COWZ Dividend: Yield, Schedule, and What to Expect
Last updated August 2026
Short answer
COWZ's approximate ~2.2% yield (as of mid-2026) makes it a growth-first, low-yield fund, about $220 a year on a $10,000 position before tax. It tracks Pacer US Cash Cows 100 Index and passes through the income its holdings generate, usually quarterly, net of the 0.49% expense ratio. If income is your goal, look to dedicated dividend funds for more; COWZ is built for total return, not yield. If total return is the goal, the yield matters less than cost and what it holds. Yield is a recent snapshot, not a promise; verify the current figure with Pacer ETFs.
How does the COWZ dividend work?
COWZ holds what is in Pacer US Cash Cows 100 Index, collects the income those holdings generate, and distributes it to shareholders on the schedule the fund sets, most often quarterly, net of its 0.49% fee. The yield you see is trailing distributions divided by price, so it drifts as both change: a falling price raises the quoted yield without a single extra dollar being paid out.
COWZ tracks the Pacer US Cash Cows 100 Index, which screens the Russell 1000 for the 100 companies with the highest trailing free-cash-flow yield and weights them by free cash flow generated, capped at 2% each. It charges 0.49%. Unlike a broad index fund or a book-value-based value fund, COWZ is built around a single signal, free cash flow yield, giving it a concentrated, quality-value tilt that can look very different from the S&P 500.
What COWZ's dividend pays on a real position
- Approximate yield: ~2.2% (mid-2026).
- Income on $10,000: roughly $220 a year before tax, or about $2,200 on $100,000.
- Versus the market: the S&P 500 yields around 1.2%, so COWZ pays more.
- Schedule: set by the fund, most often quarterly. Pacer ETFs publishes the exact ex-dividend and pay dates.
- Fee: the 0.49% expense ratio comes out before you receive anything, so the yield above is already net of it.
How COWZ distributions are taxed
A large share of COWZ's distributions are usually qualified dividends, taxed at long-term capital-gains rates rather than as ordinary income, provided the holding-period tests are met by both the fund and you. Some portion can still be ordinary, and REIT or option-income components generally are. Pacer ETFs's annual 1099 shows the actual split. Inside an IRA, Roth, or 401(k) none of it applies while the money stays in the account. Full detail is in how dividends are taxed. This is not tax advice.
If income is your goal, compare COWZ against dividend-focused funds. See the best dividend ETFs roundup and best ETFs for monthly income, or analyze how COWZ's income fits your real portfolio in Walnut.
The bottom line on the COWZ dividend
The bottom line: at an approximate ~2.2% yield, COWZ is a growth-first, low-yield fund. If income is your goal, dedicated dividend funds pay more; COWZ is the wrong tool for yield and the right one for total-return Pacer US Cash Cows 100 Index exposure. If total return is the goal, the yield matters less than cost and what it holds. Treat the figure as a moving snapshot, not a fixed rate, and verify the current yield with Pacer ETFs.
More on COWZ
- What is COWZ? (holdings, cost, performance, and the themes it covers)
- Is COWZ a buy? (what you are buying, the case for it, and what to weigh)
Investing in COWZ with AI
Connect the broker you already use and ask Walnut's AI how COWZ fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is COWZ's dividend yield?
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Approximately ~2.2% as of mid-2026. On a $10,000 position that is roughly $220 of distributions a year before tax. The S&P 500 yields around 1.2%, so COWZ pays meaningfully more than the broad market. Yield is trailing distributions divided by price, so it moves when either changes; verify the current figure on Pacer ETFs's fund page.
How often does COWZ pay a dividend?
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Equity ETFs like COWZ most often distribute quarterly, though the schedule is set by the fund, not by a rule, and some funds pay monthly, semi-annually, or annually. Pacer ETFs publishes COWZ's distribution calendar with the exact ex-dividend and pay dates; that is the authoritative source. The mechanic that matters either way: you have to own the shares before the ex-dividend date to receive a given distribution.
Does COWZ pay monthly dividends?
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Probably not. COWZ is an equity fund, and equity ETFs generally distribute quarterly; monthly distributions are the norm for bond, Treasury, and option-income funds instead. Check Pacer ETFs's distribution calendar for COWZ's actual schedule, and see our roundup of the best ETFs for monthly income if the cadence is what you are after.
Where does COWZ's dividend come from?
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COWZ tracks Pacer US Cash Cows 100 Index and holds names such as BKNG, LOW, HCA, UBER, TMUS. The fund collects the income those holdings generate and passes it through to you. The 0.49% expense ratio is taken out along the way, so the yield you see is already net of the fee: you do not pay it separately.
When is COWZ's ex-dividend date?
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Pacer ETFs sets and publishes it on COWZ's fund page, and it moves with each distribution, so we do not quote a fixed date here. What it means is the cutoff: buy on or after the ex-dividend date and the seller keeps that distribution. Buying just before the ex-date to capture a payment is not free money, because the fund's price typically drops by roughly the distribution amount when it goes ex.
Can I reinvest COWZ dividends?
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Yes. Most brokers let you turn on automatic dividend reinvestment (a DRIP) so COWZ distributions buy more shares, often fractional ones, without you doing anything. It compounds the position over time. It does not change the tax treatment: in a taxable account the distribution is taxable in the year it is paid, whether you reinvest it or take the cash.
Is COWZ a good choice for dividend income?
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Walnut is informational, not investment advice. COWZ yields roughly ~2.2%, which is moderate: real income, but below what dedicated income funds target. At that rate, $100,000 in COWZ generates roughly $2,200 a year before tax. If income is the goal, dedicated dividend and income ETFs target more; COWZ is built for total return. See the best dividend ETFs roundup to compare.
Are COWZ dividends qualified?
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Usually a large share of them are. Dividends passed through from US companies are qualified, and so taxed at long-term capital-gains rates, when the fund and you both meet the holding-period tests. Some portion can still be ordinary income, and option-income and REIT distributions generally are. Pacer ETFs's annual 1099 shows the actual split. In an IRA or Roth the distinction does not matter. This is not tax advice.
Walnut is informational, not investment advice. Dividend yields and schedules are approximate, stamped to mid-2026, and change; verify current figures with Pacer ETFs or your broker.