ETF Research Center

The Pacer Developed Markets International Cash Cows 100 ETF tracks an index of 100 companies out of the FTSE Developed Ex-US Index selected and weighted by free cash flow.

FUND BASICS
Category	International Equities
Fund Sponsor	Pacer Financial
Website	www.paceretfs.com
Inception date	Jun 16, 2017
Assets (mns)	$35
Currency	USD
Expense ratio	65 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)	$47,698
Large cap (>$10bn)	82.8%
Mid cap ($2-10bn)	17.2%
Small cap (<$2bn)	0.0%
Developed mkts	95.6%
Emerging mkts	4.5%

TOP TEN HOLDINGS
Total	20.7 %
GALAPAGOS NV SPONSORED ADR	2.2 %
SAMSUNG ELECTRONICS CO LTD	2.2 %
SONY CORP-SPONSORED ADR	2.1 %
BRITISH AMERICAN TOB-SP ADR	2.1 %
ROCHE HOLDINGS LTD-SPONS ADR	2.1 %
SUNCOR ENERGY INC	2.0 %
NIPPON TELEGRAPH AND TELEPHONE COR	2.0 %
STATOILHYDRO ASA-SPON ADR	2.0 %
VODAFONE GROUP PLC SPONSORED ADR	2.0 %
RIO TINTO PLC-SPON ADR	2.0 %

TOP COUNTRY EXPOSURE
	JAPAN	20.3 %
	BRITAIN	19.2 %
	FRANCE	8.2 %
	AUSTRALIA	8.1 %
	CANADA	6.8 %
	SWITZERLAND	6.6 %
	SPAIN	5.5 %
	SOUTH KOREA	5.1 %
	GERMANY	2.9 %
	BELGIUM	2.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.9%	17.9%	--	--	5.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.87	62%
MSCI EAFE	1.13	82%
MSCI Emg. Mkts.	0.85	80%

Technical Indicators
Recent close	$27.67
30d moving avg.	$27.32
Annualized volatility	14.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.3%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$5,253

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ICOW

Expense:

65 bp

ALTAR Score™:

9.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ICOW
Ticker	Fund Name	Overlap¹ vs ICOW (%)	Expense ratio (bp)	Savings vs ICOW (bp)	ALTAR Score™ (%)	ALTAR vs ICOW (%)
GCOW	Pacer Global Cash Cows Dividend	37.4	60	5	8.6	-0.6
ESGN	Columbia Sustainable International Equity Income	21.7	45	20	9.4	+0.2
FYLD	Cambria Foreign Shareholder	19.3	59	6	7.9	-1.2
ADRD	BLDRs Developed Markets 100 ADR	15.7	30	35	8.7	-0.5
FIVA	Fidelity International Value Factor	15.2	39	26	9.0	-0.1
INTF	iShares FactorSelect MSCI International	15.0	30	35	7.6	-1.6
DOO	WisdomTree Int'l Dividend Ex-Financials	14.4	58	7	7.7	-1.4
QINT	American Century Quality Diversified International	14.1	39	26	5.9	-3.3
CID	Victory CEMP International High Div Volatility Wtd	14.1	45	20	8.6	-0.5
DMDV	AAM S&P Developed Markets High Dividend Value	13.9	39	26	9.8	+0.6
IVLU	iShares MSCI Int'l Developed Value Factor	13.6	30	35	10.1	+1.0
IQIN	IQ 500 International	13.1	25	40	8.2	-0.9
ISDX	Invesco Strategic Developed ex-US	13.1	23	42	7.4	-1.8
ADRU	BLDRs Europe 100 ADR	12.9	30	35	7.7	-1.5
IVAL	Valueshares Int'l Quantitative Value	12.6	59	6	8.8	-0.4
GNR	SPDR S&P Global Nat. Resources	12.5	40	25	6.1	-3.1
JPIN	JPMorgan Diversified Rtn. Int'l Equity	12.2	38	27	7.1	-2.1
IDY	Pacific Global International Equity Income	11.9	39	26	8.0	-1.2
JPEU	JPMorgan Diversified Return Europe Equity	11.7	37	28	6.2	-3.0
IDOG	ALPS International Sector Dividend Dogs	11.5	50	15	7.9	-1.2

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 Developed Markets Int'l 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	11.6	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	9.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.63

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.