Pacer Benchmark Industrial Real Estate
ALTAR
Score™
4.5% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
22.6x P/Sales
ratio
10.1x
P/BV
ratio
2.4x Div.
yield
3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
INDS tracks an index of US-listed real estate securities that derive at least 85% of their revenue from industrial real estate activities.

FUND BASICS
Category US Equities
Fund Sponsor Pacer Financial
Website www.paceretfs.com
Inception date May 14, 2018
Assets (mns) $36
Currency USD
Expense ratio 60 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 16
Wgt avg mkt cap (mns) $12,491
Large cap (>$10bn) 30.1%
Mid cap ($2-10bn) 52.9%
Small cap (<$2bn) 17.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PROLOGIS INC 15.3 %
DUKE REALTY CORP 14.8 %
LIBERTY PROPERTY TRUST 12.7 %
MONMOUTH REIT-CLASS A 4.9 %
TERRENO REALTY CORP 4.7 %
EASTGROUP PROPERTIES INC 4.6 %
FIRST INDUSTRIAL REALTY TR 4.6 %
REXFORD INDUSTRIAL REALTY IN 4.5 %
STAG INDUSTRIAL INC 4.5 %
LEXINGTON REALTY TRUST 4.4 %
Total 75.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.8 %










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.
45.5% 36.2% -- -- 26.1%

Market Correlations
versus... Beta R-squared
S&P500 0.75 60%
MSCI EAFE 0.83 52%
MSCI Emg. Mkts. 0.68 51%

Technical Indicators
Recent close $34.21
30d moving avg. $33.81
Annualized volatility 15.2%
Short interest (ETF) 1.2%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 16
Turnover 1.5%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $817

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Pacer Benchmark Industrial Real Estate ETF based on the alternatives' overlap in portfolio holdings with INDS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: INDS Expense: 60 bp ALTAR Score™: 4.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH INDS
Ticker Fund
Name
Overlap1
vs INDS
(%)
Expense
ratio
(bp)
Savings
vs INDS
(bp)
ALTAR
Score™
(%)
ALTAR
vs INDS
(%)
NETL NETLease Corporate Real Estate 18.8 60 0 5.7 +1.2
PPTY PPTY-U.S. Diversified Real Estate 17.8 53 7 5.3 +0.8
SCHH Schwab US REIT 15.4 7 53 6.5 +2.0
RWR SPDR Dow Jones REIT ETF 15.4 25 35 6.3 +1.8
FRI First Trust S&P REIT 12.7 50 10 6.0 +1.5
USRT iShares Core. U.S. REIT 12.4 8 52 6.5 +2.0
BBRE JPMorgan BetaBuilders MSCI U.S. REIT 12.4 11 49 6.4 +1.9
ROOF IQ US Real Estate Small Cap 12.2 70 -10 8.5 +4.0
GQRE FlexShares Global Quality Real Estate 11.9 45 15 6.3 +1.8
ICF iShares Cohen & Steers Realty Majors 10.5 34 26 5.3 +0.8
PSR Invesco Active US Real Estate 9.8 35 25 5.5 +1.0
FREL Fidelity MSCI Real Estate 9.8 8 52 6.1 +1.6
RORE Hartford Multifactor REIT 9.5 45 15 13.0 +8.5
IYR iShares U.S. Real Estate 9.1 42 18 5.7 +1.2
XLRE Real Estate Select Sector SPDR 9.1 13 47 5.4 +0.9
PFI Invesco Dynamic Financial Sector 9.0 60 0 4.6 +0.1
REET iShares Global REIT 8.9 14 46 6.2 +1.7
RWO SPDR DJ Global Real Estate 8.8 50 10 5.9 +1.4
VNQ Vanguard REIT ETF 8.7 12 48 6.0 +1.5
FFR First Trust FTSE EPRA/NAREIT Global Real Estate 7.5 60 0 6.1 +1.6

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 info ** ** ** ** ** ** **
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 Benchmark Industrial Real Estate
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.7 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 4.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.