Overview
Small caps screened for free cash flow — the 'Cash Cows' discipline applied below the large-cap line, 202 names ranked by cash generation rather than size or story.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| CTSH | Cognizant Technology | 2.4% |
| DINO | HF Sinclair | 2.1% |
| SUNB | Sunbelt Rentals | 2.1% |
| EXPE | Expedia Group | 2.0% |
| OMC | Omnicom Group | 2.0% |
| THC | Tenet Healthcare | 2.0% |
| OVV | Ovintiv | 2.0% |
| KHC | Kraft Heinz | 2.0% |
| EXE | Expand Energy | 1.9% |
| APA | APA Corp. | 1.9% |
Fund Details
Investment Thesis
Small caps are where unprofitability hides, and CALF's free-cash-flow screen removes it: the 200 best cash generators from the small-cap universe, which is why it returned +36% while the broad Russell lagged. Cash flow is the factor that works precisely where accounting quality is weakest, and Pacer's screen has turned it into one of the decade's most successful smart-beta franchises at $3.8B and growing.
Who It's For
Small-cap investors who want the asset class's upside with its junk filtered out — quality small-cap exposure by the most honest measure, cash.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | $26.10 | -- |
| 2018 | $23.18 | -11.2% |
| 2019 | $27.09 | +16.9% |
| 2020 | $31.22 | +15.2% |
| 2021 | $42.77 | +37.0% |
| 2022 | $35.95 | -15.9% |
| 2023 | $48.03 | +33.6% |
| 2024 | $44.01 | -8.4% |
| 2025 | $44.37 | +0.8% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | 1.27% |
| 2018 | 1.27% |
| 2019 | 1.12% |
| 2020 | 1.13% |
| 2021 | 2.69% |
| 2022 | 0.89% |
| 2023 | 1.37% |
| 2024 | 1.05% |
| 2025 | 1.50% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | $2B | -- |
| 2018 | $1.8B | -10.0% |
| 2019 | $2.1B | +16.7% |
| 2020 | $2.5B | +19.0% |
| 2021 | $3.5B | +40.0% |
| 2022 | $3B | -14.3% |
| 2023 | $4B | +33.3% |
| 2024 | $3.7B | -7.5% |
| 2025 | $3.8B | +2.7% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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