What Is the ECOW ETF? Returns, Expense Ratio, Holdings, and Alternative ETFs Explained
The Pacer Emerging Markets Cash Cows 100 ETF (ECOW) is a strategy ETF that uses a rules-based process to select 100 emerging-market companies with high free cash flow (FCF) yields. The key selection criteria are how its fees and strategy differ from comparable emerging-market dividend and core ETFs.
SubscribeWhat Is the Pacer Emerging Markets Cash Cows 100 ETF?
This emerging-market equity ETF starts from the FTSE Emerging Markets Index as its universe and selects the companies with the highest free cash flow yields. It stands apart from typical emerging-market core ETFs because it uses cash-generating ability, rather than market capitalization, as its main criterion.
It suits investors who want diversified emerging-market exposure concentrated in companies with solid cash flows.
It is a passive (index-tracking) ETF managed by Pacer.
How Does the Pacer Emerging Markets Cash Cows 100 ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | Emerging Markets Cash Cows 100 Index |
| Management Style | Passive (rules-based index tracking) |
| Selection Criterion | Free cash flow (FCF) yield |
| Rebalancing Frequency | Periodic (per index rules) |
| Dividend Frequency | Quarterly dividends |
| Issuer | Pacer |
| Expense Ratio | 0.70% |
From a universe of emerging-market large- and mid-cap stocks, the fund holds companies with high free cash flow yields, selected through quantitative rules. The strategy reflects the assumption that companies with strong cash generation have relatively more capacity for growth reinvestment and shareholder returns, and additions and weight adjustments occur automatically under the index methodology.
- Selection based on free cash flow rather than market capitalization
- Diversification across cash-flow-rich emerging-market stocks
Pacer Emerging Markets Cash Cows 100 ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $194.7M, and the Expense Ratio is an annual 0.70%.
Unlike typical emerging-market core ETFs, which are market-cap weighted, this ETF applies a cash-flow-based selection, so its holdings and weights differ.
Pacer Emerging Markets Cash Cows 100 ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe ETF tends to move with emerging-market equities overall, and volatility tends to appear depending on exchange rates, commodity prices, and emerging-market economic cycles. Because its cash-flow-focused selection makes its composition different from core indexes, its performance path can also diverge.
Fund flows vary with demand for emerging-market diversification and preference for strategy ETFs, and in periods of weakening risk appetite, money can leave emerging-market assets across the board. Whether the US dollar is strengthening also affects fund flows into emerging-market ETFs.
Pacer Emerging Markets Cash Cows 100 ETF Pros and Cons
Its differentiated, cash-flow-driven selection is its strength, while currency and political risks unique to emerging markets and a somewhat higher fee are cited as drawbacks.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the Pacer Emerging Markets Cash Cows 100 ETF
ETFs shown in the table such as DFEM, DEM, DGS, EDIV, and DVYE are core or dividend-focused products in the same emerging-market category, and they use different methodologies from this ETF, such as market-cap weighting or high-dividend selection. Products in the same cash cow strategy family include COWZ, which focuses on US companies, CALF, which focuses on US small caps, and ICOW, which focuses on companies in developed markets outside the US. Investors who want broad, market-cap-weighted exposure to emerging markets as a whole can also consider core ETFs such as VWO and IEMG.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 DFEM | Dimensional Emerging Markets Core Equity 2 ETF | $36.44 | -2.6% | $9.1B | 0.39% | 2.14% | +10.1% |
 DEM | WisdomTree Emerging Markets High Dividend Fund | $52.80 | -0.4% | $4.0B | 0.63% | 4.19% | +14.6% |
 DGS | WisdomTree Emerging Markets SmallCap Dividend Fund | $58.58 | -1.7% | $1.6B | 0.58% | 4.06% | +3.1% |
 EDIV | State Street SPDR S&P Emerging Markets Dividend ETF | $40.34 | -0.1% | $1.2B | 0.49% | 4.34% | +4.5% |
 DVYE | iShares Emerging Markets Dividend ETF | $33.36 | +0.1% | $1.1B | 0.50% | 5.22% | +9.3% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 MMK | State Street Prime Money Market ETF | - | $100.34 | +0.0% | $0.0M | - | 2.3% |
| AMX | America Movil SAB de CV ADR | 0.02% | $24.48 | +1.4% | $74.9B | 14.2 | 2.56% |
| NTES | NetEase Inc ADR | 0.02% | $113.64 | +1.4% | $72.4B | 15.8 | 2.81% |
| ABEV | Ambev SA ADR | 0.04% | $2.66 | -0.4% | $40.4B | 13.6 | 6.56% |
 VIV | Telefonica Brasil SA ADR | 0.04% | $11.28 | -1.4% | $18.0B | 14.5 | 8.25% |
 FMX | Fomento Economico Mexicano SAB de CV ADR | 0.02% | $126.10 | +1.5% | $25.4B | 24.5 | 5.52% |
Pacer Emerging Markets Cash Cows 100 ETF Investor Checkpoints
Here are the points to review before investing in ECOW. Its cash-flow-driven strategy is differentiated, but the currency and political risks unique to emerging markets, along with costs, should be checked in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Compare cost levels with emerging-market core ETFs | Somewhat high |
| 🌏 Country Diversification | Whether weights are concentrated in particular emerging countries | Broadly diversified |
| 💱 Exchange Rates | Impact of emerging-market currencies and the dollar exchange rate | No currency hedge |
| 📊 Strategy Fit | Understanding the cash-flow selection method | Needs review |
Emerging-market exchange rates and political and policy risks are the main drivers of short-term volatility. In risk-averse periods, money can leave emerging-market assets across the board, and short-term losses can grow.
This is a strategy ETF suited to investors who want differentiated, cash-flow-focused exposure to emerging markets. If cost and broad diversification are the priority, core ETFs such as VWO and IEMG are options, and if cash-flow selection matters most, ECOW can be considered.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 18, 2026.
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