ETF Research Center

The Pacer Global High Dividend ETF tracks an index of developed market large cap stocks, selected by free cash flow yield and dividend yield and weighted by aggregate dividends.

FUND BASICS
Category	Global Equities
Fund Sponsor	Pacer Financial
Website	www.paceretfs.com
Inception date	Feb 23, 2016
Assets (mns)	$214
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$71,533
Large cap (>$10bn)	94.5%
Mid cap ($2-10bn)	5.5%
Small cap (<$2bn)	0.0%
Developed mkts	96.7%
Emerging mkts	3.3%

TOP TEN HOLDINGS
Total	21.7 %
BAYER AG-SPONSORED ADR	2.4 %
UNITED PARCEL SERVICE-CL B	2.3 %
NTT DOCOMO, INC.	2.3 %
AT&T INC	2.2 %
GLAXOSMITHKLINE PLC-SPON ADR	2.2 %
ABBVIE INC	2.2 %
BASF SE	2.1 %
VODAFONE GROUP PLC SPONSORED ADR	2.1 %
PHILIP MORRIS INTERNATIONAL	2.0 %
VERIZON COMMUNICATIONS INC	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	26.8 %
	BRITAIN	17.4 %
	JAPAN	10.3 %
	GERMANY	8.8 %
	AUSTRALIA	7.6 %
	SWITZERLAND	3.7 %
	CANADA	3.5 %
	FRANCE	3.3 %
	SPAIN	2.9 %
	NORWAY	2.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
14.4%	8.3%	--	--	9.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	79%
MSCI EAFE	0.92	86%
MSCI Emg. Mkts.	0.66	72%

Technical Indicators
Recent close	$31.29
30d moving avg.	$30.90
Annualized volatility	10.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.3%
Bid/Ask (% of price)	0.32%
ADV underlying (mns)	$11,896

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

GCOW

Expense:

60 bp

ALTAR Score™:

9.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GCOW
Ticker	Fund Name	Overlap¹ vs GCOW (%)	Expense ratio (bp)	Savings vs GCOW (bp)	ALTAR Score™ (%)	ALTAR vs GCOW (%)
ICOW	Pacer Developed Markets Int'l Cash Cows 100	33.2	65	-5	9.2	-0.4
FDL	First Trust Morningstar Dividend Leaders	23.1	45	15	8.4	-1.2
DOO	WisdomTree Int'l Dividend Ex-Financials	22.5	58	2	7.9	-1.7
DEW	WisdomTree Global Equity Income	21.3	58	2	8.2	-1.4
SDOG	ALPS Sector Dividend Dogs	20.0	40	20	9.1	-0.5
ACIO	Aptus Collared Income Opportunity	20.0	79	-19	6.7	-2.9
DHS	WisdomTree Equity Income	19.8	38	22	7.1	-2.4
SPHD	Invesco S&P 500 High Dividend	19.7	30	30	7.7	-1.9
WBIY	WBI Power Factor High Dividend	19.6	70	-10	9.4	-0.2
CID	Victory CEMP International High Div Volatility Wtd	19.4	45	15	8.6	-0.9
SPDV	AAM S&P 500 High Dividend Value	18.3	29	31	10.7	+1.1
ADRD	BLDRs Developed Markets 100 ADR	17.6	30	30	8.8	-0.8
IDOG	ALPS International Sector Dividend Dogs	17.2	50	10	7.2	-2.4
DTN	WisdomTree Dividend Ex-Financials	16.7	38	22	7.7	-1.9
JKF	iShares Morningstar Large Value	16.7	25	35	7.6	-2.0
DTH	WisdomTree DEFA Equity Income	16.5	58	2	8.3	-1.2
ADRU	BLDRs Europe 100 ADR	16.3	30	30	7.9	-1.6
SPYD	SPDR Portfolio S&P 500 High Dividend	16.3	7	53	9.1	-0.5
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	16.2	20	40	8.5	-1.1
OYLD	Invesco Russell 1000 Yield Factor ETF	15.7	19	41	7.0	-2.6

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 Global Cash Cows Dividend
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	13.7	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	9.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.