Pacer Developed Markets International ETF (ICOW)
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ICOW: A Unique Approach To International Value With Middling Results
The Pacer Developed Markets International Cash Cows 100 ETF is a large-cap foreign value fund uniquely excluding financials. ICOW selects 100 stocks from the FTSE Developed ex-US Index based on high free cash flow yield, resulting in a low average PE portfolio. ICOW's performance has lagged international value peers, and with a 0.65% expense ratio and declining dividends, I do not rate it a Buy.
ICOW: Free Cash Flow ETF Lagging In 2024
Pacer Developed Markets International Cash Cows 100 ETF holds 100 international stocks with high free cash flow yield. ICOW portfolio is well-diversified, with a focus on energy and industrials, and shows both value and growth characteristics. ICOW has slightly outperformed an international benchmark since its inception, but it has lagged several factor-based ETFs for three years, especially in 2024.
ICOW: Bringing Cash Flow Focus Overseas
Free cash flow is crucial for companies, especially in a higher interest rate environment. The Pacer Developed Markets International Cash Cows 100 ETF focuses on companies with high free cash flow. ICOW offers exposure to international companies with strong financial positions and emphasizes free cash flow yield for potential investors.
Pacer Developed Markets International ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 9,400 | $389,090.21 | $398,372 | $9,281.79 | 2.39% |
 Keith Dubauskas One Plus One Wealth Management LLC | 120,910 | $4.06M | $5.15M | $1.09M | 26.76% |
 Kyle P. Smith NewEdge Wealth LLC | 12,102 | $397,115.83 | $512,511.23 | $115,395.4 | 29.06% |
 Matthew Liebman Amplius Wealth Advisors LLC | 97,471 | $3.11M | $4.16M | $1.05M | 33.68% |
| SS Sam Sweitzer Anson Capital Inc. | 160,089 | $4.99M | $6.82M | $1.83M | 36.66% |
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Pacer Developed Markets International ETF Profile
| BATS Exchange | US Country |
Overview
The fund described is designed for investors seeking to diversify their investment portfolio beyond domestic markets by focusing on non-U.S. companies located in developed markets. It uniquely targets firms that exhibit high free cash flow yields, an indicator of financial stability and potential for growth. By investing a significant portion of its assets in the securities that comprise its benchmark index, as well as in similar financial instruments, the fund aims to mirror the economic characteristics of its selected index components. The methodology behind the index selection is objective and rules-based, ensuring a systematic approach to capturing the desired market exposure.
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- Component Securities Investment
The fund commits at least 80% of its total assets to investing in the securities that make up its designated index. This is central to its strategy of mimicking the economic characteristics of these component securities, thereby aiming to achieve similar financial performance. Investments are made in large and mid-capitalization companies, offering a balance between stability and growth potential.
- Identical Economic Characteristics Investments
In addition to direct investments in index components, the fund also allocates assets to investments that have economic characteristics substantially identical to those of the index components. This may include derivative instruments or other financial products that replicate the performance of the securities within the index. This strategy broadens the fund's reach while maintaining alignment with the overall investment objective.
- Objective, Rules-Based Methodology
The fund employs a systematic, objective, and rules-based methodology to select the non-U.S. companies in developed markets with high free cash flow yields. This approach ensures that the investment process is transparent and replicable, focusing on quantitative metrics to guide the selection of securities for the fund’s portfolio.
