Pacer Global Cash Cows Dividend ETF

Pacer Global Cash Cows Dividend ETF (GCOW) is an index fund that holds 100 large companies from developed markets around the world. Each pays a high dividend backed by strong free cash flow, which is the cash a business has left after paying to run and invest in itself. Its trailing yield was 4.88% as of October 27, 2026. Its 0.60% expense ratio is higher than all six similar funds it was compared with.

• Over the year to Oct 27, 2026, GCOW returned +21.9%, 4th of 7 among similar funds.
• Its 5-year annualized return was +14.2% and its 10-year +10.4%.
• In the 2020 COVID crash it fell 34.8% and regained its old high 8.6 months after the low.
• Its worst full calendar year was 2018 (-8.0%); its best was 2025 (+27.3%).
• The deepest fall in its price history was 37.6% (Jan 17, 2020 to Mar 23, 2020), recovered by Feb 24, 2021.

As of Jul 31, 2026, the fund held 100 securities; the ten largest made up 20.47% of assets.

• Over the three months to Jul 31, 2026, investors added a net $73.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.55%, -5.23%, +7.50%.

GCOW tracks the Pacer Global Cash Cows Dividend Index. The index was built by Index Design Group, an affiliate of the fund's adviser, Pacer Advisors. It starts with the companies in the FTSE All-World Developed Large Cap Index. Any company whose average projected free cash flow or earnings over the next two fiscal years is negative gets removed. Financial companies are also excluded, except real estate investment trusts (REITs), which are companies that own and rent out property.

The remaining companies are ranked by free cash flow yield over the past twelve months. That is free cash flow divided by enterprise value, meaning a company's stock market value plus its debt, minus its cash. The 300 highest are then ranked by dividend yield, and the top 100 make the index. Each stock is weighted by the total dollars of dividends it paid over the past year, with a cap of 2% per company. As a result, the 10 largest holdings made up only 20.47% of the fund as of July 31, 2026.

The index is rebuilt and rebalanced twice a year, after the close on the third Friday of June and December. The fund generally owns every stock in the index in about the same proportions. It uses no leverage or options. Portfolio turnover was 64%. Trading costs from that turnover are not included in the expense ratio.

• GCOW charges 0.6% a year, versus an average of 0.42% for the similar funds below (7th 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).

GCOW is built around high, cash-backed dividends paid quarterly, with a trailing yield of 4.88% as of October 27, 2026.

GCOW could add quarterly dividend income and exposure beyond the US. US stocks were only 17.7% of assets as of July 31, 2026. The fund launched in 2016, so it has no record from 2008. In the 2020 COVID crash it fell 34.8%. Its deepest drop was 37.6%, from January 17 to March 23, 2020, and it took 11.1 months to recover. In 2022 it fell 21.5% between June and September and recovered in 3.5 months. It still gained 6.09% for that year. Its worst calendar year was 2018, at -7.56%. Anyone forced to sell shares in a 2020-style drop would have locked in steep losses. In the SEC's standard $10,000 example, costs are $61 for the first year and $750 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).