ETF Research Center

The Pacer U.S. Small Cap Cash Cows 100 ETF tracks an index of 100 companies out of the S&P Small Cap 600 Index selected and weighted by free cash flow.

FUND BASICS
Category	US Equities
Fund Sponsor	Pacer Financial
Website	www.paceretfs.com
Inception date	Jun 16, 2017
Assets (mns)	$44
Currency	USD
Expense ratio	59 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	100
Wgt avg mkt cap (mns)	$1,346
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	13.6%
Small cap (<$2bn)	86.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.8 %
CARDTRONICS INC	2.5 %
STAMPS.COM INC	2.2 %
INNOVIVA, INC.	2.1 %
GMS INC.	2.1 %
TTM TECHNOLOGIES	2.0 %
SIGNET JEWELERS LIMITED	2.0 %
KORN/FERRY INTERNATIONAL	2.0 %
ARROWHEAD PHARMACEUTICALS, INC.	2.0 %
TRINSEO SA	2.0 %
MERITAGE HOMES CORP	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.6 %
	BERMUDA	2.0 %
	CAYMAN ISLANDS	1.3 %

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.
10.2%	-2.2%	--	--	0.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.16	57%
MSCI EAFE	1.12	43%
MSCI Emg. Mkts.	0.64	23%

Technical Indicators
Recent close	$25.92
30d moving avg.	$25.05
Annualized volatility	20.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.3%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$1,094

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Pacer US Small Cap Cash Cows 100 ETF based on the alternatives' overlap in portfolio holdings with CALF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CALF

Expense:

59 bp

ALTAR Score™:

11.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CALF
Ticker	Fund Name	Overlap¹ vs CALF (%)	Expense ratio (bp)	Savings vs CALF (bp)	ALTAR Score™ (%)	ALTAR vs CALF (%)
RZV	Invesco S&P Smallcap 600 Pure Value	23.7	35	24	6.8	-4.5
SQLV	Legg Mason Small-Cap Quality Value	23.7	60	-1	-4.7	-16.0
XSVM	Invesco S&P SmallCap Value with Momentum	20.6	39	20	8.2	-3.1
PSCI	Invesco S&P Small Cap Industrials	19.1	29	30	6.5	-4.8
RWJ	Invesco S&P SmallCap 600 Revenue ETF	18.5	39	20	-4.9	-16.2
PSCD	Invesco S&P Small Cap Consumer Discretionary	17.0	29	30	8.1	-3.3
XSHQ	Invesco S&P SmallCap Quality Portfolio	16.8	29	30	5.3	-6.0
EWSC	Invesco S&P Small Cap 600 Equal Weight	16.8	40	19	3.3	-8.1
PSCT	Invesco S&P Small Cap Information Technology	16.1	29	30	5.3	-6.1
IJS	iShares S&P 600 SmallCap Value	15.9	25	34	6.7	-4.6
SLYV	SPDR S&P600 Small Cap Value	15.9	15	44	6.8	-4.5
VIOV	Vanguard S&P Small-Cap 600 Value	15.6	20	39	6.7	-4.6
BUY	USCF SummerHaven SHPEI Index	14.0	80	-21	11.1	-0.3
SLY	SPDR S&P 600 Small Cap	13.0	15	44	5.8	-5.6
IJR	iShares Core S&P Small-Cap	12.9	7	52	5.8	-5.5
VIOO	Vanguard S&P Small-Cap 600	12.6	15	44	5.6	-5.7
CSB	Victory CEMP US Small Cap High Div Volatility Wtd	12.4	35	24	7.2	-4.1
CSML	IQ Chaikin U.S. Small Cap	12.1	35	24	7.9	-3.4
OMFS	Oppenheimer Russell 2000 Dynamic Multifactor	11.7	39	20	5.4	-6.0
CSF	Compass EMP US Discovery 500 Enhanced Vol.	11.2	35	24	7.1	-4.2

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 Small Cap Cash Cows 100
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.9	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	11.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.