ETF Research Center

The Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF tracks an equal-weighted index of large-cap stocks following a seasonal rotation strategy.

FUND BASICS
Category	US Equities
Fund Sponsor	Pacer Financial
Website	www.paceretfs.com
Inception date	Jul 23, 2018
Assets (mns)	$70
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	229
Wgt avg mkt cap (mns)	$52,349
Large cap (>$10bn)	85.3%
Mid cap ($2-10bn)	14.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.6 %
AVERY DENNISON CORP	1.0 %
PPG INDUSTRIES INC	1.0 %
DOW, INC.	1.0 %
INTL FLAVORS & FRAGRANCES	1.0 %
INTERNATIONAL PAPER CO	1.0 %
LYONDELLBASELL INDU-CL A	1.0 %
FREEPORT-MCMORAN COPPER	0.9 %
FMC CORP	0.9 %
NUCOR CORP	0.9 %
SHERWIN-WILLIAMS CO/THE	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.2 %
	BRITAIN	4.0 %
	IRELAND	2.6 %
	SWITZERLAND	0.8 %

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.
32.5%	19.8%	--	--	15.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	94%
MSCI EAFE	1.05	78%
MSCI Emg. Mkts.	0.80	62%

Technical Indicators
Recent close	$30.44
30d moving avg.	$30.05
Annualized volatility	17.4%
Short interest (ETF)	1.5%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	48
Turnover	2.1%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$71,240

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF based on the alternatives' overlap in portfolio holdings with SZNE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SZNE

Expense:

60 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SZNE
Ticker	Fund Name	Overlap¹ vs SZNE (%)	Expense ratio (bp)	Savings vs SZNE (bp)	ALTAR Score™ (%)	ALTAR vs SZNE (%)
RSP	Invesco S&P 500 Equal Weight	45.3	20	40	6.7	-0.6
RVRS	Reverse Cap Weighted US Large Cap	43.8	29	31	7.8	+0.5
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	38.3	17	43	7.0	-0.4
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	38.1	9	51	6.0	-1.4
SCIU	Global X Scientific Beta US	36.9	19	41	5.7	-1.7
RNLC	Large Cap US Equity Select	35.9	60	0	6.3	-1.1
TPLC	Timothy Plan US Large Cap Core	35.4	52	8	5.5	-1.8
CFA	Compass EMP US 500 Volatility Weighted	35.1	35	25	6.0	-1.3
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	35.1	35	25	6.0	-1.3
EUSA	iShares MSCI USA Equal Weight	34.8	15	45	6.4	-0.9
VO	Vanguard Mid-Cap ETF	34.7	4	56	5.7	-1.6
SIZE	iShares MSCI USA Size Factor	34.7	15	45	6.2	-1.1
JPUS	JPMorgan Diversified Return U.S. Equity	34.4	19	41	6.3	-1.1
FEX	First Trust Large Cap Core Alphadex	33.5	61	-1	6.3	-1.0
JHML	John Hancock Multifactor Large Cap	33.4	34	26	5.9	-1.4
ONEO	SPDR Russell 1000 Momentum Focus	33.4	20	40	6.4	-0.9
DEUS	Xtrackers Russell 1000 Comprehensive Factor	33.3	17	43	6.3	-1.0
SPXN	ProShares S&P 500 Ex-Financials	31.9	27	33	5.9	-1.5
SPXV	ProShares S&P 500 Ex-Health Care	31.5	27	33	5.6	-1.7
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	30.9	9	51	6.1	-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 CFRA-Stovall Equal Weight Seasonal Rotation
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.1	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.