Pacer International Export Leaders ETF(CBOE:PIEL)

PIEL is a passively managed index ETF designed to track the total return, before fees and expenses, of an index containing approximately 100 large- and mid-cap non-US companies, chosen from the FTSE Developed ex US Index, that have the highest percentage of foreign sales and the highest free cash flow margins. Companies are first filtered for foreign sales exposure, then ranked by free cash flow margin, with the top 100 selected and weighted by market capitalization, capped at 5% per company. The index is rebalanced and reconstituted semi-annually. The fund is considered non-diversified, meaning it may hold larger positions in fewer companies compared to diversified funds.