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)	$1
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	51
Wgt avg mkt cap (mns)	$135,735
Large cap (>$10bn)	87.5%
Mid cap ($2-10bn)	12.6%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	50.7 %
APPLE INC	5.6 %
MICRON TECHNOLOGY INC	5.4 %
LOCKHEED MARTIN CORP	5.4 %
APPLIED MATERIALS INC	5.3 %
NORTHROP GRUMMAN CORP	5.1 %
LAM RESEARCH CORP	5.0 %
QUALCOMM INC	4.9 %
BROADCOM INC.	4.8 %
BOOKING HOLDINGS INC.	4.8 %
CONOCOPHILLIPS	4.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.3%	--	--	--	10.4%

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

Technical Indicators
Recent close	$26.56
30d moving avg.	$26.32
Annualized volatility	0.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	1
Turnover	2.0%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$20,426

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Pacer US Cash Cows Growth ETF 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™:

7.1%

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 (%)
SMH	VanEck Vectors Semiconductors	30.8	35	25	5.9	-1.2
SOXX	iShares PHLX SOX Semiconductor	30.0	46	14	5.6	-1.5
RPG	Invesco S&P 500 Pure Growth ETF	26.2	35	25	5.0	-2.1
JHMT	John Hancock Multifactor Technology	23.5	40	20	5.6	-1.5
FTXL	First Trust Nasdaq Semiconductor	22.8	60	0	5.6	-1.4
PSI	Invesco Dynamic Semiconductors	22.1	58	2	5.2	-1.9
XNTK	SPDR NYSE Technology	21.1	35	25	4.4	-2.7
RYT	Invesco S&P Equal Weight Technology	20.4	40	20	6.1	-0.9
COWZ	Pacer US Cash Cows 100	19.8	49	11	9.8	+2.8
QTEC	First Trust NASDAQ 100 Tech	19.6	57	3	5.1	-1.9
TDIV	First Trust NASDAQ Technology Dividend	18.3	50	10	6.4	-0.7
PXQ	Invesco Dynamic Networking	17.5	63	-3	3.7	-3.4
SPGP	Invesco S&P 500 GARP	16.7	35	25	7.8	+0.7
XSD	SPDR S&P Semiconductors	15.9	35	25	4.2	-2.9
TDV	ProShares S&P Technology Dividend Aristocrats	15.5	45	15	5.2	-1.8
FIVG	Defiance Next Gen Connectivity ETF	15.5	30	30	4.8	-2.2
SPYB	SPDR S&P 500 Buyback	15.2	35	25	8.3	+1.3
PKW	Invesco Buyback Acheivevers	14.6	62	-2	6.4	-0.6
IYW	iShares US Technology	14.1	42	18	4.6	-2.5
XLK	Technology Select Sector SPDR	14.1	13	47	5.0	-2.1

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	28.1	%
Divided by: Fwd. P/BV	3.7	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.56

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.