At a glance
PEXL charges 0.49% a year, above the 0.14% average of the 8 funds most like it (the most expensive of 9). It has $50.6M in assets, the 8th largest of that group; it paid 0.36% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.2% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +23.6% a year. At its worst it fell 29.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 44.5% of the fund, out of 100 in all.
The short version
Pacer US Export Leaders ETF (PEXL) is an index fund that tracks the Pacer US Export Leaders Index. The index holds about 100 large and mid-size US companies that make a large share of their sales abroad and turn much of that revenue into free cash flow. Its 0.49% yearly fee is well above the 0.14% average of similar funds. It also leans heavily on technology, led by Microsoft, Apple and Broadcom as of July 31, 2026.
Price history
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PEXL +20.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PEXL official prospectus, to Dec 31, 2025 | — | +26.73% | — | +11.57% | — | +13.28% |
| PEXL price data to Oct 27, 2026 | +17.7% | +20.2% | +23.6% | +11.1% | — | +16.8% |
- Over the year to Oct 27, 2026, PEXL returned +20.2%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +11.1%.
- Its worst full calendar year was 2022 (-20.4%); its best was 2021 (+30.1%).
- The deepest fall in its price history was 30.4% (Dec 29, 2021 to Oct 14, 2022), recovered by Feb 8, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.7% | — |
| 2025 | +27.3% | +26.73% |
| 2024 | +5.8% | +6.02% |
| 2023 | +24.4% | +24.50% |
| 2022 | -20.4% | -20.42% |
| 2021 | +30.1% | +29.88% |
| 2020 | — | +25.02% |
| 2019 | — | +39.46% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.9% over that stretch · deepest drop along the way 29.9%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1200 | |
| 2025 | $0.2700 | +17.4% |
| 2024 | $0.2300 | 0.0% |
| 2023 | $0.2300 | +4.5% |
| 2022 | $0.2200 | +120.0% |
| 2021 | $0.1000 |
What's inside
As of Jul 31, 2026, the fund held 100 securities; the ten largest made up 44.54% of assets.
| Holding | Weight | |
|---|---|---|
| Microsoft Corp | 6.18% | |
| Apple Inc | 5.51% | |
| Broadcom Inc | 5.29% | |
| Alphabet Inc | 5.14% | |
| Meta Platforms Inc | 5.10% | |
| Advanced Micro Devices Inc | 4.83% | |
| Applied Materials Inc | 3.31% | |
| Coca-Cola Co | 3.09% | |
| General Electric Co | 3.08% | |
| Lam Research Corp | 3.01% | |
| Procter & Gamble Co | 2.76% | |
| Netflix Inc | 2.48% | |
| Philip Morris International In | 2.44% | |
| GE Vernova Inc | 2.18% | |
| Texas Instruments Inc | 2.06% |
By country
United States 96.78%Ireland 2.22%Netherlands 0.47%Switzerland 0.46%By asset type
Stocks 99.94%By sector
Sectors of the companies held, for the 85.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $2.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.87%, +2.56%, -7.12%.
How it works
The fund follows a rules-based index built by Index Design Group, an affiliate of the fund's adviser, Pacer Advisors. It starts with the S&P 900, which combines the S&P 500 and the S&P MidCap 400. From those, it takes the 200 companies with the highest foreign sales as a share of total sales. It then ranks them by free cash flow margin over the past 12 months. Free cash flow is cash from operations minus spending on equipment and buildings, and the margin is that figure divided by sales. The top 100 make the index.
Holdings are weighted by market capitalization, meaning a company's total stock market value. Each company is capped at 5% at the quarterly rebalance. Between rebalances, rising stocks can drift past the cap: Microsoft was 6.2% of the fund as of July 31, 2026. The 10 largest positions made up 44.5%. Because the list is rebuilt every quarter, portfolio turnover was 100%, which adds trading costs.
The fund generally buys every stock in the index in about the same proportions. It must keep at least 80% of net assets in index stocks. It held no derivatives as of July 31, 2026. Since these companies rely on foreign customers, changes in exchange rates, trade and politics abroad can hurt them.
What it really costs
- PEXL charges 0.49% a year, versus an average of 0.14% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PEXL | $50 | $157 | $274 | $616 |
In a retirement portfolio
It is a concentrated, tech-heavy factor fund that has swung more than the market and costs more than its peers, so it fits better as a small add-on than as a foundation.
PEXL tilts a portfolio toward cash-rich US multinationals, but it overlaps 43% with QQQ and has moved more than the market, with a beta of 1.41 over the year to October 27, 2026. It has no 2008 record. It lost 24.91% in the first quarter of 2020. Its worst calendar year was 2022, when it lost 20.4%. Its deepest drop, 30.4%, ran from December 2021 to October 2022 and was not recovered until February 8, 2024. Anyone forced to sell shares during that stretch would have locked in losses.
The yield was 0.36% as of October 27, 2026, paid quarterly, so it adds little income. In the SEC's standard example, $10,000 would cost $616 in fees over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based tilt toward US multinationals with high free cash flow margins, such as Microsoft, Apple, Broadcom and Coca-Cola.
- Those adding a small satellite position beside a broad core fund who can accept a beta of 1.41 and a past 30.4% drop.
- Long-term holders able to wait out slumps like 2022, when the fund needed about 14.5 months after its low to recover.
Look elsewhere if
- Cost-focused investors: the 0.49% expense ratio ranks 9th of 9 similar funds, against a peer average of 0.14%.
- Retirees seeking income: the trailing yield was just 0.36% as of October 27, 2026, paid quarterly.
- Anyone who already owns big tech funds: technology was about 45% of classified holdings, and overlap with QQQ was 43%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PEXL this fund | — | 0.49% | $50.6M | +20.2% | +23.6% |
| QQQ Invesco QQQ Trust Series I | 43% | 0.2% | $490.10B | +8.8% | +24.0% |
| QQMG Invesco ESG NASDAQ 100 ETF | 42% | 0.2% | $200.0M | +16.4% | +29.5% |
| SCHG Schwab U.S. Large-Cap Growth ETF | 35% | 0.04% | $63.03B | +2.2% | +23.0% |
| SPTM SPDR Portfolio S&P 1500 Composite Stock Mar… | 31% | 0.03% | $13.58B | +11.9% | +21.5% |
| DFUS Dimensional U.S. Equity Market ETF | 30% | 0.09% | $20.88B | +11.7% | +22.0% |
| SPHB Invesco S&P 500® High Beta ETF | 25% | 0.25% | $909.8M | +23.7% | +31.8% |
| DFAC Dimensional U.S. Core Equity 2 ETF | 23% | 0.17% | $47.89B | +15.9% | +21.1% |
Questions investors ask
What does PEXL invest in?
PEXL holds about 100 large and mid-size US companies with high foreign sales and strong free cash flow margins. The stocks come from the S&P 500 and S&P MidCap 400 and are weighted by size, with a 5% cap at each quarterly rebalance. As of July 31, 2026, the largest holdings were Microsoft (6.2%), Apple (5.5%), Broadcom (5.3%), Alphabet (5.1%) and Meta (5.1%). The top 10 made up 44.5% of the fund.
Is PEXL good for retirement?
PEXL may suit retirement investors as a small, higher-risk add-on rather than a core holding. It fell 30.4% from December 2021 to October 2022 and did not recover until February 2024. It also lost 24.91% in the first quarter of 2020. Its yield was 0.36% as of October 27, 2026, so it provides little income. Its 0.49% fee is also high compared with similar funds.
PEXL vs QQQ: what's the difference?
PEXL picks stocks by foreign sales and free cash flow margin, while QQQ (Invesco QQQ Trust Series I) is a much larger fund with $490 billion in net assets as of June 30, 2026. Their holdings overlap by 43%. QQQ charges 0.20% a year, compared with PEXL's 0.49%. PEXL returned 20.2% over the year to October 27, 2026, against 10.8% for QQQ through October 30. Over three years, QQQ led, 26.2% a year to 23.6%.
Does PEXL pay dividends?
Yes, PEXL pays dividends quarterly, but they are small. Over the 12 months to October 27, 2026, it paid $0.26 per share, a yield of 0.36%. The low yield reflects its holdings. Its top positions, like Microsoft, Broadcom and AMD, are mostly technology and communication companies that keep more of their cash for growth. Investors who need steady income from their portfolio would get little of it here.
How has PEXL performed over 5 years?
PEXL returned 11.57% a year on average over the five years to December 31, 2025, according to its prospectus. Since its July 2018 launch, it averaged 13.28% a year through that date. Results have been uneven. It gained 29.88% in 2021, lost 20.42% in 2022 and gained 26.73% in 2025. Based on price data, its five-year return was 11.1% a year as of October 27, 2026.