Pacer ETFs has launched the Pacer US Cash Cows 100 ETF (Bats: COWZ) which uses an objective, rules‐based methodology to provide exposure to the 100 companies in the large‐cap Russell 1000 Index with the highest free cash flow yield. Free cash flow is a measure of a company’s financial performance, calculated as operating cash flow minus capital expenditures. It may be a better gauge of a firm’s underlying fundamentals as the metric is less prone to management reporting bias compared to sales, earnings, assets, or liabilities.

Strategy-based exchange traded fund provider Pacer has listed its Pacer Global High Dividend ETF (PGHD) on BATS ETF market place, which is part of BATS Global Markets (Bats). The move is yet another example of Bats pushing to become a serious contender in the ETF sector. The fund tracks the total return performance of the Pacer Global Cash Cows Dividends 100 Index and is the sixth ETF offered by Pacer on Bats. The Pacer Global High Dividend ETF initially employs a screen of the 300 firms in the FTSE All World Developed Large-Cap Index that have the highest free cash flow yield (free cash flow/enterprise value).

Pacer ETFs, an issuer of strategy-driven exchange-traded funds, has announced the launch of its first two ETFs to offer exposure to equities outside the US. The funds use systematic trend following strategies to manage equity and currency market exposure respectively. “After the great initial success of our three US Trendpilot ETFs, we decided to apply the strategy internationally. I think it is something that investors should use across their investments to avoid major downtrends,” said Joe Thomson, Chairman and President of Pacer ETFs.