ETF Research Center

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
Total	75.1 %
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 %

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	**	**	**	**	**	**	**
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	%

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.