% | +13.3% | +21.8% | +9.7% | — | +13.6% |
- Over the year to Oct 27, 2026, BUL returned +13.3%, 3rd of 7 among similar funds.
- Its 5-year annualized return was +9.7%.
- In the 2020 COVID crash it fell 36.8% and regained its old high 2.4 months after the low.
- Its worst full calendar year was 2022 (-16.2%); its best was 2021 (+32.5%).
- The deepest fall in its price history was 37.1% (Jan 17, 2020 to Mar 23, 2020), recovered by Jun 5, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.1% | — |
| 2025 | +19.2% | +19.20% |
| 2024 | +27.4% | +28.27% |
| 2023 | +3.7% | +3.06% |
| 2022 | -16.2% | -16.28% |
| 2021 | +32.5% | +32.71% |
| 2020 | +27.3% | +27.27% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.8% over that stretch · deepest drop along the way 36.8%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.4% over that stretch · deepest drop along the way 27.1%, back to its old high 17.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0100 | |
| 2025 | $0.1500 | +7.1% |
| 2024 | $0.1400 | -81.6% |
| 2023 | $0.7600 | +216.7% |
| 2022 | $0.2400 | +700.0% |
| 2021 | $0.0300 | -87.0% |
| 2020 | $0.2300 |
What's inside
As of Jul 31, 2026, the fund held 49 securities; the ten largest made up 44.61% of assets.
| Holding | Weight | |
|---|---|---|
| Booking Holdings Inc | 5.71% | |
| HCA Healthcare Inc | 5.07% | |
| Uber Technologies Inc | 4.99% | |
| Carnival Corp Ltd | 4.65% | |
| Newmont Corp | 4.56% | |
| Expedia Group Inc | 4.53% | |
| Las Vegas Sands Corp | 4.15% | |
| Tapestry Inc | 3.94% | |
| TechnipFMC PLC | 3.66% | |
| VeriSign Inc | 3.38% | |
| Okta Inc | 3.16% | |
| Incyte Corp | 3.05% | |
| First Solar Inc | 2.90% | |
| Ulta Beauty Inc | 2.82% | |
| United Therapeutics Corp | 2.81% |
By country
United States 93.71%United Kingdom 4.22%Ireland 2.03%By asset type
Stocks 99.96%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $5.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.96%, -0.36%, +3.49%.
How it works
BUL, a Pacer Advisors index fund, aims to track the Pacer US Cash Cows Growth Index, designed by Pacer affiliate Index Design Group. The index starts with the S&P 900 Pure Growth Index of mid- and large-sized U.S. growth stocks. It drops companies forecast to have negative average free cash flow (cash from operations minus capital spending) or earnings over the next two fiscal years. Financial firms other than real estate investment trusts are excluded.
The rest are ranked by free cash flow yield: the past 12 months' free cash flow divided by enterprise value (stock market value plus debt, minus cash). A high yield means lots of cash for the price. The 50 highest yielders, the "cash cows," form the index. They are weighted by market value, capped at 5% per company at each rebalance.
The index is rebuilt on the third Friday of March, June, September and December. The fund generally holds every index stock at about its index weight. Weights drift between rebalances: as of July 31, 2026, Booking Holdings, the largest holding, was 5.7% of the fund. The August 2026 prospectus reports turnover (the share of the portfolio replaced in a year) of 105%, which adds trading costs. BUL is non-diversified, so it can concentrate in fewer companies.
What it really costs
- BUL charges 0.6% a year, versus an average of 0.48% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BUL | $61 | $192 | $335 | $750 |
In a retirement portfolio
It holds only about 50 growth stocks, is non-diversified, pays almost no income, and once fell more than 35% in a single sell-off.
BUL could add a growth tilt with a cash-flow screen next to a broad core fund. Its track record is short. It launched in May 2019, so it has no 2008 history. In the 2020 COVID crash it fell 36.8%, but it recovered by June 5, 2020, about 2.4 months later. The 2022 bear market was harder. The fund dropped 27.1% and took 17.7 months to recover, until March 21, 2024. Its 2022 calendar-year return was -16.28%. Anyone who had to sell shares during a slump like that would have locked in losses. The fund pays very little income: the yield was 0.16% as of October 27, 2026, paid twice a year. It costs 0.60% a year, or $61 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small growth slice screened for cash generation, with heavy travel and leisure exposure through Booking, Uber, Carnival and Expedia.
- Long-term holders who can sit through drops like the 27.1% fall in 2022, which took 17.7 months to recover.
- Those who want a rules-based 50-stock index rebuilt every quarter, and who accept a 0.60% fee for Pacer's growth-plus-cash-flow screen.
Look elsewhere if
- Retirees who need income: the trailing yield was 0.16% as of October 27, 2026, and the fund pays only twice a year.
- Cost-focused investors: 0.60% is above the 0.48% peer average, and VFLO charges 0.39% while RPG charges 0.35%.
- Anyone who wants broad diversification: BUL is non-diversified, held 49 stocks, and its top 10 were 44.6% of assets as of July 31, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BUL this fund | — | 0.6% | $131.4M | +13.3% | +21.8% |
| VFLO VictoryShares Free Cash Flow ETF | 20% | 0.39% | $7.76B | +42.0% | +31.5% |
| RPG Invesco S&P 500® Pure Growth ETF | 15% | 0.35% | $2.00B | +12.5% | +23.8% |
| COWZ Pacer US Cash Cows 100 ETF | 14% | 0.49% | $18.69B | +25.8% | +15.5% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 14% | 0.3% | $23.6M | +2.9% | — |
| AWAY Amplify Travel Tech ETF | 13% | 0.75% | $24.5M | -23.9% | +3.9% |
| PNQI Invesco NASDAQ Internet ETF | 11% | 0.6% | $512.2M | -10.9% | +20.2% |
Questions investors ask
Does BUL pay dividends?
Yes, but very little. BUL pays distributions twice a year. Over the 12 months to October 27, 2026, it paid about $0.10 per share, a yield of 0.16%. The small payout fits its approach: it picks growth companies for their free cash flow, not for their dividends. Investors who need steady income from their portfolio would get little from this fund on its own.
What's the difference between BUL and COWZ?
Both are Pacer funds that rank companies by free cash flow yield, but they hold different stocks. BUL picks 50 names from the S&P 900 Pure Growth Index, and the two funds share only about 14% of their holdings. COWZ, the Pacer US Cash Cows 100 ETF, costs 0.49% compared with BUL's 0.60%. It is also far larger: $18.7 billion in net assets as of July 31, 2026, against BUL's $131 million. COWZ returned 26.6% in the year to October 30, 2026. BUL returned 13.3% in the year to October 27, 2026.
Is BUL good for retirement?
BUL may fit some retirement portfolios as a small, higher-risk satellite rather than a core holding. It holds about 50 growth stocks, is non-diversified, and yielded only 0.16% as of October 27, 2026. It fell 27.1% in 2022 and needed 17.7 months to recover. On the plus side, it returned an average of 11.85% a year over the five years to December 31, 2025. Past results don't predict future returns.
What are BUL's top holdings?
As of July 31, 2026, BUL's largest positions were Booking Holdings (5.7%), HCA Healthcare (5.1%), Uber Technologies (5.0%), Carnival (4.6%), Newmont (4.6%), Expedia (4.5%) and Las Vegas Sands (4.1%). The fund held 49 stocks, and its top 10 made up 44.6% of assets. Between rebalances, a holding can drift above the index's 5% cap as prices move. The list can also change a lot each quarter, given the fund's 105% turnover.
What is BUL's expense ratio?
BUL's expense ratio is 0.60% a year, according to the prospectus filed August 27, 2026, and all of it is the management fee. That ranks 5th of 7 on cost among similar funds, which average 0.48%. In the SEC's standard example, $10,000 earning 5% a year would cost $61 after one year, $335 after five years and $750 after ten. The fund's 105% turnover also creates trading costs, which are not included in the expense ratio.