ETF Research Center

The Pacer US Cash Cows 100 ETF tracks an index of companies selected from the Russell 1000 Index and weighted accord to their free cash flow.

FUND BASICS
Category	US Equities
Fund Sponsor	Pacer
Website	www.paceretfs.com
Inception date	Dec 16, 2016
Assets (mns)	$243
Currency	USD
Expense ratio	49 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	101
Wgt avg mkt cap (mns)	$44,664
Large cap (>$10bn)	68.4%
Mid cap ($2-10bn)	31.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.1 %
BIOGEN IDEC INC	2.4 %
ABBVIE INC	2.3 %
CENTURYTEL INC	2.3 %
LAM RESEARCH CORP	2.2 %
BRISTOL-MYERS SQUIBB CO	2.2 %
CARDINAL HEALTH INC	2.2 %
CUMMINS INC	2.1 %
DISCOVERY COMMUNICATIONS-A	2.1 %
CELGENE CORP	2.1 %
WALGREENS BOOTS ALLIANCE INC	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	IRELAND	2.6 %

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.
16.2%	6.4%	--	--	8.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.24	87%
MSCI EAFE	1.18	65%
MSCI Emg. Mkts.	0.86	56%

Technical Indicators
Recent close	$30.58
30d moving avg.	$29.36
Annualized volatility	16.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	33
Turnover	0.4%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$17,007

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

COWZ

Expense:

49 bp

ALTAR Score™:

9.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH COWZ
Ticker	Fund Name	Overlap¹ vs COWZ (%)	Expense ratio (bp)	Savings vs COWZ (bp)	ALTAR Score™ (%)	ALTAR vs COWZ (%)
FLAG	Forensic Accounting	37.2	152	-103	8.6	-1.3
QVAL	ValueShares US Quantitative Value	28.4	49	0	10.8	+0.9
QSY	WisdomTree U.S. Quality Shareholder Yield	27.4	38	11	7.0	-2.9
FTVA	Aptus Fortified Value	26.8	79	-30	11.4	+1.5
SPDV	AAM S&P 500 High Dividend Value	26.5	29	20	10.7	+0.8
ONEY	SPDR Russell 1000 Yield Focus	24.7	20	29	8.3	-1.6
VALQ	American Century STOXX U.S. Quality Value	23.4	29	20	7.7	-2.2
VLUE	iShares MSCI USA Value Factor	22.9	15	34	11.0	+1.1
FVAL	Fidelity Value Factor	22.7	29	20	8.2	-1.7
USMF	WisdomTree U.S. Multifactor Fund	22.3	28	21	7.0	-2.9
QLC	FlexShares US Quality Large Cap	21.8	32	17	6.6	-3.3
ESGS	Columbia Sustainable U.S. Equity Income	21.4	35	14	8.4	-1.5
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	21.1	29	20	9.6	-0.3
QDF	FlexShares Quality Dividend	20.9	37	12	7.0	-2.9
QDIV	Global X S&P 500 Quality Dividend	20.5	20	29	7.1	-2.8
SDOG	ALPS Sector Dividend Dogs	20.3	40	9	9.3	-0.6
SYLD	Cambria Shareholder Yield	20.2	59	-10	9.0	-0.9
DSTL	Distillate US Fundamental Stability & Value	20.2	39	10	7.3	-2.6
JVAL	JPMorgan U.S. Value Factor	19.9	12	37	8.6	-1.3
SPYB	SPDR S&P 500 Buyback	19.9	35	14	7.4	-2.5

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 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	18.6	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	9.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.