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Pacer ETFs

MILK

Pacer US Cash Cows Bond ETF

A strategy driven exchange traded fund that aims to outperform traditional US corporate bond strategies and enhance portfolio yield by investing in corporate bonds issued by companies from the Pacer US Cash Cows 100 Index and/or the Pacer US Large Cap Cash Cows Growth Leaders Index.

Pacer US Cash Cows Bond Index Strategy

  • The Pacer US Cash Cows 100 Index (COWZ Index) screens for free cash flow yield to identify high quality stocks trading at a discount and the Pacer US Large Cap Cash Cows Growth Leaders Index (COWG Index) screens for above average free cash flow margin to identify top growth companies.
  • A strong free cash flow production indicates a company’s ability to repay and service its debt.



Interest/Free Cash Flow Comparison

as of 3/31/2026

1. High Quality US Large-Cap Companies
Focus on quality large-cap companies with high free cash flow margin.

2. High Interest Expense Coverage
Indicates a company has the ability to pay interest expenses on outstanding debt.

3. High Debt Coverage
Indicates a company has the ability to meet its financial obligations and debt payments.


 





 

 

 


Definitions
Free Cash Flow (FCF): A company’s cash flow from operations minus capital expenditures (expenses, interest, taxes, and long-term investments)
Free Cash Flow Margin (FCF/Sales): Measures a company's total free cash flow realtive to its sales Enterprise Value (EV): A company’s market capitalization adjusted to eliminate any capital structure bias (i.e. by adding debt and subtracting cash or cash equivalents)
Free Cash Flow Yield (FCF/EV): Measures a company’s total free cash flow relative to its enterprise value. This is an internal statistic and does not constitute investor yield.
Free Cash Flow Margin (FCF/Sales): Measures a company’s total free cash flow relative to its sales.


Pacer US Cash Cows Bond Strategy Overview

An objective rules-based methodology seeking high quality corporate bond investment operations through high free cash flow producing companies.
All data as of April 2026 rebalance.

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Performance (%)

as of 03/31/2026

  Since Fund Inception (12/17/24) YTD 1 Month 3 Month 1 Year
Pacer US Cash Cows Bond ETF NAV 4.01 -0.66 -2.58 -0.66 5.36
Pacer US Cash Cows Bond ETF Market Price 4.30 -0.34 -2.18 -0.34 5.69
Solactive Pacer US Cash Cows Bond Index 4.50 -0.54 -2.49 -0.54 5.82
iBoxx Investment Grade Index 4.57 -0.56 -2.17 -0.56 4.81

Monthly Performance

Source: US Bank, Bloomberg, ICE and S&P.
Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than the performance quoted. Visit www.paceretfs.com for the most recent month-end performance. Index returns are for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. You cannot invest directly in an index.

Total return is the actual rate of return of an investment over a given evaluation period. Total return includes interest, capital gains, dividends and distributions realized over a given period of time.

Top 10 Holdings (%)

as of 6/30/17

View All Holdings

Daily Holdings

Ticker Holding Weight
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Sector Breakdown (%)

as of 6/30/2022

To view a sector's breakdown, please select a slice. To return to the total breakdown, select 'Sector Breakdown' below. Please note, the sector table below only shows total sector weights.

Index Characteristics & Credit Quality Allocation

as of 3/31/2026

  Solactive Pacer US Cash Cows Bond Index
Weighted Average Coupon 5.32%
Average Years to Maturity 13.42
Modified Duration (Years) 7.90
Yield to Maturity 5.82%
Credit Quality Allocation (%)
AAA 0.07
AA 0.99
A+ 1.00
BBB+ 7.03
BBB 25.44
BBB- 39.31
BB+ 11.04
BB 6.67
BB- 3.42
B+ 2.01
B 3.02
Non-classified N/A

S&P® rating measured on a scale that ranges from AAA (highest) to D (lowest) and may change over time. The scale also includes intermediate ratings, such as BBB+, BBB, and BBB−, between AA and CCC.

Distributions

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Distribution Schedule.

Past distributions are not indicative of future distributions.
*Ordinary income is composed mainly of wages, salaries, commissions and interest income from bonds, and it is taxable using ordinary income rates.

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