At a glance
ICOW charges 0.65% a year, above the 0.14% average of the 6 funds most like it (the most expensive of 7). It has $1.81B in assets, the 7th largest of that group; it paid 4.06% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.9% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds; over three years it returned +18.7% a year. At its worst it fell 37.5% in the 2020 crash (S&P 500: 33.7%) and 27.8% 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 21.2% of the fund, out of 100 in all.
The short version
Pacer Developed Markets International Cash Cows 100 ETF (ICOW) tracks an index of 100 large and mid-sized companies in developed markets outside the US. It picks companies with high free cash flow yields, meaning the cash a business has left after capital spending, measured against its total value. It paid a 4.06% trailing yield as of October 27, 2026, and its 0.65% expense ratio is well above the 0.14% average for similar funds.
Price history
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ICOW +16.9% 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 | |
|---|---|---|---|---|---|---|
| ICOW official prospectus, to Dec 31, 2025 | — | +36.71% | — | +10.18% | — | +8.71% |
| ICOW price data to Oct 27, 2026 | +13.9% | +16.9% | +18.7% | +10.9% | — | +8.8% |
- Over the year to Oct 27, 2026, ICOW returned +16.9%, 4th of 7 among similar funds.
- Its 5-year annualized return was +10.9%.
- In the 2020 COVID crash it fell 37.5% and regained its old high 8 months after the low.
- Its worst full calendar year was 2018 (-16.1%); its best was 2025 (+36.9%).
- The deepest fall in its price history was 43.5% (Jan 26, 2018 to Mar 18, 2020), recovered by Dec 15, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.9% | — |
| 2025 | +36.9% | +36.71% |
| 2024 | -2.6% | -2.24% |
| 2023 | +19.0% | +18.64% |
| 2022 | -7.9% | -7.43% |
| 2021 | +11.5% | +10.62% |
| 2020 | +7.2% | +7.75% |
| 2019 | +17.9% | +17.23% |
| 2018 | -16.1% | -13.34% |
| 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 37.4% over that stretch · deepest drop along the way 37.5%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.8% over that stretch · deepest drop along the way 27.8%, back to its old high 9.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2400 | |
| 2025 | $1.1700 | -8.6% |
| 2024 | $1.2800 | +13.3% |
| 2023 | $1.1300 | -21.5% |
| 2022 | $1.4400 | +118.2% |
| 2021 | $0.6600 | -4.3% |
| 2020 | $0.6900 | -17.9% |
| 2019 | $0.8400 | +33.3% |
| 2018 | $0.6300 |
What's inside
As of Jul 31, 2026, the fund held 100 securities; the ten largest made up 21.21% of assets.
| Holding | Weight | |
|---|---|---|
| Takeda Pharmaceutical Co Ltd | 2.22% | |
| KDDI Corp | 2.20% | |
| Deutsche Post AG | 2.19% | |
| CK Hutchison Holdings Ltd | 2.14% | |
| Suncor Energy Inc | 2.14% | |
| Vodafone Group PLC | 2.13% | |
| Sony Group Corp | 2.13% | |
| Shell PLC | 2.09% | |
| BP PLC | 2.02% | |
| Vinci SA | 1.95% | |
| Deutsche Telekom AG | 1.92% | |
| Koninklijke Ahold Delhaize NV | 1.89% | |
| Sanofi SA | 1.89% | |
| Cie de Saint-Gobain SA | 1.86% | |
| Barrick Mining Corp | 1.84% |
By country
Japan 23.35%France 13.84%United Kingdom 12.37%Canada 11.84%Germany 7.32%By asset type
Stocks 98.68%Preferred stock 1.05%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $37.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.42%, -7.86%, +5.80%.
How it works
ICOW is an index fund. It tries to match the Pacer Developed Markets International Cash Cows 100 Index, which is built by Index Design Group, an affiliate of the fund's adviser, Pacer Advisors. The starting pool is the FTSE Developed ex US Index. A company is removed if its projected free cash flow or earnings, averaged over the next two fiscal years, is negative. Financial companies are also removed, except real estate investment trusts (REITs), and so is any company worth less than $3 billion. Companies with no forecasts stay in.
From what remains, the 500 most heavily traded stocks over the prior three months are ranked by free cash flow yield. That figure is cash from operations minus capital spending, divided by enterprise value (market value plus debt minus cash). The top 100 make the index. Each stock is weighted by its free cash flow over the past 12 months, in dollars, and no company can be more than 2% of the index.
The index is rebuilt twice a year, on the third Friday of June and December. Portfolio turnover was 74%, which is high for an index fund and can add trading costs that don't appear in the expense ratio. The fund generally holds every stock in the index in about the same proportions. Its holdings are priced in foreign currencies, so exchange-rate moves affect what US investors earn.
What it really costs
- ICOW charges 0.65% a year, versus an average of 0.14% for the similar funds below (7th of 7, 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 |
|---|---|---|---|---|
| ICOW | $66 | $208 | $362 | $810 |
In a retirement portfolio
It adds cash-rich companies in Japan, Europe and Canada that a US-focused portfolio may lack, with a different mix than standard international index funds.
ICOW spreads money across 100 non-US companies, with Japan at 23% of assets as of July 31, 2026. Stock-market drops have hit it hard. It fell 37.5% in the 2020 COVID crash and took about 8 months to recover. In the 2022 bear market it fell 27.8% and took 9.5 months to recover. Its deepest drop, 43.5%, ran from January 2018 to March 2020. Its worst calendar year was 2018, when it lost 13.34%. It launched in 2017, so it has no 2008 record. Anyone who has to sell shares during a drop like these locks in the loss.
Its trailing yield was 4.06% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested costs $66 in the first year and $810 over 10 years. Past results don't predict future ones. 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 non-US developed-market stocks chosen for free cash flow, with Japan, France, the UK and Canada as the largest country weights.
- Income seekers comfortable with quarterly payouts from a stock fund that yielded 4.06% over the 12 months to October 27, 2026.
- Those who prefer evenly spread holdings: 100 stocks capped at 2% each, with the top 10 making up 21% of assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: ICOW's 0.65% expense ratio compares with 0.03% for SPDW and 0.04% for IDEV, which also hold developed markets outside the US.
- Anyone who wants international banks and insurers, because the index leaves out financial companies other than REITs.
- People who may need to sell in a downturn: ICOW fell 37.5% in early 2020 and 27.8% in 2022 before recovering.
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 |
|---|---|---|---|---|---|
| ICOW this fund | — | 0.65% | $1.81B | +16.9% | +18.7% |
| EFV iShares MSCI EAFE Value ETF | 11% | 0.33% | $29.11B | +21.9% | +23.3% |
| EFA iShares MSCI EAFE ETF | 8% | 0.32% | $77.98B | +13.5% | +18.2% |
| IDEV iShares Core MSCI International Developed M… | 7% | 0.04% | $31.64B | +14.6% | +19.2% |
| SCHF Schwab International Equity ETF | 7% | 0.06% | $69.68B | +17.7% | +20.4% |
| IEFA iShares Core MSCI EAFE ETF | 7% | 0.07% | $190.11B | +13.7% | +18.5% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 6% | 0.03% | $40.29B | +17.3% | +20.5% |
Questions investors ask
Is ICOW good for retirement income?
ICOW can provide income, but it is a stock fund, not a bond fund. Its trailing yield was 4.06% as of October 27, 2026, which works out to $1.74 per share over 12 months, paid quarterly. That income comes with stock-market swings. The fund fell 37.5% in early 2020 and 27.8% in 2022. Its 0.65% expense ratio also takes a larger share of returns than cheaper international funds do.
What's the difference between ICOW and EFV?
ICOW chooses 100 non-US companies by free cash flow yield and leaves out most financial companies. The iShares MSCI EAFE Value ETF (EFV) follows a broader value index. They share only 11% of their holdings, and no similar fund overlaps with ICOW by 20% or more. EFV charges 0.33% against ICOW's 0.65%. As of late October 2026, EFV's three-year annualized return was 25.1%, compared with ICOW's 18.7%.
What is ICOW's expense ratio?
ICOW's expense ratio is 0.65%, according to the prospectus filed August 27, 2026. Similar funds average 0.14%, and ICOW is the most expensive of the seven funds compared. The SPDR Portfolio Developed World ex-US ETF charges 0.03%. In the SEC's standard example ($10,000 invested, 5% annual return), ICOW costs $66 after one year, $362 after five years and $810 after 10 years.
What are ICOW's top holdings?
As of July 31, 2026, ICOW's largest holdings were Takeda Pharmaceutical, KDDI, Deutsche Post, CK Hutchison, Suncor Energy, Vodafone, Sony, Shell, BP and Vinci, each about 2% of assets. Because of the index's 2% cap, the top 10 made up only 21.21% of the fund. By country, Japan was the largest at 23.35%, followed by France at 13.84%, the UK at 12.37% and Canada at 11.84%.
How has ICOW performed since launch?
Returns have been uneven. According to the prospectus, ICOW returned 36.71% in 2025, 10.18% a year over five years and 8.71% a year since its June 2017 launch, all as of December 31, 2025. It lost money in 2018 (-13.34%), 2022 (-7.43%) and 2024 (-2.24%). Based on price, it gained 16.9% over the year ending October 27, 2026.