At a glance
ECOW charges 0.7% a year, above the 0.51% average of the 2 funds most like it (the most expensive of 3). It has $220.5M in assets, the 3rd largest of that group; it paid 5.79% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +10.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned +19.2% a year. At its worst it fell 36.1% in the 2020 crash (S&P 500: 33.7%) and 33.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 24 months after the lows. Its ten largest positions make up 20.9% of the fund, out of 110 in all.
The short version
Pacer Emerging Markets Cash Cows 100 ETF (ECOW) tracks an index of 100 large and mid-sized emerging-market companies that produce the most free cash flow compared with their enterprise value. Unlike most emerging-market funds, it leaves out banks and other financial companies, sizes holdings by cash generated rather than market value, and caps each stock at 2%. Its 0.70% expense ratio is higher than similar funds.
Price history
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ECOW +10.0% 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 | |
|---|---|---|---|---|---|---|
| ECOW official prospectus, to Dec 31, 2025 | — | +30.89% | — | +6.63% | — | +6.01% |
| ECOW price data to Oct 27, 2026 | +9.4% | +10.0% | +19.2% | +7.2% | — | +6.7% |
- Over the year to Oct 27, 2026, ECOW returned +10.0%, 3rd of 3 among similar funds.
- Its 5-year annualized return was +7.2%.
- In the 2020 COVID crash it fell 36.1% and regained its old high 8.7 months after the low.
- Its worst full calendar year was 2022 (-19.2%); its best was 2025 (+32.5%).
- The deepest fall in its price history was 40.3% (Jan 2, 2020 to Mar 18, 2020), recovered by Jan 13, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +32.5% | +30.89% |
| 2024 | +3.2% | +4.62% |
| 2023 | +15.8% | +15.90% |
| 2022 | -19.2% | -19.34% |
| 2021 | +7.5% | +7.67% |
| 2020 | -2.4% | -3.39% |
| 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 33.8% over that stretch · deepest drop along the way 36.1%, back to its old high 8.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.7% over that stretch · deepest drop along the way 33.3%, back to its old high 24.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6500 | |
| 2025 | $1.2700 | -11.2% |
| 2024 | $1.4300 | +30.0% |
| 2023 | $1.1000 | -20.9% |
| 2022 | $1.3900 | +28.7% |
| 2021 | $1.0800 | +35.0% |
| 2020 | $0.8000 |
What's inside
As of Jul 31, 2026, the fund held 110 securities; the ten largest made up 20.85% of assets.
| Holding | Weight | |
|---|---|---|
| NetEase Inc | 2.17% | |
| Emirates Telecommunications Gr | 2.15% | |
| Turkiye Petrol Rafinerileri AS | 2.13% | |
| Geely Automobile Holdings Ltd | 2.12% | |
| PETROBRAS Preferred stock | 2.11% | |
| Axia Energia SA | 2.08% | |
| Dubai Electricity & Water Auth | 2.07% | |
| Fomento Economico Mexicano SAB | 2.05% | |
| Adnoc Gas PLC | 1.99% | |
| Astra International Tbk PT | 1.98% | |
| Telefonica Brasil SA | 1.98% | |
| Ambev SA | 1.96% | |
| Wal-Mart de Mexico SAB de CV | 1.95% | |
| Latam Airlines Group SA | 1.93% | |
| MTN Group Ltd | 1.90% |
By country
China 17.76%Brazil 12.29%Taiwan 11.12%South Africa 10.8%United Arab Emirates 8.84%By asset type
Stocks 97.26%Preferred stock 2.11%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $17.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.47%, -3.90%, +3.79%.
How it works
ECOW is an index fund. It tracks the Pacer Emerging Markets Cash Cows 100 Index, which was built by Index Design Group, an affiliate of the adviser, Pacer Advisors. The index starts with the companies in the FTSE Emerging Markets Index. It then removes companies with negative projected free cash flow or earnings, financial companies other than real estate investment trusts (REITs), companies worth less than $2 billion, and stocks that trade $5 million a day or less on average.
The remaining companies are ranked by free cash flow yield over the past 12 months. Free cash flow is the cash a business brings in from operations minus what it spends on equipment and buildings. Free cash flow yield divides that by enterprise value, which is the company's market value plus its debt minus its cash. The 100 highest-ranked companies make it into the index. Each is weighted by the size of its free cash flow, with a 2% cap per company and no more than 20 companies from any one country or sector.
The index is rebuilt twice a year, on the third Friday of June and December. Portfolio turnover was 80%, so the holdings change a lot. The fund generally holds every stock in the index, and it keeps at least 80% of its assets in them. It uses no leverage, options or swaps.
What it really costs
- ECOW charges 0.7% a year, versus an average of 0.51% for the similar funds below (3rd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ECOW | $72 | $224 | $390 | $871 |
In a retirement portfolio
It offers concentrated, value-tilted emerging-market exposure, but its drops of 33% to 40% make it a small side position rather than a foundation.
ECOW could add emerging-market stocks with a value tilt to a portfolio built mostly on US shares, but its swings have been large. In the 2020 COVID crash it fell 36.1% and took about 8.7 months to recover. In the 2022 bear market it dropped 33.3% and needed about 24 months, until October 2, 2024, to get back to its peak. Its worst calendar year was 2022, at -19.34%. The fund launched in 2019, so it has no 2008 record. Anyone who had to sell shares during those stretches would have locked in losses.
The trailing 12-month yield was 5.79% as of October 27, 2026. The fund pays twice a year, so the income comes in unevenly. Its 0.70% expense ratio is above the 0.51% average of similar funds. 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 emerging-market stocks chosen for strong free cash flow, with banks and other financial companies left out.
- Income-focused investors who are fine with semiannual payouts; the trailing yield was 5.79% as of October 27, 2026.
- Investors who prefer a spread of 100-plus holdings capped near 2% each, with the 10 largest making up about 21% of assets.
Look elsewhere if
- Cost-conscious investors: the 0.70% expense ratio is well above the Schwab Fundamental Emerging Markets Equity ETF's (FNDE) 0.39%.
- Anyone who can't sit through drops like the 40.3% fall in early 2020 or a two-year recovery after 2022.
- Investors who want monthly or quarterly income, or who want to avoid heavy exposure to China, Brazil and Taiwan.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is ECOW good for retirement income?
It can produce sizable income, but it comes with high risk. The trailing 12-month yield was 5.79%, or $1.51 a share, as of October 27, 2026. The fund holds emerging-market stocks, though, and it has fallen more than 33% twice since 2020. Payouts come only twice a year. Retirees who depend on steady cash flow may find it more useful as a small part of a broader mix than as a main source of income.
How often does ECOW pay dividends?
ECOW pays dividends twice a year. Over the 12 months to October 27, 2026, it paid $1.51 a share, a trailing yield of 5.79%. Because the fund owns foreign companies, the amounts can change with company profits and with currency moves against the US dollar. Some countries also withhold taxes on dividends paid to foreign investors, so payments can vary a lot from one distribution to the next.
What's the difference between ECOW and FNDE?
Both own emerging-market stocks, but they pick them differently and share only about 9% of their holdings. ECOW owns about 100 companies with the highest free cash flow yields, excludes financial companies, and caps each stock at 2%. FNDE, the Schwab Fundamental Emerging Markets Equity ETF, costs 0.39% against ECOW's 0.70% and had about $10.3 billion in assets. As of October 27, 2026, FNDE returned 15% over one year against ECOW's 10%.
What stocks are in ECOW?
As of July 31, 2026, ECOW held 110 stocks, and none made up much more than 2% of the fund. The largest were NetEase, Emirates Telecommunications, Turkiye Petrol Rafinerileri, Geely Automobile, Petrobras preferred shares, Axia Energia and Dubai Electricity & Water Authority. By country, China made up 17.8%, Brazil 12.3%, Taiwan 11.1%, South Africa 10.8%, the United Arab Emirates 8.8% and Mexico 7.6%.
What is ECOW's expense ratio?
ECOW's expense ratio is 0.70%, according to its prospectus filed August 27, 2026, and there is no fee waiver. That is above the 0.51% average of similar funds. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost about $72 after one year, $390 after five years and $871 after ten years. The fund's turnover of 80% may also add trading costs that the expense ratio doesn't include.