Pacer American Energy Independence ETF
ALTAR
Score™
2.0% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
19.9x P/Sales
ratio
0.9x
P/BV
ratio
1.7x Div.
yield
6.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
USAI tracks an index of US and Canadian MLPs involved in midstream energy infrastructure. The fund holds fixed percentages of different categories of holdings.

FUND BASICS
Category US Equities
Fund Sponsor Pacer Financial
Website www.paceretfs.com
Inception date Dec 13, 2017
Assets (mns) $11
Currency USD
Expense ratio 75 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 35
Wgt avg mkt cap (mns) $21,584
Large cap (>$10bn) 60.5%
Mid cap ($2-10bn) 23.9%
Small cap (<$2bn) 15.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENBRIDGE INC 7.6 %
TRANSCANADA CORP 7.6 %
KINDER MORGAN INC 7.5 %
ONEOK INC 7.3 %
ENTERPRISE PRODUCTS PARTNERS 7.1 %
WILLIAMS COS INC 6.8 %
PEMBINA PIPELINE CORP 4.5 %
CHENIERE ENERGY INC 4.3 %
ENERGY TRANSFER EQUITY LP 4.2 %
TARGA RESOURCES CORP 4.0 %
Total 60.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 67.5 %
CANADA 28.9 %









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.
21.6% 21.6% -- -- 0.3%

Market Correlations
versus... Beta R-squared
S&P500 1.04 50%
MSCI EAFE 1.15 47%
MSCI Emg. Mkts. 0.79 36%

Technical Indicators
Recent close $22.83
30d moving avg. $23.33
Annualized volatility 21.5%
Short interest (ETF) 0.2%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.8%
Bid/Ask (% of price) 0.31%
ADV underlying (mns) $2,139

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 18 potential alternatives to the Pacer American Energy Independence ETF ETF based on the alternatives' overlap in portfolio holdings with USAI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: USAI Expense: 75 bp ALTAR Score™: 2.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH USAI
Ticker Fund
Name
Overlap1
vs USAI
(%)
Expense
ratio
(bp)
Savings
vs USAI
(bp)
ALTAR
Score™
(%)
ALTAR
vs USAI
(%)
ENFR Alerian Energy Infrastructure 81.3 55 20 3.9 +1.9
YMLP Yorkville High Income MLP 81.2 84 -9 3.8 +1.8
MLPX Global X MLP & Energy Infrastructure 76.0 45 30 3.8 +1.8
TPYP Tortoise North American Pipeline 73.0 40 35 4.5 +2.5
EMLP First Trust N. American Energy Infrastructure 42.0 95 -20 4.6 +2.6
TOLZ ProShares Global Infrastructure 29.9 46 29 4.9 +2.9
GHII Invesco S&P High Income Infrastructure 28.6 45 30 5.2 +3.3
GLIF AGFiQ Global Infrastructure 22.6 45 30 4.9 +2.9
AMZA InfraCap MLP 21.4 240 -165 5.2 +3.3
AMLP Alerian MLP ETF 21.0 85 -10 4.5 +2.6
IGF iShares S&P Global Infrastructure 20.2 46 29 4.5 +2.6
GII SPDR FTSE/Macquarie Global Infrastructure 20.0 40 35 4.6 +2.6
FTXN First Trust Nasdaq Oil & Gas 20.0 60 15 4.2 +2.3
MLPA Global X MLP 19.2 45 30 4.2 +2.2
INFR Legg Mason Global Infrastructure 18.5 40 35 5.3 +3.4
PXI Invesco Dynamic Energy Sector 17.9 60 15 0.4 -1.6
JHME John Hancock Multifactor Energy 16.1 40 35 3.2 +1.3
ZMLP Direxion Zacks MLP High Income 12.8 65 10 6.7 +4.7

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 American Energy Independence ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 4.6 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 2.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 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.
 

 

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.