ETF Research Center

The Pacer US Export Leaders ETF tracks an index of large- and midcap US stocks selected based on foreign sales and free cash flow growth. Fund holdings are equally weighted.

FUND BASICS
Category	US Equities
Fund Sponsor	Pacer Financial
Website	www.paceretfs.com
Inception date	Jul 23, 2018
Assets (mns)	$1
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$56,758
Large cap (>$10bn)	59.1%
Mid cap ($2-10bn)	38.9%
Small cap (<$2bn)	2.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.1 %
SYNAPTICS INC	1.5 %
QORVO INC	1.3 %
TIFFANY & CO	1.2 %
FORTINET INC	1.2 %
GOODYEAR TIRE & RUBBER CO	1.2 %
REGENERON PHARMACEUTICALS	1.2 %
MKS INSTRUMENTS INC	1.2 %
TIMKEN CO	1.2 %
TECH DATA CORP	1.1 %
VISTEON CORP	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.4 %
	IRELAND	2.9 %
	SWITZERLAND	0.9 %
	BRITAIN	0.8 %

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.
27.8%	16.2%	--	--	4.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.45	96%
MSCI EAFE	1.65	90%
MSCI Emg. Mkts.	1.32	79%

Technical Indicators
Recent close	$27.40
30d moving avg.	$26.34
Annualized volatility	26.6%
Short interest (ETF)	2.1%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$23,433

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PEXL

Expense:

60 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PEXL
Ticker	Fund Name	Overlap¹ vs PEXL (%)	Expense ratio (bp)	Savings vs PEXL (bp)	ALTAR Score™ (%)	ALTAR vs PEXL (%)
RYT	Invesco S&P Equal Weight Technology	24.2	40	20	6.6	+0.4
FXL	First Trust Technology Alphadex	24.1	63	-3	5.6	-0.5
SPHB	Invesco S&P 500 High Beta	23.9	25	35	6.3	+0.2
QQEW	First Trust NASDAQ 100 Equal Weight	22.8	60	0	6.0	-0.1
QQQE	Direxion NASDAQ-100 Equal Weight	22.7	35	25	6.3	+0.2
PSET	Principal Price Setters	22.6	29	31	5.5	-0.6
JHMT	John Hancock Multifactor Technology	22.2	40	20	6.0	-0.1
KRMA	Global X Conscious Companies	20.3	43	17	6.2	+0.1
PXLG	Invesco Fundamental Pure Large Growth	20.1	35	25	8.2	+2.1
SLT	Salt TruBeta High Exposure	20.1	29	31	6.4	+0.3
DSTL	Distillate US Fundamental Stability & Value	19.8	39	21	7.3	+1.2
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	19.5	60	0	6.7	+0.5
SUSA	iShares MSCI USA ESG Select	19.3	25	35	5.3	-0.8
QTUM	Defiance Quantum	18.2	40	20	6.4	+0.3
FTXL	First Trust Nasdaq Semiconductor	17.5	60	0	6.2	+0.1
IGM	iShares S&P N. American Technology	16.9	46	14	4.6	-1.5
ETHO	Etho Climate Leadership U.S.	16.7	45	15	4.9	-1.2
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	16.7	15	45	5.5	-0.7
TTAC	TrimTabs All Cap US Free-Cash-Flow	16.7	59	1	4.9	-1.2
VUG	Vanguard Growth ETF	16.3	4	56	4.9	-1.3

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 Export Leaders
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.9	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.