Pacer Funds Trust - Pacer International Export Leaders ETF (PIEL) is an exchange-traded fund that seeks to provide investment results corresponding to the price and yield performance, before fees and expenses, of the Pacer International Export Leaders Index. The fund invests at least 80% of its total assets in securities issued by companies that generate at least 20% of their annual revenue from the United States, focusing on international companies with significant U.S. export exposure; it employs a rules-based methodology to select holdings from developed and emerging markets outside the U.S., excluding the largest 200 U.S. companies by market capitalization to emphasize smaller export-oriented firms. Key holdings typically span sectors such as industrials, materials, consumer discretionary, and information technology, with examples including companies like Volvo AB, Kone Oyj, and Samsung Electronics Co Ltd, providing investors with diversified exposure to global trade dynamics driven by U.S. demand. Pacer Funds Trust, founded in 2016 and headquartered in Dublin, Ohio, operates the ETF as part of its broader suite of actively managed and index-tracking products offered through Pacer ETFs; the trust distributes shares primarily to retail and institutional investors via U.S. stock exchanges, with geographic focus on international markets in Europe, Asia-Pacific, and Latin America. In recent developments, Pacer Funds Trust expanded its product lineup in 2024 with new ETF launches emphasizing thematic strategies, including enhancements to export-leaders screens amid rising U.S. trade data; the firm also announced strategic partnerships with leading index providers to refine proprietary benchmarks like the PIEL index, alongside asset growth surpassing $10 billion in assets under management for select funds by late 2025, reflecting increased investor interest in export-themed equities amid global supply chain shifts.