At a glance
EAFG charges 0.65% a year, above the 0.4% average of the 3 funds most like it (the most expensive of 4). It has $1.9M in assets, the 4th largest of that group; it paid 2.0% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.7% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds. Its ten largest positions make up 29.7% of the fund, out of 102 in all.
The short version
Pacer Developed Markets Cash Cows Growth Leaders ETF (EAFG) tracks an index of 100 companies in developed markets outside the U.S. and Canada that keep the most free cash per dollar of sales, weighted toward 12-month price winners. It may suit investors wanting that tilt, though its 0.65% fee tops the 0.40% average for similar funds, and net assets were only about $1.9 million as of July 31, 2026.
Price history
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EAFG +13.7% 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 | |
|---|---|---|---|---|---|---|
| EAFG official prospectus, to Dec 31, 2025 | — | +26.02% | — | +11.21% | — | — |
| EAFG price data to Oct 27, 2026 | +9.8% | +13.7% | — | — | — | +10.8% |
- Over the year to Oct 27, 2026, EAFG returned +13.7%, 1st of 4 among similar funds.
- Its worst full calendar year was 2025 (+26.4%); its best was 2025 (+26.4%).
- The deepest fall in its price history was 16.5% (Feb 18, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.8% | — |
| 2025 | +26.4% | +26.02% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2700 | |
| 2025 | $0.3100 |
What's inside
As of Jul 31, 2026, the fund held 102 securities; the ten largest made up 29.71% of assets.
| Holding | Weight | |
|---|---|---|
| JX Advanced Metals Corp | 3.88% | |
| Advantest Corp | 3.67% | |
| Tokyo Electron Ltd | 3.42% | |
| VAT Group AG | 3.33% | |
| ASML Holding NV | 3.08% | |
| Lasertec Corp | 2.98% | |
| ASM International NV | 2.41% | |
| Fresnillo PLC | 2.38% | |
| BE Semiconductor Industries NV | 2.35% | |
| Renesas Electronics Corp | 2.22% | |
| Evolution Mining Ltd | 2.11% | |
| FANUC Corp | 1.95% | |
| Tenaris SA | 1.68% | |
| BHP Group Ltd | 1.68% | |
| Airtel Africa PLC | 1.63% |
By country
Japan 29.15%United Kingdom 11.89%Switzerland 11.54%Netherlands 9.35%Australia 8.15%By asset type
Stocks 99.61%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $653K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.07%, +1.58%, -4.40%.
How it works
EAFG tracks the Pacer Developed Markets Cash Cows Growth Leaders Index, built by Index Design Group, an affiliate of the fund's adviser, Pacer Advisors. The starting pool is the MSCI EAFE Index of large and mid-sized companies in developed markets outside the U.S. and Canada. Financial and real estate companies are removed. So are companies whose projected free cash flow (cash from operations minus spending on equipment and other long-term assets) or earnings over the next two fiscal years average below zero.
The rest are ranked by free cash flow margin, meaning free cash flow divided by sales over the past 12 months, and the top 100 make the index. Weights come from price momentum, not company size, so stocks whose prices rose fastest over roughly the prior 12 months get more weight. No company can exceed 5%; any excess is spread among the others.
The index is rebuilt twice a year, at the close on the third Friday of March and September. The prospectus reported 104% portfolio turnover, about the same as replacing every holding once a year, which can raise trading costs. The fund generally owns every index stock in about the same proportions. It is "non-diversified," so it may hold bigger stakes in fewer companies.
What it really costs
- EAFG charges 0.65% a year, versus an average of 0.4% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EAFG | $66 | $208 | $362 | $810 |
In a retirement portfolio
Its momentum-weighted mix of about 100 foreign stocks, led by Japanese and European chip-related companies as of July 31, 2026, plus its tiny size and short record, make it a narrow add-on rather than a core holding.
EAFG could add foreign stocks with a cash-flow and momentum tilt to a mostly U.S. portfolio. Launched March 20, 2024, it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, gained 26.02%, so it has no losing year on record. Its deepest drop, 16.5% from February 18 to April 8, 2025, recovered by May 13, 2025. That says little about a long slump, when anyone drawing income may have to cash out shares at low prices.
Its yield, based on the past 12 months of payouts, was 2.0% as of October 27, 2026; it pays quarterly. It costs 0.65% a year, above the 0.40% average for similar funds; the SEC's standard example puts costs on $10,000 at $810 over 10 years. Past results don't predict the future; a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors with U.S.-heavy portfolios wanting developed-market stocks outside the U.S. and Canada, screened for high free cash flow margins and weighted by momentum.
- People comfortable with a 29% weighting in Japan and top holdings in chip-equipment makers like Advantest, Tokyo Electron and ASML (as of July 31, 2026).
- Investors wanting a small add-on position who already hold banks and property stocks elsewhere, since the index excludes financial and real estate companies.
Look elsewhere if
- Cost-focused investors: the 0.65% expense ratio tops three similar funds, including iShares MSCI EAFE Growth ETF (EFG) at 0.36%.
- Anyone wary of tiny funds: assets were about $1.9 million as of July 31, 2026, and funds this small may trade thinly or close.
- Retirees seeking income or a long record: the yield was 2.0% as of October 27, 2026, and the fund launched in March 2024.
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 Oct 27, 2026.Questions investors ask
What does EAFG invest in?
EAFG invests in about 100 large and mid-sized companies from developed markets outside the U.S. and Canada. They are chosen from the MSCI EAFE Index for high free cash flow margins (cash from operations minus capital spending, as a share of sales). Financial and real estate companies are excluded. As of July 31, 2026, Japan made up 29.15% of assets. The largest holdings were JX Advanced Metals (3.88%), Advantest (3.67%), Tokyo Electron (3.42%), VAT Group (3.33%) and ASML (3.08%). The top 10 totaled 29.71%.
What's the difference between EAFG and EFG?
EAFG costs more and is far smaller than iShares MSCI EAFE Growth ETF (EFG). The two share about 29% of their holdings. EAFG picks stocks by free cash flow margin, weights them by 12-month price momentum and charges 0.65% a year, versus 0.36% for EFG. EFG had about $16.6 billion in net assets as of July 31, 2026; EAFG had about $1.9 million. One-year returns were 13.7% for EAFG through October 27, 2026, and 4.9% for EFG through October 30, 2026. One year is a short window.
Does EAFG pay dividends?
Yes, EAFG pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.51 per share, a yield of about 2.0%. The money comes from dividends paid by the foreign companies it owns. Amounts can change with company profits and currency swings, and some countries withhold taxes on dividends. The index picks stocks for free cash flow and momentum, not yield, so income is a by-product rather than the goal.
What is EAFG's expense ratio?
EAFG's expense ratio, the yearly fee taken from fund assets, is 0.65%, all of it a management fee, according to the prospectus filed February 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period. On that basis, total costs would be about $66 after one year, $208 after three, $362 after five and $810 after ten. That is higher than all three similar funds, whose fees average 0.40%.
Is EAFG good for retirement?
EAFG may fit as a small, higher-risk add-on rather than a core retirement holding. It launched March 20, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop through October 27, 2026 was 16.5%, from February 18 to April 8, 2025, and it recovered by May 13, 2025. Momentum weighting, 104% turnover, a 29.15% Japan weighting as of July 31, 2026 and net assets of about $1.9 million add risks a broad international index fund may not carry.