Core Viewpoint - The Pacer US Small Cap Cash Cows ETF (CALF) is a smart beta ETF that targets small-cap value stocks with high free cash flow yields, aiming to outperform traditional market cap weighted indexes [1][5]. Fund Overview - CALF was launched on June 16, 2017, and has accumulated over $4.32 billion in assets, positioning it as one of the larger ETFs in the small-cap value category [1][5]. - The ETF seeks to match the performance of the Pacer US Small Cap Cash Cows Index, which employs a rules-based methodology [5]. Cost Structure - The annual operating expenses for CALF are 0.59%, which is relatively high compared to other products in the space [6]. - The fund has a 12-month trailing dividend yield of 1.04% [6]. Sector Exposure and Holdings - The ETF has a significant allocation in the Industrials sector, comprising approximately 21.9% of the portfolio, followed by Consumer Discretionary and Information Technology [7]. - The top holding, Cf Industries Holdings Inc, accounts for about 2.31% of total assets, with the top 10 holdings representing around 20.38% of CALF's total assets [8]. Performance Metrics - As of July 11, 2025, CALF has experienced a year-to-date loss of approximately -4.85% and a decline of about -0.79% over the past year [10]. - The ETF has traded between $32.00 and $48.76 in the past 52 weeks, with a beta of 1.09 and a standard deviation of 23.22% over the trailing three-year period [10]. Alternatives - Other ETFs in the small-cap value space include iShares Russell 2000 Value ETF (IWN) and Vanguard Small-Cap Value ETF (VBR), which have lower expense ratios and larger asset bases [12].