At a glance
COWZ charges 0.49% a year, above the 0.27% average of the 3 funds most like it (the most expensive of 4). It has $18.69B in assets, the largest of that group; it paid 1.91% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +25.8% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned +15.5% a year. At its worst it fell 37.6% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 10 months after the lows. Its ten largest positions make up 20.4% of the fund, out of 100 in all.
The short version
Pacer US Cash Cows 100 ETF (COWZ) is an index fund that holds 100 large and mid-sized US companies, excluding financials, that generate the most free cash flow (operating cash left after capital spending) relative to their value. Among funds with the most overlapping holdings, it is the largest, with $18.7 billion in net assets as of July 31, 2026. It is also the costliest, at 0.49% a year against a 0.27% peer average.
Price history
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COWZ +25.8% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| COWZ official prospectus, to Dec 31, 2025 | — | +8.99% | — | +14.61% | — | +12.54% |
| COWZ price data to Nov 2, 2026 | +19.9% | +25.8% | +15.5% | +11.4% | — | +13.6% |
- Over the year to Nov 2, 2026, COWZ returned +25.8%, 3rd of 4 among similar funds.
- Its 5-year annualized return was +11.4%.
- In the 2020 COVID crash it fell 37.6% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2018 (-10.0%); its best was 2021 (+42.6%).
- The deepest fall in its price history was 38.6% (Jan 17, 2020 to Mar 23, 2020), recovered by Nov 10, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.9% | — |
| 2025 | +9.0% | +8.99% |
| 2024 | +10.6% | +10.68% |
| 2023 | +14.8% | +14.78% |
| 2022 | +0.2% | +0.25% |
| 2021 | +42.6% | +42.48% |
| 2020 | +11.7% | +11.58% |
| 2019 | +23.4% | +23.21% |
| 2018 | -10.0% | -9.30% |
| 2017 | — | +19.53% |
| 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 37.6% over that stretch · deepest drop along the way 37.6%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.6% over that stretch · deepest drop along the way 20.9%, back to its old high 9.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7400 | |
| 2025 | $1.3200 | +28.2% |
| 2024 | $1.0300 | +3.0% |
| 2023 | $1.0000 | +11.1% |
| 2022 | $0.9000 | +26.8% |
| 2021 | $0.7100 | -16.5% |
| 2020 | $0.8500 | +39.3% |
| 2019 | $0.6100 | +41.9% |
| 2018 | $0.4300 |
What's inside
As of Jul 31, 2026, the fund held 100 securities; the ten largest made up 20.41% of assets.
| Holding | Weight | |
|---|---|---|
| Booking Holdings Inc | 2.22% | |
| Bristol-Myers Squibb Co | 2.18% | |
| HCA Healthcare Inc | 2.07% | |
| Marathon Petroleum Corp | 2.06% | |
| General Dynamics Corp | 2.05% | |
| Intuit Inc | 2.04% | |
| Verizon Communications Inc | 1.97% | |
| AT&T Inc | 1.95% | |
| Gilead Sciences Inc | 1.93% | |
| Comcast Corp | 1.92% | |
| Adobe Inc | 1.90% | |
| Uber Technologies Inc | 1.90% | |
| Salesforce Inc | 1.90% | |
| Lowe's Cos Inc | 1.89% | |
| Ford Motor Co | 1.88% |
By country
United States 97.15%Ireland 1.78%United Kingdom 0.43%Australia 0.39%By asset type
Stocks 99.75%By sector
Sectors of the companies held, for the 78.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $415.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.33%, -4.11%, +7.54%.
How it works
COWZ tracks the Pacer US Cash Cows 100 Index, maintained by Index Design Group, an affiliate of the fund's adviser, Pacer Advisors. The index takes the Russell 1000 Index of large and mid-sized US stocks, removes financial companies and keeps the 400 largest. It drops those with negative average projected free cash flow or earnings, then ranks the rest by free cash flow yield: free cash flow (cash from operations minus capital spending) divided by enterprise value (market value plus debt, minus cash). The top 100 make the cut.
Each company is weighted by its free cash flow over the past 12 months, not its market value. Weights are capped at 2%, or lower for smaller companies based on the value of their freely traded shares. As of July 31, 2026, the 10 largest positions, led by Booking Holdings, Bristol-Myers Squibb and HCA Healthcare, made up about 20% of assets.
The index is rebuilt and reweighted each quarter, on the third Friday of March, June, September and December. Trading is heavy: portfolio turnover was 86%, according to the prospectus filed August 27, 2026. The fund generally holds every index stock in similar proportions and held no derivatives as of July 31, 2026. As a passive fund, it will not drop a stock for weak results unless the index does.
What it really costs
- COWZ charges 0.49% a year, versus an average of 0.27% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| COWZ | $50 | $157 | $274 | $616 |
In a retirement portfolio
It applies one rule, high free cash flow yield, to just 100 stocks with no financial companies, and it fell 38.6% in early 2020, so it may complement a broad core fund rather than replace one.
COWZ could add a tilt toward companies priced cheaply relative to their cash flow. Its deepest drop, 38.6% from January 17 to March 23, 2020, came in the COVID crash; it took 7.6 months from the low to recover. It held up better in 2022, ending the year up 0.25%, though it fell 20.9% between June and September and needed 9.8 months to recover. Its weakest calendar year was 2018, a 9.3% loss. It postdates the 2008 crisis.
For someone drawing income, a drop that deep would mean cashing out shares at low prices. Income is modest: a 1.91% yield as of October 29, 2026, paid quarterly. At 0.49%, costs run above similar funds; the SEC's standard $10,000 example shows $50 in the first year and $616 over 10 years. 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 rules-based tilt toward 100 cash-rich US companies, such as Booking Holdings and Bristol-Myers Squibb, alongside a broad index fund.
- Investors who prefer no bank or insurance stocks, since the index excludes financials, and no single company above 2% at each quarterly rebalance.
- Investors seeking a value-style stock fund that held up in the 2022 bear market, returning 0.25% for the year.
Look elsewhere if
- Cost-conscious investors: at 0.49% a year, it costs more than similar funds such as Columbia's REVS (0.19%) and Dimensional's DFLV (0.22%).
- Those seeking higher income: the yield was 1.91% as of October 29, 2026, paid quarterly; the index ranks companies on free cash flow, not dividends.
- Investors wanting one fund for all their stock exposure: it holds just 100 stocks, skips financial companies and had 86% portfolio turnover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Nov 2, 2026.Questions investors ask
What does COWZ invest in?
COWZ holds 100 large and mid-sized US companies with high free cash flow yields, meaning they generate a lot of cash compared with their enterprise value (market value plus debt, minus cash). It tracks the Pacer US Cash Cows 100 Index and excludes financial companies. As of July 31, 2026, its largest holdings were Booking Holdings, Bristol-Myers Squibb, HCA Healthcare, Marathon Petroleum and General Dynamics, each about 2% of assets. Technology and health care were its largest sectors.
How has COWZ performed over the long term?
COWZ returned an average of 14.61% a year over the five years to December 31, 2025, and 12.54% a year since its December 2016 launch, according to its prospectus. Yearly results vary widely: it gained 42.48% in 2021, lost 9.3% in 2018 and gained 8.99% in 2025. Based on market price, it returned 26% over the year to October 29, 2026. Past returns don't predict future ones.
Does COWZ pay monthly dividends?
No. COWZ pays dividends quarterly, not monthly. Over the 12 months to October 29, 2026, it paid $1.36 per share, a yield of 1.91%. The index ranks companies on free cash flow, not dividends, so payouts are a by-product of what it owns rather than the goal. Companies with strong cash flow may spend it on share repurchases, debt reduction or growth instead of dividends.
What's the difference between COWZ and VFLO?
The main differences are cost, size and one-year returns. Both funds focus on US companies with strong free cash flow, and about 36% of their holdings overlap. VictoryShares Free Cash Flow ETF (VFLO) charges 0.39% a year, compared with 0.49% for COWZ. COWZ is much larger: $18.7 billion in net assets as of July 31, 2026, versus $7.8 billion for VFLO as of June 30, 2026. VFLO returned 42% over the year to October 27, 2026; COWZ returned 26% over the year to October 29, 2026.
Is COWZ good for retirement?
It may play a supporting role, but it is a narrow stock strategy, not a complete portfolio. COWZ holds 100 stocks and no financial companies. It fell 38.6% from January to March 2020 and took 7.6 months from the low to recover, though it returned 0.25% in 2022. Income is modest, with a 1.91% yield as of October 29, 2026, and the 0.49% fee is higher than similar funds such as VFLO at 0.39%. Past results don't predict future ones.