ETF Research Center

The Pacer U.S. Cash Cows Growth ETF tracks a fundamental-selected and -weighted index of U.S. growth equities.

FUND BASICS
Category	US Equities
Fund Sponsor	Pacer Financial
Website	www.paceretfs.com
Inception date	May 02, 2019
Assets (mns)	$3
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Fundamental
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$109,950
Large cap (>$10bn)	85.1%
Mid cap ($2-10bn)	14.6%
Small cap (<$2bn)	0.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	49.6 %
BROADCOM INC.	5.3 %
HCA HOLDINGS INC	5.2 %
ALPHABET INC. CLASS A	5.2 %
CONOCOPHILLIPS	5.1 %
CSX CORP	5.1 %
PFIZER INC	4.9 %
VERIZON COMMUNICATIONS INC	4.9 %
CISCO SYSTEMS INC	4.8 %
PAYPAL HOLDINGS INC	4.7 %
OCCIDENTAL PETROLEUM CORP	4.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.3 %
	BERMUDA	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
6.8%	--	--	--	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$25.06
30d moving avg.	$24.53
Annualized volatility	0.0%
Short interest (ETF)	4.9%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$9,634

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Pacer US Cash Cows Growth ETF based on the alternatives' overlap in portfolio holdings with BUL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BUL

Expense:

60 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BUL
Ticker	Fund Name	Overlap¹ vs BUL (%)	Expense ratio (bp)	Savings vs BUL (bp)	ALTAR Score™ (%)	ALTAR vs BUL (%)
RPG	Invesco S&P 500 Pure Growth ETF	26.6	35	25	4.5	-0.9
FDN	First Trust DJ Internet	16.8	52	8	3.4	-2.0
TCLD	Tortoise Cloud Infrastructure Fund	15.8	40	20	5.0	-0.4
CIBR	First Trust NASDAQ Cybersecurity	15.7	60	0	3.5	-1.8
FIVG	Defiance Next Gen Connectivity ETF	15.4	30	30	6.1	+0.8
RYT	Invesco S&P Equal Weight Technology	15.1	40	20	6.6	+1.2
RFG	Invesco S&P Midcap 400 Pure Growth	14.3	35	25	3.8	-1.6
PWV	Invesco Dynamic Large Cap Value	14.2	55	5	8.0	+2.6
HDV	iShares High Dividend	13.8	8	52	6.6	+1.3
JHMT	John Hancock Multifactor Technology	13.7	40	20	6.0	+0.6
NUMG	NuShares ESG Mid-Cap Growth	13.3	40	20	4.4	-1.0
MDYG	SPDR S&P400 Mid Cap Growth	13.1	15	45	5.1	-0.3
IJK	iShares S&P MidCap 400 Growth	13.1	24	36	5.0	-0.4
IVOG	Vanguard S&P Mid-Cap 400 Growth	13.0	20	40	5.1	-0.3
DJD	Invesco Dow Jones Industrial Average Dividend	12.9	7	53	7.3	+1.9
IYZ	iShares U.S. Telecommunications	12.9	42	18	8.1	+2.7
TDIV	First Trust NASDAQ Technology Dividend	12.9	50	10	6.6	+1.2
IUSG	iShares Core U.S. Growth	12.8	4	56	5.1	-0.3
SPYG	SPDR Portfolio S&P 500 Growth	12.8	4	56	5.1	-0.3
IVW	iShares S&P 500 Growth	12.8	18	42	5.0	-0.4

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Pacer US Cash Cows Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.1	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.