2025-09-05197202_PacerAmericanEnergyIndependenceETF_TF_TSRAnnual
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Pacer American Energy Independence ETF
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USAI (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer American Energy Independence ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer American Energy Independence ETF
$77
0.75%
FACTORS INFLUENCING FUND PERFORMANCE
A strategy-driven exchange traded fund (ETF) that aims to offer investors exposure to U.S. and Canadian companies that generate the majority of their cash flow from midstream energy infrastructure activities.
From November 1, 2024 to October 31, 2025, the Pacer American Energy Independence ETF (USAI) returned approximately +6.10% on a  NAV basis, closely tracking its underlying American Energy Independence Index at +7.08%, while the S&P 500 Index returned about 21.45% over the same period.  USAI’s midstream-energy-infrastructure focus performed well in a robust energy market, with gains supported by strong demand for contract-based energy infrastructure companies that benefit from U.S. energy independence trends, though sensitivity to commodity price fluctuations and sector concentration modestly shaped relative results versus broader equities.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(12/12/2017)
Pacer American Energy Independence ETF NAV
6.10
26.39
11.29
American Energy Independence Index
7.08
27.82
12.53
S&P 500 Index
21.45
17.64
14.58
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Pacer American Energy Independence ETF  PAGE 1  TSR-AR-69374H634
 
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$79,555,733
Number of Holdings
26
Net Advisory Fee
$655,945
Portfolio Turnover
24%
30-Day SEC Yield
3.83%
30-Day SEC Yield Unsubsidized
3.83%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
23.4%
Energy Transfer LP
7.5%
Kinder Morgan, Inc.
7.3%
Williams Cos., Inc.
7.3%
Enbridge, Inc.
7.2%
TC Energy Corp.
7.2%
Cheniere Energy, Inc.
7.0%
MPLX LP
4.6%
Enterprise Products Partners LP
4.4%
Pembina Pipeline Corp.
4.3%
Top Sectors
(%)
Energy
99.6%
Cash & Other
0.4%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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1000096659821720813026151431554921909232451000097591001974361366816045166322369125368100001034611828129771854515836174422407329237
 
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Pacer BlueStar Digital Entertainment ETF
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ODDS (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer BlueStar Digital Entertainment ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer BlueStar Digital Entertainment ETF
$62
0.54%
FACTORS INFLUENCING FUND PERFORMANCE
A rules-based exchange traded fund (ETF) that aims to offer investors exposure to globally listed companies and depositary receipts that generate the majority of their revenue from online gambling, video game development or eSports.
From November 1, 2024 to October 31, 2025, the Pacer BlueStar Digital Entertainment ETF (ODDS) returned approximately +31.37 on a NAV basis, closely tracking its underlying BlueStar Global Online Gambling, Video Gaming, and eSports Index at +32.33%, and outperforming broader global equity benchmarks such as the S&P Global 1200, which returned about +23.01% over the same period. ODDS’s digital entertainment thematic strategy significantly outperformed broad markets, with gains supported by strong returns in online gaming, video game development, and eSports related companies globally; however, concentration in sector specific holdings and exposure to highly cyclically driven names modestly shaped relative results versus diversified benchmarks.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(04/07/2022)
Pacer BlueStar Digital Entertainment ETF NAV
31.37
14.51
BlueStar Global Online Gambling, Video Gaming, and eSports Index
32.33
15.24
S&P Global 1200 Index
23.01
13.53
Visit https://www.paceretfs.com/ for more recent performance information.
Pacer BlueStar Digital Entertainment ETF  PAGE 1  TSR-AR-69374H394
 
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$4,909,747
Number of Holdings
45
Net Advisory Fee
$13,556
Portfolio Turnover
47%
30-Day SEC Yield
0.50%
30-Day SEC Yield Unsubsidized
0.50%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Tencent Holdings Ltd.
9.0%
Flutter Entertainment PLC
7.3%
Evolution AB
6.5%
DraftKings, Inc.
6.1%
Nintendo Co. Ltd.
5.2%
ROBLOX Corp. - Class A
4.8%
NetEase, Inc.
4.1%
Entain PLC
3.4%
Electronic Arts, Inc.
3.1%
Take-Two Interactive Software, Inc.
3.0%
Top Sectors
(%)
Communication Services
50.3%
Consumer Discretionary
47.1%
Information Technology
2.5%
Cash & Other
0.1%
Top Countries
(%)
United States
31.0%
China
15.3%
Japan
12.7%
Sweden
12.2%
United Kingdom
7.1%
Australia
4.5%
South Korea
3.2%
Switzerland
2.6%
Taiwan
2.3%
Cash & Other
9.1%
* Percentages are stated as a percent of net assets.
The Fund’s Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 1, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by February 28, 2026 at  https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer BlueStar Engineering the Future ETF
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BULD (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer BlueStar Engineering the Future ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer BlueStar Engineering the Future ETF
$66
0.56%
FACTORS INFLUENCING FUND PERFORMANCE
A rules-based exchange traded fund (ETF) that aims to offer investors exposure to globally listed companies and depositary receipts that generate at least 50% of their revenues from robotics and manufacturing automation, 3D printing or computer aided design.
From November 1, 2024 to October 31, 2025 the Pacer BlueStar Engineering the Future ETF (BULD) returned approximately +34.87% on a  NAV basis, closely tracking its underlying BlueStar Global Robotics & 3D Printing Index at around +35.47%, while the global equity benchmarks such as the S&P Global 1200 Index returned about +23.01% over the same period.  BULD’s robotics, automation, and 3D printing thematic strategy delivered strong positive returns in a market that rewarded innovation and industrial technology exposures, with gains supported by top contributors in automation and CAD-related companies (e.g., ASML, Proto Labs, Autodesk). However, its concentrated theme and higher exposure to cyclically sensitive tech names modestly shaped relative results versus diversified global equity benchmarks.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(05/04/2022)
Pacer BlueStar Engineering the Future ETF NAV
34.87
9.11
BlueStar Robotics and 3D Printing Index
35.47
9.69
S&P Global 1200 Index
23.01
15.31
S&P Global 1200 Industrials Sector Index
22.64
17.01
Pacer BlueStar Engineering the Future ETF  PAGE 1  TSR-AR-69374H410
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$1,660,119
Number of Holdings
52
Net Advisory Fee
$6,465
Portfolio Turnover
32%
30-Day SEC Yield
0.11%
30-Day SEC Yield Unsubsidized
0.11%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
3D Systems Corp.
9.2%
ASML Holding NV
9.2%
Proto Labs, Inc.
8.6%
Mount Vernon Liquid Assets Portfolio, LLC
7.7%
Lam Research Corp.
7.0%
Autodesk, Inc.
6.9%
Applied Materials, Inc.
6.6%
KLA Corp.
5.7%
Stratasys Ltd.
4.6%
Dassault Systemes SE
3.7%
Top Sectors
(%)
Information Technology
63.6%
Industrials
34.4%
Consumer Discretionary
1.4%
Health Care
0.3%
Energy
0.2%
Cash & Other
0.1%
Top Ten Countries
(%)
United States
67.9%
Japan
16.8%
Netherlands
11.0%
Israel
4.0%
France
3.7%
Germany
1.4%
Belgium
0.8%
United Kingdom
0.6%
Finland
0.4%
Cash & Other
-6.6%
* Percentages are stated as a percent of net assets.
The Fund’s Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 1, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by February 28, 2026 at  https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF
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QQWZ (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF for the period of May 6, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF
$28
0.49%
* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
FACTORS INFLUENCING FUND PERFORMANCE
A strategy driven exchange traded fund that aims to provide capital appreciation by tracking an index that alternates exposure between growth (Nasdaq-100 Index®) and value (Pacer US Cash Cows 100 Index).
From May 6, 2025 (the fund’s inception date) through October 31, 2025, the Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF (QQWZ) returned +30.80% on a NAV basis, closely tracking its underlying Pacer COWZ NDX Rotator Index at +31.11%, while the S&P 500 Index returned about +22.76% over a comparable period.  QQWZ’s rotation strategy, which alternates exposure between the Nasdaq-100 and the Pacer US Cash COWZ 100 Index based on relative performance, delivered strong gains in a growth-led market, with performance supported by exposure to leading large-cap technology names such as NVIDIA, Apple, Microsoft, Broadcom, and Amazon. However, its relatively concentrated equity exposure and sector timing decisions modestly shaped relative results versus broader market benchmarks.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(05/06/2025)
Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF NAV
30.80
Pacer COWZ NDX Rotator Index
31.11
S&P 500 Index
22.76
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$9,716,499
Number of Holdings
102
Net Advisory Fee
$15,655
Portfolio Turnover
3%
30-Day SEC Yield
0.16%
30-Day SEC Yield Unsubsidized
0.16%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)
Top Sectors
(%)
Information Technology
56.1%
Communication Services
14.8%
Consumer Discretionary
13.2%
Health Care
4.4%
Consumer Staples
4.3%
Industrials
3.8%
Utilities
1.4%
Materials
1.0%
Energy
0.5%
Cash & Other
0.5%
Top 10 Issuers
(%)
NVIDIA Corp.
10.2%
Apple, Inc.
8.3%
Microsoft Corp.
8.0%
Alphabet, Inc.
6.6%
Broadcom, Inc.
6.0%
Amazon.com, Inc.
5.4%
Tesla Motors, Inc.
3.5%
Meta Platforms, Inc.
2.9%
Netflix, Inc.
2.4%
Palantir Technologies, Inc.
2.3%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer Developed Markets Cash Cows Growth Leaders ETF
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EAFG (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Developed Markets Cash Cows Growth Leaders ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Developed Markets Cash Cows Growth Leaders ETF
$71
0.65%
FACTORS INFLUENCING FUND PERFORMANCE
A strategy-driven exchange traded fund that aims to provide exposure to top growth companies in the MSCI EAFE Index by screening for above average free cash flow margins.
From November 1, 2024 to October 31, 2025 the Pacer Developed Markets Cash Cows Growth Leaders ETF (EAFG) returned approximately +18.44% on a NAV basis, closely tracking its underlying Pacer Developed Markets Cash Cows Growth Leaders Index at +20.19%, while the developed international equity benchmark MSCI EAFE Index returned about +23.03% over the same period. EAFG’s free cash flow focused, growth oriented strategy delivered solid positive returns in global developed markets, with performance supported by strong contributions from holdings exhibiting high cash-flow margins and growth characteristics. However, its value-tilted cash-cows approach and regional exposures modestly detracted from results relative to broader international benchmarks.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(03/20/2024)
Pacer Developed Markets Cash Cows Growth Leaders ETF NAV
18.44
9.81
Pacer Developed Markets Cash Cows Growth Leaders Index
20.19
11.39
MSCI World Index
22.02
18.49
MSCI EAFE Index
23.03
15.24
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$2,858,671
Number of Holdings
102
Net Advisory Fee
$10,352
Portfolio Turnover
104%
30-Day SEC Yield
1.36%
30-Day SEC Yield Unsubsidized
1.36%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Fresnillo PLC
4.7%
Advantest Corp.
4.4%
Wartsila OYJ Abp
2.9%
Nexon Co. Ltd.
2.8%
Evolution Mining Ltd.
2.8%
Rolls-Royce Holdings PLC
2.7%
LafargeHolcim Ltd.
2.5%
Prosus NV
2.2%
Mount Vernon Liquid Assets Portfolio, LLC
2.1%
Galderma Group AG
2.1%
Top Sectors
(%)
Information Technology
19.9%
Industrials
18.7%
Communication Services
13.8%
Materials
13.7%
Health Care
13.3%
Consumer Discretionary
12.9%
Consumer Staples
4.6%
Energy
2.4%
Utilities
0.5%
Cash & Other
0.2%
Top Countries
(%)
Japan
21.2%
United Kingdom
13.5%
Australia
11.0%
Switzerland
10.8%
Netherlands
7.7%
Sweden
5.0%
Mexico
4.7%
Hong Kong
3.5%
Denmark
3.3%
Cash & Other
19.3%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF
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QSIX (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF
$68
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
A strategy driven exchange traded fund that aims to provide cash distributions equal to 600% of the Nasdaq-100® ordinary yield in exchange for modestly lower exposure to the Nasdaq-100 Index® performance.
From November 1, 2024 to October 31, 2025, the Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF (QSIX)  returned 26.61%, which slightly trailed the 27.60% of its underlying Metaurus Nasdaq-100 Dividend Multiplier 600 Index. Over the same period, the Nasdaq 100 Total Return Index gained roughly 30.95%, while the S&P 500 Index returned about 21.45%. QSIX’s high dividend yield (~4–4.5%) supported returns. Strong tech stock gains helped performance, and the fund outpaced the broader S&P 500, reflecting its income-focused, tech-heavy approach.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/23/2024)
Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF NAV
26.61
24.42
Metaurus Nasdaq-100 Dividend Multiplier Total Return Index - Series 600
27.60
25.13
S&P 500 Index
21.45
19.11
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
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KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$13,522,435
Number of Holdings
106
Net Advisory Fee
$45,263
Portfolio Turnover
4%
30-Day SEC Yield
0.18%
30-Day SEC Yield Unsubsidized
0.18%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
13.8%
NVIDIA Corp.
9.5%
Apple, Inc.
7.8%
Microsoft Corp.
7.4%
Broadcom, Inc.
5.5%
Amazon.com, Inc.
5.0%
Tesla Motors, Inc.
3.2%
Alphabet, Inc. - Class A
3.1%
Alphabet, Inc. - Class C
3.0%
Meta Platforms, Inc. - Class A
2.7%
Top Sectors
(%)
Information Technology
51.9%
Communication Services
13.7%
Consumer Discretionary
12.2%
Health Care
4.0%
Consumer Staples
4.0%
Industrials
3.5%
Utilities
1.3%
Materials
1.0%
Energy
0.4%
Cash & Other
8.0%
Top Countries
(%)
United States
102.7%
Canada
1.4%
Netherlands
0.7%
Uruguay
0.5%
United Kingdom
0.5%
Ireland
0.4%
Australia
0.1%
Cash & Other
-6.3%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
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QDPL (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
$66
0.60%
FUND DESCRIPTION AND INVESTMENT STRATEGY
A strategy driven exchange traded fund that aims to provide cash distributions equal to 400% of the S&P 500 ordinary yield in exchange for modestly lower exposure (approximately 90%) to the S&P 500 Index performance.
From November 1, 2024 to October 31, 2025, the Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (QDPL) returned approximately +19.54% on a NAV basis, closely tracking its underlying Metaurus US Large Cap Dividend Multiplier Index – Series 400 at +19.65% while the S&P 500 Index returned about +21.45% over the same period.  QDPL’s dividend-multiplier strategy delivered solid positive returns in a broad equity uptrend, with performance supported by exposure to large-cap companies with strong dividends and share price gains, though its structural allocation and focus on enhanced dividend exposure modestly shaped relative results versus the broader market.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(07/12/2021)
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF NAV
19.54
11.44
Metaurus US Large Cap Dividend Multiplier Index - Series 400
19.65
11.87
S&P 500 Index
21.45
12.53
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Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$1,327,564,937
Number of Holdings
519
Net Advisory Fee
$5,590,831
Portfolio Turnover
6%
30-Day SEC Yield
0.75%
30-Day SEC Yield Unsubsidized
0.75%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
NVIDIA Corp.
7.8%
Apple, Inc.
6.3%
Microsoft Corp.
6.1%
Amazon.com, Inc.
3.7%
Broadcom, Inc.
2.7%
Alphabet, Inc. - Class A
2.6%
Meta Platforms, Inc. - Class A
2.2%
Alphabet, Inc. - Class C
2.1%
Tesla Motors, Inc.
2.0%
Mount Vernon Liquid Assets Portfolio, LLC
1.9%
Top Sectors
(%)
Information Technology
33.1%
Financials
11.8%
Consumer Discretionary
9.6%
Communication Services
9.2%
Health Care
8.2%
Industrials
7.4%
Government
7.0%
Consumer Staples
4.3%
Energy
2.6%
Cash & Other
6.8%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer PE/VC ETF
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PEVC (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer PE/VC ETF for the period of February 3, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Pacer PE/VC ETF
$69
0.85%
* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
FACTORS INFLUENCING FUND PERFORMANCE
A strategy driven exchange traded fund that aims to deliver a return similar to Private Equity (PE) and Venture Capital (VC) investments through publicly traded securities.
From February 3, 2025 (the fund’s inception date) through October 31, 2025 the Pacer PE/VC ETF (PEVC) returned +18.04%, closely tracking its underlying FTSE PE/VC Index at +17.75%, while the S&P 500 returned +14.34% over the same period. PEVC’s strategy, designed to replicate private equity and venture capital risk/return characteristics through liquid public equities and derivatives, delivered solid positive performance in a strong equity market, supported by gains in major large-cap technology and growth names within its basket. However, its focus on capturing private-market-like exposure and elevated expense ratio (0.85%) modestly detracted from results relative to the broader S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(02/03/2025)
Pacer PE/VC ETF NAV
18.04
FTSE PE/VC Index
17.75
S&P 500 Index
14.34
Visit https://www.paceretfs.com/ for more recent performance information.
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* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$3,522,834
Number of Holdings
219
Net Advisory Fee
$13,482
Portfolio Turnover
86%
30-Day SEC Yield
0.33%
30-Day SEC Yield Unsubsidized
0.33%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Sector Breakdown (% of net assets)
Top Sectors
(%)
Information Technology
33.7%
Financials
13.5%
Communication Services
12.5%
Consumer Discretionary
7.4%
Industrials
7.3%
Health Care
5.2%
Consumer Staples
4.6%
Materials
1.9%
Energy
1.9%
Cash & Other
12.0%
Top 10 Issuers
(%)
Alphabet, Inc.
4.6%
Microsoft Corp.
4.0%
Meta Platforms, Inc.
3.5%
NVIDIA Corp.
3.1%
Apple, Inc.
2.9%
Broadcom, Inc.
2.8%
Amazon.com, Inc.
2.7%
Visa, Inc.
2.7%
Palantir Technologies, Inc.
2.6%
Mastercard, Inc.
2.4%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer S&P 500 Quality FCF Aristocrats ETF
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LCOW (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer S&P 500 Quality FCF Aristocrats ETF for the period of May 6, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Pacer S&P 500 Quality FCF Aristocrats ETF
$26
0.49%
* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
FACTORS INFLUENCING FUND PERFORMANCE
A strategy driven exchange traded fund that aims to provide capital appreciation over time by screening the S&P 500 for 100 companies with at least 10 years of consecutive positive free cash flow and the highest free cash flow (FCF) quality score.
From May 6, 2025 (the fund’s inception date) through October 31, 2025, the Pacer S&P 500 Quality FCF Aristocrats ETF (LCOW) returned +18.92% on a NAV basis, closely tracking its underlying S&P 500 Quality FCF Aristocrats Index at +19.15%, but lagging the S&P 500 Index, which returned +22.76% over the same period.  LCOW’s quality and free-cash-flow-focused strategy delivered strong positive returns in a broad market rally, with gains supported by its exposure to high-cash-flow, large-cap companies with consistent free cash flow generation. However, its quality tilt and smaller market breadth modestly detracted from relative results versus the broader S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
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ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(05/06/2025)
Pacer S&P 500 Quality FCF Aristocrats ETF NAV
18.92
S&P 500 Quality FCF Aristocrats Index
19.15
S&P 500 Index
22.76
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$17,068,661
Number of Holdings
100
Net Advisory Fee
$27,169
Portfolio Turnover
15%
30-Day SEC Yield
0.71%
30-Day SEC Yield Unsubsidized
0.71%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)
Top Sectors
(%)
Information Technology
41.0%
Financials
17.7%
Health Care
13.8%
Communication Services
10.6%
Consumer Staples
6.3%
Consumer Discretionary
6.1%
Industrials
4.1%
Energy
0.3%
Cash & Other
0.1%
Top 10 Issuers
(%)
Alphabet, Inc.
5.7%
NVIDIA Corp.
5.3%
Broadcom, Inc.
5.3%
Apple, Inc.
5.2%
Microsoft Corp.
4.9%
Visa, Inc.
4.8%
Mastercard, Inc.
4.8%
Meta Platforms, Inc.
4.5%
AbbVie, Inc.
4.1%
Johnson & Johnson
2.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer S&P MidCap 400 Quality FCF Aristocrats ETF
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MCOW (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer S&P MidCap 400 Quality FCF Aristocrats ETF for the period of August 27, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Pacer S&P MidCap 400 Quality FCF Aristocrats ETF
$9
0.49%
* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
FACTORS INFLUENCING FUND PERFORMANCE
A strategy driven exchange traded fund that aims to provide capital appreciation over time by screening the S&P MidCap 400 for companies with at least 7 consecutive years of positive free cash flow and the highest free cash flow (FCF) quality score.
From August 27, 2025 (the fund’s inception date) through October 31, 2025, the Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (MCOW) generated a 0.10% total return (NAV), closely tracking its underlying S&P MidCap 400 Quality FCF Aristocrats Index, which returned 0.04% over the same period. For context, the broader S&P MidCap 400 Index returned (0.56)%, indicating modest relative outperformance. Performance was supported by exposure to mid-cap companies with consistent free cash flow and quality characteristics, while gains were limited by the fund’s recent launch and subdued mid-cap market conditions, as well as its quality focus reducing exposure to higher-growth stocks.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
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ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(08/27/2025)
Pacer S&P MidCap 400 Quality FCF Aristocrats ETF NAV
0.10
S&P MidCap 400 Quality FCF Aristocrats Index
0.04
S&P 500 Index
5.74
S&P MidCap 400 Index
-0.56
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$1,009,996
Number of Holdings
80
Net Advisory Fee
$875
Portfolio Turnover
14%
30-Day SEC Yield
0.29%
30-Day SEC Yield Unsubsidized
0.29%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)
Top Sectors
(%)
Information Technology
32.5%
Industrials
27.7%
Health Care
15.0%
Consumer Discretionary
10.8%
Financials
4.8%
Energy
3.1%
Communication Services
2.7%
Materials
2.0%
Consumer Staples
1.4%
Cash & Other
0.0%
Top 10 Issuers
(%)
Pure Storage, Inc.
5.4%
Docusign, Inc.
4.6%
Comfort Systems USA, Inc.
4.5%
Medpace Holdings, Inc.
3.8%
Manhattan Associates, Inc.
3.4%
Rambus, Inc.
3.2%
Doximity, Inc.
3.1%
Lattice Semiconductor Corp.
2.5%
Graco, Inc.
2.2%
Mueller Industries, Inc.
2.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF
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SCOW (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF for the period of August 27, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF
$10
0.59%
* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
FACTORS INFLUENCING FUND PERFORMANCE
A strategy driven exchange traded fund that aims to provide capital appreciation over time by screening the S&P SmallCap 600 for companies with at least 7 consecutive years of positive free cash flow and the highest free cash flow (FCF) quality score.

From August 27, 2025 (the fund’s inception date) through October 31, 2025, the Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF (SCOW) generated a (2.29)% total return (NAV), closely tracking its underlying S&P SmallCap 600 Quality FCF Aristocrats Index, which returned (2.15)% over the same period. The fund modestly underperformed the broader S&P SmallCap 600 Index (0.43)%, supported by exposure to small-cap companies with strong free cash flow and quality characteristics, while gains were limited by its recent launch and muted small-cap market conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
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ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(08/27/2025)
Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF NAV
-2.29
S&P SmallCap 600 Quality FCF Aristocrats Index
-2.15
S&P 500 Index
5.74
S&P SmallCap 600 Index
-0.43
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$984,961
Number of Holdings
80
Net Advisory Fee
$1,063
Portfolio Turnover
32%
30-Day SEC Yield
0.34%
30-Day SEC Yield Unsubsidized
0.34%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)
Top Sectors
(%)
Information Technology
25.5%
Financials
20.1%
Consumer Discretionary
15.3%
Industrials
14.3%
Health Care
11.4%
Energy
6.4%
Communication Services
4.1%
Materials
1.5%
Utilities
0.9%
Cash & Other
0.5%
Top 10 Issuers
(%)
Jackson Financial, Inc.
5.2%
Sterling Infrastructure, Inc.
4.8%
InterDigital, Inc.
4.6%
Corcept Therapeutics, Inc.
4.3%
MarketAxess Holdings, Inc.
4.3%
Etsy, Inc.
4.1%
Box, Inc.
3.4%
Magnolia Oil & Gas Corp.
3.1%
Enova International, Inc.
3.0%
Qorvo, Inc.
2.4%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer Solactive Whitney Future of Warfare ETF
image
FOWF (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Solactive Whitney Future of Warfare ETF for the period of December 17, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Pacer Solactive Whitney Future of Warfare ETF
$54
0.54%
* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
FACTORS INFLUENCING FUND PERFORMANCE
A strategy driven exchange traded fund that aims to provide capital appreciation over time by tracking companies supporting critical emerging defense technologies in the U.S. and its allied nations.

From December 17, 2024 (the fund’s inception date) through October 31, 2025, the Pacer Solactive Whitney Future of Warfare ETF (FOWF) delivered a 27.86% total return (NAV), closely tracking its underlying Solactive Whitney Future of Warfare Index, which returned 28.36% over the same period. The fund outperformed the MSCI World Index’s return of 16.55%, supported by strong performance in defense and future-of-warfare-related equities, while results were modestly tempered by sector concentration and its limited operating history.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(12/17/2024)
Pacer Solactive Whitney Future of Warfare ETF NAV
27.86
Solactive Whitney Future of Warfare Index
28.36
MSCI World Index
16.55
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Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$6,287,342
Number of Holdings
90
Net Advisory Fee
$9,702
Portfolio Turnover
39%
30-Day SEC Yield
0.94%
30-Day SEC Yield Unsubsidized
0.94%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Sector Breakdown (% of net assets)
Top Sectors
(%)
Industrials
65.3%
Information Technology
26.3%
Communication Services
4.5%
Consumer Discretionary
2.0%
Materials
1.3%
Health Care
0.6%
Cash & Other
0.0%
Top 10 Issuers
(%)
Lockheed Martin Corp.
8.3%
RTX Corp.
8.0%
General Dynamics Corp.
7.8%
Boeing Co.
6.4%
Northrop Grumman Corp.
5.6%
L3Harris Technologies, Inc.
3.2%
BAE Systems PLC
3.1%
Leidos Holdings, Inc.
2.6%
Honeywell International, Inc.
1.4%
Dell Technologies, Inc.
1.4%
* Percentages are stated as a percent of net assets.
The Fund’s Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 1, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by February 28, 2026 at  https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Solactive Whitney Future of Warfare ETF  PAGE 2  TSR-AR-69374H261
100001278610000128361000011655
 
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Pacer Swan SOS Conservative (April) ETF
image
PSCW (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Conservative (April) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Conservative (April) ETF
$62
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Conservative (April) ETF (PSCW) returned +7.53% on a NAV basis, closely tracking its structured outcome results, but lagging the S&P 500 Index, which returned +21.45% over the same period.  PSCW’s conservative defined-outcome strategy with downside buffers delivered positive, risk-managed returns, supported by its buffered exposure to the S&P 500, while its capped upside and focus on downside protection modestly detracted from returns relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome features also shaped relative performance versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(03/31/2021)
Pacer Swan SOS Conservative (April) ETF NAV
7.53
6.52
S&P 500 Index
21.45
14.24
S&P 500 Price Return Index
19.89
12.58
Visit https://www.paceretfs.com/ for more recent performance information.
Pacer Swan SOS Conservative (April) ETF  PAGE 1  TSR-AR-69374H543
 
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$77,097,334
Number of Holdings
4
Net Advisory Fee
$348,111
Portfolio Turnover
0%
30-Day SEC Yield
-0.57%
30-Day SEC Yield Unsubsidized
-0.57%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
111.3%
Written Options
-12.1%
Cash & Other
0.8%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.15
110.6%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $531.42
0.7%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $391.57 (Short)
-0.2%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $631.50 (Short)
-11.9%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Conservative (April) ETF  PAGE 2  TSR-AR-69374H543
10000105451006810383124241336010000116839976109881516518418
 
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Pacer Swan SOS Conservative (January) ETF
image
PSCX (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Conservative (January) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Conservative (January) ETF
$64
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Conservative (January) ETF (PSCX) returned +11.86% on a NAV basis, closely tracking its structured outcome strategy returns, but lagging the S&P 500 Index, which returned +21.45% over the same period.  PSCX’s conservative defined-outcome strategy delivered solid, risk-managed positive returns with downside buffer features and an upside cap, supported by buffer protections against moderate market declines, while its capped upside and emphasis on downside risk mitigation modestly detracted from performance relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome mechanics also influenced relative results versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Pacer Swan SOS Conservative (January) ETF  PAGE 1  TSR-AR-69374H584
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(12/22/2020)
Pacer Swan SOS Conservative (January) ETF NAV
11.86
8.42
S&P 500 Index
21.45
15.25
S&P 500 Price Return Index
19.89
13.57
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$31,968,691
Number of Holdings
4
Net Advisory Fee
$167,412
Portfolio Turnover
0%
30-Day SEC Yield
-0.57%
30-Day SEC Yield Unsubsidized
-0.57%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
105.0%
Written Options
-5.6%
Cash & Other
0.6%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.45
104.8%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $556.78
0.2%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $410.26 (Short)
-0.1%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $659.01 (Short)
-5.5%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Conservative (January) ETF  PAGE 2  TSR-AR-69374H584
100001079410162110551323814809100001264010793118881640719927
 
image
Pacer Swan SOS Conservative (July) ETF
image
PSCJ (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Conservative (July) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Conservative (July) ETF
$64
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Conservative (July) ETF (PSCJ) returned +13.74% on a NAV basis, closely tracking its structured outcome strategy but lagging the S&P 500 Index, which returned +21.45% over the same period.  PSCJ’s conservative defined-outcome approach delivered positive risk-managed returns with downside protection features tied to the SPDR S&P 500 ETF Trust, supported by the fund’s buffered exposure during moderate market gains, while its capped upside and emphasis on risk mitigation modestly detracted from performance relative to broad equity market gains. The fund’s 0.60% expense ratio and deployment of options-based buffers contributed to its relative return profile versus the broader S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(06/30/2021)
Pacer Swan SOS Conservative (July) ETF NAV
13.74
8.97
S&P 500 Index
21.45
12.97
S&P 500 Price Return Index
19.89
11.31
Pacer Swan SOS Conservative (July) ETF  PAGE 1  TSR-AR-69374H535
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$43,096,701
Number of Holdings
4
Net Advisory Fee
$237,780
Portfolio Turnover
0%
30-Day SEC Yield
-0.56%
30-Day SEC Yield Unsubsidized
-0.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
106.0%
Written Options
-6.6%
Cash & Other
0.6%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.80
104.0%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $586.96
2.0%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $432.50 (Short)
-0.5%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $693.41 (Short)
-6.1%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Conservative (July) ETF  PAGE 2  TSR-AR-69374H535
1000010222951910391127591451310000107639190101221397116968
 
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Pacer Swan SOS Conservative (October) ETF
image
PSCQ (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Conservative (October) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Conservative (October) ETF
$64
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Conservative (October) ETF (PSCQ) returned +12.50% on a NAV basis, closely tracking its structured outcome strategy, while lagging the S&P 500 Index, which returned +21.45% over the same period. PSCQ’s conservative defined outcome approach delivered positive, risk managed returns with downside buffer features tied to the performance of the  SPDR   S&P 500 ETF Trust, supported by its structured exposure during moderate market gains, while its capped upside and emphasis on downside protection modestly detracted from performance relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome mechanics also shaped relative results versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Pacer Swan SOS Conservative (October) ETF  PAGE 1  TSR-AR-69374H527
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/30/2021)
Pacer Swan SOS Conservative (October) ETF NAV
12.50
9.09
S&P 500 Index
21.45
13.66
S&P 500 Price Return Index
19.89
11.99
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$42,433,174
Number of Holdings
4
Net Advisory Fee
$223,550
Portfolio Turnover
0%
30-Day SEC Yield
-0.57%
30-Day SEC Yield Unsubsidized
-0.57%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
103.9%
Written Options
-4.5%
Cash & Other
0.6%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.33
100.2%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $632.87
3.7%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $466.33 (Short)
-0.9%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $743.52 (Short)
-3.6%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Conservative (October) ETF  PAGE 2  TSR-AR-69374H527
1000010171969610912126831426810000107019137100641389016870
 
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Pacer Swan SOS Flex (April) ETF
image
PSFM (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Flex (April) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Flex (April) ETF
$62
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Flex (April) ETF (PSFM) returned +8.19% on a NAV basis, closely tracking its structured outcome strategy returns (with similar market price performance), but lagging the S&P 500 Index, which returned +21.45% over the same period.  PSFM’s flexible defined outcome approach delivered positive, risk managed returns with built in buffer and cap features tied to the performance of the  SPDR S&P 500 ETF Trust, supported by its structured exposure to upside within cap limits, while its capped upside and emphasis on downside protection modestly detracted from results relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome mechanics also influenced relative performance versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(03/31/2021)
Pacer Swan SOS Flex (April) ETF NAV
8.19
9.59
S&P 500 Index
21.45
14.24
S&P 500 Price Return Index
19.89
12.58
Pacer Swan SOS Flex (April) ETF  PAGE 1  TSR-AR-69374H477
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$21,958,810
Number of Holdings
5
Net Advisory Fee
$139,461
Portfolio Turnover
0%
30-Day SEC Yield
-0.56%
30-Day SEC Yield Unsubsidized
-0.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
110.8%
Written Options
-11.6%
Cash & Other
0.8%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.27
109.8%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.39
0.9%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $335.63
0.1%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $447.51 (Short)
-0.6%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $637.42 (Short)
-11.0%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Flex (April) ETF  PAGE 2  TSR-AR-69374H477
10000110371046911494140681522110000116839976109881516518418
 
image
Pacer Swan SOS Flex (January) ETF
image
PSFD (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Flex (January) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Flex (January) ETF
$64
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Flex (January) ETF (PSFD) returned +12.96% on a  NAV basis, closely tracking its structured outcome strategy, but lagging the S&P 500 Index, which returned +21.45% over the same period. PSFD’s flexible defined-outcome strategy delivered positive, risk-managed returns with built-in buffer and cap features that seek to protect against downside while offering limited upside capture, supported by structured exposure to the S&P 500, while its capped upside and emphasis on downside protection modestly detracted from performance relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome mechanics also influenced relative results versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(12/22/2020)
Pacer Swan SOS Flex (January) ETF NAV
12.96
12.65
S&P 500 Index
21.45
15.25
S&P 500 Price Return Index
19.89
13.57
Pacer Swan SOS Flex (January) ETF  PAGE 1  TSR-AR-69374H576
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$48,583,134
Number of Holdings
5
Net Advisory Fee
$297,149
Portfolio Turnover
0%
30-Day SEC Yield
-0.56%
30-Day SEC Yield Unsubsidized
-0.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
103.9%
Written Options
-4.8%
Cash & Other
0.9%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.56
103.6%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.08
0.3%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $351.65
0.0%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $468.86 (Short)
-0.1%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $665.32 (Short)
-4.7%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Flex (January) ETF  PAGE 2  TSR-AR-69374H576
100001158511152126071578817834100001264010793118881640719927
 
image
Pacer Swan SOS Flex (July) ETF
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PSFJ (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Flex (July) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Flex (July) ETF
$64
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Flex (July) ETF (PSFJ) returned +14.79% on a NAV basis, closely tracking its structured outcome strategy, while lagging the S&P 500 Index, which returned +21.45% over the same period.  PSFJ’s flexible defined-outcome strategy delivered solid positive returns with downside protection features built into its structure, supported by options-based exposure to the S&P 500, though its capped upside and emphasis on risk mitigation modestly detracted from performance relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome mechanics also influenced relative results versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(06/30/2021)
Pacer Swan SOS Flex (July) ETF NAV
14.79
11.44
S&P 500 Index
21.45
12.97
S&P 500 Price Return Index
19.89
11.31
Visit https://www.paceretfs.com/ for more recent performance information.
Pacer Swan SOS Flex (July) ETF  PAGE 1  TSR-AR-69374H469
 
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$39,311,880
Number of Holdings
5
Net Advisory Fee
$172,247
Portfolio Turnover
0%
30-Day SEC Yield
-0.56%
30-Day SEC Yield Unsubsidized
-0.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
105.7%
Written Options
-6.6%
Cash & Other
0.9%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.92
102.8%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.85
2.6%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $370.71
0.3%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $494.28 (Short)
-1.6%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $704.97 (Short)
-5.0%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Flex (July) ETF  PAGE 2  TSR-AR-69374H469
10000104051014611211139351599610000107639190101221397116968
 
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Pacer Swan SOS Flex (October) ETF
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PSFO (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Flex (October) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Flex (October) ETF
$64
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Flex (October) ETF (PSFO) returned +14.36% on a NAV basis, closely tracking its structured outcome strategy, but lagging the S&P 500 Index, which returned +21.45% over the same period. PSFO’s flexible defined-outcome strategy delivered solid positive, risk-managed returns with built-in buffer and cap features tied to the performance of the SPDR S&P 500 ETF Trust, supported by structured exposure that limited downside while capturing part of market upside, while its capped upside and emphasis on downside protection modestly detracted from performance relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome mechanics also influenced relative results versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/30/2021)
Pacer Swan SOS Flex (October) ETF NAV
14.36
11.59
S&P 500 Index
21.45
13.66
S&P 500 Price Return Index
19.89
11.99
Pacer Swan SOS Flex (October) ETF  PAGE 1  TSR-AR-69374H451
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$25,684,004
Number of Holdings
5
Net Advisory Fee
$93,201
Portfolio Turnover
0%
30-Day SEC Yield
-0.55%
30-Day SEC Yield Unsubsidized
-0.55%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
105.2%
Written Options
-6.1%
Cash & Other
0.9%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.46
99.7%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.18
4.9%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $399.71
0.6%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $757.65 (Short)
-2.9%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $532.94 (Short)
-3.2%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Flex (October) ETF  PAGE 2  TSR-AR-69374H451
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Pacer Swan SOS Fund of Funds ETF
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PSFF (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Fund of Funds ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Fund of Funds ETF
$13
0.12%
FACTORS INFLUENCING FUND PERFORMANCE
The Pacer Swan SOS Fund of Funds ETF (the “Fund”) is an actively-managed exchange traded fund that seeks capital appreciation with downside protection. The Fund will primarily use Pacer Swan SOS ETFs, but may hold other Pacer ETFs according to the sub-advisor’s discretion.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Fund of Funds ETF (PSFF) returned +11.29% on a NAV basis, closely tracking its underlying multi-strategy defined-outcome portfolio returns, while lagging the S&P 500 Index, which returned +21.45% over the same period.  PSFF’s conservative, risk-managed strategy delivered positive returns with downside protection emphasis, supported by allocations to buffered equity and structured outcome ETF exposures that helped moderate volatility, though its focus on risk mitigation and income-oriented positioning modestly detracted from results relative to broad equity gains. The fund’s 0.12% expense ratio and defined outcome roll-period structure also contributed to its relative performance profile versus the broader market.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(12/29/2020)
Pacer Swan SOS Fund of Funds ETF NAV
11.29
9.80
S&P 500 Index
21.45
15.06
S&P 500 Price Return Index
19.89
13.37
Pacer Swan SOS Fund of Funds ETF  PAGE 1  TSR-AR-69374H568
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$520,691,152
Number of Holdings
13
Net Advisory Fee
$547,670
Portfolio Turnover
0%
30-Day SEC Yield
-0.10%
30-Day SEC Yield Unsubsidized
-0.10%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Affiliated Exchange Traded Funds
99.5%
Investments Purchased with Proceeds from Securities Lending
0.2%
Cash & Other
0.3%
Top Holdings
(%)
Pacer Swan SOS Moderate (July) ETF
14.9%
Pacer Swan SOS Moderate (April) ETF
14.1%
Pacer Swan SOS Moderate (January) ETF
13.2%
Pacer Swan SOS Moderate (October) ETF
13.0%
Pacer Swan SOS Conservative (April) ETF
10.3%
Pacer Swan SOS Conservative (October) ETF
7.3%
Pacer Swan SOS Conservative (July) ETF
7.1%
Pacer Swan SOS Conservative (January) ETF
5.1%
Pacer Swan SOS Flex (January) ETF
4.6%
Pacer Swan SOS Flex (July) ETF
4.4%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Fund of Funds ETF  PAGE 2  TSR-AR-69374H568
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Pacer Swan SOS Moderate (April) ETF
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PSMR (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Moderate (April) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Moderate (April) ETF
$62
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Moderate (April) ETF (PSMR) returned +7.63% on a NAV basis, closely tracking its structured outcome strategy results, but lagging the S&P 500 Index, which returned +21.45% over the same one-year period. PSMR’s moderate defined-outcome, buffer-oriented strategy delivered positive, risk-managed returns with downside protection tied to the performance of the SPDR S&P 500 ETF Trust, supported by its structured exposure, while its capped upside and focus on risk mitigation modestly detracted from returns relative to broad equity gains. The fund’s 0.60% expense ratio and structured outcome features also shaped relative performance versus the broader market.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(03/31/2021)
Pacer Swan SOS Moderate (April) ETF NAV
7.63
8.07
S&P 500 Index
21.45
14.24
S&P 500 Price Return Index
19.89
12.58
Pacer Swan SOS Moderate (April) ETF  PAGE 1  TSR-AR-69374H519
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$87,526,490
Number of Holdings
4
Net Advisory Fee
$482,195
Portfolio Turnover
0%
30-Day SEC Yield
-0.56%
30-Day SEC Yield Unsubsidized
-0.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
111.7%
Written Options
-12.6%
Cash & Other
0.9%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.21
110.8%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.45
0.9%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $475.48 (Short)
-0.4%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $629.15 (Short)
-12.2%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Moderate (April) ETF  PAGE 2  TSR-AR-69374H519
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Pacer Swan SOS Moderate (January) ETF
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PSMD (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Moderate (January) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Moderate (January) ETF
$63
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Moderate (January) ETF (PSMD) returned +11.46% on a NAV basis, closely tracking its structured outcome strategy, but lagging the S&P 500 Index, which returned +21.45% over the same period.  PSMD’s moderate defined-outcome approach delivered positive, risk-managed returns with downside buffer features supporting performance during equity volatility, while its capped upside and focus on return smoothing modestly detracted from results relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome mechanics also shaped relative performance versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(12/22/2020)
Pacer Swan SOS Moderate (January) ETF NAV
11.46
9.61
S&P 500 Index
21.45
15.25
S&P 500 Price Return Index
19.89
13.57
Visit https://www.paceretfs.com/ for more recent performance information.
Pacer Swan SOS Moderate (January) ETF  PAGE 1  TSR-AR-69374H550
 
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$80,701,912
Number of Holdings
4
Net Advisory Fee
$496,255
Portfolio Turnover
0%
30-Day SEC Yield
-0.56%
30-Day SEC Yield Unsubsidized
-0.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
105.0%
Written Options
-5.9%
Cash & Other
0.9%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.51
104.6%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.14
0.4%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $498.17 (Short)
-0.1%
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $656.53 (Short)
-5.8%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Moderate (January) ETF  PAGE 2  TSR-AR-69374H550
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Pacer Swan SOS Moderate (July) ETF
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PSMJ (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Moderate (July) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Moderate (July) ETF
$64
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Moderate (July) ETF (PSMJ) returned +14.08% on a NAV basis, closely tracking its structured outcome strategy returns, but lagging the S&P 500 Index, which returned   +21.45% over the same period. PSMJ’s moderate defined-outcome approach delivered positive, risk-managed returns with downside protection tied to the performance of the SPDR S&P 500 ETF Trust, supported by timely sector exposure and buffer features, while its capped upside and emphasis on risk mitigation modestly detracted from performance relative to the broader equity market. The fund’s 0.60% expense ratio and structured outcome mechanisms also influenced relative results versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(06/30/2021)
Pacer Swan SOS Moderate (July) ETF NAV
14.08
10.66
S&P 500 Index
21.45
12.97
S&P 500 Price Return Index
19.89
11.31
Pacer Swan SOS Moderate (July) ETF  PAGE 1  TSR-AR-69374H493
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$92,141,282
Number of Holdings
4
Net Advisory Fee
$483,248
Portfolio Turnover
0%
30-Day SEC Yield
-0.56%
30-Day SEC Yield Unsubsidized
-0.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
106.3%
Written Options
-7.2%
Cash & Other
0.9%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.86
103.7%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.91
2.6%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $525.17 (Short)
-1.1%
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $693.23 (Short)
-6.1%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Moderate (July) ETF  PAGE 2  TSR-AR-69374H493
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Pacer Swan SOS Moderate (October) ETF
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PSMO (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer Swan SOS Moderate (October) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Swan SOS Moderate (October) ETF
$64
0.60%
FACTORS INFLUENCING FUND PERFORMANCE
An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the “underlying ETF”) up to a predetermined upside cap (the “Cap”), while also providing a downside risk mitigation buffer (the “Buffer”) over an approximate one-year period.
From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Moderate (October) ETF (PSMO) returned +12.39% on a NAV basis, closely tracking its structured outcome strategy, while lagging the S&P 500 Index, which returned +21.45% over the same period.  PSMO’s moderate defined-outcome, buffer-oriented approach delivered positive, risk-managed returns with downside protection tied to the performance of the SPDR S&P 500 ETF Trust, supported by its structured exposure to market gains including buffer features, while its capped upside and emphasis on downside protection modestly detracted from results relative to the broader equity market. The fund’s structured outcome mechanics and typical 0.60% expense ratio also influenced relative performance versus the S&P 500.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/30/2021)
Pacer Swan SOS Moderate (October) ETF NAV
12.39
10.14
S&P 500 Index
21.45
13.66
S&P 500 Price Return Index
19.89
11.99
Pacer Swan SOS Moderate (October) ETF  PAGE 1  TSR-AR-69374H485
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$77,583,633
Number of Holdings
4
Net Advisory Fee
$516,446
Portfolio Turnover
0%
30-Day SEC Yield
-0.57%
30-Day SEC Yield Unsubsidized
-0.57%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Purchased Options
105.2%
Written Options
-5.6%
Cash & Other
0.4%
Top Holdings
(%)
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.39
100.3%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.25
4.9%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $566.25 (Short)
-2.1%
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $745.06 (Short)
-3.5%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Swan SOS Moderate (October) ETF  PAGE 2  TSR-AR-69374H485
10000102241008111414131991483410000107019137100641389016870
 
image
Pacer US Cash Cows Bond ETF
image
MILK (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about the Pacer US Cash Cows Bond ETF for the period of December 17, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Pacer US Cash Cows Bond ETF
$44
0.49%
* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
FACTORS INFLUENCING FUND PERFORMANCE
A strategy driven exchange traded fund that aims to outperform traditional US corporate bond strategies and enhance portfolio yield by investing in corporate bonds issued by companies from the Pacer US Cash Cows 100 Index and/or the Pacer US Large Cap Cash Cows Growth Leaders Index.

From December 17, 2024 (the fund’s inception date) through October 31, 2025, the Pacer US Cash Cows Bond ETF (MILK) delivered a total return of 5.54% (NAV), slightly trailing its underlying Solactive Pacer US Cash Cows Bond Index’s return of 5.97% and the iBoxx Investment Grade Index return of 6.29%. Performance was supported by exposure to U.S. corporate bonds with strong free cash flow, while results were modestly limited by tracking differences, fees, and periods of corporate credit spread volatility.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(12/17/2024)
Pacer US Cash Cows Bond ETF NAV
5.54
Solactive Pacer US Cash Cows Bond Index
5.97
iBoxx Investment Grade Index
6.29
Pacer US Cash Cows Bond ETF  PAGE 1  TSR-AR-69374H279
 
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$7,034,320
Number of Holdings
102
Net Advisory Fee
$17,657
Portfolio Turnover
95%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Sector Breakdown (% of net assets)
Top Sectors
(%)
Energy
19.8%
Health Care
18.3%
Consumer Staples
16.2%
Information Technology
15.6%
Consumer Discretionary
15.0%
Communication Services
5.9%
Industrials
3.5%
Materials
1.9%
Cash & Other
3.8%
Top 10 Issuers
(%)
Aptiv Swiss Holdings Ltd.
4.0%
Expand Energy Corp.
4.0%
HCA, Inc.
4.0%
Altria Group, Inc.
4.0%
Pilgrim’s Pride Corp.
3.9%
Occidental Petroleum Corp.
3.9%
Kraft Heinz Foods Co.
3.5%
TransDigm, Inc.
3.5%
Leggett & Platt, Inc.
3.0%
HF Sinclair Corp.
3.0%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer US Cash Cows Bond ETF  PAGE 2  TSR-AR-69374H279
100001055410000105971000010629
 2025-09-05197202_PacerAmericanEnergyIndependenceETF_TF_TSRAnnual

 
Pacer Funds
Pacer American Energy Independence ETF Ticker: USAI
Pacer BlueStar Digital Entertainment ETF Ticker: ODDS
Pacer Bluestar Engineering the Future ETF Ticker: BULD
Pacer Cash Cowz 100-Nasdaq 100 Rotator ETF Ticker: QQWZ
Pacer Developed Markets Cash Cows Growth Leaders ETF Ticker: EAFG
Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF Ticker: QSIX
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF Ticker: QDPL
Pacer PE/VC ETF Ticker: PEVC
Pacer S&P 500 Quality FCF Aristocrats ETF Ticker: LCOW
Pacer S&P MidCap 400 Quality FCF Aristocrats ETF Ticker: MCOW
Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF Ticker: SCOW
Pacer Solactive Whitney Future of Warfare ETF Ticker: FOWF
Pacer Swan SOS Conservative (April) ETF Ticker: PSCW
Pacer Swan SOS Conservative (January) ETF Ticker: PSCX
Pacer Swan SOS Conservative (July) ETF Ticker: PSCJ
Pacer Swan SOS Conservative (October) ETF Ticker: PSCQ
Pacer Swan SOS Flex (April) ETF Ticker: PSFM
Pacer Swan SOS Flex (January) ETF Ticker: PSFD
Pacer Swan SOS Flex (July) ETF Ticker: PSFJ
Pacer Swan SOS Flex (October) ETF Ticker: PSFO
Pacer Swan SOS Fund of Funds ETF Ticker: PSFF
Pacer Swan SOS Moderate (April) ETF Ticker: PSMR
Pacer Swan SOS Moderate (January) ETF Ticker: PSMD
Pacer Swan SOS Moderate (July) ETF Ticker: PSMJ
Pacer Swan SOS Moderate (October) ETF Ticker: PSMO
Pacer US Cash Cows Bond ETF Ticker: MILK
Core Financial Statements
October 31, 2025
TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedule of Investments
 
 
1
Statements of Assets and Liabilities
 
 
57
Statements of Operations
 
 
63
Statements of Changes in Net Assets
 
 
69
Financial Highlights
 
 
81
Notes to Financial Statements
 
 
107
Report of Independent Registered Public Accounting Firm
 
 
138
Additional Information
 
 
141
 
 
 
 

TABLE OF CONTENTS

PACER AMERICAN ENERGY INDEPENDENCE ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Energy - 99.6%(a)
 
 
 
 
Antero Midstream Corp.(b)
 
 
128,538
 
 
$2,217,280
Archrock, Inc.
 
 
87,663
 
 
2,215,244
Cheniere Energy, Inc.
 
 
26,233
 
 
5,561,396
DT Midstream, Inc.
 
 
28,197
 
 
3,087,290
Enbridge, Inc.(b)
 
 
123,143
 
 
5,742,078
Energy Transfer LP
 
 
353,655
 
 
5,952,014
Enterprise Products Partners LP
 
 
113,026
 
 
3,480,071
Excelerate Energy, Inc. - Class A
 
 
68,172
 
 
1,766,337
Genesis Energy LP
 
 
82,867
 
 
1,355,704
Gibson Energy, Inc.
 
 
103,281
 
 
1,760,685
Hess Midstream LP - Class A
 
 
62,183
 
 
2,111,113
Keyera Corp.
 
 
78,392
 
 
2,314,508
Kinder Morgan, Inc.
 
 
222,634
 
 
5,830,784
Kinetik Holdings, Inc.(b)
 
 
41,813
 
 
1,610,219
Kodiak Gas Services, Inc.(b)
 
 
55,026
 
 
2,029,359
MPLX LP
 
 
71,345
 
 
3,621,472
NextDecade Corp.(b)(c)
 
 
246,156
 
 
1,459,705
ONEOK, Inc.(b)
 
 
49,522
 
 
3,317,974
Pembina Pipeline Corp.
 
 
89,409
 
 
3,382,440
Plains GP Holdings LP - Class A
 
 
112,946
 
 
1,950,577
Targa Resources Corp.
 
 
21,479
 
 
3,308,625
TC Energy Corp.
 
 
114,406
 
 
5,740,896
Venture Global, Inc. - Class A(b)
 
 
171,865
 
 
1,472,883
Western Midstream Partners LP(b)
 
 
56,800
 
 
2,128,296
Williams Cos., Inc.
 
 
100,556
 
 
5,819,176
TOTAL COMMON STOCKS
(Cost $60,379,370)
 
 
 
 
79,236,126
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 23.4%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
18,584,090
 
 
18,584,090
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $18,584,090)
 
 
 
 
18,584,090
TOTAL INVESTMENTS - 123.0%
(Cost $78,963,460)
 
 
 
 
$97,820,216
Liabilities in Excess of Other
Assets - (23.0)%
 
 
 
 
(18,264,483)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$79,555,733
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC - Limited Liability Company
LP - Limited Partnership
(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $17,914,057.
(c)
Non-income producing security.
(d)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

PACER BLUESTAR DIGITAL ENTERTAINMENT ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 50.3%(a)
 
 
 
 
Better Collective AS(b)
 
 
4,813
 
 
$59,475
Capcom Co. Ltd.
 
 
2,731
 
 
71,512
CD Projekt SA
 
 
886
 
 
60,939
China Ruyi Holdings Ltd.(b)
 
 
162,490
 
 
57,911
Electronic Arts, Inc.
 
 
763
 
 
152,646
Embracer Group AB(b)
 
 
5,510
 
 
57,581
Hacksaw AB(b)
 
 
13,352
 
 
106,746
International Games System Co. Ltd.
 
 
2,724
 
 
63,800
Kingsoft Corp. Ltd.
 
 
13,590
 
 
59,206
Konami Group Corp.
 
 
573
 
 
95,739
Krafton, Inc.(b)
 
 
292
 
 
56,566
NCSoft Corp.
 
 
374
 
 
57,882
NetEase, Inc. - ADR
 
 
1,428
 
 
200,063
Netmarble Corp.(c)
 
 
1,151
 
 
43,705
Nexon Co. Ltd.
 
 
3,060
 
 
62,569
Nintendo Co. Ltd.
 
 
3,004
 
 
254,371
ROBLOX Corp. - Class A(b)
 
 
2,093
 
 
238,016
Skillz, Inc.(b)
 
 
5,670
 
 
37,876
Square Enix Holdings Co. Ltd.
 
 
2,622
 
 
50,821
Take-Two Interactive Software, Inc.(b)
 
 
569
 
 
145,874
Tencent Holdings Ltd.
 
 
5,470
 
 
442,684
Ubisoft Entertainment SA(b)
 
 
5,088
 
 
45,489
XD, Inc.
 
 
5,435
 
 
47,167
 
 
 
 
2,468,638
Consumer Discretionary - 47.1%(a)
 
 
 
 
Aristocrat Leisure Ltd.
 
 
2,505
 
 
103,888
Bandai Namco Holdings, Inc.
 
 
2,818
 
 
87,839
Betsson AB
 
 
7,168
 
 
112,287
DraftKings, Inc.(b)
 
 
9,748
 
 
298,191
Entain PLC
 
 
16,079
 
 
167,398
Evoke PLC(b)
 
 
88,010
 
 
49,780
Evolution AB(c)
 
 
4,766
 
 
318,922
Flutter Entertainment PLC(b)
 
 
1,531
 
 
356,095
GameStop Corp.(b)(d)
 
 
3,036
 
 
67,672
Genius Sports Ltd.(b)
 
 
11,082
 
 
124,783
Jumbo Interactive Ltd.
 
 
10,306
 
 
79,208
Kambi Group PLC(b)
 
 
4,876
 
 
56,914
Playtech PLC(b)
 
 
20,211
 
 
69,971
PointsBet Holdings Ltd.(b)
 
 
63,215
 
 
39,935
Rank Group PLC
 
 
37,040
 
 
57,717
Rush Street Interactive, Inc.(b)
 
 
5,033
 
 
85,360
Sportradar Group AG(b)
 
 
5,000
 
 
128,050
Super Group SGHC Ltd.
 
 
10,382
 
 
112,126
 
 
 
 
2,316,136
Information Technology - 2.5%
 
 
 
 
Micro-Star International Co. Ltd.
 
 
13,590
 
 
48,408
Unity Software, Inc.(b)
 
 
1,944
 
 
73,677
 
 
 
 
122,085
TOTAL COMMON STOCKS
(Cost $4,957,751)
 
 
 
 
4,906,859
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contracts
 
 
Value
WARRANTS - 0.0%(e)
Consumer Discretionary - 0.0%(e)
 
 
 
 
GameStop Corp., Expires 10/30/2026, Exercise Price $32.00(b)
 
 
304
 
 
$911
TOTAL WARRANTS
(Cost $0)
 
 
 
 
911
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.4%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(f)
 
 
67,053
 
 
67,053
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $67,053)
 
 
 
 
67,053
TOTAL INVESTMENTS - 101.3%
(Cost $5,024,804)
 
 
 
 
$4,974,823
Liabilities in Excess of Other
Assets - (1.3)%
 
 
 
 
(65,076)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$4,909,747
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $362,627 or 7.4% of the Fund’s net assets.
(d)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $64,284.
(e)
Represents less than 0.05% of net assets.
(f)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

PACER BLUESTAR ENGINEERING THE FUTURE ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Consumer Discretionary - 1.4%
 
 
 
 
Denso Corp.
 
 
1,645
 
 
$23,081
Energy - 0.2%
 
 
 
 
Oceaneering International, Inc.(a)
 
 
122
 
 
2,842
Health Care - 0.3%
 
 
 
 
BICO Group AB(a)
 
 
2,645
 
 
5,974
Industrials - 34.4%(b)
 
 
 
 
3D Systems Corp.(a)
 
 
53,574
 
 
153,222
Amada Co. Ltd.
 
 
337
 
 
4,031
ANDRITZ AG
 
 
75
 
 
5,679
ATS Corp.(a)
 
 
99
 
 
2,718
Daifuku Co. Ltd.
 
 
282
 
 
9,021
Emerson Electric Co.
 
 
346
 
 
48,291
FANUC Corp.
 
 
506
 
 
16,124
IMI PLC
 
 
216
 
 
6,777
Kadant, Inc.
 
 
9
 
 
2,490
Konecranes Oyj
 
 
71
 
 
7,015
Krones AG
 
 
20
 
 
2,904
Lincoln Electric Holdings, Inc.
 
 
41
 
 
9,612
Nano Dimension Ltd. - ADR(a)
 
 
31,263
 
 
54,085
Proto Labs, Inc.(a)
 
 
2,880
 
 
143,309
Rockwell Automation, Inc.
 
 
64
 
 
23,575
Stratasys Ltd.(a)
 
 
7,221
 
 
76,687
Yaskawa Electric Corp.
 
 
191
 
 
5,263
 
 
 
 
570,803
Information Technology - 63.6%(b)
 
 
 
 
Advantest Corp.
 
 
348
 
 
52,260
Amkor Technology, Inc.
 
 
139
 
 
4,487
Applied Materials, Inc.
 
 
468
 
 
109,091
ASM International NV
 
 
31
 
 
20,108
ASML Holding NV
 
 
144
 
 
152,529
Autodesk, Inc.(a)
 
 
381
 
 
114,811
Axcelis Technologies, Inc.(a)
 
 
41
 
 
3,262
Azbil Corp.
 
 
393
 
 
3,884
BE Semiconductor Industries NV
 
 
57
 
 
9,710
Bentley Systems, Inc. - Class B
 
 
513
 
 
26,076
Camtek Ltd./Israel(a)(c)
 
 
42
 
 
5,200
Dassault Systemes SE
 
 
2,153
 
 
61,205
Disco Corp.
 
 
58
 
 
19,431
Keyence Corp.
 
 
139
 
 
51,763
KLA Corp.
 
 
78
 
 
94,282
Kokusai Electric Corp.
 
 
134
 
 
4,934
Kulicke & Soffa Industries, Inc.
 
 
74
 
 
2,955
Lam Research Corp.(c)
 
 
739
 
 
116,363
Lasertec Corp.
 
 
63
 
 
11,618
Materialise NV - ADR(a)
 
 
2,180
 
 
13,952
Nemetschek SE
 
 
173
 
 
19,968
Nova Ltd.(a)(c)
 
 
19
 
 
6,548
Omron Corp.
 
 
166
 
 
4,644
Onto Innovation, Inc.(a)
 
 
44
 
 
5,938
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
PTC, Inc.(a)
 
 
235
 
 
$46,657
Renishaw PLC
 
 
69
 
 
3,205
SCREEN Holdings Co. Ltd.
 
 
78
 
 
7,435
Teradyne, Inc.
 
 
99
 
 
17,994
Tokyo Electron Ltd.
 
 
252
 
 
55,911
Tokyo Seimitsu Co. Ltd.
 
 
49
 
 
3,391
Yokogawa Electric Corp.
 
 
203
 
 
6,092
 
 
 
 
1,055,704
TOTAL COMMON STOCKS
(Cost $1,273,277)
 
 
 
 
1,658,404
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.7%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
127,091
 
 
127,091
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $127,091)
 
 
 
 
127,091
TOTAL INVESTMENTS - 107.6%
(Cost $1,400,368)
 
 
 
 
$1,785,495
Liabilities in Excess of Other
Assets - (7.6)%
 
 
 
 
(125,376)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,660,119
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $121,569.
(d)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

PACER CASH COWZ 100-NASDAQ 100 ROTATOR ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 14.8%
 
 
 
 
Alphabet, Inc. - Class A
 
 
1,178
 
 
$331,242
Alphabet, Inc. - Class C
 
 
1,100
 
 
310,002
Charter Communications, Inc. -
Class A(a)
 
 
68
 
 
15,901
Comcast Corp. - Class A
 
 
1,833
 
 
51,022
Electronic Arts, Inc.
 
 
124
 
 
24,807
Meta Platforms, Inc. - Class A
 
 
439
 
 
284,626
Netflix, Inc.(a)
 
 
211
 
 
236,079
Take-Two Interactive Software, Inc.(a)
 
 
91
 
 
23,330
T-Mobile US, Inc.
 
 
559
 
 
117,418
Trade Desk, Inc. - Class A(a)
 
 
222
 
 
11,162
Warner Bros Discovery, Inc.(a)
 
 
1,232
 
 
27,658
 
 
 
 
1,433,247
Consumer Discretionary - 13.2%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
213
 
 
26,953
Amazon.com, Inc.(a)
 
 
2,155
 
 
526,294
Booking Holdings, Inc.
 
 
16
 
 
81,244
DoorDash, Inc. - Class A(a)
 
 
199
 
 
50,620
Lululemon Athletica, Inc.(a)
 
 
57
 
 
9,721
Marriott International, Inc. - Class A
 
 
135
 
 
35,178
MercadoLibre, Inc.(a)
 
 
25
 
 
58,182
O’Reilly Automotive, Inc.(a)
 
 
421
 
 
39,759
PDD Holdings, Inc. - ADR(a)
 
 
331
 
 
44,642
Ross Stores, Inc.
 
 
163
 
 
25,904
Starbucks Corp.
 
 
566
 
 
45,772
Tesla Motors, Inc.(a)
 
 
739
 
 
337,398
 
 
 
 
1,281,667
Consumer Staples - 4.3%
 
 
 
 
Coca-Cola Europacific Partners PLC
 
 
227
 
 
20,164
Costco Wholesale Corp.
 
 
220
 
 
200,519
Keurig Dr Pepper, Inc.
 
 
675
 
 
18,333
Mondelez International, Inc. - Class A
 
 
645
 
 
37,062
Monster Beverage Corp.(a)
 
 
484
 
 
32,346
PepsiCo, Inc.
 
 
680
 
 
99,341
The Kraft Heinz Co.
 
 
588
 
 
14,541
 
 
 
 
422,306
Energy - 0.5%
 
 
 
 
Baker Hughes Co.
 
 
491
 
 
23,769
Diamondback Energy, Inc.
 
 
144
 
 
20,620
 
 
 
 
44,389
Financials - 0.3%
 
 
 
 
PayPal Holdings, Inc.(a)
 
 
476
 
 
32,973
Health Care - 4.4%
 
 
 
 
Amgen, Inc.
 
 
267
 
 
79,681
AstraZeneca PLC - ADR
 
 
292
 
 
24,061
Biogen, Inc.(a)
 
 
73
 
 
11,262
DexCom, Inc.(a)
 
 
195
 
 
11,353
GE HealthCare Technologies, Inc.
 
 
226
 
 
16,938
Gilead Sciences, Inc.
 
 
616
 
 
73,790
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
IDEXX Laboratories, Inc.(a)
 
 
39
 
 
$24,551
Intuitive Surgical, Inc.(a)
 
 
178
 
 
95,102
Regeneron Pharmaceuticals, Inc.
 
 
51
 
 
33,242
Vertex Pharmaceuticals, Inc.(a)
 
 
127
 
 
54,047
 
 
 
 
424,027
Industrials - 3.8%
 
 
 
 
Automatic Data Processing, Inc.
 
 
201
 
 
52,320
Axon Enterprise, Inc.(a)
 
 
40
 
 
29,289
Cintas Corp.
 
 
200
 
 
36,654
Copart, Inc.(a)
 
 
480
 
 
20,645
CSX Corp.
 
 
930
 
 
33,499
Fastenal Co.
 
 
570
 
 
23,456
Honeywell International, Inc.
 
 
315
 
 
63,419
Old Dominion Freight Line, Inc.
 
 
105
 
 
14,744
PACCAR, Inc.
 
 
260
 
 
25,584
Paychex, Inc.
 
 
180
 
 
21,065
Thomson Reuters Corp.
 
 
225
 
 
34,439
Verisk Analytics, Inc.
 
 
69
 
 
15,094
 
 
 
 
370,208
Information Technology - 56.1%(b)
 
 
 
 
Adobe, Inc.(a)
 
 
211
 
 
71,805
Advanced Micro Devices, Inc.(a)
 
 
808
 
 
206,945
Analog Devices, Inc.
 
 
244
 
 
57,128
Apple, Inc.
 
 
3,000
 
 
811,110
Applied Materials, Inc.
 
 
395
 
 
92,075
AppLovin Corp. - Class A(a)
 
 
153
 
 
97,512
ARM Holdings PLC - ADR(a)
 
 
67
 
 
11,378
ASML Holding NV
 
 
43
 
 
45,547
Atlassian Corp. - Class A(a)
 
 
81
 
 
13,723
Autodesk, Inc.(a)
 
 
106
 
 
31,942
Broadcom, Inc.
 
 
1,575
 
 
582,167
Cadence Design System, Inc.(a)
 
 
135
 
 
45,723
CDW Corp.
 
 
65
 
 
10,359
Cisco Systems, Inc.
 
 
1,966
 
 
143,734
Cognizant Technology Solutions Corp. - Class A
 
 
242
 
 
17,637
Crowdstrike Holdings, Inc. - Class A(a)
 
 
124
 
 
67,333
Datadog, Inc. - Class A(a)
 
 
161
 
 
26,212
Fortinet, Inc.(a)
 
 
379
 
 
32,757
GlobalFoundries, Inc.(a)
 
 
274
 
 
9,754
Intel Corp.(a)
 
 
2,178
 
 
87,098
Intuit, Inc.
 
 
138
 
 
92,122
KLA Corp.
 
 
65
 
 
78,568
Lam Research Corp.
 
 
632
 
 
99,515
Marvell Technology, Inc.
 
 
427
 
 
40,027
Microchip Technology, Inc.
 
 
270
 
 
16,853
Micron Technology, Inc.
 
 
555
 
 
124,192
Microsoft Corp.
 
 
1,504
 
 
778,786
MicroStrategy, Inc. - Class A(a)
 
 
131
 
 
35,306
NVIDIA Corp.
 
 
4,916
 
 
995,441
NXP Semiconductors NV
 
 
125
 
 
26,140
ON Semiconductor Corp.(a)
 
 
203
 
 
10,166
Palantir Technologies, Inc. - Class A(a)
 
 
1,137
 
 
227,934
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

PACER CASH COWZ 100-NASDAQ 100 ROTATOR ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Palo Alto Networks, Inc.(a)
 
 
331
 
 
$72,900
Qualcomm, Inc.
 
 
538
 
 
97,324
Roper Technologies, Inc.
 
 
53
 
 
23,646
Shopify, Inc. - Class A(a)
 
 
604
 
 
105,012
Synopsys, Inc.(a)
 
 
92
 
 
41,751
Texas Instruments, Inc.
 
 
451
 
 
72,819
Workday, Inc. - Class A(a)
 
 
107
 
 
25,672
Zscaler, Inc.(a)
 
 
77
 
 
25,498
 
 
 
 
5,451,611
Materials - 1.0%
 
 
 
 
Linde PLC
 
 
233
 
 
97,464
Solstice Advanced Materials, Inc.(a)
 
 
79
 
 
3,549
 
 
 
 
101,013
Real Estate - 0.2%
 
 
 
 
CoStar Group, Inc.(a)
 
 
210
 
 
14,450
Utilities - 1.4%
 
 
 
 
American Electric Power Co., Inc.
 
 
266
 
 
31,989
Constellation Energy Corp.
 
 
155
 
 
58,435
Exelon Corp.
 
 
500
 
 
23,060
Xcel Energy, Inc.
 
 
295
 
 
23,945
 
 
 
 
137,429
TOTAL COMMON STOCKS
(Cost $9,081,190)
 
 
 
 
9,713,320
TOTAL INVESTMENTS - 100.0%
(Cost $9,081,190)
 
 
 
 
$9,713,320
Other Assets in Excess of
Liabilities - (0.0)(c)
 
 
 
 
3,179
TOTAL NET ASSETS - 100.0%
 
 
 
 
$9,716,499
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

PACER DEVELOPED MARKETS CASH COWS GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.8%
 
 
 
 
Australia - 11.0%
 
 
 
 
Aristocrat Leisure Ltd.
 
 
404
 
 
$16,746
BHP Group Ltd.
 
 
994
 
 
28,259
CAR Group Ltd.
 
 
986
 
 
23,031
Computershare Ltd.
 
 
597
 
 
14,285
CSL Ltd.
 
 
82
 
 
9,577
Evolution Mining Ltd.
 
 
11,283
 
 
80,174
Fortescue Ltd.
 
 
2,836
 
 
39,506
Pro Medicus Ltd.
 
 
188
 
 
32,426
REA Group Ltd.
 
 
138
 
 
19,240
Transurban Group
 
 
2,943
 
 
27,883
WiseTech Global Ltd.
 
 
506
 
 
22,884
 
 
 
 
314,011
Belgium - 1.9%
 
 
 
 
Anheuser-Busch InBev SA
 
 
291
 
 
17,744
UCB SA
 
 
148
 
 
37,956
 
 
 
 
55,700
Britain - 1.0%
 
 
 
 
Ashtead Group PLC
 
 
444
 
 
29,596
Denmark - 3.3%
 
 
 
 
AP Moller - Maersk AS - Class B
 
 
14
 
 
28,858
Coloplast A/S - Class B
 
 
123
 
 
11,117
Genmab AS(a)
 
 
78
 
 
22,128
Novo Nordisk AS
 
 
141
 
 
6,876
Novozymes A/S
 
 
275
 
 
16,435
Pandora AS
 
 
73
 
 
9,775
 
 
 
 
95,189
Finland - 2.9%
 
 
 
 
Wartsila OYJ Abp
 
 
2,495
 
 
81,588
France - 2.9%
 
 
 
 
Dassault Systemes SE
 
 
315
 
 
8,943
Hermes International SCA
 
 
5
 
 
12,385
L’Oreal SA
 
 
83
 
 
34,694
LVMH Moet Hennessy Louis Vuitton SE
 
 
18
 
 
12,700
Sanofi SA
 
 
133
 
 
13,429
 
 
 
 
82,151
Germany - 1.0%
 
 
 
 
Deutsche Telekom AG
 
 
429
 
 
13,297
SAP SE
 
 
54
 
 
13,970
 
 
 
 
27,267
Hong Kong - 3.5%
 
 
 
 
Galaxy Entertainment Group Ltd.
 
 
7,790
 
 
38,817
Power Assets Holdings Ltd.
 
 
2,124
 
 
13,492
Yangzijiang Shipbuilding Holdings Ltd.
 
 
17,292
 
 
46,764
 
 
 
 
99,073
Ireland - 0.6%
 
 
 
 
Experian PLC
 
 
384
 
 
17,893
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Israel - 2.5%
 
 
 
 
Check Point Software Technologies
Ltd.(a)
 
 
61
 
 
$11,937
CyberArk Software Ltd.(a)(b)
 
 
80
 
 
41,662
Monday.com Ltd.(a)
 
 
43
 
 
8,825
Wix.com Ltd.(a)
 
 
57
 
 
8,296
 
 
 
 
70,720
Italy - 0.9%
 
 
 
 
Ferrari NV
 
 
32
 
 
12,780
Moncler SpA
 
 
199
 
 
11,928
 
 
 
 
24,708
Japan - 21.2%
 
 
 
 
Advantest Corp.
 
 
831
 
 
124,750
Capcom Co. Ltd.
 
 
799
 
 
20,915
Chugai Pharmaceutical Co. Ltd.
 
 
267
 
 
12,213
FANUC Corp.
 
 
545
 
 
17,360
Hoya Corp.
 
 
167
 
 
27,183
Inpex Corp.
 
 
2,827
 
 
52,115
Keyence Corp.
 
 
38
 
 
14,146
Lasertec Corp.
 
 
297
 
 
54,752
LY Corp.
 
 
4,210
 
 
12,375
Murata Manufacturing Co. Ltd.
 
 
858
 
 
18,885
Nexon Co. Ltd.
 
 
3,946
 
 
80,656
Obic Co. Ltd.
 
 
1,035
 
 
32,149
Recruit Holdings Co. Ltd.
 
 
269
 
 
13,454
Sanrio Co. Ltd.
 
 
720
 
 
33,437
Shin-Etsu Chemical Co. Ltd.
 
 
577
 
 
17,429
Shionogi & Co. Ltd.
 
 
1,513
 
 
25,330
Sony Financial Holdings, Inc.(a)
 
 
812
 
 
819
Sony Group Corp.
 
 
812
 
 
22,825
Takeda Pharmaceutical Co. Ltd.
 
 
566
 
 
15,253
ZOZO, Inc.
 
 
1,288
 
 
11,145
 
 
 
 
607,191
Luxembourg - 0.6%
 
 
 
 
Tenaris SA
 
 
813
 
 
16,198
Mexico - 4.7%
 
 
 
 
Fresnillo PLC
 
 
4,647
 
 
135,648
Netherlands - 7.7%
 
 
 
 
Argenx SE(a)
 
 
32
 
 
26,026
ASM International NV
 
 
25
 
 
16,195
ASML Holding NV
 
 
23
 
 
24,339
BE Semiconductor Industries NV
 
 
262
 
 
44,574
Koninklijke KPN NV
 
 
7,572
 
 
35,068
Prosus NV
 
 
931
 
 
64,312
Wolters Kluwer NV
 
 
83
 
 
10,165
 
 
 
 
220,679
New Zealand - 0.5%
 
 
 
 
Xero Ltd.(a)
 
 
152
 
 
14,421
Norway - 1.0%
 
 
 
 
Kongsberg Gruppen ASA
 
 
1,176
 
 
30,075
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

PACER DEVELOPED MARKETS CASH COWS GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Singapore - 0.7%
 
 
 
 
Grab Holdings Ltd. - Class A(a)
 
 
3,217
 
 
$19,334
Spain - 2.6%
 
 
 
 
Aena SME SA(c)
 
 
1,499
 
 
40,690
Amadeus IT Holding SA
 
 
268
 
 
20,487
Industria de Diseno Textil SA
 
 
254
 
 
14,024
 
 
 
 
75,201
Sweden - 5.0%
 
 
 
 
Atlas Copco AB - Class A
 
 
792
 
 
13,351
Evolution AB(c)
 
 
273
 
 
18,253
Hexagon AB - Class B
 
 
1,228
 
 
15,065
Spotify Technology SA(a)(b)
 
 
33
 
 
21,626
Tele2 AB - Class B
 
 
3,651
 
 
57,819
Telefonaktiebolaget LM Ericsson -
Class B
 
 
1,763
 
 
17,778
 
 
 
 
143,892
Switzerland - 10.8%
 
 
 
 
Cie Financiere Richemont SA
 
 
63
 
 
12,424
Galderma Group AG
 
 
327
 
 
60,341
Geberit AG
 
 
50
 
 
36,471
LafargeHolcim Ltd.
 
 
819
 
 
72,603
Logitech International SA
 
 
169
 
 
20,303
Novartis AG
 
 
212
 
 
26,151
Roche Holding AG
 
 
43
 
 
13,834
Sonova Holding AG
 
 
42
 
 
11,409
Swisscom AG
 
 
54
 
 
39,556
VAT Group AG(c)
 
 
33
 
 
14,365
 
 
 
 
307,457
United Kingdom - 13.5%
 
 
 
 
AstraZeneca PLC
 
 
110
 
 
18,020
British American Tobacco PLC
 
 
1,113
 
 
57,082
Haleon PLC
 
 
2,937
 
 
13,662
Halma PLC
 
 
881
 
 
41,040
Informa PLC
 
 
1,660
 
 
21,105
Next PLC
 
 
248
 
 
46,589
Pearson PLC
 
 
778
 
 
10,834
Reckitt Benckiser Group PLC
 
 
306
 
 
23,380
RELX PLC
 
 
302
 
 
13,318
Rolls-Royce Holdings PLC
 
 
5,016
 
 
76,900
Sage Group PLC
 
 
870
 
 
13,138
Vodafone Group PLC
 
 
41,680
 
 
50,451
 
 
 
 
385,519
TOTAL COMMON STOCKS
(Cost $2,628,915)
 
 
 
 
2,853,511
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.1%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
60,822
 
 
$60,822
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $60,822)
 
 
 
 
60,822
TOTAL INVESTMENTS - 101.9%
(Cost $2,689,737)
 
 
 
 
$2,914,333
Liabilities in Excess of Other
Assets - (1.9)%
 
 
 
 
(55,662)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$ 2,858,671
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $59,894.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $73,308 or 2.6% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

PACER METAURUS NASDAQ 100 DIVIDEND MULTIPLIER 600 ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 92.4%
 
 
 
 
Communication Services - 13.7%
 
 
 
 
Alphabet, Inc. - Class A
 
 
1,513
 
 
$425,441
Alphabet, Inc. - Class C(a)
 
 
1,417
 
 
399,339
Charter Communications, Inc. -
Class A(a)(b)
 
 
87
 
 
20,344
Comcast Corp. - Class A
 
 
2,382
 
 
66,303
Electronic Arts, Inc.
 
 
161
 
 
32,210
Meta Platforms, Inc. - Class A
 
 
563
 
 
365,021
Netflix, Inc.(b)
 
 
273
 
 
305,449
Take-Two Interactive Software, Inc.(b)
 
 
115
 
 
29,483
T-Mobile US, Inc.
 
 
724
 
 
152,076
Trade Desk, Inc. - Class A(b)
 
 
287
 
 
14,430
Warner Bros Discovery, Inc.(b)
 
 
1,583
 
 
35,538
 
 
 
 
1,845,634
Consumer Discretionary - 12.2%
 
 
 
 
Airbnb, Inc. - Class A(b)
 
 
275
 
 
34,799
Amazon.com, Inc.(b)
 
 
2,760
 
 
674,047
Booking Holdings, Inc.
 
 
21
 
 
106,633
DoorDash, Inc. - Class A(b)
 
 
254
 
 
64,610
Lululemon Athletica, Inc.(b)
 
 
72
 
 
12,279
Marriott International, Inc. - Class A(a)
 
 
175
 
 
45,601
MercadoLibre, Inc.(a)(b)
 
 
31
 
 
72,145
O’Reilly Automotive, Inc.(a)(b)
 
 
547
 
 
51,659
PDD Holdings, Inc. - ADR(b)
 
 
427
 
 
57,589
Ross Stores, Inc.
 
 
210
 
 
33,373
Starbucks Corp.(a)
 
 
728
 
 
58,873
Tesla Motors, Inc.(b)
 
 
946
 
 
431,906
 
 
 
 
1,643,514
Consumer Staples - 4.0%
 
 
 
 
Coca-Cola Europacific Partners PLC
 
 
294
 
 
26,116
Costco Wholesale Corp.
 
 
282
 
 
257,029
Keurig Dr Pepper, Inc.(a)
 
 
869
 
 
23,602
Mondelez International, Inc. - Class A
 
 
827
 
 
47,519
Monster Beverage Corp.(b)
 
 
624
 
 
41,702
PepsiCo, Inc.
 
 
876
 
 
127,975
The Kraft Heinz Co.
 
 
757
 
 
18,721
 
 
 
 
542,664
Energy - 0.4%
 
 
 
 
Baker Hughes Co.
 
 
632
 
 
30,595
Diamondback Energy, Inc.
 
 
185
 
 
26,490
 
 
 
 
57,085
Financials - 0.3%
 
 
 
 
PayPal Holdings, Inc.(b)
 
 
623
 
 
43,155
Health Care - 4.0%
 
 
 
 
Amgen, Inc.
 
 
344
 
 
102,660
AstraZeneca PLC - ADR
 
 
380
 
 
31,312
Biogen, Inc.(b)
 
 
93
 
 
14,347
DexCom, Inc.(b)
 
 
248
 
 
14,439
GE HealthCare Technologies, Inc.
 
 
290
 
 
21,735
Gilead Sciences, Inc.
 
 
794
 
 
95,113
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
IDEXX Laboratories, Inc.(a)(b)
 
 
50
 
 
$31,475
Intuitive Surgical, Inc.(b)
 
 
227
 
 
121,282
Regeneron Pharmaceuticals, Inc.
 
 
66
 
 
43,019
Vertex Pharmaceuticals, Inc.(b)
 
 
163
 
 
69,368
 
 
 
 
544,750
Industrials - 3.5%
 
 
 
 
Automatic Data Processing, Inc.(a)
 
 
259
 
 
67,418
Axon Enterprise, Inc.(b)
 
 
49
 
 
35,879
Cintas Corp.
 
 
259
 
 
47,467
Copart, Inc.(b)
 
 
617
 
 
26,537
CSX Corp.
 
 
1,200
 
 
43,224
Fastenal Co.(a)
 
 
735
 
 
30,245
Honeywell International, Inc.
 
 
409
 
 
82,344
Old Dominion Freight Line, Inc.
 
 
134
 
 
18,816
PACCAR, Inc.
 
 
336
 
 
33,063
Paychex, Inc.
 
 
231
 
 
27,034
Thomson Reuters Corp.
 
 
287
 
 
43,928
Verisk Analytics, Inc.
 
 
87
 
 
19,032
 
 
 
 
474,987
Information Technology - 51.9%(c)
 
 
 
 
Adobe, Inc.(b)
 
 
273
 
 
92,905
Advanced Micro Devices, Inc.(b)
 
 
1,037
 
 
265,596
Analog Devices, Inc.
 
 
316
 
 
73,985
Apple, Inc.(a)
 
 
3,885
 
 
1,050,387
Applied Materials, Inc.
 
 
512
 
 
119,347
AppLovin Corp. - Class A(b)
 
 
197
 
 
125,554
ARM Holdings PLC - ADR(a)(b)
 
 
85
 
 
14,435
ASML Holding NV
 
 
56
 
 
59,317
Atlassian Corp. - Class A(b)
 
 
105
 
 
17,789
Autodesk, Inc.(b)
 
 
135
 
 
40,681
Broadcom, Inc.
 
 
2,023
 
 
747,762
Cadence Design System, Inc.(b)
 
 
175
 
 
59,271
CDW Corp.
 
 
84
 
 
13,387
Cisco Systems, Inc.
 
 
2,534
 
 
185,261
Cognizant Technology Solutions Corp. - Class A
 
 
315
 
 
22,957
Crowdstrike Holdings, Inc. -
Class A(a)(b)
 
 
157
 
 
85,253
Datadog, Inc. - Class A(b)
 
 
204
 
 
33,213
Fortinet, Inc.(a)(b)
 
 
490
 
 
42,351
GlobalFoundries, Inc.(a)(b)
 
 
352
 
 
12,531
Intel Corp.(b)
 
 
2,789
 
 
111,532
Intuit, Inc.
 
 
177
 
 
118,156
KLA Corp.
 
 
84
 
 
101,534
Lam Research Corp.(a)
 
 
819
 
 
128,960
Marvell Technology, Inc.
 
 
549
 
 
51,463
Microchip Technology, Inc.
 
 
344
 
 
21,472
Micron Technology, Inc.
 
 
715
 
 
159,996
Microsoft Corp.
 
 
1,933
 
 
1,000,927
MicroStrategy, Inc. - Class A(b)
 
 
162
 
 
43,661
NVIDIA Corp.
 
 
6,345
 
 
1,284,799
NXP Semiconductors NV
 
 
161
 
 
33,668
ON Semiconductor Corp.(b)
 
 
267
 
 
13,371
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
8
 

TABLE OF CONTENTS

PACER METAURUS NASDAQ 100 DIVIDEND MULTIPLIER 600 ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Palantir Technologies, Inc. - Class A(b)
 
 
1,449
 
 
$290,481
Palo Alto Networks, Inc.(b)
 
 
427
 
 
94,043
Qualcomm, Inc.
 
 
702
 
 
126,992
Roper Technologies, Inc.
 
 
66
 
 
29,446
Shopify, Inc. - Class A(b)
 
 
778
 
 
135,263
Synopsys, Inc.(b)
 
 
116
 
 
52,643
Texas Instruments, Inc.
 
 
581
 
 
93,808
Workday, Inc. - Class A(b)
 
 
136
 
 
32,629
Zscaler, Inc.(b)
 
 
99
 
 
32,783
 
 
 
 
7,019,609
Materials - 1.0%
 
 
 
 
Linde PLC
 
 
301
 
 
125,908
Solstice Advanced Materials, Inc.(b)
 
 
102
 
 
4,586
 
 
 
 
130,494
Real Estate - 0.1%
 
 
 
 
CoStar Group, Inc.(b)
 
 
268
 
 
18,441
Utilities - 1.3%
 
 
 
 
American Electric Power Co., Inc.(a)
 
 
339
 
 
40,768
Constellation Energy Corp.
 
 
199
 
 
75,023
Exelon Corp.(a)
 
 
645
 
 
29,748
Xcel Energy, Inc.(a)
 
 
367
 
 
29,789
 
 
 
 
175,328
TOTAL COMMON STOCKS
(Cost $10,518,041)
 
 
 
 
12,495,661
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
1,865,807
 
 
1,865,807
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $1,865,807)
 
 
 
 
1,865,807
TOTAL INVESTMENTS - 106.2%
(Cost $12,383,848)
 
 
 
 
$14,361,468
Liabilities in Excess of Other
Assets - (6.2)%
 
 
 
 
(839,033)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$13,522,435
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $1,818,174.
(b)
Non-income producing security.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
9
 

TABLE OF CONTENTS

PACER METAURUS NASDAQ 100 DIVIDEND MULTIPLIER 600 ETF
SCHEDULE OF FUTURES CONTRACTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
Contracts
Purchased
 
 
Expiration Date
 
 
Notional Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
S&P 500 Annual Dividend Index
 
 
23
 
 
12/19/2025
 
 
$368,000
 
 
$(5,389)
S&P 500 Annual Dividend Index
 
 
24
 
 
12/18/2026
 
 
413,760
 
 
11,258
S&P 500 Annual Dividend Index
 
 
28
 
 
12/17/2027
 
 
491,400
 
 
14,082
Net Unrealized Appreciation (Depreciation)
 
 
 
 
 
 
 
 
$19,951
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
10
 

TABLE OF CONTENTS

PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 90.0%
 
 
 
 
Communication Services - 9.2%
 
 
 
 
Alphabet, Inc. - Class A
 
 
121,380
 
 
$34,130,842
Alphabet, Inc. - Class C
 
 
97,436
 
 
27,459,414
AT&T, Inc.
 
 
149,222
 
 
3,693,244
Charter Communications, Inc. - Class A(a)(b)
 
 
1,898
 
 
443,828
Comcast Corp. - Class A
 
 
76,873
 
 
2,139,760
Electronic Arts, Inc.
 
 
4,676
 
 
935,481
Fox Corp. - Class A
 
 
4,372
 
 
282,650
Fox Corp. - Class B
 
 
3,048
 
 
178,034
Interpublic Group of Cos., Inc.
 
 
7,628
 
 
195,734
Live Nation Entertainment, Inc.(a)(b)
 
 
3,284
 
 
491,056
Match Group, Inc.(b)
 
 
4,984
 
 
161,183
Meta Platforms, Inc. - Class A
 
 
45,247
 
 
29,335,892
Netflix, Inc.(a)
 
 
8,845
 
 
9,896,317
News Corp. - Class A
 
 
7,832
 
 
207,548
News Corp. - Class B(b)
 
 
2,561
 
 
78,034
Omnicom Group, Inc.
 
 
4,002
 
 
300,230
Paramount Skydance Corp.(b)
 
 
6,435
 
 
99,035
Take-Two Interactive Software, Inc.(a)
 
 
3,596
 
 
921,907
TKO Group Holdings, Inc.
 
 
1,422
 
 
267,905
T-Mobile US, Inc.
 
 
10,068
 
 
2,114,783
Trade Desk, Inc. - Class A(a)
 
 
9,259
 
 
465,543
Verizon Communications, Inc.
 
 
87,975
 
 
3,496,126
Walt Disney Co.
 
 
37,523
 
 
4,225,840
Warner Bros Discovery, Inc.(a)
 
 
51,643
 
 
1,159,385
 
 
 
 
122,679,771
Consumer Discretionary - 9.6%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
8,928
 
 
1,129,749
Amazon.com, Inc.(a)
 
 
202,577
 
 
49,473,355
Aptiv PLC(a)
 
 
4,527
 
 
367,140
AutoZone, Inc.(a)(b)
 
 
333
 
 
1,223,585
Best Buy Co., Inc.
 
 
4,058
 
 
333,324
Booking Holdings, Inc.
 
 
646
 
 
3,280,220
Carnival Corp.(a)
 
 
22,624
 
 
652,250
Chipotle Mexican Grill, Inc.(a)
 
 
27,946
 
 
885,609
Darden Restaurants, Inc.
 
 
2,426
 
 
437,044
Deckers Outdoor Corp.(a)
 
 
3,051
 
 
248,656
Domino’s Pizza, Inc.
 
 
623
 
 
248,241
DoorDash, Inc. - Class A(a)
 
 
7,706
 
 
1,960,175
DR Horton, Inc.
 
 
5,761
 
 
858,850
eBay, Inc.
 
 
9,530
 
 
774,884
Expedia Group, Inc.
 
 
2,449
 
 
538,780
Ford Motor Co.
 
 
81,569
 
 
1,071,001
Garmin Ltd.
 
 
3,401
 
 
727,610
General Motors Co.
 
 
19,867
 
 
1,372,611
Genuine Parts Co.
 
 
2,866
 
 
364,870
Hasbro, Inc.
 
 
2,749
 
 
209,776
Hilton Worldwide Holdings, Inc.
 
 
4,875
 
 
1,252,680
Home Depot, Inc.
 
 
20,768
 
 
7,883,325
Las Vegas Sands Corp.
 
 
6,438
 
 
382,095
Lennar Corp. - Class A
 
 
4,724
 
 
584,689
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
LKQ Corp.
 
 
5,362
 
 
$171,370
Lowe’s Cos., Inc.
 
 
11,686
 
 
2,782,787
Lululemon Athletica, Inc.(a)
 
 
2,267
 
 
386,614
Marriott International, Inc. - Class A
 
 
4,679
 
 
1,219,254
McDonald’s Corp.
 
 
14,879
 
 
4,440,340
MGM Resorts International(a)
 
 
4,256
 
 
136,320
Mohawk Industries, Inc.(a)
 
 
1,087
 
 
123,527
NIKE, Inc. - Class B(b)
 
 
24,757
 
 
1,599,055
Norwegian Cruise Line Holdings Ltd.(a)
 
 
9,430
 
 
211,421
NVR, Inc.(a)
 
 
57
 
 
411,017
O’Reilly Automotive, Inc.(a)(b)
 
 
17,709
 
 
1,672,438
Pool Corp.
 
 
655
 
 
174,924
PulteGroup, Inc.
 
 
4,074
 
 
488,350
Ralph Lauren Corp.
 
 
771
 
 
246,458
Ross Stores, Inc.
 
 
6,801
 
 
1,080,815
Royal Caribbean Cruises Ltd.(b)
 
 
5,269
 
 
1,511,307
Starbucks Corp.(b)
 
 
23,687
 
 
1,915,568
Tapestry, Inc.
 
 
4,336
 
 
476,180
Tesla Motors, Inc.(a)
 
 
58,555
 
 
26,733,871
TJX Cos., Inc.
 
 
23,267
 
 
3,260,637
Tractor Supply Co.(b)
 
 
11,032
 
 
596,942
Ulta Beauty, Inc.(a)
 
 
896
 
 
465,812
Williams-Sonoma, Inc.
 
 
2,545
 
 
494,595
Wynn Resorts Ltd.
 
 
1,730
 
 
205,853
Yum! Brands, Inc.
 
 
5,766
 
 
796,919
 
 
 
 
127,862,893
Consumer Staples - 4.3%
 
 
 
 
Altria Group, Inc.
 
 
35,031
 
 
1,975,048
Archer-Daniels-Midland Co.
 
 
9,999
 
 
605,239
Brown-Forman Corp. - Class B(b)
 
 
3,651
 
 
99,417
Bunge Global SA
 
 
2,885
 
 
272,921
Church & Dwight Co., Inc.
 
 
5,043
 
 
442,221
Clorox Co.
 
 
2,531
 
 
284,636
Coca-Cola Co.
 
 
80,811
 
 
5,567,878
Colgate-Palmolive Co.
 
 
16,859
 
 
1,298,986
Conagra Brands, Inc.
 
 
9,970
 
 
171,384
Constellation Brands, Inc. - Class A
 
 
2,940
 
 
386,257
Costco Wholesale Corp.
 
 
9,214
 
 
8,398,100
Dollar General Corp.
 
 
4,573
 
 
451,172
Dollar Tree, Inc.(a)
 
 
4,010
 
 
397,471
Estee Lauder Cos., Inc. - Class A(b)
 
 
4,856
 
 
469,527
General Mills, Inc.
 
 
11,127
 
 
518,629
Hershey Co.
 
 
3,047
 
 
516,863
Hormel Foods Corp.
 
 
6,043
 
 
130,468
J M Smucker Co.
 
 
2,220
 
 
229,881
Kellanova
 
 
5,593
 
 
464,555
Kenvue, Inc.
 
 
40,032
 
 
575,260
Keurig Dr Pepper, Inc.
 
 
28,341
 
 
769,742
Kimberly-Clark Corp.
 
 
6,894
 
 
825,281
Kroger Co.
 
 
12,686
 
 
807,210
Lamb Weston Holdings, Inc.
 
 
2,871
 
 
177,227
McCormick & Co., Inc.
 
 
5,278
 
 
338,636
Molson Coors Beverage Co. - Class B
 
 
3,516
 
 
153,720
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
11
 

TABLE OF CONTENTS

PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Consumer Staples - (Continued)
Mondelez International, Inc. - Class A
 
 
27,009
 
 
$1,551,937
Monster Beverage Corp.(a)
 
 
14,863
 
 
993,294
PepsiCo, Inc.
 
 
28,554
 
 
4,171,454
Philip Morris International, Inc.
 
 
32,478
 
 
4,687,550
Procter & Gamble Co.
 
 
48,890
 
 
7,351,589
Sysco Corp.
 
 
9,939
 
 
738,269
Target Corp.
 
 
9,478
 
 
878,800
The Campbell’s Co.(b)
 
 
4,062
 
 
122,388
The Kraft Heinz Co.
 
 
17,782
 
 
439,749
Tyson Foods, Inc. - Class A
 
 
5,930
 
 
304,861
Walmart, Inc.
 
 
91,609
 
 
9,268,999
 
 
 
 
56,836,619
Energy - 2.6%
 
 
 
 
APA Corp.(b)
 
 
7,459
 
 
168,946
Baker Hughes Co.
 
 
20,542
 
 
994,438
Chevron Corp.
 
 
40,141
 
 
6,331,038
ConocoPhillips
 
 
26,065
 
 
2,316,136
Coterra Energy, Inc.
 
 
15,913
 
 
376,502
Devon Energy Corp.
 
 
13,216
 
 
429,388
Diamondback Energy, Inc.
 
 
3,891
 
 
557,152
EOG Resources, Inc.
 
 
11,352
 
 
1,201,496
EQT Corp.
 
 
13,001
 
 
696,594
Expand Energy Corp.
 
 
4,934
 
 
509,731
Exxon Mobil Corp.
 
 
88,958
 
 
10,173,237
Halliburton Co.
 
 
17,790
 
 
477,484
Kinder Morgan, Inc.
 
 
40,802
 
 
1,068,604
Marathon Petroleum Corp.
 
 
6,341
 
 
1,235,924
Occidental Petroleum Corp.
 
 
14,979
 
 
617,135
ONEOK, Inc.(b)
 
 
13,115
 
 
878,705
Phillips 66
 
 
8,430
 
 
1,147,660
SLB Ltd.
 
 
31,143
 
 
1,123,017
Targa Resources Corp.
 
 
4,476
 
 
689,483
Texas Pacific Land Corp.
 
 
384
 
 
362,258
Valero Energy Corp.
 
 
6,473
 
 
1,097,562
Williams Cos., Inc.
 
 
25,465
 
 
1,473,660
 
 
 
 
33,926,150
Financials - 11.8%
 
 
 
 
Aflac, Inc.
 
 
10,016
 
 
1,073,615
Allstate Corp.
 
 
5,486
 
 
1,050,679
American Express Co.
 
 
11,288
 
 
4,071,920
American International Group, Inc.
 
 
11,558
 
 
912,620
Ameriprise Financial, Inc.
 
 
1,926
 
 
872,035
Aon PLC - Class A
 
 
4,485
 
 
1,527,950
Apollo Global Management, Inc.
 
 
9,593
 
 
1,192,506
Arch Capital Group Ltd.(b)
 
 
7,736
 
 
667,694
Arthur J Gallagher & Co.
 
 
5,344
 
 
1,333,275
Assurant, Inc.
 
 
1,053
 
 
222,941
Bank of America Corp.
 
 
142,243
 
 
7,602,888
Bank of New York Mellon Corp.
 
 
14,713
 
 
1,587,974
Berkshire Hathaway, Inc. - Class B(a)
 
 
38,238
 
 
18,260,175
Blackrock, Inc.
 
 
2,964
 
 
3,209,449
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Blackstone, Inc.
 
 
15,348
 
 
$2,250,631
Block, Inc.(a)
 
 
11,469
 
 
870,956
Brown & Brown, Inc.
 
 
6,074
 
 
484,341
Capital One Financial Corp.
 
 
13,309
 
 
2,927,847
Cboe Global Markets, Inc.
 
 
2,178
 
 
535,004
Charles Schwab Corp.
 
 
35,603
 
 
3,365,196
Chubb Ltd.
 
 
7,718
 
 
2,137,423
Cincinnati Financial Corp.
 
 
3,257
 
 
503,500
Citigroup, Inc.
 
 
38,426
 
 
3,889,864
Citizens Financial Group, Inc.
 
 
8,973
 
 
456,456
CME Group, Inc.
 
 
7,511
 
 
1,994,095
Coinbase Global, Inc. - Class A(a)
 
 
4,696
 
 
1,614,391
Corpay, Inc.(a)
 
 
1,454
 
 
378,549
Erie Indemnity Co. - Class A
 
 
507
 
 
148,368
Everest Group Ltd.
 
 
836
 
 
262,939
FactSet Research Systems, Inc.
 
 
754
 
 
201,167
Fidelity National Information Services, Inc.(b)
 
 
10,881
 
 
680,280
Fifth Third Bancorp(b)
 
 
13,801
 
 
574,398
Fiserv, Inc.(a)
 
 
11,304
 
 
753,864
Franklin Resources, Inc.
 
 
6,387
 
 
144,410
Global Payments, Inc.
 
 
5,023
 
 
390,588
Globe Life, Inc.
 
 
1,662
 
 
218,570
Goldman Sachs Group, Inc.
 
 
6,315
 
 
4,984,872
Hartford Financial Services Group, Inc.
 
 
5,839
 
 
725,087
Huntington Bancshares, Inc.(b)
 
 
30,576
 
 
472,093
Interactive Brokers Group, Inc. - Class A
 
 
9,249
 
 
650,760
Intercontinental Exchange, Inc.
 
 
11,925
 
 
1,744,508
Invesco Ltd.
 
 
9,265
 
 
219,580
Jack Henry & Associates, Inc.
 
 
1,498
 
 
223,112
JPMorgan Chase & Co.
 
 
57,386
 
 
17,853,932
KeyCorp.
 
 
19,422
 
 
341,633
KKR & Co., Inc.
 
 
14,283
 
 
1,690,107
Loews Corp.
 
 
3,530
 
 
351,447
M&T Bank Corp.
 
 
3,255
 
 
598,497
Marsh & McLennan Cos., Inc.
 
 
10,221
 
 
1,820,871
Mastercard, Inc. - Class A
 
 
17,204
 
 
9,496,436
MetLife, Inc.
 
 
11,650
 
 
929,903
Moody’s Corp.
 
 
3,216
 
 
1,544,645
Morgan Stanley
 
 
25,307
 
 
4,150,348
MSCI, Inc.
 
 
1,589
 
 
935,206
Nasdaq, Inc.
 
 
9,457
 
 
808,479
Northern Trust Corp.
 
 
3,952
 
 
508,504
PayPal Holdings, Inc.(a)
 
 
19,933
 
 
1,380,759
PNC Financial Services Group, Inc.
 
 
8,177
 
 
1,492,711
Principal Financial Group, Inc.
 
 
4,228
 
 
355,321
Progressive Corp.
 
 
12,200
 
 
2,513,200
Prudential Financial, Inc.
 
 
7,344
 
 
763,776
Raymond James Financial, Inc.
 
 
3,678
 
 
583,588
Regions Financial Corp.
 
 
18,583
 
 
449,709
Robinhood Markets, Inc. - Class A(a)
 
 
16,130
 
 
2,367,561
S&P Global, Inc.
 
 
6,510
 
 
3,171,737
State Street Corp.
 
 
5,889
 
 
681,122
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
12
 

TABLE OF CONTENTS

PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - (Continued)
Synchrony Financial
 
 
7,743
 
 
$575,924
T Rowe Price Group, Inc.
 
 
4,566
 
 
468,152
Travelers Cos., Inc.
 
 
4,675
 
 
1,255,798
Truist Financial Corp.
 
 
26,873
 
 
1,199,342
US Bancorp
 
 
32,470
 
 
1,515,700
Visa, Inc. - Class A
 
 
35,451
 
 
12,079,574
W R Berkley Corp.
 
 
6,254
 
 
446,160
Wells Fargo & Co.
 
 
66,850
 
 
5,813,944
Willis Towers Watson PLC
 
 
1,992
 
 
623,695
 
 
 
 
156,156,351
Health Care - 8.2%
 
 
 
 
Abbott Laboratories
 
 
36,331
 
 
4,491,238
AbbVie, Inc.
 
 
36,851
 
 
8,034,992
Agilent Technologies, Inc.
 
 
5,896
 
 
862,939
Align Technology, Inc.(a)
 
 
1,390
 
 
191,653
Amgen, Inc.
 
 
11,199
 
 
3,342,118
Baxter International, Inc.
 
 
10,706
 
 
197,740
Becton Dickinson & Co.
 
 
5,947
 
 
1,062,788
Biogen, Inc.(a)
 
 
3,016
 
 
465,278
Bio-Techne Corp.
 
 
3,265
 
 
204,291
Boston Scientific Corp.(a)
 
 
30,893
 
 
3,111,543
Bristol-Myers Squibb Co.
 
 
42,445
 
 
1,955,441
Cardinal Health, Inc.
 
 
4,947
 
 
943,739
Cencora, Inc.
 
 
4,005
 
 
1,352,929
Centene Corp.(a)
 
 
9,722
 
 
343,867
Charles River Laboratories International, Inc.(a)
 
 
981
 
 
176,649
Cigna Group
 
 
5,554
 
 
1,357,453
Cooper Cos., Inc.(a)
 
 
4,164
 
 
291,105
CVS Health Corp.
 
 
26,452
 
 
2,067,224
Danaher Corp.
 
 
13,265
 
 
2,857,016
DaVita, Inc.(a)
 
 
713
 
 
84,861
DexCom, Inc.(a)(b)
 
 
8,144
 
 
474,144
Edwards Lifesciences Corp.(a)
 
 
12,218
 
 
1,007,374
Elevance Health, Inc.
 
 
4,676
 
 
1,483,227
Eli Lilly & Co.
 
 
16,549
 
 
14,279,470
GE HealthCare Technologies, Inc.
 
 
9,522
 
 
713,674
Gilead Sciences, Inc.
 
 
25,857
 
 
3,097,410
HCA Healthcare, Inc.
 
 
3,405
 
 
1,565,210
Henry Schein, Inc.(a)
 
 
2,148
 
 
135,754
Hologic, Inc.(a)
 
 
4,620
 
 
341,464
Humana, Inc.
 
 
2,490
 
 
692,693
IDEXX Laboratories, Inc.(a)
 
 
1,642
 
 
1,033,655
Incyte Corp.(a)
 
 
3,410
 
 
318,767
Insulet Corp.(a)
 
 
1,449
 
 
453,552
Intuitive Surgical, Inc.(a)
 
 
7,473
 
 
3,992,675
IQVIA Holdings, Inc.(a)
 
 
3,529
 
 
763,887
Johnson & Johnson
 
 
50,251
 
 
9,490,906
Labcorp Holdings, Inc.
 
 
1,703
 
 
432,494
McKesson Corp.
 
 
2,573
 
 
2,087,578
Medtronic PLC
 
 
26,711
 
 
2,422,688
Merck & Co., Inc.
 
 
52,128
 
 
4,481,965
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Mettler-Toledo International, Inc.(a)
 
 
410
 
 
$580,679
Moderna, Inc.(a)
 
 
7,183
 
 
195,090
Molina Healthcare, Inc.(a)(b)
 
 
1,127
 
 
172,499
Pfizer, Inc.
 
 
118,665
 
 
2,925,092
Quest Diagnostics, Inc.
 
 
2,322
 
 
408,556
Regeneron Pharmaceuticals, Inc.
 
 
2,124
 
 
1,384,423
ResMed, Inc.
 
 
3,012
 
 
743,603
Revvity, Inc.
 
 
2,407
 
 
225,271
Solventum Corp.(a)
 
 
3,031
 
 
209,260
STERIS PLC
 
 
2,010
 
 
473,757
Stryker Corp.
 
 
7,139
 
 
2,543,197
Thermo Fisher Scientific, Inc.
 
 
7,855
 
 
4,456,849
UnitedHealth Group, Inc.
 
 
18,895
 
 
6,453,776
Universal Health Services, Inc. - Class B
 
 
1,171
 
 
254,119
Vertex Pharmaceuticals, Inc.(a)
 
 
5,344
 
 
2,274,246
Viatris, Inc.
 
 
24,315
 
 
251,903
Waters Corp.(a)
 
 
1,233
 
 
431,057
West Pharmaceutical Services, Inc.
 
 
1,480
 
 
417,464
Zimmer Biomet Holdings, Inc.
 
 
4,090
 
 
411,290
Zoetis, Inc.
 
 
9,209
 
 
1,326,925
 
 
 
 
108,802,507
Industrials - 7.4%
 
 
 
 
3M Co.
 
 
11,085
 
 
1,845,653
A O Smith Corp.
 
 
2,371
 
 
156,462
Allegion PLC
 
 
1,758
 
 
291,424
AMETEK, Inc.
 
 
4,791
 
 
968,309
Automatic Data Processing, Inc.
 
 
8,448
 
 
2,199,014
Axon Enterprise, Inc.(a)
 
 
1,612
 
 
1,180,355
Boeing Co.(a)
 
 
15,774
 
 
3,170,889
Broadridge Financial Solutions, Inc.
 
 
2,428
 
 
535,131
Builders FirstSource, Inc.(a)
 
 
2,297
 
 
266,842
Carrier Global Corp.
 
 
16,694
 
 
993,126
Caterpillar, Inc.
 
 
9,759
 
 
5,633,480
CH Robinson Worldwide, Inc.(b)
 
 
2,447
 
 
376,814
Cintas Corp.
 
 
7,108
 
 
1,302,683
Copart, Inc.(a)
 
 
18,528
 
 
796,889
CSX Corp.
 
 
38,893
 
 
1,400,926
Cummins, Inc.
 
 
2,840
 
 
1,243,011
Dayforce, Inc.(a)
 
 
3,323
 
 
228,423
Deere & Co.
 
 
5,254
 
 
2,425,404
Delta Air Lines, Inc.
 
 
13,537
 
 
776,753
Dover Corp.
 
 
2,827
 
 
512,987
Eaton Corp. PLC
 
 
8,088
 
 
3,086,057
EMCOR Group, Inc.
 
 
892
 
 
602,796
Emerson Electric Co.
 
 
11,733
 
 
1,637,575
Equifax, Inc.
 
 
2,561
 
 
540,627
Expeditors International of Washington, Inc.
 
 
2,799
 
 
341,198
Fastenal Co.(b)
 
 
23,952
 
 
985,625
FedEx Corp.
 
 
4,513
 
 
1,145,490
Fortive Corp.
 
 
7,025
 
 
353,639
GE Vernova, Inc.
 
 
5,660
 
 
3,311,892
Generac Holdings, Inc.(a)
 
 
1,216
 
 
204,312
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
13
 

TABLE OF CONTENTS

PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
General Dynamics Corp.
 
 
5,266
 
 
$1,816,243
General Electric Co.
 
 
22,120
 
 
6,833,974
Honeywell International, Inc.
 
 
13,218
 
 
2,661,180
Howmet Aerospace, Inc.
 
 
8,410
 
 
1,732,040
Hubbell, Inc.
 
 
1,106
 
 
519,820
Huntington Ingalls Industries, Inc.
 
 
782
 
 
251,820
IDEX Corp.
 
 
1,548
 
 
265,420
Illinois Tool Works, Inc.(b)
 
 
5,521
 
 
1,346,682
Ingersoll Rand, Inc.(b)
 
 
7,538
 
 
575,376
Jacobs Solutions, Inc.
 
 
2,476
 
 
385,786
JB Hunt Trasport Services, Inc.
 
 
1,571
 
 
265,279
Johnson Controls International PLC
 
 
13,652
 
 
1,561,652
L3Harris Technologies, Inc.
 
 
3,870
 
 
1,118,817
Leidos Holdings, Inc.
 
 
2,651
 
 
504,936
Lennox International, Inc.
 
 
637
 
 
321,685
Lockheed Martin Corp.
 
 
4,282
 
 
2,106,230
Masco Corp.(b)
 
 
4,360
 
 
282,354
Nordson Corp.
 
 
1,117
 
 
259,088
Norfolk Southern Corp.
 
 
4,660
 
 
1,320,551
Northrop Grumman Corp.
 
 
2,777
 
 
1,620,241
Old Dominion Freight Line, Inc.
 
 
3,827
 
 
537,387
Otis Worldwide Corp.
 
 
8,152
 
 
756,180
PACCAR, Inc.
 
 
10,935
 
 
1,076,004
Parker-Hannifin Corp.
 
 
2,641
 
 
2,041,044
Paychex, Inc.
 
 
6,744
 
 
789,250
Paycom Software, Inc.
 
 
1,045
 
 
195,509
Pentair PLC
 
 
3,408
 
 
362,441
Quanta Services, Inc.
 
 
3,065
 
 
1,376,583
Republic Services, Inc.
 
 
4,232
 
 
881,272
Rockwell Automation, Inc.
 
 
2,334
 
 
859,752
Rollins, Inc.
 
 
5,837
 
 
336,270
RTX Corp.
 
 
27,898
 
 
4,979,793
Snap-On, Inc.
 
 
1,087
 
 
364,743
Southwest Airlines Co.
 
 
10,938
 
 
331,421
Stanley Black & Decker, Inc.
 
 
3,226
 
 
218,465
Textron, Inc.
 
 
3,693
 
 
298,431
Trane Technologies PLC
 
 
4,622
 
 
2,073,660
TransDigm Group, Inc.
 
 
1,170
 
 
1,530,957
Uber Technologies, Inc.(a)
 
 
43,488
 
 
4,196,592
Union Pacific Corp.
 
 
12,337
 
 
2,718,705
United Airlines Holdings, Inc.(a)
 
 
6,734
 
 
633,265
United Parcel Service, Inc. - Class B
 
 
15,327
 
 
1,477,829
United Rentals, Inc.
 
 
1,329
 
 
1,157,798
Veralto Corp.(b)
 
 
5,135
 
 
506,722
Verisk Analytics, Inc.
 
 
2,879
 
 
629,810
W.W. Grainger, Inc.
 
 
877
 
 
858,583
Waste Management, Inc.
 
 
7,714
 
 
1,541,026
Westinghouse Air Brake Technologies Corp.
 
 
3,547
 
 
725,149
Xylem, Inc.
 
 
5,039
 
 
760,133
 
 
 
 
98,477,734
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Information Technology - 33.1%(c)
 
 
 
 
Accenture PLC - Class A
 
 
12,977
 
 
$3,245,548
Adobe, Inc.(a)
 
 
8,830
 
 
3,004,937
Advanced Micro Devices, Inc.(a)
 
 
33,846
 
 
8,668,638
Akamai Technologies, Inc.(a)
 
 
2,952
 
 
221,695
Amphenol Corp. - Class A
 
 
25,460
 
 
3,547,596
Analog Devices, Inc.
 
 
10,314
 
 
2,414,817
Apple, Inc.
 
 
309,761
 
 
83,750,082
Applied Materials, Inc.
 
 
16,745
 
 
3,903,260
AppLovin Corp. - Class A(a)
 
 
5,630
 
 
3,588,168
Arista Networks, Inc.(a)
 
 
21,480
 
 
3,387,181
Autodesk, Inc.(a)
 
 
4,453
 
 
1,341,867
Broadcom, Inc.
 
 
98,154
 
 
36,280,663
Cadence Design System, Inc.(a)
 
 
5,665
 
 
1,918,679
CDW Corp.
 
 
2,706
 
 
431,255
Cisco Systems, Inc.
 
 
82,633
 
 
6,041,299
Cognizant Technology Solutions Corp. - Class A
 
 
10,156
 
 
740,169
Corning, Inc.
 
 
16,240
 
 
1,446,659
Crowdstrike Holdings, Inc. - Class A(a)
 
 
5,202
 
 
2,824,738
Datadog, Inc. - Class A(a)
 
 
6,725
 
 
1,094,897
Dell Technologies, Inc. - Class C
 
 
6,324
 
 
1,024,551
EPAM Systems, Inc.(a)
 
 
1,157
 
 
189,216
F5, Inc.(a)
 
 
1,192
 
 
301,636
Fair Isaac Corp.(a)
 
 
478
 
 
793,255
First Solar, Inc.(a)(b)
 
 
2,231
 
 
595,543
Fortinet, Inc.(a)
 
 
13,591
 
 
1,174,670
Gartner, Inc.(a)
 
 
1,557
 
 
386,665
Gen Digital, Inc.
 
 
11,686
 
 
308,043
GoDaddy, Inc. - Class A(a)
 
 
2,853
 
 
379,820
Hewlett Packard Enterprise Co.
 
 
27,373
 
 
668,449
HP, Inc.
 
 
19,566
 
 
541,391
Intel Corp.(a)
 
 
91,365
 
 
3,653,686
International Business Machines Corp.
 
 
19,411
 
 
5,967,136
Intuit, Inc.
 
 
5,795
 
 
3,868,452
Jabil, Inc.
 
 
2,233
 
 
493,247
Keysight Technologies, Inc.(a)
 
 
3,570
 
 
653,167
KLA Corp.
 
 
2,724
 
 
3,292,608
Lam Research Corp.
 
 
26,397
 
 
4,156,472
Microchip Technology, Inc.
 
 
11,225
 
 
700,665
Micron Technology, Inc.
 
 
23,338
 
 
5,222,344
Microsoft Corp.
 
 
155,138
 
 
80,332,008
Monolithic Power Systems, Inc.
 
 
954
 
 
958,770
Motorola Solutions, Inc.(b)
 
 
3,461
 
 
1,407,623
NetApp, Inc.
 
 
4,176
 
 
491,849
NVIDIA Corp.
 
 
509,298
 
 
103,127,752
NXP Semiconductors NV
 
 
5,259
 
 
1,099,762
ON Semiconductor Corp.(a)
 
 
8,526
 
 
426,982
Oracle Corp.
 
 
34,577
 
 
9,080,266
Palantir Technologies, Inc. - Class A(a)
 
 
47,439
 
 
9,510,096
Palo Alto Networks, Inc.(a)
 
 
13,922
 
 
3,066,181
PTC, Inc.(a)
 
 
2,481
 
 
492,578
Qualcomm, Inc.
 
 
22,482
 
 
4,066,994
Roper Technologies, Inc.
 
 
2,238
 
 
998,484
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
14
 

TABLE OF CONTENTS

PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
salesforce.com, Inc.
 
 
19,945
 
 
$5,193,878
Seagate Technology Holdings PLC
 
 
4,426
 
 
1,132,525
ServiceNow, Inc.(a)
 
 
4,333
 
 
3,983,240
Skyworks Solutions, Inc.
 
 
3,053
 
 
237,279
Super Micro Computer, Inc.(a)
 
 
10,461
 
 
543,554
Synopsys, Inc.(a)
 
 
3,829
 
 
1,737,677
TE Connectivity PLC
 
 
6,125
 
 
1,512,936
Teledyne Technologies, Inc.(a)
 
 
934
 
 
492,050
Teradyne, Inc.
 
 
3,311
 
 
601,807
Texas Instruments, Inc.
 
 
18,964
 
 
3,061,928
Trimble, Inc.(a)
 
 
4,931
 
 
393,247
Tyler Technologies, Inc.(a)
 
 
862
 
 
410,536
VeriSign, Inc.
 
 
1,723
 
 
413,175
Western Digital Corp.
 
 
7,197
 
 
1,081,061
Workday, Inc. - Class A(a)
 
 
4,492
 
 
1,077,721
Zebra Technologies Corp. - Class A(a)
 
 
1,060
 
 
285,405
 
 
 
 
439,440,528
Materials - 1.5%
 
 
 
 
Air Products & Chemicals, Inc.
 
 
4,623
 
 
1,121,494
Albemarle Corp.(b)
 
 
2,439
 
 
239,583
Amcor PLC
 
 
48,105
 
 
380,030
Avery Dennison Corp.
 
 
1,602
 
 
280,174
Ball Corp.
 
 
5,658
 
 
265,926
CF Industries Holdings, Inc.(b)
 
 
3,369
 
 
280,604
Corteva, Inc.
 
 
14,145
 
 
869,069
Dow, Inc.
 
 
14,784
 
 
352,598
DuPont de Nemours, Inc.
 
 
8,720
 
 
711,988
Eastman Chemical Co.
 
 
2,382
 
 
141,777
Ecolab, Inc.
 
 
5,322
 
 
1,364,561
Freeport-McMoRan, Inc.
 
 
29,931
 
 
1,248,123
International Flavors & Fragrances,
Inc.
 
 
5,342
 
 
336,386
International Paper Co.(b)
 
 
10,993
 
 
424,770
Linde PLC
 
 
9,767
 
 
4,085,536
LyondellBasell Industries NV - Class A
 
 
5,363
 
 
248,950
Martin Marietta Materials, Inc.
 
 
1,249
 
 
765,762
Mosaic Co.
 
 
6,607
 
 
181,362
Newmont Goldcorp Corp.
 
 
22,925
 
 
1,856,237
Nucor Corp.
 
 
4,763
 
 
714,688
Packaging Corp. of America
 
 
1,828
 
 
357,849
PPG Industries, Inc.
 
 
4,686
 
 
458,056
Sherwin-Williams Co.
 
 
4,809
 
 
1,658,816
Smurfit WestRock PLC
 
 
10,875
 
 
401,505
Solstice Advanced Materials, Inc.(a)
 
 
3,305
 
 
148,934
Steel Dynamics, Inc.
 
 
2,852
 
 
447,194
Vulcan Materials Co.
 
 
2,727
 
 
789,466
 
 
 
 
20,131,438
Real Estate - 0.1%
 
 
 
 
CBRE Group, Inc. - Class A(a)
 
 
6,076
 
 
926,165
CoStar Group, Inc.(a)
 
 
8,819
 
 
606,835
 
 
 
 
1,533,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Utilities - 2.2%
 
 
 
 
AES Corp.
 
 
14,848
 
 
$205,942
Alliant Energy Corp.
 
 
5,356
 
 
357,888
Ameren Corp.
 
 
5,624
 
 
573,760
American Electric Power Co., Inc.(b)
 
 
11,128
 
 
1,338,253
American Water Works Co., Inc.
 
 
4,029
 
 
517,444
Atmos Energy Corp.
 
 
3,340
 
 
573,545
CenterPoint Energy, Inc.
 
 
13,622
 
 
520,905
CMS Energy Corp.
 
 
6,247
 
 
459,467
Consolidated Edison, Inc.
 
 
7,516
 
 
732,134
Constellation Energy Corp.
 
 
6,508
 
 
2,453,516
Dominion Energy, Inc.(b)
 
 
17,807
 
 
1,045,093
DTE Energy Co.
 
 
4,325
 
 
586,210
Duke Energy Corp.
 
 
16,203
 
 
2,014,033
Edison International
 
 
7,999
 
 
442,985
Entergy Corp.
 
 
9,274
 
 
891,139
Evergy, Inc.
 
 
4,775
 
 
366,768
Eversource Energy
 
 
7,724
 
 
570,108
Exelon Corp.(b)
 
 
21,068
 
 
971,656
FirstEnergy Corp.
 
 
10,826
 
 
496,156
NextEra Energy, Inc.
 
 
42,966
 
 
3,497,432
NiSource, Inc.
 
 
9,806
 
 
412,931
NRG Energy, Inc.
 
 
3,996
 
 
686,753
PG&E Corp.
 
 
45,868
 
 
732,053
Pinnacle West Capital Corp.
 
 
2,474
 
 
218,998
PPL Corp.
 
 
15,396
 
 
562,262
Public Service Enterprise Group, Inc.
 
 
10,416
 
 
839,113
Sempra
 
 
13,614
 
 
1,251,671
Southern Co.
 
 
22,957
 
 
2,158,876
Vistra Corp.
 
 
6,629
 
 
1,248,241
WEC Energy Group, Inc.
 
 
6,696
 
 
748,144
Xcel Energy, Inc.(b)
 
 
12,304
 
 
998,716
 
 
 
 
28,472,192
TOTAL COMMON STOCKS
(Cost $980,401,168)
 
 
 
 
1,194,319,183
 
 
Par
 
 
U.S. TREASURY SECURITIES - 7.0%
United States Treasury Note/Bond
 
 
 
 
4.88%, 11/30/2025
 
 
$9,000,000
 
 
9,004,858
4.25%, 12/31/2025
 
 
8,000,000
 
 
8,004,432
4.63%, 02/28/2026
 
 
8,000,000
 
 
8,017,989
4.63%, 03/15/2026
 
 
8,000,000
 
 
8,023,601
4.88%, 05/31/2026
 
 
8,000,000
 
 
8,047,953
4.63%, 06/30/2026
 
 
8,000,000
 
 
8,042,081
3.50%, 09/30/2026
 
 
8,000,000
 
 
7,982,518
4.25%, 12/31/2026
 
 
4,000,000
 
 
4,023,906
2.50%, 03/31/2027
 
 
8,500,000
 
 
8,365,527
3.25%, 06/30/2027
 
 
8,000,000
 
 
7,952,344
4.13%, 09/30/2027
 
 
8,000,000
 
 
8,075,000
3.88%, 12/31/2027
 
 
8,000,000
 
 
8,045,937
TOTAL U.S. TREASURY SECURITIES
(Cost $93,165,865)
 
 
 
 
93,586,146
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
15
 

TABLE OF CONTENTS

PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.6%
 
 
 
 
Real Estate - 1.6%
 
 
 
 
Alexandria Real Estate Equities, Inc.
 
 
3,243
 
 
$188,807
American Tower Corp.
 
 
9,754
 
 
1,745,771
AvalonBay Communities, Inc.
 
 
2,928
 
 
509,238
BXP, Inc.(b)
 
 
3,029
 
 
215,634
Camden Property Trust
 
 
2,223
 
 
221,144
Crown Castle, Inc.
 
 
9,055
 
 
816,942
Digital Realty Trust, Inc.
 
 
6,671
 
 
1,136,805
Equinix, Inc.
 
 
1,997
 
 
1,689,482
Equity Residential
 
 
7,208
 
 
428,444
Essex Property Trust, Inc.
 
 
1,330
 
 
334,854
Extra Space Storage, Inc.
 
 
4,418
 
 
589,980
Federal Realty Investment Trust
 
 
1,612
 
 
155,058
Healthpeak Properties, Inc.
 
 
14,461
 
 
259,575
Host Hotels & Resorts, Inc.
 
 
13,308
 
 
213,194
Invitation Homes, Inc.
 
 
11,756
 
 
330,931
Iron Mountain, Inc.
 
 
6,121
 
 
630,157
Kimco Realty Corp.
 
 
14,107
 
 
291,451
Mid-America Apartment Communities, Inc.
 
 
2,427
 
 
311,214
Prologis, Inc.
 
 
19,342
 
 
2,400,149
Public Storage(b)
 
 
3,288
 
 
915,905
Realty Income Corp.(b)
 
 
19,067
 
 
1,105,505
Regency Centers Corp.
 
 
3,397
 
 
234,223
SBA Communications Corp.
 
 
2,234
 
 
427,766
Simon Property Group, Inc.
 
 
6,789
 
 
1,193,235
UDR, Inc.
 
 
6,291
 
 
211,944
Ventas, Inc.
 
 
9,480
 
 
699,529
VICI Properties, Inc.
 
 
22,238
 
 
666,918
Welltower, Inc.
 
 
13,940
 
 
2,523,698
Weyerhaeuser Co.
 
 
15,037
 
 
345,851
TOTAL REAL ESTATE INVESTMENT
TRUSTS - COMMON
(Cost $20,897,504)
 
 
 
 
20,793,404
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED
WITH PROCEEDS FROM
SECURITIES LENDING - 1.9%
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
25,475,958
 
 
25,475,958
TOTAL INVESTMENTS PURCHASED
WITH PROCEEDS FROM SECURITIES LENDING
(Cost $25,475,958)
 
 
 
 
25,475,958
TOTAL INVESTMENTS - 100.5%
(Cost $1,119,940,495)
 
 
 
 
$1,334,174,691
Liabilities in Excess of Other
Assets - (0.5)%
 
 
 
 
(6,609,754)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,327,564,937
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $24,661,185.
(c)
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
16
 

TABLE OF CONTENTS

PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF
SCHEDULE OF FUTURES CONTRACTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
Contracts
Purchased
 
 
Expiration Date
 
 
Notional Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
S&P 500 Annual Dividend Index
 
 
2,531
 
 
12/19/2025
 
 
$49,987,250
 
 
$2,550,062
S&P 500 Annual Dividend Index
 
 
2,531
 
 
12/18/2026
 
 
50,620,000
 
 
2,408,051
S&P 500 Annual Dividend Index
 
 
2,531
 
 
12/17/2027
 
 
50,177,075
 
 
1,001,718
Net Unrealized Appreciation (Depreciation)
 
 
 
 
 
 
 
 
$5,959,831
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
17
 

TABLE OF CONTENTS

PACER PE/VC ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 88.9%
 
 
 
 
Communication Services - 12.5%
 
 
 
 
Alphabet, Inc. - Class A
 
 
579
 
 
$162,809
AST SpaceMobile, Inc.(a)
 
 
1
 
 
80
AT&T, Inc.
 
 
406
 
 
10,049
Charter Communications, Inc. - Class A(a)
 
 
6
 
 
1,403
Comcast Corp. - Class A
 
 
225
 
 
6,263
EchoStar Corp. - Class A(a)
 
 
1
 
 
75
Frontier Communications Parent, Inc.(a)
 
 
1
 
 
38
Lumen Technologies, Inc.(a)
 
 
6
 
 
62
Meta Platforms, Inc. - Class A
 
 
192
 
 
124,483
Millicom International Cellular SA
 
 
1
 
 
47
Netflix, Inc.(a)
 
 
76
 
 
85,033
ROBLOX Corp. - Class A(a)
 
 
99
 
 
11,258
Spotify Technology SA(a)
 
 
24
 
 
15,728
T-Mobile US, Inc.
 
 
28
 
 
5,882
Verizon Communications, Inc.
 
 
238
 
 
9,458
Walt Disney Co.
 
 
73
 
 
8,221
 
 
 
 
440,889
Consumer Discretionary - 7.4%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
73
 
 
9,237
Amazon.com, Inc.(a)
 
 
396
 
 
96,711
Booking Holdings, Inc.
 
 
1
 
 
5,078
Chipotle Mexican Grill, Inc.(a)
 
 
52
 
 
1,648
DoorDash, Inc. - Class A(a)
 
 
61
 
 
15,517
eBay, Inc.
 
 
75
 
 
6,098
General Motors Co.
 
 
39
 
 
2,694
Hilton Worldwide Holdings, Inc.
 
 
9
 
 
2,313
Home Depot, Inc.
 
 
42
 
 
15,943
Lowe’s Cos., Inc.
 
 
22
 
 
5,239
Marriott International, Inc. - Class A
 
 
10
 
 
2,606
McDonald’s Corp.
 
 
28
 
 
8,356
MercadoLibre, Inc.(a)
 
 
7
 
 
16,291
NIKE, Inc. - Class B
 
 
45
 
 
2,906
O’Reilly Automotive, Inc.(a)
 
 
34
 
 
3,211
Royal Caribbean Cruises Ltd.
 
 
7
 
 
2,008
Starbucks Corp.
 
 
46
 
 
3,720
Tesla Motors, Inc.(a)
 
 
117
 
 
53,417
TJX Cos., Inc.
 
 
43
 
 
6,026
 
 
 
 
259,019
Consumer Staples - 4.6%
 
 
 
 
Altria Group, Inc.
 
 
120
 
 
6,766
Archer-Daniels-Midland Co.
 
 
25
 
 
1,513
Church & Dwight Co., Inc.
 
 
13
 
 
1,140
Coca-Cola Co.
 
 
294
 
 
20,257
Colgate-Palmolive Co.
 
 
58
 
 
4,469
Constellation Brands, Inc. - Class A
 
 
10
 
 
1,314
Costco Wholesale Corp.
 
 
18
 
 
16,406
General Mills, Inc.
 
 
31
 
 
1,445
Hershey Co.
 
 
7
 
 
1,187
Kenvue, Inc.
 
 
96
 
 
1,379
Keurig Dr Pepper, Inc.
 
 
63
 
 
1,711
Kimberly-Clark Corp.
 
 
19
 
 
2,274
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Kroger Co.
 
 
42
 
 
$2,672
Mondelez International, Inc. - Class A
 
 
93
 
 
5,344
Monster Beverage Corp.(a)
 
 
52
 
 
3,475
PepsiCo, Inc.
 
 
97
 
 
14,171
Philip Morris International, Inc.
 
 
94
 
 
13,567
Procter & Gamble Co.
 
 
168
 
 
25,262
Sysco Corp.
 
 
28
 
 
2,080
Target Corp.
 
 
18
 
 
1,669
The Kraft Heinz Co.
 
 
52
 
 
1,286
Walmart, Inc.
 
 
331
 
 
33,491
 
 
 
 
162,878
Energy - 1.9%
 
 
 
 
Baker Hughes Co.
 
 
33
 
 
1,598
Cheniere Energy, Inc.
 
 
10
 
 
2,120
Chevron Corp.
 
 
76
 
 
11,987
ConocoPhillips
 
 
55
 
 
4,887
Devon Energy Corp.
 
 
22
 
 
715
Diamondback Energy, Inc.
 
 
7
 
 
1,002
EOG Resources, Inc.
 
 
21
 
 
2,223
EQT Corp.
 
 
19
 
 
1,018
Expand Energy Corp.
 
 
7
 
 
723
Exxon Mobil Corp.
 
 
195
 
 
22,300
Kinder Morgan, Inc.
 
 
87
 
 
2,279
Marathon Petroleum Corp.
 
 
13
 
 
2,534
Occidental Petroleum Corp.
 
 
25
 
 
1,030
ONEOK, Inc.
 
 
27
 
 
1,809
Phillips 66
 
 
18
 
 
2,450
SLB Ltd.
 
 
43
 
 
1,551
Targa Resources Corp.
 
 
7
 
 
1,078
Texas Pacific Land Corp.
 
 
1
 
 
943
Valero Energy Corp.
 
 
12
 
 
2,035
Williams Cos., Inc.
 
 
54
 
 
3,125
 
 
 
 
67,407
Financials - 13.5%
 
 
 
 
American Express Co.
 
 
28
 
 
10,100
Bank of America Corp.
 
 
367
 
 
19,616
Berkshire Hathaway, Inc. - Class B(a)
 
 
147
 
 
70,198
Blackrock, Inc.
 
 
6
 
 
6,497
Blackstone, Inc.
 
 
31
 
 
4,546
Capital One Financial Corp.
 
 
27
 
 
5,940
Charles Schwab Corp.
 
 
70
 
 
6,616
Chubb Ltd.
 
 
16
 
 
4,431
Citigroup, Inc.
 
 
94
 
 
9,516
CME Group, Inc.
 
 
15
 
 
3,982
Coinbase Global, Inc. - Class A(a)
 
 
36
 
 
12,376
Fidelity National Information Services, Inc.
 
 
79
 
 
4,939
Goldman Sachs Group, Inc.
 
 
15
 
 
11,841
Intercontinental Exchange, Inc.
 
 
24
 
 
3,511
JPMorgan Chase & Co.
 
 
148
 
 
46,046
KKR & Co., Inc.
 
 
30
 
 
3,550
Marsh & McLennan Cos., Inc.
 
 
19
 
 
3,385
Mastercard, Inc. - Class A
 
 
156
 
 
86,110
Moody’s Corp.
 
 
10
 
 
4,803
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
18
 

TABLE OF CONTENTS

PACER PE/VC ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - (Continued)
Morgan Stanley
 
 
66
 
 
$10,824
Progressive Corp.
 
 
24
 
 
4,944
Robinhood Markets, Inc. - Class A(a)
 
 
123
 
 
18,054
S&P Global, Inc.
 
 
27
 
 
13,155
Visa, Inc. - Class A
 
 
279
 
 
95,067
Wells Fargo & Co.
 
 
165
 
 
14,350
 
 
 
 
474,397
Health Care - 5.2%
 
 
 
 
Abbott Laboratories
 
 
105
 
 
12,980
AbbVie, Inc.
 
 
54
 
 
11,774
Agilent Technologies, Inc.
 
 
9
 
 
1,317
Amgen, Inc.
 
 
16
 
 
4,775
Becton Dickinson & Co.
 
 
9
 
 
1,608
Boston Scientific Corp.(a)
 
 
82
 
 
8,259
Cencora, Inc.
 
 
6
 
 
2,027
Cigna Group
 
 
9
 
 
2,200
CVS Health Corp.
 
 
43
 
 
3,360
Danaher Corp.
 
 
43
 
 
9,261
DexCom, Inc.(a)
 
 
13
 
 
757
Edwards Lifesciences Corp.(a)
 
 
19
 
 
1,567
Elevance Health, Inc.
 
 
7
 
 
2,220
Eli Lilly & Co.
 
 
25
 
 
21,572
GE HealthCare Technologies, Inc.
 
 
13
 
 
974
Gilead Sciences, Inc.
 
 
31
 
 
3,713
HCA Healthcare, Inc.
 
 
6
 
 
2,758
Humana, Inc.
 
 
4
 
 
1,113
Idexx Laboratories, Inc.(a)
 
 
3
 
 
1,889
Intuitive Surgical, Inc.(a)
 
 
21
 
 
11,220
Johnson & Johnson
 
 
73
 
 
13,788
Labcorp Holdings, Inc.
 
 
3
 
 
762
Medtronic PLC
 
 
78
 
 
7,075
Merck & Co., Inc.
 
 
76
 
 
6,534
Natera, Inc.(a)
 
 
4
 
 
796
Pfizer, Inc.
 
 
165
 
 
4,067
ResMed, Inc.
 
 
4
 
 
988
STERIS PLC
 
 
3
 
 
707
Stryker Corp.
 
 
22
 
 
7,837
Thermo Fisher Scientific, Inc.
 
 
24
 
 
13,617
UnitedHealth Group, Inc.
 
 
55
 
 
18,786
Veeva Systems, Inc. - Class A(a)
 
 
4
 
 
1,165
 
 
 
 
181,466
Industrials - 7.3%
 
 
 
 
3M Co.
 
 
36
 
 
5,994
Automatic Data Processing, Inc.
 
 
91
 
 
23,687
Boeing Co.(a)
 
 
61
 
 
12,262
Caterpillar, Inc.
 
 
39
 
 
22,513
Cintas Corp.
 
 
24
 
 
4,399
Copart, Inc.(a)
 
 
154
 
 
6,624
Cummins, Inc.
 
 
6
 
 
2,626
Deere & Co.
 
 
21
 
 
9,694
Eaton Corp. PLC
 
 
33
 
 
12,592
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Emerson Electric Co.
 
 
39
 
 
$5,443
GE Vernova, Inc.
 
 
10
 
 
5,851
General Electric Co.
 
 
81
 
 
25,025
Honeywell International, Inc.
 
 
55
 
 
11,073
Lockheed Martin Corp.
 
 
15
 
 
7,378
Northrop Grumman Corp.
 
 
9
 
 
5,251
Parker-Hannifin Corp.
 
 
9
 
 
6,955
RTX Corp.
 
 
102
 
 
18,207
Trane Technologies PLC
 
 
13
 
 
5,832
TransDigm Group, Inc.
 
 
3
 
 
3,926
Uber Technologies, Inc.(a)
 
 
472
 
 
45,548
Union Pacific Corp.
 
 
51
 
 
11,239
Waste Management, Inc.
 
 
24
 
 
4,795
 
 
 
 
256,914
Information Technology - 33.7%(b)
 
 
 
 
Accenture PLC - Class A
 
 
142
 
 
35,514
Adobe, Inc.(a)
 
 
96
 
 
32,670
Advanced Micro Devices, Inc.(a)
 
 
114
 
 
29,198
Apple, Inc.
 
 
384
 
 
103,822
Applied Materials, Inc.
 
 
57
 
 
13,287
AppLovin Corp. - Class A(a)
 
 
49
 
 
31,229
Arista Networks, Inc.(a)
 
 
79
 
 
12,458
Autodesk, Inc.(a)
 
 
34
 
 
10,246
Broadcom, Inc.
 
 
271
 
 
100,170
Cadence Design System, Inc.(a)
 
 
43
 
 
14,564
Cisco Systems, Inc.
 
 
280
 
 
20,471
Cloudflare, Inc. - Class A(a)
 
 
40
 
 
10,132
Crowdstrike Holdings, Inc. - Class A(a)
 
 
42
 
 
22,806
Datadog, Inc. - Class A(a)
 
 
54
 
 
8,792
Fortinet, Inc.(a)
 
 
108
 
 
9,334
International Business Machines Corp.
 
 
208
 
 
63,941
Intuit, Inc.
 
 
64
 
 
42,723
Micron Technology, Inc.
 
 
3
 
 
671
Microsoft Corp.
 
 
271
 
 
140,327
MicroStrategy, Inc. - Class A(a)
 
 
39
 
 
10,511
NVIDIA Corp.
 
 
535
 
 
108,332
Oracle Corp.
 
 
315
 
 
82,722
Palantir Technologies, Inc. - Class A(a)
 
 
454
 
 
91,013
Palo Alto Networks, Inc.(a)
 
 
106
 
 
23,345
Qualcomm, Inc.
 
 
76
 
 
13,748
Roper Technologies, Inc.
 
 
16
 
 
7,138
salesforce.com, Inc.
 
 
219
 
 
57,030
ServiceNow, Inc.(a)
 
 
46
 
 
42,287
Snowflake, Inc. - Class A(a)
 
 
57
 
 
15,668
Synopsys, Inc.(a)
 
 
30
 
 
13,615
Texas Instruments, Inc.
 
 
63
 
 
10,172
Workday, Inc. - Class A(a)
 
 
34
 
 
8,157
 
 
 
 
1,186,093
Materials - 1.9%
 
 
 
 
Air Products & Chemicals, Inc.
 
 
18
 
 
4,367
Corteva, Inc.
 
 
58
 
 
3,563
Dow, Inc.
 
 
52
 
 
1,240
Ecolab, Inc.
 
 
22
 
 
5,641
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
19
 

TABLE OF CONTENTS

PACER PE/VC ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Materials - (Continued)
Freeport-McMoRan, Inc.
 
 
124
 
 
$5,171
International Paper Co.
 
 
33
 
 
1,275
Linde PLC
 
 
43
 
 
17,987
Martin Marietta Materials, Inc.
 
 
6
 
 
3,678
Newmont Goldcorp Corp.
 
 
96
 
 
7,773
Nucor Corp.
 
 
18
 
 
2,701
PPG Industries, Inc.
 
 
16
 
 
1,564
Sherwin-Williams Co.
 
 
21
 
 
7,244
Smurfit WestRock PLC
 
 
36
 
 
1,329
Solstice Advanced Materials, Inc.(a)
 
 
14
 
 
620
Steel Dynamics, Inc.
 
 
10
 
 
1,568
Vulcan Materials Co.
 
 
10
 
 
2,895
 
 
 
 
68,616
Real Estate - 0.1%
 
 
 
 
CoStar Group, Inc.(a)
 
 
67
 
 
4,610
Utilities - 0.8%
 
 
 
 
American Electric Power Co., Inc.
 
 
19
 
 
2,285
Constellation Energy Corp.
 
 
10
 
 
3,770
Dominion Energy, Inc.
 
 
31
 
 
1,819
Duke Energy Corp.
 
 
30
 
 
3,729
Exelon Corp.
 
 
37
 
 
1,706
NextEra Energy, Inc.
 
 
81
 
 
6,593
Sempra
 
 
22
 
 
2,023
Southern Co.
 
 
43
 
 
4,044
Vistra Corp.
 
 
12
 
 
2,260
 
 
 
 
28,229
TOTAL COMMON STOCKS
(Cost $2,878,687)
 
 
 
 
3,130,518
REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%
 
 
 
 
Real Estate - 0.3%
 
 
 
 
American Tower Corp.
 
 
18
 
 
3,222
Prologis, Inc.
 
 
36
 
 
4,467
Welltower, Inc.
 
 
24
 
 
4,345
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $11,285)
 
 
 
 
12,034
TOTAL INVESTMENTS - 89.2%
(Cost $2,889,972)
 
 
 
 
$3,142,552
Other Assets in Excess of
Liabilities - 10.8%
 
 
 
 
380,282
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,522,834
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
The accompanying notes are an integral part of these financial statements.
 
20
 

TABLE OF CONTENTS

PACER PE/VC ETF
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/Unrealized
Appreciation
(Depreciation)
EA2139CCO Basket
 
 
BNP Paribas
Securities
Corp.
 
 
Receive
 
 
SOFR + 1.00%
 
 
Termination
 
 
11/04/2025
 
 
$ 1,273,858
 
 
$7,851
EA2140CCO Basket
 
 
BNP Paribas
Securities
Corp.
 
 
Receive
 
 
SOFR + 1.00%
 
 
Termination
 
 
11/04/2025
 
 
3,482,237
 
 
5,649
Net Unrealized
Appreciation
(Depreciation)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$13,500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.
SOFR - Secured Overnight Financing Rate was 4.22% as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
21
 

TABLE OF CONTENTS

PACER S&P 500 QUALITY FCF ARISTOCRATS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 10.6%
 
 
 
 
Alphabet, Inc. - Class C
 
 
3,465
 
 
$976,506
Electronic Arts, Inc.
 
 
243
 
 
48,615
Match Group, Inc.
 
 
323
 
 
10,446
Meta Platforms, Inc. - Class A
 
 
1,186
 
 
768,943
 
 
 
 
1,804,510
Consumer Discretionary - 6.1%
 
 
 
 
AutoZone, Inc.(a)
 
 
22
 
 
80,837
Booking Holdings, Inc.
 
 
76
 
 
385,908
Deckers Outdoor Corp.(a)
 
 
163
 
 
13,285
Domino’s Pizza, Inc.
 
 
52
 
 
20,720
Marriott International, Inc. - Class A
 
 
212
 
 
55,243
McDonald’s Corp.
 
 
818
 
 
244,116
NVR, Inc.(a)
 
 
3
 
 
21,632
O’Reilly Automotive, Inc.(a)
 
 
1,346
 
 
127,116
Williams-Sonoma, Inc.
 
 
167
 
 
32,455
Yum! Brands, Inc.
 
 
433
 
 
59,845
 
 
 
 
1,041,157
Consumer Staples - 6.3%
 
 
 
 
Altria Group, Inc.
 
 
3,655
 
 
206,069
Colgate-Palmolive Co.
 
 
974
 
 
75,047
Monster Beverage Corp.(a)
 
 
738
 
 
49,320
Philip Morris International, Inc.
 
 
3,027
 
 
436,887
Procter & Gamble Co.
 
 
2,042
 
 
307,056
 
 
 
 
1,074,379
Energy - 0.3%
 
 
 
 
Texas Pacific Land Corp.
 
 
56
 
 
52,829
Financials - 17.7%
 
 
 
 
American Express Co.
 
 
711
 
 
256,479
Capital One Financial Corp.
 
 
1,162
 
 
255,628
CME Group, Inc.
 
 
602
 
 
159,825
Corpay, Inc.(a)
 
 
106
 
 
27,597
FactSet Research Systems, Inc.
 
 
47
 
 
12,540
Fidelity National Information Services, Inc.
 
 
513
 
 
32,073
Intercontinental Exchange, Inc.
 
 
848
 
 
124,054
Jack Henry & Associates, Inc.
 
 
95
 
 
14,149
Mastercard, Inc. - Class A
 
 
1,478
 
 
815,841
Moody’s Corp.
 
 
205
 
 
98,462
MSCI, Inc.
 
 
185
 
 
108,882
S&P Global, Inc.
 
 
468
 
 
228,014
Synchrony Financial
 
 
851
 
 
63,298
Visa, Inc. - Class A
 
 
2,422
 
 
825,272
 
 
 
 
3,022,114
Health Care - 13.8%
 
 
 
 
AbbVie, Inc.
 
 
3,173
 
 
691,841
Amgen, Inc.
 
 
665
 
 
198,456
Bristol-Myers Squibb Co.
 
 
2,437
 
 
112,272
Cardinal Health, Inc.
 
 
323
 
 
61,619
Cencora, Inc.
 
 
222
 
 
74,994
Gilead Sciences, Inc.
 
 
1,561
 
 
186,992
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
IDEXX Laboratories, Inc.(a)
 
 
112
 
 
$70,505
Johnson & Johnson
 
 
2,372
 
 
448,000
McKesson Corp.
 
 
173
 
 
140,362
Merck & Co., Inc.
 
 
2,171
 
 
186,662
Mettler-Toledo International, Inc.(a)
 
 
35
 
 
49,570
Regeneron Pharmaceuticals, Inc.
 
 
133
 
 
86,689
ResMed, Inc.
 
 
120
 
 
29,626
Waters Corp.(a)
 
 
58
 
 
20,277
 
 
 
 
2,357,865
Industrials - 4.1%
 
 
 
 
A O Smith Corp.
 
 
120
 
 
7,919
Automatic Data Processing, Inc.
 
 
741
 
 
192,882
Cintas Corp.
 
 
322
 
 
59,013
Copart, Inc.(a)
 
 
803
 
 
34,537
Expeditors International of Washington, Inc.
 
 
136
 
 
16,578
Fastenal Co.
 
 
1,053
 
 
43,331
Illinois Tool Works, Inc.
 
 
253
 
 
61,712
Lennox International, Inc.
 
 
33
 
 
16,665
Nordson Corp.
 
 
44
 
 
10,206
Paychex, Inc.
 
 
616
 
 
72,091
Paycom Software, Inc.
 
 
51
 
 
9,542
Rollins, Inc.
 
 
325
 
 
18,723
Union Pacific Corp.
 
 
520
 
 
114,592
Verisk Analytics, Inc.
 
 
204
 
 
44,627
 
 
 
 
702,418
Information Technology - 41.0%(b)
 
 
 
 
Accenture PLC - Class A
 
 
510
 
 
127,551
Adobe, Inc.(a)
 
 
726
 
 
247,065
Akamai Technologies, Inc.(a)
 
 
109
 
 
8,186
Analog Devices, Inc.
 
 
388
 
 
90,842
Apple, Inc.
 
 
3,299
 
 
891,951
Applied Materials, Inc.
 
 
774
 
 
180,419
Arista Networks, Inc.(a)
 
 
1,201
 
 
189,386
Broadcom, Inc.
 
 
2,465
 
 
911,138
Cadence Design System, Inc.(a)
 
 
311
 
 
105,333
Cisco Systems, Inc.
 
 
3,710
 
 
271,238
F5, Inc.(a)
 
 
44
 
 
11,134
Fair Isaac Corp.(a)
 
 
36
 
 
59,743
Fortinet, Inc.(a)
 
 
1,121
 
 
96,888
Gartner, Inc.(a)
 
 
80
 
 
19,867
GoDaddy, Inc. - Class A(a)
 
 
132
 
 
17,573
HP, Inc.
 
 
1,011
 
 
27,974
Intuit, Inc.
 
 
297
 
 
198,262
Keysight Technologies, Inc.(a)
 
 
124
 
 
22,687
KLA Corp.
 
 
178
 
 
215,156
Lam Research Corp.
 
 
1,301
 
 
204,855
Microchip Technology, Inc.
 
 
464
 
 
28,963
Microsoft Corp.
 
 
1,620
 
 
838,852
Monolithic Power Systems, Inc.
 
 
40
 
 
40,200
Motorola Solutions, Inc.
 
 
134
 
 
54,499
NetApp, Inc.
 
 
199
 
 
23,438
NVIDIA Corp.
 
 
4,506
 
 
912,420
Palo Alto Networks, Inc.(a)
 
 
1,114
 
 
245,347
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
22
 

TABLE OF CONTENTS

PACER S&P 500 QUALITY FCF ARISTOCRATS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
PTC, Inc.(a)
 
 
88
 
 
$17,472
Qualcomm, Inc.
 
 
1,154
 
 
208,759
Roper Technologies, Inc.
 
 
64
 
 
28,554
salesforce.com, Inc.
 
 
630
 
 
164,058
ServiceNow, Inc.(a)
 
 
269
 
 
247,286
Skyworks Solutions, Inc.
 
 
134
 
 
10,415
Synopsys, Inc.(a)
 
 
162
 
 
73,519
Teradyne, Inc.
 
 
113
 
 
20,539
Texas Instruments, Inc.
 
 
628
 
 
101,397
VeriSign, Inc.
 
 
185
 
 
44,363
Workday, Inc. - Class A(a)
 
 
179
 
 
42,946
 
 
 
 
7,000,275
TOTAL COMMON STOCKS
(Cost $15,935,641)
 
 
 
 
17,055,547
TOTAL INVESTMENTS - 99.9%
(Cost $15,935,641)
 
 
 
 
$17,055,547
Other Assets in Excess of
Liabilities - 0.1%
 
 
 
 
13,114
TOTAL NET ASSETS - 100.0%
 
 
 
 
$17,068,661
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
The accompanying notes are an integral part of these financial statements.
 
23
 

TABLE OF CONTENTS

PACER S&P MIDCAP 400 QUALITY FCF ARISTOCRATS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 2.7%
 
 
 
 
New York Times Co. - Class A
 
 
185
 
 
$10,543
Nexstar Media Group, Inc.
 
 
34
 
 
6,655
Warner Music Group Corp. - Class A
 
 
123
 
 
3,931
ZoomInfo Technologies, Inc.(a)
 
 
581
 
 
6,519
 
 
 
 
27,648
Consumer Discretionary - 10.8%
 
 
 
 
Bath & Body Works, Inc.
 
 
301
 
 
7,368
Boyd Gaming Corp.
 
 
64
 
 
4,984
Choice Hotels International, Inc.
 
 
44
 
 
4,090
Crocs, Inc.(a)
 
 
136
 
 
11,110
Gentex Corp.
 
 
294
 
 
6,894
Grand Canyon Education, Inc.(a)
 
 
52
 
 
9,792
H&R Block, Inc.
 
 
267
 
 
13,280
Somnigroup International, Inc.
 
 
171
 
 
13,567
TopBuild Corp.(a)
 
 
27
 
 
11,407
Vail Resorts, Inc.
 
 
31
 
 
4,598
Wingstop, Inc.
 
 
47
 
 
10,182
Wyndham Hotels & Resorts, Inc.
 
 
100
 
 
7,343
YETI Holdings, Inc.(a)
 
 
125
 
 
4,249
 
 
 
 
108,864
Consumer Staples - 1.4%
 
 
 
 
BellRing Brands, Inc.(a)
 
 
225
 
 
6,779
Coca-Cola Consolidated, Inc.
 
 
56
 
 
7,302
 
 
 
 
14,081
Energy - 3.1%
 
 
 
 
Antero Midstream Corp.
 
 
754
 
 
13,006
DT Midstream, Inc.
 
 
167
 
 
18,285
 
 
 
 
31,291
Financials - 4.8%
 
 
 
 
Essent Group Ltd.
 
 
266
 
 
16,112
Euronet Worldwide, Inc.(a)
 
 
40
 
 
3,034
MGIC Investment Corp.
 
 
579
 
 
15,876
Morningstar, Inc.
 
 
26
 
 
5,520
Voya Financial, Inc.
 
 
99
 
 
7,372
 
 
 
 
47,914
Health Care - 15.0%
 
 
 
 
Chemed Corp.
 
 
26
 
 
11,214
Doximity, Inc. - Class A(a)
 
 
467
 
 
30,822
Exelixis, Inc.(a)
 
 
456
 
 
17,633
Globus Medical, Inc. - Class A(a)
 
 
90
 
 
5,435
HealthEquity, Inc.(a)
 
 
107
 
 
10,120
Jazz Pharmaceuticals PLC(a)
 
 
104
 
 
14,315
Lantheus Holdings, Inc.(a)
 
 
62
 
 
3,577
Medpace Holdings, Inc.(a)
 
 
66
 
 
38,604
Neurocrine Biosciences, Inc.(a)
 
 
137
 
 
19,620
 
 
 
 
151,340
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Industrials - 27.7%(b)
 
 
 
 
Acuity, Inc.
 
 
29
 
 
$10,586
Advanced Drainage Systems, Inc.
 
 
90
 
 
12,604
Carlisle Cos., Inc.
 
 
51
 
 
16,578
Comfort Systems USA, Inc.
 
 
47
 
 
45,382
Curtiss-Wright Corp.
 
 
31
 
 
18,468
Donaldson Co., Inc.
 
 
117
 
 
9,857
ExlService Holdings, Inc.(a)
 
 
164
 
 
6,412
Exponent, Inc.
 
 
122
 
 
8,639
Genpact Ltd.
 
 
151
 
 
5,761
Graco, Inc.
 
 
269
 
 
21,996
Landstar System, Inc.
 
 
46
 
 
5,908
Lincoln Electric Holdings, Inc.
 
 
67
 
 
15,708
MSC Industrial Direct Co., Inc. - Class A
 
 
40
 
 
3,396
Mueller Industries, Inc.
 
 
191
 
 
20,221
nVent Electric PLC
 
 
131
 
 
14,980
Owens Corning
 
 
80
 
 
10,185
Paylocity Holding Corp.(a)
 
 
99
 
 
13,986
RB Global, Inc.
 
 
171
 
 
16,967
Simpson Manufacturing Co., Inc.
 
 
37
 
 
6,530
Tetra Tech, Inc.
 
 
255
 
 
8,155
Watts Water Technologies, Inc. - Class A
 
 
28
 
 
7,633
 
 
 
 
279,952
Information Technology - 32.5%(b)
 
 
 
 
Appfolio, Inc. - Class A(a)
 
 
31
 
 
7,887
Blackbaud, Inc.(a)
 
 
52
 
 
3,330
Cirrus Logic, Inc.(a)
 
 
77
 
 
10,214
Cognex Corp.
 
 
226
 
 
9,354
Commvault Systems, Inc.(a)
 
 
138
 
 
19,212
Crane NXT Co.
 
 
46
 
 
2,910
Docusign, Inc.(a)
 
 
636
 
 
46,517
Dolby Laboratories, Inc. - Class A
 
 
109
 
 
7,229
Dropbox, Inc. - Class A(a)
 
 
675
 
 
19,575
Lattice Semiconductor Corp.(a)
 
 
349
 
 
25,463
Littelfuse, Inc.
 
 
21
 
 
5,110
Manhattan Associates, Inc.(a)
 
 
191
 
 
34,775
Novanta, Inc.(a)
 
 
28
 
 
3,556
Onto Innovation, Inc.(a)
 
 
50
 
 
6,748
Power Integrations, Inc.
 
 
72
 
 
3,016
Pure Storage, Inc. - Class A(a)
 
 
549
 
 
54,186
Qualys, Inc.(a)
 
 
148
 
 
18,243
Rambus, Inc.(a)
 
 
316
 
 
32,498
Synaptics, Inc.(a)
 
 
44
 
 
3,121
Universal Display Corp.
 
 
61
 
 
8,984
Vontier Corp.
 
 
166
 
 
6,391
 
 
 
 
328,319
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
24
 

TABLE OF CONTENTS

PACER S&P MIDCAP 400 QUALITY FCF ARISTOCRATS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Materials - 2.0%
 
 
 
 
Eagle Materials, Inc.
 
 
58
 
 
$12,315
NewMarket Corp.
 
 
7
 
 
5,375
Olin Corp.
 
 
116
 
 
2,401
 
 
 
 
20,091
TOTAL COMMON STOCKS
(Cost $1,006,662)
 
 
 
 
1,009,500
TOTAL INVESTMENTS - 100.0%
(Cost $1,006,662)
 
 
 
 
$1,009,500
Other Assets in Excess of
Liabilities - 0.0%(c)
 
 
 
 
496
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,009,996
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
25
 

TABLE OF CONTENTS

PACER S&P SMALLCAP 600 QUALITY FCF ARISTOCRATS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 4.1%
 
 
 
 
Cargurus, Inc.(a)
 
 
463
 
 
$16,261
Cars.com, Inc.(a)
 
 
199
 
 
2,137
TEGNA, Inc.
 
 
408
 
 
8,025
Thryv Holdings, Inc.(a)
 
 
115
 
 
887
YELP, Inc.(a)
 
 
291
 
 
9,597
Ziff Davis, Inc.(a)
 
 
103
 
 
3,492
 
 
 
 
40,399
Consumer Discretionary - 15.3%
 
 
 
 
Buckle, Inc.
 
 
195
 
 
10,686
Cavco Industries, Inc.(a)
 
 
23
 
 
12,186
Champion Homes, Inc.(a)
 
 
205
 
 
13,987
Ethan Allen Interiors, Inc.
 
 
57
 
 
1,378
Etsy, Inc.(a)
 
 
658
 
 
40,796
Frontdoor, Inc.(a)
 
 
259
 
 
17,205
Installed Building Products, Inc.
 
 
52
 
 
12,908
Oxford Industries, Inc.
 
 
30
 
 
1,106
Perdoceo Education Corp.
 
 
287
 
 
9,115
Signet Jewelers Ltd.
 
 
140
 
 
13,839
Steven Madden Ltd.
 
 
177
 
 
6,002
Stride, Inc.(a)
 
 
119
 
 
8,097
Sturm Ruger & Co., Inc.
 
 
42
 
 
1,781
XPEL, Inc.(a)
 
 
53
 
 
1,807
 
 
 
 
150,893
Consumer Staples - 0.5%
 
 
 
 
National Beverage Corp.(a)
 
 
134
 
 
4,592
USANA Health Sciences, Inc.(a)
 
 
31
 
 
656
 
 
 
 
5,248
Energy - 6.4%
 
 
 
 
Cactus, Inc. - Class A
 
 
291
 
 
12,853
Core Natural Resources, Inc.
 
 
181
 
 
14,299
Dorian LPG Ltd.
 
 
193
 
 
5,568
Magnolia Oil & Gas Corp. - Class A
 
 
1,365
 
 
30,658
 
 
 
 
63,378
Financials - 20.1%
 
 
 
 
Bread Financial Holdings, Inc.
 
 
367
 
 
22,993
Donnelley Financial Solutions, Inc.(a)
 
 
95
 
 
4,365
Enact Holdings, Inc.
 
 
197
 
 
7,037
Enova International, Inc.(a)
 
 
247
 
 
29,534
EVERTEC, Inc.
 
 
324
 
 
9,224
Jackson Financial, Inc. - Class A
 
 
509
 
 
51,312
MarketAxess Holdings, Inc.
 
 
264
 
 
42,256
Navient Corp.
 
 
268
 
 
3,278
NMI Holdings, Inc.(a)
 
 
599
 
 
21,822
PROG Holdings, Inc.
 
 
126
 
 
3,645
World Acceptance Corp.(a)
 
 
20
 
 
2,549
 
 
 
 
198,015
Health Care - 11.4%
 
 
 
 
AMN Healthcare Services, Inc.(a)
 
 
98
 
 
1,930
Certara, Inc.(a)
 
 
237
 
 
2,756
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Collegium Pharmaceutical, Inc.(a)
 
 
198
 
 
$7,128
Corcept Therapeutics, Inc.(a)
 
 
580
 
 
42,613
CorVel Corp.(a)
 
 
136
 
 
10,057
HealthStream, Inc.
 
 
77
 
 
1,894
Innoviva, Inc.(a)
 
 
520
 
 
9,464
LeMaitre Vascular, Inc.
 
 
55
 
 
4,764
Organon & Co.
 
 
724
 
 
4,887
Pacira BioSciences, Inc.(a)
 
 
111
 
 
2,373
Premier, Inc. - Class A - Class A
 
 
294
 
 
8,267
Prestige Brands Holdings, Inc.(a)
 
 
119
 
 
7,211
Supernus Pharmaceuticals, Inc.(a)
 
 
162
 
 
8,931
 
 
 
 
112,275
Industrials - 14.3%
 
 
 
 
Apogee Enterprises, Inc.
 
 
45
 
 
1,647
Armstrong World Industries, Inc.
 
 
90
 
 
17,139
Brady Corp. - Class A
 
 
110
 
 
8,350
CSW Industrials, Inc.
 
 
42
 
 
10,518
Kadant, Inc.
 
 
30
 
 
8,300
Korn/Ferry International
 
 
109
 
 
7,052
Robert Half, Inc.
 
 
424
 
 
11,104
Sterling Infrastructure, Inc.(a)
 
 
126
 
 
47,615
Verra Mobility Corp.(a)
 
 
427
 
 
9,911
Zurn Elkay Water Solutions Corp.
 
 
398
 
 
18,750
 
 
 
 
140,386
Information Technology - 25.5%(b)
 
 
 
 
ACI Worldwide, Inc.(a)
 
 
217
 
 
10,336
Adeia, Inc.
 
 
829
 
 
14,126
Agilysys, Inc.(a)
 
 
88
 
 
11,040
Badger Meter, Inc.
 
 
112
 
 
20,210
BlackLine, Inc.(a)
 
 
114
 
 
6,527
Box, Inc. - Class A(a)
 
 
1,031
 
 
33,085
CTS Corp.
 
 
86
 
 
3,570
DoubleVerify Holdings, Inc.(a)
 
 
305
 
 
3,471
Enphase Energy, Inc.(a)
 
 
742
 
 
22,638
Extreme Networks, Inc.(a)
 
 
739
 
 
14,056
InterDigital, Inc.
 
 
125
 
 
45,245
Kulicke & Soffa Industries, Inc.
 
 
181
 
 
7,227
NetScout Systems, Inc.(a)
 
 
173
 
 
4,809
Progress Software Corp.(a)
 
 
187
 
 
7,974
Qorvo, Inc.(a)
 
 
244
 
 
23,160
SPS Commerce, Inc.(a)
 
 
141
 
 
11,596
Teradata Corp.(a)
 
 
570
 
 
11,885
 
 
 
 
250,955
Materials - 1.5%
 
 
 
 
Balchem Corp.
 
 
74
 
 
11,351
Sylvamo Corp.
 
 
86
 
 
3,491
 
 
 
 
14,842
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
26
 

TABLE OF CONTENTS

PACER S&P SMALLCAP 600 QUALITY FCF ARISTOCRATS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Utilities - 0.9%
 
 
 
 
Clearway Energy, Inc. - Class C
 
 
263
 
 
$8,398
TOTAL COMMON STOCKS
(Cost $1,031,073)
 
 
 
 
984,789
TOTAL INVESTMENTS - 100.0%
(Cost $1,031,073)
 
 
 
 
$984,789
Other Assets in Excess of
Liabilities - 0.0%(c)
 
 
 
 
172
TOTAL NET ASSETS - 100.0%
 
 
 
 
$984,961
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
27
 

TABLE OF CONTENTS

PACER SOLACTIVE WHITNEY FUTURE OF WARFARE ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 4.5%
 
 
 
 
Alphabet, Inc. - Class A
 
 
208
 
 
$58,488
AT&T, Inc.
 
 
1,448
 
 
35,838
BT Group PLC
 
 
14,613
 
 
35,663
Charter Communications, Inc. - Class A(a)
 
 
148
 
 
34,608
Deutsche Telekom AG
 
 
1,104
 
 
34,264
Verizon Communications, Inc.
 
 
929
 
 
36,918
Vodafone Group PLC
 
 
37,006
 
 
44,799
 
 
 
 
280,578
Consumer Discretionary - 2.0%
 
 
 
 
Amazon.com, Inc.(a)
 
 
169
 
 
41,273
Aumovio SE(a)
 
 
228
 
 
9,816
Continental AG
 
 
459
 
 
34,690
Volkswagen AG
 
 
369
 
 
38,906
 
 
 
 
124,685
Health Care - 0.6%
 
 
 
 
Lonza Group AG
 
 
56
 
 
38,661
Industrials - 65.3%(b)
 
 
 
 
Airbus Group SE
 
 
198
 
 
48,769
AMETEK, Inc.
 
 
216
 
 
43,656
BAE Systems PLC
 
 
8,050
 
 
197,887
Boeing Co.(a)
 
 
2,002
 
 
402,442
Bouygues SA
 
 
961
 
 
43,403
CAE, Inc.(a)
 
 
1,385
 
 
38,926
Carrier Global Corp.
 
 
578
 
 
34,385
Dover Corp.
 
 
218
 
 
39,558
Eaton Corp. PLC
 
 
104
 
 
39,682
Emerson Electric Co.
 
 
273
 
 
38,103
Experian PLC
 
 
747
 
 
34,812
Ferrovial SE
 
 
771
 
 
47,342
Fortive Corp.
 
 
826
 
 
41,581
General Dynamics Corp.
 
 
1,426
 
 
491,827
Honeywell International, Inc.
 
 
438
 
 
88,183
Howmet Aerospace, Inc.
 
 
222
 
 
45,721
Illinois Tool Works, Inc.
 
 
157
 
 
38,295
Ingersoll Rand, Inc.
 
 
467
 
 
35,646
Johnson Controls International PLC
 
 
377
 
 
43,125
Kongsberg Gruppen ASA
 
 
1,335
 
 
34,183
L3Harris Technologies, Inc.
 
 
694
 
 
200,635
Leidos Holdings, Inc.
 
 
842
 
 
160,376
Leonardo SpA
 
 
736
 
 
43,222
Lockheed Martin Corp.
 
 
1,057
 
 
519,917
MTU Aero Engines AG
 
 
92
 
 
40,149
Northrop Grumman Corp.
 
 
605
 
 
352,987
Parker-Hannifin Corp.
 
 
54
 
 
41,733
Rheinmetall AG
 
 
20
 
 
39,277
Rockwell Automation, Inc.
 
 
113
 
 
41,625
Rolls-Royce Holdings PLC
 
 
2,813
 
 
43,131
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
RTX Corp.
 
 
2,818
 
 
$503,013
Saab AB
 
 
728
 
 
40,187
Safran SA
 
 
120
 
 
42,645
Smiths Group PLC
 
 
1,275
 
 
42,181
Thales SA
 
 
146
 
 
41,606
Trane Technologies PLC
 
 
91
 
 
40,827
TransDigm Group, Inc.
 
 
25
 
 
32,713
Vertiv Holdings Co. - Class A
 
 
273
 
 
52,651
 
 
 
 
4,106,401
Information Technology - 26.3%(b)
 
 
 
 
Adobe, Inc.(a)
 
 
112
 
 
38,115
Applied Materials, Inc.
 
 
222
 
 
51,748
Arista Networks, Inc.(a)
 
 
323
 
 
50,934
Cadence Design System, Inc.(a)
 
 
110
 
 
37,256
Capgemini SE
 
 
265
 
 
40,833
Cellebrite DI Ltd.(a)
 
 
2,835
 
 
48,365
CGI, Inc.
 
 
417
 
 
36,326
Cisco Systems, Inc.
 
 
584
 
 
42,696
Cloudflare, Inc. - Class A(a)
 
 
192
 
 
48,634
Cognizant Technology Solutions Corp. - Class A
 
 
553
 
 
40,303
Constellation Software, Inc.
 
 
11
 
 
28,977
Crowdstrike Holdings, Inc. - Class A(a)
 
 
88
 
 
47,785
Dassault Systemes SE
 
 
1,192
 
 
33,886
Datadog, Inc. - Class A(a)
 
 
282
 
 
45,912
Dell Technologies, Inc. - Class C
 
 
542
 
 
87,809
GlobalFoundries, Inc.(a)
 
 
1,064
 
 
37,878
Halma PLC
 
 
922
 
 
42,955
Hewlett Packard Enterprise Co.
 
 
1,921
 
 
46,911
Hexagon AB - Class B
 
 
3,587
 
 
44,042
International Business Machines Corp.
 
 
158
 
 
48,571
Keysight Technologies, Inc.(a)
 
 
244
 
 
44,642
KLA Corp.
 
 
45
 
 
54,393
Microsoft Corp.
 
 
74
 
 
38,318
Motorola Solutions, Inc.
 
 
90
 
 
36,604
Nokia OYJ
 
 
9,799
 
 
66,322
NVIDIA Corp.
 
 
224
 
 
45,358
Open Text Corp.
 
 
1,346
 
 
51,692
Oracle Corp.
 
 
158
 
 
41,492
Palantir Technologies, Inc. - Class A(a)
 
 
250
 
 
50,117
Palo Alto Networks, Inc.(a)
 
 
230
 
 
50,655
Roper Technologies, Inc.
 
 
72
 
 
32,123
Sage Group PLC
 
 
2,479
 
 
37,440
salesforce.com, Inc.
 
 
153
 
 
39,843
Snowflake, Inc. - Class A(a)
 
 
177
 
 
48,654
Synopsys, Inc.(a)
 
 
63
 
 
28,591
Trimble, Inc.(a)
 
 
473
 
 
37,722
Zscaler, Inc.(a)
 
 
140
 
 
46,360
 
 
 
 
1,650,262
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
28
 

TABLE OF CONTENTS

PACER SOLACTIVE WHITNEY FUTURE OF WARFARE ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Materials - 1.3%
 
 
 
 
Air Liquide SA
 
 
201
 
 
$38,957
Dow, Inc.
 
 
1,704
 
 
40,640
Solstice Advanced Materials, Inc.(a)
 
 
110
 
 
4,935
 
 
 
 
84,532
TOTAL COMMON STOCKS
(Cost $5,945,066)
 
 
 
 
6,285,119
TOTAL INVESTMENTS - 100.0%
(Cost $5,945,066)
 
 
 
 
$6,285,119
Other Assets in Excess of
Liabilities - (0.0)%(c)
 
 
 
 
2,223
TOTAL NET ASSETS - 100.0%
 
 
 
 
$6,287,342
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
29
 

TABLE OF CONTENTS

PACER SWAN SOS CONSERVATIVE APRIL ETF
Schedule of Investments
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 111.3%(a)
Call Options - 110.6%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.15(b)(c)(d)
 
 
$86,417,002
 
 
1,267
 
 
$85,321,630
Put Options - 0.7%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $531.42(b)(c)(d)
 
 
86,417,002
 
 
1,267
 
 
523,904
TOTAL PURCHASED OPTIONS
(Cost $72,384,112)
 
 
 
 
 
 
85,845,534
TOTAL INVESTMENTS - 111.3%
(Cost $72,384,112)
 
 
 
 
 
 
$85,845,534
Liabilities in Excess of Other Assets - (11.3)%
 
 
 
 
 
 
(8,748,200)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$ 77,097,334
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
30
 

TABLE OF CONTENTS

PACER SWAN SOS CONSERVATIVE APRIL ETF
Schedule of Written Options
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (12.1)%
 
 
 
 
 
 
Call Options - (11.9)%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise
Price: $631.50(a)(b)
 
 
$(86,417,002)
 
 
(1,267)
 
 
$(9,152,517)
Put Options - (0.2)%
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise
Price: $391.57(a)(b)
 
 
(86,417,002)
 
 
(1,267)
 
 
(153,193)
TOTAL WRITTEN OPTIONS
(Premiums received $2,643,405)
 
 
 
 
 
 
$(9,305,710)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
31
 

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PACER SWAN SOS CONSERVATIVE JANUARY ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 105.0%(a)
Call Options - 104.8%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price:
$6.45(b)(c)(d)
 
 
$33,898,382
 
 
497
 
 
$33,487,363
Put Options - 0.2%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $556.78(b)(c)(d)
 
 
33,898,382
 
 
497
 
 
70,077
TOTAL PURCHASED OPTIONS
(Cost $29,581,155)
 
 
 
 
 
 
33,557,440
TOTAL INVESTMENTS - 105.0%
(Cost $29,581,155)
 
 
 
 
 
 
$33,557,440
Liabilities in Excess of Other Assets - (5.0)%
 
 
 
 
 
 
(1,588,749)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$31,968,691
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
32
 

TABLE OF CONTENTS

PACER SWAN SOS CONSERVATIVE JANUARY ETF
SCHEDULE OF WRITTEN OPTIONS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (5.6)%
Call Options - (5.5)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise
Price: $659.01(a)(b)
 
 
$(33,898,382)
 
 
(497)
 
 
$(1,764,350)
Put Options - (0.1)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise
Price: $410.26(a)(b)
 
 
(33,898,382)
 
 
(497)
 
 
(12,425)
TOTAL WRITTEN OPTIONS
(Premiums received $853,002)
 
 
 
 
 
 
$(1,776,775)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
33
 

TABLE OF CONTENTS

PACER SWAN SOS CONSERVATIVE JULY ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 106.0%(a)
Call Options - 104.0%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price:
$6.80(b)(c)(d)
 
 
$45,493,402
 
 
667
 
 
$44,813,729
Put Options - 2.0%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $586.96(b)(c)(d)
 
 
45,493,402
 
 
667
 
 
861,097
TOTAL PURCHASED OPTIONS
(Cost $42,190,521)
 
 
 
 
 
 
45,674,826
TOTAL INVESTMENTS - 106.0%
(Cost $42,190,521)
 
 
 
 
 
 
$45,674,826
Liabilities in Excess of Other Assets - (6.0)%
 
 
 
 
 
 
(2,578,125)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$43,096,701
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
34
 

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PACER SWAN SOS CONSERVATIVE JULY ETF
SCHEDULE OF WRITTEN OPTIONS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (6.6)%
Call Options - (6.1)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise
Price: $693.41(a)(b)
 
 
$(45,493,402)
 
 
(667)
 
 
$(2,637,985)
Put Options - (0.5)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise
Price: $432.50(a)(b)
 
 
(45,493,402)
 
 
(667)
 
 
(212,773)
TOTAL WRITTEN OPTIONS
(Premiums received $1,368,349)
 
 
 
 
 
 
$(2,850,758)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
35
 

TABLE OF CONTENTS

PACER SWAN SOS CONSERVATIVE OCTOBER ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 103.9%(a)
Call Options - 100.2%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price:
$7.33(b)(c)(d)
 
 
$43,242,604
 
 
634
 
 
$42,498,009
Put Options - 3.7%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $632.87(b)(c)(d)
 
 
43,242,604
 
 
634
 
 
1,581,190
TOTAL PURCHASED OPTIONS
(Cost $43,281,166)
 
 
 
 
 
 
44,079,199
TOTAL INVESTMENTS - 103.9%
(Cost $43,281,166)
 
 
 
 
 
 
$44,079,199
Liabilities in Excess of Other Assets - (3.9)%
 
 
 
 
 
 
(1,646,025)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$42,433,174
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
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PACER SWAN SOS CONSERVATIVE OCTOBER ETF
SCHEDULE OF WRITTEN OPTIONS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (4.5)%
Call Options - (3.6)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise
Price: $743.52(a)(b)
 
 
$(43,242,604)
 
 
(634)
 
 
$(1,524,421)
Put Options - (0.9)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise
Price: $466.33(a)(b)
 
 
(43,242,604)
 
 
(634)
 
 
(382,143)
TOTAL WRITTEN OPTIONS
(Premiums received $1,490,295)
 
 
 
 
 
 
$(1,906,564)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
37
 

TABLE OF CONTENTS

PACER SWAN SOS FLEX APRIL ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 110.8%(a)
Call Options - 109.8%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price:
$6.27(b)(c)(d)
 
 
$24,417,748
 
 
358
 
 
$24,104,022
Put Options - 1.0%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust(b)(c)(d)
Expiration: 03/31/2026; Exercise Price:
$335.63
 
 
$24,417,748
 
 
358
 
 
26,345
Expiration: 03/31/2026; Exercise Price:
$559.39
 
 
24,417,748
 
 
358
 
 
202,220
Total Put Options
 
 
 
 
 
 
228,565
TOTAL PURCHASED OPTIONS
(Cost $20,867,134)
 
 
 
 
 
 
24,332,587
TOTAL INVESTMENTS - 110.8%
(Cost $20,867,134)
 
 
 
 
 
 
$24,332,587
Liabilities in Excess of Other Assets - (10.8)%
 
 
 
 
 
 
(2,373,777)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$21,958,810
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
38
 

TABLE OF CONTENTS

PACER SWAN SOS FLEX APRIL ETF
SCHEDULE OF WRITTEN OPTIONS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (11.6)%
Call Options - (11.0)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise
Price: $637.42(a)(b)
 
 
$(24,417,748)
 
 
(358)
 
 
$(2,412,927)
Put Options - (0.6)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise
Price: $447.51(a)(b)
 
 
(48,835,496)
 
 
(716)
 
 
(135,123)
TOTAL WRITTEN OPTIONS
(Premiums received $1,067,330)
 
 
 
 
 
 
$(2,548,050)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
39
 

TABLE OF CONTENTS

PACER SWAN SOS FLEX JANUARY ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 103.9%(a)
Call Options - 103.6%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price:
$6.56(b)(c)(d)
 
 
$50,949,882
 
 
747
 
 
$50,321,670
Put Options - 0.3%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust(b)(c)(d)
Expiration: 12/31/2025; Exercise Price:
$351.65
 
 
50,949,882
 
 
747
 
 
9,845
Expiration: 12/31/2025; Exercise Price:
$586.08
 
 
50,949,882
 
 
747
 
 
168,232
Total Put Options
 
 
 
 
 
 
178,077
TOTAL PURCHASED OPTIONS
(Cost $45,109,454)
 
 
 
 
 
 
50,499,747
TOTAL INVESTMENTS - 103.9%
(Cost $45,109,454)
 
 
 
 
 
 
$50,499,747
Liabilities in Excess of Other Assets - (3.9)%
 
 
 
 
 
 
(1,916,613)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$48,583,134
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
40
 

TABLE OF CONTENTS

PACER SWAN SOS FLEX JANUARY ETF
SCHEDULE OF WRITTEN OPTIONS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (4.8)%
Call Options - (4.7)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise
Price: $665.32(a)(b)
 
 
$(50,949,882)
 
 
(747)
 
 
$(2,269,685)
Put Options - (0.1)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise
Price: $468.86(a)(b)
 
 
(101,899,764)
 
 
(1,494)
 
 
(74,506)
TOTAL WRITTEN OPTIONS
(Premiums received $2,017,475)
 
 
 
 
 
 
$(2,344,191)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
41
 

TABLE OF CONTENTS

Pacer Swan SOS Flex July ETF
Schedule of Investments
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 105.7%(a)
Call Options - 102.8%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.92(b)(c)(d)
 
 
$41,060,012
 
 
602
 
 
$40,429,808
Put Options - 2.9%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust(b)(c)(d)
 
 
 
 
 
 
Expiration: 06/30/2026; Exercise Price: $370.71
 
 
41,060,012
 
 
602
 
 
108,059
Expiration: 06/30/2026; Exercise Price: $617.85
 
 
41,060,012
 
 
602
 
 
1,026,416
Total Put Options
 
 
 
 
 
 
1,134,475
TOTAL PURCHASED OPTIONS
(Cost $38,875,940)
 
 
 
 
 
 
41,564,283
TOTAL INVESTMENTS - 105.7%
(Cost $38,875,940)
 
 
 
 
 
 
$41,564,283
Liabilities in Excess of
Other Assets - (5.7)%
 
 
 
 
 
 
(2,252,403)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$39,311,880
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
42
 

TABLE OF CONTENTS

Pacer Swan SOS Flex July ETF
Schedule of Written Options
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (6.6)%
Call Options - (5.0)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise
Price: $704.97(a)(b)
 
 
$(41,060,012)
 
 
(602)
 
 
$(1,962,875)
Put Options - (1.6)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise
Price: $494.28(a)(b)
 
 
(82,120,024)
 
 
(1,204)
 
 
(630,643)
TOTAL WRITTEN OPTIONS
(Premiums received $1,896,354)
 
 
 
 
 
 
$(2,593,518)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
43
 

TABLE OF CONTENTS

PACER SWAN SOS FLEX OCTOBER ETF
Schedule of Investments
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 105.2%(a)
Call Options - 99.7%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.46(b)(c)(d)
 
 
$26,054,692
 
 
382
 
 
$25,606,224
Put Options - 5.5%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust(b)(c)(d)
 
 
 
 
 
 
Expiration: 09/30/2026; Exercise Price: $399.71
 
 
26,054,692
 
 
382
 
 
140,958
Expiration: 09/30/2026; Exercise Price: $666.18
 
 
26,054,692
 
 
382
 
 
1,269,386
Total Put Options
 
 
 
 
 
 
1,410,344
TOTAL PURCHASED OPTIONS
(Cost $26,566,356)
 
 
 
 
 
 
27,016,568
TOTAL INVESTMENTS - 105.2%
(Cost $26,566,356)
 
 
 
 
 
 
$27,016,568
Liabilities in Excess of
Other Assets - (5.2)%
 
 
 
 
 
 
(1,332,564)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$25,684,004
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
44
 

TABLE OF CONTENTS

PACER SWAN SOS FLEX OCTOBER ETF
Schedule of Written Options
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (6.1)%
Call Options - (2.9)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise
Price: $757.65(a)(b)
 
 
$(26,054,692)
 
 
(382)
 
 
$(731,912)
Put Options - (3.2)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise
Price: $532.94(a)(b)
 
 
(52,109,384)
 
 
(764)
 
 
(833,524)
TOTAL WRITTEN OPTIONS
(Premiums received $1,396,949)
 
 
 
 
 
 
$(1,565,436)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
45
 

TABLE OF CONTENTS

Pacer Swan SOS Fund of Funds ETF
Schedule of Investments
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
AFFILIATED EXCHANGE TRADED FUNDS - 99.5%
 
 
 
 
Pacer Swan SOS Conservative (April) ETF(a)(b)
 
 
1,947,882
 
 
$53,616,816
Pacer Swan SOS Conservative (January) ETF(a)(b)
 
 
880,686
 
 
26,785,889
Pacer Swan SOS Conservative (July) ETF(a)(b)(c)
 
 
1,252,549
 
 
37,207,594
Pacer Swan SOS Conservative (October) ETF(a)(b)
 
 
1,299,197
 
 
38,010,996
Pacer Swan SOS Flex (April) ETF(a)(b)
 
 
443,087
 
 
13,901,855
Pacer Swan SOS Flex (January)
ETF(a)(b)
 
 
649,601
 
 
23,817,231
Pacer Swan SOS Flex (July) ETF(a)(b)
 
 
706,594
 
 
23,114,668
Pacer Swan SOS Flex (October) ETF(a)(b)(c)
 
 
445,155
 
 
14,285,024
Pacer Swan SOS Moderate (April) ETF(a)(b)
 
 
2,487,648
 
 
73,186,604
Pacer Swan SOS Moderate (January) ETF(a)(b)
 
 
2,153,712
 
 
68,796,022
Pacer Swan SOS Moderate (July) ETF(a)(b)
 
 
2,448,360
 
 
77,788,804
Pacer Swan SOS Moderate (October) ETF(a)(b)
 
 
2,225,003
 
 
67,686,371
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $443,025,786)
 
 
 
 
518,197,874
 
 
Units
 
 
INVESTMENTS PURCHASED
WITH PROCEEDS FROM
SECURITIES LENDING - 0.2%
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
1,016,250
 
 
1,016,250
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $1,016,250)
 
 
 
 
1,016,250
TOTAL INVESTMENTS - 99.7%
(Cost $444,042,036)
 
 
 
 
$519,214,124
Other Assets in Excess of
Liabilities - 0.3%
 
 
 
 
1,477,028
TOTAL NET ASSETS - 100.0%
 
 
 
 
$520,691,152
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
(a)
Non-income producing security.
(b)
Affiliated security as defined by the Investment Company Act of 1940.
(c)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $988,352.
(d)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
46
 

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Pacer Swan SOS Moderate April ETF
Schedule of Investments
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 111.7%(a)
Call Options - 110.8%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.21(b)(c)(d)
 
 
$98,216,640
 
 
1,440
 
 
$96,963,221
Put Options - 0.9%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.45(b)(c)(d)
 
 
98,216,640
 
 
1,440
 
 
813,960
TOTAL PURCHASED OPTIONS
(Cost $83,039,284)
 
 
 
 
 
 
97,777,181
TOTAL INVESTMENTS - 111.7%
(Cost $83,039,284)
 
 
 
 
 
 
$97,777,181
Liabilities in Excess of
Other Assets - (11.7)%
 
 
 
 
 
 
(10,250,691)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$87,526,490
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
47
 

TABLE OF CONTENTS

Pacer Swan SOS Moderate April ETF
Schedule of Written Options
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (12.6)%
Call Options - (12.2)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise
Price: $629.15(a)(b)
 
 
$(98,216,640)
 
 
(1,440)
 
 
$(10,681,719)
Put Options - (0.4)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise
Price: $475.48(a)(b)
 
 
(98,216,640)
 
 
(1,440)
 
 
(344,088)
TOTAL WRITTEN OPTIONS
(Premiums received $4,207,861)
 
 
 
 
 
 
$(11,025,807)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
48
 

TABLE OF CONTENTS

Pacer Swan SOS Moderate January ETF
Schedule of Investments
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 105.0%(a)
Call Options - 104.6%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.51(b)(c)(d)
 
 
$85,462,118
 
 
1,253
 
 
$84,414,572
Put Options - 0.4%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.14(b)(c)(d)
 
 
85,462,118
 
 
1,253
 
 
282,489
TOTAL PURCHASED OPTIONS
(Cost $75,339,308)
 
 
 
 
 
 
84,697,061
TOTAL INVESTMENTS - 105.0%
(Cost $75,339,308)
 
 
 
 
 
 
$84,697,061
Liabilities in Excess of
Other Assets - (5.0)%
 
 
 
 
 
 
(3,995,149)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$ 80,701,912
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
49
 

TABLE OF CONTENTS

Pacer Swan SOS Moderate January ETF
Schedule of Written Options
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (5.9)%
Call Options - (5.8)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise
Price: $656.53(a)(b)
 
 
$(85,462,118)
 
 
(1,253)
 
 
$(4,667,876)
Put Options - (0.1)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise
Price: $498.17(a)(b)
 
 
(85,462,118)
 
 
(1,253)
 
 
(86,419)
TOTAL WRITTEN OPTIONS
(Premiums received $3,070,861)
 
 
 
 
 
 
$ (4,754,295)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
50
 

TABLE OF CONTENTS

Pacer Swan SOS Moderate July ETF
Schedule of Investments
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 106.3%(a)
Call Options - 103.7%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.86(b)(c)(d)
 
 
$96,988,932
 
 
1,422
 
 
$95,508,601
Put Options - 2.6%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.91(b)(c)(d)
 
 
96,988,932
 
 
1,422
 
 
2,425,904
TOTAL PURCHASED OPTIONS
(Cost $91,070,273)
 
 
 
 
 
 
97,934,505
TOTAL INVESTMENTS - 106.3%
(Cost $91,070,273)
 
 
 
 
 
 
$97,934,505
Liabilities in Excess of
Other Assets - (6.3)%
 
 
 
 
 
 
(5,793,223)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$ 92,141,282
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
51
 

TABLE OF CONTENTS

Pacer Swan SOS Moderate July ETF
Schedule of Written Options
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (7.2)%
Call Options - (6.1)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise
Price: $693.23(a)(b)
 
 
$(96,988,932)
 
 
(1,422)
 
 
$(5,604,628)
Put Options - (1.1)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise
Price: $525.17(a)(b)
 
 
(96,988,932)
 
 
(1,422)
 
 
(991,077)
TOTAL WRITTEN OPTIONS
(Premiums received $3,973,111)
 
 
 
 
 
 
$ (6,595,705)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
52
 

TABLE OF CONTENTS

Pacer Swan SOS Moderate October ETF
Schedule of Investments
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 105.2%(a)
Call Options - 100.3%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.39(b)(c)(d)
 
 
$79,187,166
 
 
1,161
 
 
$77,816,930
Put Options - 4.9%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.25(b)(c)(d)
 
 
79,187,166
 
 
1,161
 
 
3,786,416
TOTAL PURCHASED OPTIONS
(Cost $80,230,972)
 
 
 
 
 
 
81,603,346
TOTAL INVESTMENTS - 105.2%
(Cost $80,230,972)
 
 
 
 
 
 
$81,603,346
Liabilities in Excess of
Other Assets - (5.2)%
 
 
 
 
 
 
(4,019,713)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$ 77,583,633
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
53
 

TABLE OF CONTENTS

Pacer Swan SOS Moderate October ETF
Schedule of Written Options
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (5.6)%
Call Options - (3.5)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise
Price: $745.06(a)(b)
 
 
$(79,187,166)
 
 
(1,161)
 
 
$(2,720,769)
Put Options - (2.1)%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise
Price: $566.25(a)(b)
 
 
(79,187,166)
 
 
(1,161)
 
 
(1,653,368)
TOTAL WRITTEN OPTIONS
(Premiums received $3,706,940)
 
 
 
 
 
 
$ (4,374,137)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
54
 

TABLE OF CONTENTS

PACER US CASH COWS BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2025
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - 96.2%
 
 
 
 
Communication Services - 5.9%
 
 
 
 
Fox Corp.
 
 
 
 
5.48%, 01/25/2039
 
 
$70,000
 
 
$70,382
5.58%, 01/25/2049
 
 
70,000
 
 
67,955
Match Group Holdings II LLC,
4.63%, 06/01/2028(a)
 
 
70,000
 
 
68,991
Nexstar Media, Inc., 5.63%, 07/15/2027(a)
 
 
70,000
 
 
69,971
Warnermedia Holdings, Inc.
 
 
 
 
5.05%, 03/15/2042
 
 
85,000
 
 
68,232
5.14%, 03/15/2052
 
 
91,000
 
 
69,160
 
 
 
 
414,691
Consumer Discretionary - 15.0%
 
 
 
 
Aptiv Swiss Holdings Ltd.
 
 
 
 
5.15%, 09/13/2034
 
 
72,000
 
 
72,465
4.15%, 05/01/2052
 
 
91,000
 
 
70,718
5.75%, 09/13/2054
 
 
74,000
 
 
71,825
6.88% to 12/15/2029 then 5 yr.
CMT Rate + 3.39%, 12/15/2054
 
 
68,000
 
 
69,426
Ford Motor Co., 5.29%, 12/08/2046
 
 
82,000
 
 
69,344
Ford Motor Credit Co. LLC
 
 
 
 
7.12%, 11/07/2033
 
 
64,000
 
 
68,766
6.13%, 03/08/2034
 
 
70,000
 
 
70,855
6.50%, 02/07/2035
 
 
68,000
 
 
70,377
Hasbro, Inc., 6.05%, 05/14/2034
 
 
65,000
 
 
68,493
Leggett & Platt, Inc.
 
 
 
 
3.50%, 11/15/2027
 
 
72,000
 
 
70,539
4.40%, 03/15/2029
 
 
74,000
 
 
72,865
3.50%, 11/15/2051
 
 
104,000
 
 
68,542
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027(a)
 
 
70,000
 
 
68,171
PVH Corp., 5.50%, 06/13/2030
 
 
68,000
 
 
69,263
Tapestry, Inc., 5.50%, 03/11/2035
 
 
70,000
 
 
71,284
 
 
 
 
1,052,933
Consumer Staples - 16.2%
 
 
 
 
Altria Group, Inc.
 
 
 
 
5.63%, 02/06/2035
 
 
68,000
 
 
70,477
5.80%, 02/14/2039
 
 
68,000
 
 
70,031
3.40%, 02/04/2041
 
 
91,000
 
 
70,144
4.45%, 05/06/2050
 
 
84,000
 
 
68,027
Conagra Brands, Inc.
 
 
 
 
5.75%, 08/01/2035
 
 
68,000
 
 
69,473
5.30%, 11/01/2038
 
 
70,000
 
 
67,356
5.40%, 11/01/2048
 
 
72,000
 
 
65,930
Constellation Brands, Inc.
 
 
 
 
4.50%, 05/09/2047
 
 
82,000
 
 
68,956
5.25%, 11/15/2048
 
 
75,000
 
 
70,290
Kraft Heinz Foods Co.
 
 
 
 
5.20%, 07/15/2045
 
 
75,000
 
 
69,504
4.38%, 06/01/2046
 
 
51,000
 
 
42,607
4.88%, 10/01/2049
 
 
78,000
 
 
68,443
5.50%, 06/01/2050
 
 
72,000
 
 
68,293
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Pilgrim’s Pride Corp.
 
 
 
 
4.25%, 04/15/2031
 
 
$72,000
 
 
$69,688
3.50%, 03/01/2032
 
 
71,000
 
 
65,075
6.25%, 07/01/2033
 
 
65,000
 
 
69,308
6.88%, 05/15/2034
 
 
63,000
 
 
69,754
 
 
 
 
1,143,356
Energy - 19.8%
 
 
 
 
Chord Energy Corp., 6.75%, 03/15/2033(a)
 
 
70,000
 
 
71,483
Coterra Energy, Inc.
 
 
 
 
5.60%, 03/15/2034
 
 
70,000
 
 
71,681
5.40%, 02/15/2035
 
 
10,000
 
 
10,072
5.90%, 02/15/2055
 
 
72,000
 
 
69,099
Diamondback Energy, Inc.
 
 
 
 
6.25%, 03/15/2053
 
 
66,000
 
 
67,576
5.75%, 04/18/2054
 
 
70,000
 
 
67,456
5.90%, 04/18/2064
 
 
70,000
 
 
67,069
Expand Energy Corp.
 
 
 
 
5.38%, 02/01/2029
 
 
70,000
 
 
70,029
5.38%, 03/15/2030
 
 
69,000
 
 
70,017
4.75%, 02/01/2032
 
 
71,000
 
 
69,699
5.70%, 01/15/2035
 
 
68,000
 
 
69,999
HF Sinclair Corp.
 
 
 
 
5.75%, 01/15/2031
 
 
68,000
 
 
70,434
5.50%, 09/01/2032
 
 
69,000
 
 
70,165
6.25%, 01/15/2035
 
 
67,000
 
 
70,048
Occidental Petroleum Corp.
 
 
 
 
6.45%, 09/15/2036
 
 
64,000
 
 
67,942
6.20%, 03/15/2040
 
 
69,000
 
 
70,666
6.60%, 03/15/2046
 
 
65,000
 
 
68,017
6.05%, 10/01/2054
 
 
69,000
 
 
67,149
Ovintiv, Inc., 6.25%, 07/15/2033
 
 
65,000
 
 
68,061
Phillips 66 Co., 4.90%, 10/01/2046
 
 
77,000
 
 
67,800
Viper Energy Partners LLC,
5.70%, 08/01/2035
 
 
70,000
 
 
71,374
 
 
 
 
1,395,836
Health Care - 18.3%
 
 
 
 
Biogen, Inc.
 
 
 
 
5.20%, 09/15/2045
 
 
76,000
 
 
70,524
6.45%, 05/15/2055
 
 
64,000
 
 
68,232
Cardinal Health, Inc., 5.35%, 11/15/2034
 
 
68,000
 
 
69,999
DENTSPLY SIRONA, Inc.
 
 
 
 
3.25%, 06/01/2030
 
 
76,000
 
 
70,475
8.38% to 09/12/2030 then 5 yr.
CMT Rate + 4.38%, 09/12/2055
 
 
68,000
 
 
70,021
HCA, Inc.
 
 
 
 
5.50%, 06/15/2047
 
 
72,000
 
 
69,150
5.25%, 06/15/2049
 
 
76,000
 
 
69,768
5.90%, 06/01/2053
 
 
70,000
 
 
69,687
6.00%, 04/01/2054
 
 
70,000
 
 
70,961
Mylan, Inc., 5.20%, 04/15/2048
 
 
83,000
 
 
67,686
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
55
 

TABLE OF CONTENTS

PACER US CASH COWS BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Health Care - (Continued)
Organon & Co./Organon Foreign Debt Co.-Issuer BV
 
 
 
 
5.13%, 04/30/2031(a)
 
 
$77,000
 
 
$59,023
6.75%, 05/15/2034(a)
 
 
70,000
 
 
62,715
7.88%, 05/15/2034(a)
 
 
72,000
 
 
56,029
Royalty Pharma PLC
 
 
 
 
3.30%, 09/02/2040
 
 
91,000
 
 
70,464
5.90%, 09/02/2054
 
 
69,000
 
 
69,397
Tenet Healthcare Corp., 6.13%, 10/01/2028
 
 
68,000
 
 
68,088
Utah Acquisition Sub, Inc.,
5.25%, 06/15/2046
 
 
80,000
 
 
66,202
Viatris, Inc.
 
 
 
 
3.85%, 06/22/2040
 
 
91,000
 
 
69,325
4.00%, 06/22/2050
 
 
99,000
 
 
66,682
 
 
 
 
1,284,428
Industrials - 3.5%
 
 
 
 
TransDigm, Inc.
 
 
 
 
7.13%, 12/01/2031(a)
 
 
65,000
 
 
67,812
6.63%, 03/01/2032(a)
 
 
35,000
 
 
36,193
6.38%, 05/31/2033(a)
 
 
68,000
 
 
69,315
6.75%, 01/31/2034(a)
 
 
68,000
 
 
70,467
 
 
 
 
243,787
Information Technology - 15.6%
 
 
 
 
AppLovin Corp.
 
 
 
 
5.50%, 12/01/2034
 
 
67,000
 
 
68,817
5.95%, 12/01/2054
 
 
49,000
 
 
49,095
Arrow Electronics, Inc.
 
 
 
 
2.95%, 02/15/2032
 
 
81,000
 
 
72,295
5.88%, 04/10/2034
 
 
68,000
 
 
71,073
Atlassian Corp., 5.50%, 05/15/2034
 
 
67,000
 
 
68,900
Booz Allen Hamilton, Inc.
 
 
 
 
5.95%, 08/04/2033
 
 
67,000
 
 
70,026
5.95%, 04/15/2035
 
 
65,000
 
 
67,321
DXC Technology Co., 2.38%, 09/15/2028
 
 
78,000
 
 
73,661
Hewlett Packard Enterprise Co.
 
 
 
 
6.35%, 10/15/2045(b)
 
 
63,000
 
 
65,667
5.60%, 10/15/2054
 
 
71,000
 
 
67,109
HP, Inc., 6.10%, 04/25/2035
 
 
64,000
 
 
67,964
Qorvo, Inc., 4.38%, 10/15/2029
 
 
70,000
 
 
68,860
Skyworks Solutions, Inc.,
3.00%, 06/01/2031
 
 
81,000
 
 
73,461
SS&C Technologies, Inc.,
5.50%, 09/30/2027(a)
 
 
70,000
 
 
70,039
Western Digital Corp., 2.85%, 02/01/2029
 
 
75,000
 
 
71,193
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(a)
 
 
74,000
 
 
69,799
 
 
 
 
1,095,280
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Materials - 1.9%
 
 
 
 
LyondellBasell Industries NV,
4.63%, 02/26/2055
 
 
$89,000
 
 
$69,385
Olin Corp., 6.63%, 04/01/2033(a)
 
 
68,000
 
 
67,339
 
 
 
 
136,724
TOTAL CORPORATE BONDS
(Cost $6,732,260)
 
 
 
 
6,767,035
ASSET-BACKED SECURITIES - 1.9%
 
 
 
 
United Airlines, Inc.
 
 
 
 
5.80%, 01/15/2036
 
 
64,375
 
 
67,180
5.45%, 02/15/2037
 
 
64,690
 
 
66,759
TOTAL ASSET-BACKED SECURITIES
(Cost $133,060)
 
 
 
 
133,939
TOTAL INVESTMENTS - 98.1%
(Cost $6,865,320)
 
 
 
 
$6,900,974
Other Assets in Excess of Liabilities - 1.9%
 
 
 
 
133,346
TOTAL NET ASSETS - 100.0%
 
 
 
 
$7,034,320
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
CMT - Constant Maturity Treasury
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $907,347 or 12.9% of the Fund’s net assets.
(b)
Step coupon bond. The rate disclosed is as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
56
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer
American Energy
Independence
ETF
 
 
Pacer
BlueStar Digital
Entertainment
ETF
 
 
Pacer
BlueStar
Engineering
the Future
ETF
 
 
Pacer
Cash COWZ
100-Nasdaq
100 Rotator
ETF
 
 
Pacer Developed
Markets Cash
Cows Growth
Leaders
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$97,820,216
 
 
$4,974,823
 
 
$1,785,495
 
 
$9,713,320
 
 
$2,914,333
Dividends receivable
 
 
352,373
 
 
1,788
 
 
1,695
 
 
1,128
 
 
​3,890
Cash and cash equivalents
 
 
87,629
 
 
1,929
 
 
589
 
 
5,825
 
 
2,120
Dividend tax reclaims receivable
 
 
10,201
 
 
119
 
 
96
 
 
17
 
 
676
Security lending income receivable
 
 
3,515
 
 
84
 
 
18
 
 
—
 
 
42
Interest receivable
 
 
287
 
 
4
 
 
2
 
 
14
 
 
3
Foreign currency, at value
 
 
—
 
 
216
 
 
—
 
 
—
 
 
2
Total assets
 
 
98,274,221
 
 
4,978,963
 
 
1,787,895
 
 
9,720,304
 
 
2,921,066
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities loaned
 
 
18,584,090
 
 
67,053
 
 
127,091
 
 
—
 
 
60,822
Payable to adviser
 
 
52,247
 
 
2,163
 
 
685
 
 
3,805
 
 
1,573
Payable for investments purchased
 
 
43,127
 
 
—
 
 
—
 
 
—
 
 
—
Payable to custodian foreign currency, at value
 
 
39,024
 
 
—
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
18,718,488
 
 
69,216
 
 
127,776
 
 
3,805
 
 
62,395
NET ASSETS
 
 
$ 79,555,733
 
 
$4,909,747
 
 
$1,660,119
 
 
$9,716,499
 
 
$2,858,671
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$63,269,105
 
 
$5,097,606
 
 
$1,260,198
 
 
$9,086,605
 
 
$2,704,954
Total distributable earnings/
(accumulated losses)
 
 
​16,286,628
 
 
​(187,859)
 
 
​399,921
 
 
​629,894
 
 
​153,717
Total net assets
 
 
$ 79,555,733
 
 
$4,909,747
 
 
$1,660,119
 
 
$9,716,499
 
 
$2,858,671
Net assets
 
 
$79,555,733
 
 
$4,909,747
 
 
$1,660,119
 
 
$9,716,499
 
 
$2,858,671
Shares issued and outstanding(a)
 
 
2,150,000
 
 
160,000
 
 
60,000
 
 
375,000
 
 
125,000
Net asset value per share
 
 
$37.00
 
 
$30.69
 
 
$27.67
 
 
$25.91
 
 
$22.87
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$78,963,460
 
 
$5,024,804
 
 
$1,400,368
 
 
$9,081,190
 
 
$2,689,737
Foreign currency, at cost
 
 
$—
 
 
$220
 
 
$0
 
 
$—
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$38,798
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$17,914,057
 
 
$64,284
 
 
$121,569
 
 
$—
 
 
$59,894
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
57
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Metaurus
Nasdaq 100
Dividend
Multiplier 600
ETF
 
 
Pacer Metaurus
US Large Cap
Dividend
Multiplier 400
ETF
 
 
Pacer
PE/VC ETF
 
 
Pacer S&P 500
Quality FCF
Aristocrats
ETF
 
 
Pacer S&P
MidCap 400
Quality FCF
Aristocrats
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$14,361,468
 
 
$1,334,174,691
 
 
$3,142,552
 
 
$17,055,547
 
 
$1,009,500
Cash and cash equivalents
 
 
765,487
 
 
7,648,307
 
 
366,779
 
 
6,951
 
 
561
Deposit at broker for other investments
 
 
294,716
 
 
​13,732,378
 
 
—
 
 
—
 
 
—
Interest receivable
 
 
1,555
 
 
1,031,319
 
 
864
 
 
32
 
 
2
Dividends receivable
 
 
1,417
 
 
539,902
 
 
1,375
 
 
12,778
 
 
349
Security lending income receivable
 
 
159
 
 
1,476
 
 
—
 
 
—
 
 
—
Dividend tax reclaims receivable
 
 
12
 
 
5,137
 
 
58
 
 
233
 
 
6
Receivable for swap contracts
 
 
—
 
 
—
 
 
​13,500
 
 
—
 
 
—
Receivable for fund shares
sold
 
 
—
 
 
5,115,852
 
 
—
 
 
—
 
 
—
Other assets
 
 
30
 
 
—
 
 
—
 
 
1
 
 
—
Total assets
 
 
15,424,844
 
 
1,362,249,062
 
 
​3,525,128
 
 
17,075,542
 
 
1,010,418
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities loaned
 
 
1,865,807
 
 
25,475,958
 
 
—
 
 
—
 
 
—
Distributions payable
 
 
30,870
 
 
4,085,334
 
 
—
 
 
—
 
 
—
Payable to adviser
 
 
5,732
 
 
650,215
 
 
2,294
 
 
6,881
 
 
422
Payable for investments purchased
 
 
—
 
 
4,472,618
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
1,902,409
 
 
34,684,125
 
 
​2,294
 
 
6,881
 
 
422
NET ASSETS
 
 
$ 13,522,435
 
 
$1,327,564,937
 
 
$3,522,834
 
 
$17,068,661
 
 
$1,009,996
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$​11,579,323
 
 
$1,123,955,514
 
 
$3,154,656
 
 
$15,990,204
 
 
$1,009,000
Total distributable earnings
 
 
​1,943,112
 
 
​203,609,423
 
 
​368,178
 
 
​1,078,457
 
 
​996
Total net assets
 
 
$ 13,522,435
 
 
$1,327,564,937
 
 
$3,522,834
 
 
$17,068,661
 
 
$1,009,996
Net assets
 
 
$13,522,435
 
 
$1,327,564,937
 
 
$3,522,834
 
 
$17,068,661
 
 
$1,009,996
Shares issued and outstanding(a)
 
 
350,000
 
 
31,140,000
 
 
120,000
 
 
725,000
 
 
50,000
Net asset value per share
 
 
$38.64
 
 
$42.63
 
 
$29.36
 
 
$23.54
 
 
$20.20
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$12,383,848
 
 
$1,119,940,495
 
 
$2,889,972
 
 
$15,935,641
 
 
$1,006,662
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$1,818,174
 
 
$24,661,185
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
58
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer S&P
SmallCap 600
Quality FCF
Aristocrats
ETF
 
 
Pacer Solactive
Whitney Future
of Warfare
ETF
 
 
Pacer
Swan SOS
Conservative
April ETF
 
 
Pacer
Swan SOS
Conservative
January ETF
 
 
Pacer
Swan SOS
Conservative
July ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$984,789
 
 
$6,285,119
 
 
$85,845,534
 
 
$33,557,440
 
 
$45,674,826
Cash and cash equivalents
 
 
612
 
 
1,195
 
 
589,868
 
 
192,054
 
 
​1,085,772
Dividends receivable
 
 
79
 
 
4,662
 
 
—
 
 
—
 
 
—
Interest receivable
 
 
1
 
 
11
 
 
1,528
 
 
488
 
 
891
Receivable for investments sold
 
 
—
 
 
—
 
 
—
 
 
810,192
 
 
51,240
Receivable for fund shares sold
 
 
—
 
 
—
 
 
—
 
 
—
 
 
743,047
Dividend tax reclaims receivable
 
 
—
 
 
65
 
 
—
 
 
—
 
 
—
Deposit at broker for other investments
 
 
—
 
 
—
 
 
5,244
 
 
5,883
 
 
—
Receivable for transaction fee
 
 
—
 
 
—
 
 
—
 
 
76
 
 
74
Other assets
 
 
​—
 
 
—
 
 
—
 
 
9
 
 
—
Total assets
 
 
985,481
 
 
6,291,052
 
 
86,442,174
 
 
34,566,142
 
 
47,555,850
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at value
 
 
—
 
 
—
 
 
9,305,710
 
 
1,776,775
 
 
2,850,758
Payable to adviser
 
 
520
 
 
2,004
 
 
39,130
 
 
16,568
 
 
21,820
Payable for investments purchased
 
 
—
 
 
—
 
 
—
 
 
42,948
 
 
821,784
Payable for capital shares redeemed
 
 
—
 
 
—
 
 
—
 
 
761,160
 
 
—
Payable to custodian foreign currency, at value
 
 
—
 
 
1,706
 
 
—
 
 
—
 
 
—
Due to broker
 
 
—
 
 
—
 
 
—
 
 
—
 
 
764,787
Total liabilities
 
 
520
 
 
3,710
 
 
9,344,840
 
 
2,597,451
 
 
4,459,149
NET ASSETS
 
 
$984,961
 
 
$6,287,342
 
 
$77,097,334
 
 
$31,968,691
 
 
$43,096,701
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$1,057,740
 
 
$5,963,338
 
 
$74,219,268
 
 
$32,906,363
 
 
$41,898,246
Total distributable earnings/(accumulated losses)
 
 
​(72,779)
 
 
​324,004
 
 
​2,878,066
 
 
​(937,672)
 
 
​1,198,455
Total net assets
 
 
$984,961
 
 
$6,287,342
 
 
$77,097,334
 
 
$31,968,691
 
 
$43,096,701
Net assets
 
 
$984,961
 
 
$6,287,342
 
 
$77,097,334
 
 
$31,968,691
 
 
$43,096,701
Shares issued and outstanding(a)
 
 
50,000
 
 
200,000
 
 
2,800,000
 
 
1,050,000
 
 
1,450,000
Net asset value per share
 
 
$19.70
 
 
$31.44
 
 
$27.53
 
 
$30.45
 
 
$29.72
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$1,031,073
 
 
$5,945,066
 
 
$72,384,112
 
 
$29,581,155
 
 
$42,190,521
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$—
 
 
$—
 
 
$2,643,405
 
 
$853,002
 
 
$1,368,349
Foreign currency proceeds
 
 
$—
 
 
$1,709
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
59
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Swan
SOS Conservative
October ETF
 
 
Pacer Swan
SOS Flex
April ETF
 
 
Pacer Swan
SOS Flex
January ETF
 
 
Pacer Swan
SOS Flex
July ETF
 
 
Pacer Swan
SOS Flex
October ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$44,079,199
 
 
$24,332,587
 
 
$50,499,747
 
 
$41,564,283
 
 
$27,016,568
Cash and cash equivalents
 
 
274,922
 
 
179,340
 
 
446,044
 
 
355,011
 
 
​1,034,918
Deposit at broker for other investments
 
 
5,628
 
 
5,609
 
 
5,308
 
 
5,631
 
 
—
Interest receivable
 
 
640
 
 
456
 
 
1,165
 
 
889
 
 
467
Receivable for investments sold
 
 
—
 
 
—
 
 
—
 
 
—
 
 
49,103
Receivable for fund shares sold
 
 
—
 
 
—
 
 
—
 
 
—
 
 
802,628
Receivable for transaction fee
 
 
—
 
 
—
 
 
—
 
 
—
 
 
80
Other assets
 
 
12
 
 
9
 
 
23
 
 
17
 
 
—
Total assets
 
 
44,360,401
 
 
24,518,001
 
 
50,952,287
 
 
41,925,831
 
 
28,903,764
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at value
 
 
1,906,564
 
 
2,548,050
 
 
2,344,191
 
 
2,593,518
 
 
1,565,436
Payable to adviser
 
 
20,663
 
 
11,141
 
 
24,962
 
 
20,433
 
 
11,117
Payable for investments purchased
 
 
—
 
 
—
 
 
—
 
 
—
 
 
848,761
Due to broker
 
 
—
 
 
—
 
 
—
 
 
—
 
 
794,446
Total liabilities
 
 
1,927,227
 
 
2,559,191
 
 
2,369,153
 
 
2,613,951
 
 
3,219,760
NET ASSETS
 
 
$ 42,433,174
 
 
$21,958,810
 
 
$48,583,134
 
 
$39,311,880
 
 
$25,684,004
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$44,498,921
 
 
$​25,005,118
 
 
$51,782,598
 
 
$40,595,351
 
 
$​28,611,766
Total accumulated losses
 
 
​(2,065,747)
 
 
​(3,046,308)
 
 
​(3,199,464)
 
 
​(1,283,471)
 
 
​(2,927,762)
Total net assets
 
 
$ 42,433,174
 
 
$21,958,810
 
 
$48,583,134
 
 
$39,311,880
 
 
$25,684,004
Net assets
 
 
$42,433,174
 
 
$21,958,810
 
 
$48,583,134
 
 
$39,311,880
 
 
$25,684,004
Shares issued and outstanding(a)
 
 
1,450,000
 
 
700,000
 
 
1,325,000
 
 
1,200,000
 
 
800,000
Net asset value per share
 
 
$29.26
 
 
$31.37
 
 
$36.67
 
 
$32.76
 
 
$32.11
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$43,281,166
 
 
$20,867,134
 
 
$45,109,454
 
 
$38,875,940
 
 
$26,566,356
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$1,490,295
 
 
$1,067,330
 
 
$2,017,475
 
 
$1,896,354
 
 
$1,396,949
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
60
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Swan
SOS Fund of
Funds ETF
 
 
Pacer Swan
SOS Moderate
April ETF
 
 
Pacer Swan
SOS Moderate
January ETF
 
 
Pacer Swan
SOS Moderate
July ETF
 
 
Pacer Swan
SOS Moderate
October ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at value
 
 
$1,016,250
 
 
$97,777,181
 
 
$84,697,061
 
 
$97,934,505
 
 
$81,603,346
Investments in affiliated securities, at value
 
 
518,197,874
 
 
—
 
 
—
 
 
—
 
 
—
Cash and cash equivalents
 
 
2,535,477
 
 
811,742
 
 
28,351
 
 
839,514
 
 
384,729
Interest receivable
 
 
6,350
 
 
2,102
 
 
2,158
 
 
2,116
 
 
1,066
Security lending income receivable
 
 
3,700
 
 
—
 
 
—
 
 
—
 
 
—
Deposit at broker for other investments
 
 
—
 
 
5,700
 
 
769,986
 
 
7,574
 
 
6,178
Other assets
 
 
122
 
 
—
 
 
—
 
 
41
 
 
21
Total assets
 
 
521,759,773
 
 
98,596,725
 
 
85,497,556
 
 
98,783,750
 
 
81,995,340
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at value
 
 
—
 
 
11,025,807
 
 
4,754,295
 
 
6,595,705
 
 
4,374,137
Payable upon return of securities
loaned
 
 
1,016,250
 
 
—
 
 
—
 
 
—
 
 
—
Payable to adviser
 
 
52,371
 
 
44,428
 
 
41,268
 
 
46,763
 
 
37,570
Interest payable
 
 
—
 
 
—
 
 
1
 
 
—
 
 
—
Payable for capital shares redeemed
 
 
–
 
 
—
 
 
80
 
 
—
 
 
—
Total liabilities
 
 
1,068,621
 
 
11,070,235
 
 
4,795,644
 
 
6,642,468
 
 
4,411,707
NET ASSETS
 
 
$ 520,691,152
 
 
$87,526,490
 
 
$80,701,912
 
 
$92,141,282
 
 
$77,583,633
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$446,040,270
 
 
$89,253,571
 
 
$84,925,764
 
 
$93,465,307
 
 
$86,471,835
Total distributable earnings/(accumulated losses)
 
 
​74,650,882
 
 
​(1,727,081)
 
 
​(4,223,852)
 
 
​(1,324,025)
 
 
​(8,888,202)
Total net assets
 
 
$ 520,691,152
 
 
$87,526,490
 
 
$80,701,912
 
 
$92,141,282
 
 
$77,583,633
Net assets
 
 
$520,691,152
 
 
$87,526,490
 
 
$80,701,912
 
 
$92,141,282
 
 
$77,583,633
Shares issued and outstanding(a)
 
 
16,350,000
 
 
2,975,000
 
 
2,525,000
 
 
2,900,000
 
 
2,550,000
Net asset value per share
 
 
$31.85
 
 
$29.42
 
 
$31.96
 
 
$31.77
 
 
$​30.42
Cost:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at cost
 
 
$1,016,250
 
 
$83,039,284
 
 
$75,339,308
 
 
$91,070,273
 
 
$80,230,972
Investments in affiliated securities, at cost
 
 
$443,025,786
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$—
 
 
$4,207,861
 
 
$3,070,861
 
 
$3,973,111
 
 
$3,706,940
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$988,352
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
61
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025(Continued)
 
 
 
 
 
 
 
Pacer
US Cash Cows
Bond ETF
ASSETS:
 
 
Investments, at value
 
 
$6,900,974
Interest receivable
 
 
98,467
Cash and cash equivalents
 
 
36,551
Receivable for investments sold
 
 
965
Total assets
 
 
7,036,957
LIABILITIES:
 
 
Payable to adviser
 
 
2,637
Total liabilities
 
 
2,637
NET ASSETS
 
 
$7,034,320
Net Assets Consists of:
 
 
Paid-in capital
 
 
$6,880,998
Total distributable earnings
 
 
​153,322
Total net assets
 
 
$7,034,320
Net assets
 
 
$7,034,320
Shares issued and outstanding(a)
 
 
280,000
Net asset value per share
 
 
$25.12
Cost:
 
 
Investments, at cost
 
 
$6,865,320
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
62
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer
American Energy
Independence
ETF
 
 
Pacer
BlueStar Digital
Entertainment
ETF
 
 
Pacer
BlueStar
Engineering
the Future
ETF
 
 
Pacer
Cash COWZ
100-Nasdaq
100 Rotator
ETF(a)
 
 
Pacer Developed
Markets Cash
Cows Growth
Leaders
ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$2,216,339
 
 
$60,757
 
 
$9,518
 
 
$21,865
 
 
$31,584
Less: Dividend withholding taxes
 
 
(162,541)
 
 
(2,052)
 
 
(1,031)
 
 
(74)
 
 
(3,377)
Less: Issuance fees
 
 
—
 
 
(6)
 
 
(79)
 
 
(11)
 
 
—
Interest income
 
 
4,471
 
 
168
 
 
52
 
 
85
 
 
79
Securities lending income
 
 
113,419
 
 
364
 
 
131
 
 
—
 
 
133
Total investment income
 
 
2,171,688
 
 
59,231
 
 
8,591
 
 
21,865
 
 
28,419
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
655,945
 
 
13,556
 
 
6,465
 
 
15,655
 
 
10,352
Total expenses
 
 
655,945
 
 
13,556
 
 
6,465
 
 
15,655
 
 
10,352
Net investment income
 
 
1,515,743
 
 
45,675
 
 
2,126
 
 
6,210
 
 
18,067
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
3,060,326
 
 
380,521
 
 
38,574
 
 
733,347
 
 
61,180
Foreign currency translation
 
 
(10,824)
 
 
(483)
 
 
(218)
 
 
—
 
 
1,102
Net realized gain (loss)
 
 
3,049,502
 
 
380,038
 
 
38,356
 
 
733,347
 
 
62,282
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(1,710,618)
 
 
(126,198)
 
 
400,840
 
 
632,130
 
 
221,078
Foreign currency translation
 
 
(158)
 
 
49
 
 
(3)
 
 
—
 
 
(65)
Net change in unrealized appreciation (depreciation)
 
 
(1,710,776)
 
 
(126,149)
 
 
400,837
 
 
632,130
 
 
221,013
Net realized and unrealized gain (loss)
 
 
1,338,726
 
 
253,889
 
 
439,193
 
 
1,365,477
 
 
283,295
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$2,854,469
 
 
$299,564
 
 
$441,319
 
 
$1,371,687
 
 
$301,362
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 6, 2025.
The accompanying notes are an integral part of these financial statements.
 
63
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Metaurus
Nasdaq 100
Dividend
Multiplier 600
ETF
 
 
Pacer Metaurus
US Large Cap
Dividend
Multiplier 400
ETF
 
 
Pacer
PE/VC ETF(a)
 
 
Pacer S&P 500
Quality FCF
Aristocrats
ETF(b)
 
 
Pacer S&P
MidCap 400
Quality FCF
Aristocrats
ETF(c)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$48,881
 
 
$10,380,272
 
 
$14,530
 
 
$69,225
 
 
$1,375
Less: Issuance fees
 
 
(21)
 
 
(124)
 
 
—
 
 
—
 
 
—
Less: Dividend withholding taxes
 
 
(125)
 
 
(2,485)
 
 
(9)
 
 
—
 
 
(9)
Interest income
 
 
27,472
 
 
4,143,686
 
 
5,079
 
 
196
 
 
4
Securities lending income
 
 
597
 
 
42,657
 
 
—
 
 
—
 
 
—
Total investment income
 
 
76,804
 
 
14,564,006
 
 
19,600
 
 
69,421
 
 
1,370
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
45,263
 
 
5,590,831
 
 
13,482
 
 
27,169
 
 
875
Total expenses
 
 
45,263
 
 
5,590,831
 
 
13,482
 
 
27,169
 
 
875
Net investment income
 
 
31,541
 
 
8,973,175
 
 
6,118
 
 
42,252
 
 
495
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
49,612
 
 
20,315,235
 
 
(22,736)
 
 
351,910
 
 
(2,337)
Futures contracts
 
 
(36,645)
 
 
1,852,985
 
 
—
 
 
—
 
 
—
Swap contracts
 
 
—
 
 
—
 
 
123,715
 
 
—
 
 
—
Net realized gain (loss)
 
 
12,967
 
 
22,168,220
 
 
100,979
 
 
351,910
 
 
(2,337)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
1,966,722
 
 
145,650,945
 
 
252,580
 
 
1,119,906
 
 
2,838
Future contracts
 
 
(3,677)
 
 
1,719,769
 
 
—
 
 
—
 
 
—
Swap contracts
 
 
—
 
 
—
 
 
13,500
 
 
—
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
1,963,045
 
 
147,370,714
 
 
266,080
 
 
1,119,906
 
 
2,838
Net realized and unrealized gain (loss)
 
 
1,976,012
 
 
169,538,934
 
 
367,059
 
 
1,471,816
 
 
501
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 2,007,553
 
 
$178,512,109
 
 
$373,177
 
 
$1,514,068
 
 
$996
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was February 3, 2025.
(b)
Inception date of the Fund was May 6, 2025.
(c)
Inception date of the Fund was August 27, 2025.
The accompanying notes are an integral part of these financial statements.
 
64
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer S&P
SmallCap 600
Quality FCF
Aristocrats
ETF(a)
 
 
Pacer Solactive
Whitney Future
of Warfare
ETF(b)
 
 
Pacer
Swan SOS
Conservative
April ETF
 
 
Pacer
Swan SOS
Conservative
January ETF
 
 
Pacer
Swan SOS
Conservative
July ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$1,503
 
 
$25,650
 
 
$—
 
 
$—
 
 
$—
Less: Dividend withholding taxes
 
 
—
 
 
(895)
 
 
—
 
 
—
 
 
—
Interest income
 
 
3
 
 
96
 
 
12,693
 
 
6,067
 
 
8,812
Total investment income
 
 
1,506
 
 
24,851
 
 
12,693
 
 
6,067
 
 
8,812
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
1,063
 
 
9,702
 
 
348,111
 
 
167,412
 
 
237,780
Income tax expense
 
 
—
 
 
2
 
 
—
 
 
—
 
 
—
Total expenses
 
 
1,063
 
 
9,704
 
 
348,111
 
 
167,412
 
 
237,780
Net investment income/(loss)
 
 
443
 
 
15,147
 
 
(335,418)
 
 
(161,345)
 
 
(228,968)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
24,365
 
 
124,923
 
 
2,000,997
 
 
3,323,700
 
 
4,575,299
Written option contracts expired or closed
 
 
—
 
 
—
 
 
273,406
 
 
(772,610)
 
 
679,151
Foreign currency translation
 
 
—
 
 
224
 
 
—
 
 
—
 
 
—
Net realized gain (loss)
 
 
24,365
 
 
125,147
 
 
2,274,403
 
 
2,551,090
 
 
5,254,450
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(46,284)
 
 
340,053
 
 
10,126,203
 
 
1,149,692
 
 
2,024,446
Written option contracts
 
 
—
 
 
—
 
 
(6,608,804)
 
 
(327,694)
 
 
(1,389,692)
Foreign currency translation
 
 
—
 
 
(28)
 
 
—
 
 
—
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
(46,284)
 
 
340,025
 
 
3,517,399
 
 
821,998
 
 
634,754
Net realized and unrealized gain (loss)
 
 
(21,919)
 
 
465,172
 
 
5,791,802
 
 
3,373,088
 
 
5,889,204
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (21,476)
 
 
$480,319
 
 
$5,456,384
 
 
$3,211,743
 
 
$5,660,236
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 27, 2025.
(b)
Inception date of the Fund was December 17, 2024.
The accompanying notes are an integral part of these financial statements.
 
65
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Swan
SOS Conservative
October ETF
 
 
Pacer Swan
SOS Flex
April ETF
 
 
Pacer Swan
SOS Flex
January ETF
 
 
Pacer Swan
SOS Flex
July ETF
 
 
Pacer Swan
SOS Flex
October ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
$8,698
 
 
$4,787
 
 
$10,592
 
 
$5,852
 
 
$2,282
Total investment income
 
 
8,698
 
 
4,787
 
 
10,592
 
 
5,852
 
 
2,282
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
223,550
 
 
139,461
 
 
297,149
 
 
172,247
 
 
93,201
Total expenses
 
 
223,550
 
 
139,461
 
 
297,149
 
 
172,247
 
 
93,201
Net investment loss
 
 
(214,852)
 
 
(134,674)
 
 
(286,557)
 
 
(166,395)
 
 
(90,919)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
4,366,152
 
 
780,019
 
 
7,237,965
 
 
2,158,465
 
 
1,640,447
Written option contracts expired or closed
 
 
(505,686)
 
 
728,995
 
 
(568,028)
 
 
718,813
 
 
211,947
Net realized gain (loss)
 
 
3,860,466
 
 
1,509,014
 
 
6,669,937
 
 
2,877,278
 
 
1,852,394
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
915,310
 
 
1,871,191
 
 
(481,361)
 
 
1,658,767
 
 
529,176
Written option contracts
 
 
(465,221)
 
 
(1,739,772)
 
 
224,436
 
 
(682,108)
 
 
(197,900)
Net change in unrealized appreciation (depreciation)
 
 
450,089
 
 
131,419
 
 
(256,925)
 
 
976,659
 
 
331,276
Net realized and unrealized gain (loss)
 
 
4,310,555
 
 
1,640,433
 
 
6,413,012
 
 
3,853,937
 
 
2,183,670
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 4,095,703
 
 
$1,505,759
 
 
$6,126,455
 
 
$3,687,542
 
 
$2,092,751
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
66
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Swan
SOS Fund of
Funds ETF
 
 
Pacer Swan
SOS Moderate
April ETF
 
 
Pacer Swan
SOS Moderate
January ETF
 
 
Pacer Swan
SOS Moderate
July ETF
 
 
Pacer Swan
SOS Moderate
October ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
$81,283
 
 
$19,742
 
 
$20,740
 
 
$19,895
 
 
$22,698
Securities lending income
 
 
28,065
 
 
—
 
 
—
 
 
—
 
 
—
Total investment income
 
 
109,348
 
 
19,742
 
 
20,740
 
 
19,895
 
 
22,698
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
547,670
 
 
482,195
 
 
496,255
 
 
483,248
 
 
516,446
Total expenses
 
 
547,670
 
 
482,195
 
 
496,255
 
 
483,248
 
 
516,446
Net investment loss
 
 
(438,322)
 
 
(462,453)
 
 
(475,515)
 
 
(463,353)
 
 
(493,748)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
—
 
 
2,984,047
 
 
11,633,282
 
 
7,555,398
 
 
9,397,220
Investments in affiliated securities
 
 
15,964,330
 
 
—
 
 
—
 
 
—
 
 
—
Written option contracts expired or closed
 
 
—
 
 
1,548,264
 
 
(2,121,540)
 
 
2,329,666
 
 
(57,970)
Net realized gain (loss)
 
 
15,964,330
 
 
4,532,311
 
 
9,511,742
 
 
9,885,064
 
 
9,339,250
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
—
 
 
9,215,578
 
 
(668,334)
 
 
3,522,612
 
 
1,629,842
Investments in affiliated securities
 
 
32,600,478
 
 
—
 
 
—
 
 
—
 
 
—
Written option contracts
 
 
—
 
 
(7,158,305)
 
 
320,848
 
 
(2,567,495)
 
 
(805,935)
Net change in unrealized appreciation (depreciation)
 
 
32,600,478
 
 
2,057,273
 
 
(347,486)
 
 
955,117
 
 
823,907
Net realized and unrealized gain (loss)
 
 
48,564,808
 
 
6,589,584
 
 
9,164,256
 
 
10,840,181
 
 
10,163,157
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 48,126,486
 
 
$6,127,131
 
 
$8,688,741
 
 
$10,376,828
 
 
$9,669,409
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
67
 

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PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025(Continued)
 
 
 
 
 
 
 
Pacer
US Cash Cows
Bond ETF(a)
INVESTMENT INCOME:
 
 
Interest income
 
 
$ 216,242
Total investment income
 
 
216,242
EXPENSES:
 
 
Investment advisory fee
 
 
17,657
Income tax expense
 
 
150
Total expenses
 
 
17,807
Net investment income
 
 
198,435
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
Net realized gain (loss) from:
 
 
Investments
 
 
108,495
Net realized gain (loss)
 
 
108,495
Net change in unrealized appreciation (depreciation) on:
 
 
Investments
 
 
35,654
Net change in unrealized appreciation (depreciation)
 
 
35,654
Net realized and unrealized gain (loss)
 
 
144,149
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 342,584
 
 
 
 
(a)
Inception date of the Fund was December 17, 2024.
The accompanying notes are an integral part of these financial statements.
 
68
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
Pacer American Energy
Independence ETF
 
 
Pacer BlueStar Digital
Entertainment ETF
 
 
 
Year Ended October 31,
 
 
Year Ended October 31,
 
 
 
2025
 
 
2024
 
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$1,515,743
 
 
$1,208,799
 
 
$45,675
 
 
$3,479
Net realized gain (loss)
 
 
3,049,502
 
 
3,135,984
 
 
380,038
 
 
93,801
Net change in unrealized appreciation
(depreciation)
 
 
(1,710,776)
 
 
13,850,484
 
 
(126,149)
 
 
165,976
Net increase (decrease) in net assets from operations
 
 
2,854,469
 
 
18,195,267
 
 
299,564
 
 
263,256
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
​(1,040,172)
 
 
(1,396,764)
 
 
(46,758)
 
 
(3,735)
From return of capital
 
 
​(3,065,828)
 
 
(1,033,236)
 
 
—
 
 
—
Total distributions to shareholders
 
 
(4,106,000)
 
 
(2,430,000)
 
 
(46,758)
 
 
(3,735)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
26,801,225
 
 
8,137,985
 
 
4,389,696
 
 
435,384
Shares redeemed
 
 
(9,899,635)
 
 
(3,386,030)
 
 
(693,686)
 
 
(431,758)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
1,307
 
 
1
Net increase (decrease) in net assets from capital transactions
 
 
16,901,590
 
 
4,751,955
 
 
3,697,317
 
 
3,627
Net increase (decrease) in net assets
 
 
15,650,059
 
 
20,517,222
 
 
3,950,123
 
 
263,148
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
63,905,674
 
 
43,388,452
 
 
959,624
 
 
696,476
End of the year
 
 
$ 79,555,733
 
 
$63,905,674
 
 
$4,909,747
 
 
$959,624
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
650,000
 
 
250,000
 
 
140,000
 
 
20,000
Shares redeemed
 
 
(250,000)
 
 
(100,000)
 
 
(20,000)
 
 
(20,000)
Total increase (decrease) in shares outstanding
 
 
400,000
 
 
150,000
 
 
120,000
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
69
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer BlueStar Engineering
the Future ETF
 
 
Pacer Cash
COWZ 100-Nasdaq
100 Rotator ETF
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31, 2025(a)
 
2025
 
 
2024
 
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$2,126
 
 
$1,566
 
 
$6,210
Net realized gain (loss)
 
 
38,356
 
 
91,317
 
 
733,347
Net change in unrealized appreciation (depreciation)
 
 
400,837
 
 
109,606
 
 
632,130
Net increase (decrease) in net assets from operations
 
 
441,319
 
 
202,489
 
 
1,371,687
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
(1,847)
 
 
(1,389)
 
 
(4,593)
Total distributions to shareholders
 
 
(1,847)
 
 
(1,389)
 
 
(4,593)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
398,688
 
 
—
 
 
15,529,903
Shares redeemed
 
 
—
 
 
(792,712)
 
 
(7,180,498)
ETF transaction fees (See Note 1)
 
 
1
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
398,689
 
 
(792,712)
 
 
8,349,405
Net increase (decrease) in net assets
 
 
838,161
 
 
(591,612)
 
 
9,716,499
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
821,958
 
 
1,413,570
 
 
—
End of the period
 
 
$ 1,660,119
 
 
$821,958
 
 
$9,716,499
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
20,000
 
 
—
 
 
675,000
Shares redeemed
 
 
—
 
 
(40,000)
 
 
(300,000)
Total increase (decrease) in shares outstanding
 
 
20,000
 
 
(40,000)
 
 
375,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 6, 2025.
The accompanying notes are an integral part of these financial statements.
 
70
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Developed Markets Cash
Cows Growth Leaders ETF
 
 
Pacer Metaurus Nasdaq 100
Dividend Multiplier 600 ETF
 
 
 
Year Ended
October 31,
2025
 
 
Period Ended
October 31,
2024(a)
 
 
Year Ended
October 31,
2025
 
 
Period Ended
October 31,
2024(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$18,067
 
 
$9,552
 
 
$31,541
 
 
$(403)
Net realized gain (loss)
 
 
62,282
 
 
(33,220)
 
 
12,967
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
221,013
 
 
3,477
 
 
1,963,045
 
 
34,525
Net increase (decrease) in net assets from operations
 
 
301,362
 
 
(20,191)
 
 
2,007,553
 
 
34,122
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
​(12,632)
 
 
(8,278)
 
 
​(98,563)
 
 
—
From return of capital
 
 
—
 
 
—
 
 
(253,062)
 
 
—
Total distributions to shareholders
 
 
(12,632)
 
 
(8,278)
 
 
(351,625)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
2,644,745
 
 
1,005,000
 
 
5,474,385
 
 
6,358,000
Shares redeemed
 
 
(563,728)
 
 
(487,735)
 
 
—
 
 
—
ETF transaction fees (See Note 1)
 
 
128
 
 
—
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
2,081,145
 
 
517,265
 
 
5,474,385
 
 
6,358,000
Net increase (decrease) in net assets
 
 
2,369,875
 
 
488,796
 
 
7,130,313
 
 
6,392,122
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
488,796
 
 
—
 
 
6,392,122
 
 
—
End of the period
 
 
$ 2,858,671
 
 
$488,796
 
 
$13,522,435
 
 
$6,392,122
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
125,000
 
 
50,000
 
 
150,000
 
 
200,000
Shares redeemed
 
 
(25,000)
 
 
(25,000)
 
 
—
 
 
—
Total increase (decrease) in shares outstanding
 
 
100,000
 
 
25,000
 
 
150,000
 
 
200,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 20, 2024.
(b)
Inception date of the Fund was September 23, 2024.
The accompanying notes are an integral part of these financial statements.
 
71
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Metaurus US Large Cap
Dividend Multiplier 400 ETF
 
 
Pacer PE/VC ETF
 
 
Pacer S&P 500
Quality FCF
Aristocrats ETF
 
 
 
Year Ended October 31,
 
 
Period Ended October 31,
 
2025
 
 
2024
 
 
2025(a)
 
 
2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$8,973,175
 
 
$4,058,541
 
 
$6,118
 
 
$42,252
Net realized gain (loss)
 
 
22,168,220
 
 
4,596,315
 
 
100,979
 
 
351,910
Net change in unrealized appreciation (depreciation)
 
 
147,370,714
 
 
73,264,866
 
 
266,080
 
 
1,119,906
Net increase (decrease) in net assets from operations
 
 
178,512,109
 
 
81,919,722
 
 
373,177
 
 
1,514,068
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
​(16,400,178)
 
 
(7,672,502)
 
 
(4,999)
 
 
(21,117)
From return of capital
 
 
​(37,414,401)
 
 
(13,454,992)
 
 
—
 
 
—
Total distributions to shareholders
 
 
(53,814,579)
 
 
(21,127,494)
 
 
(4,999)
 
 
(21,117)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
681,731,298
 
 
390,260,988
 
 
3,154,656
 
 
17,321,163
Shares redeemed
 
 
(72,970,068)
 
 
(17,723,919)
 
 
—
 
 
(1,745,453)
Net increase (decrease) in net assets from capital transactions
 
 
608,761,230
 
 
372,537,069
 
 
3,154,656
 
 
15,575,710
Net increase (decrease) in net assets
 
 
733,458,760
 
 
433,329,297
 
 
3,522,834
 
 
17,068,661
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
594,106,177
 
 
160,776,880
 
 
—
 
 
—
End of the period
 
 
$ 1,327,564,937
 
 
$594,106,177
 
 
$3,522,834
 
 
$17,068,661
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
17,310,000
 
 
10,830,000
 
 
120,000
 
 
800,000
Shares redeemed
 
 
(1,920,000)
 
 
(480,000)
 
 
—
 
 
(75,000)
Total increase (decrease) in shares outstanding
 
 
15,390,000
 
 
10,350,000
 
 
120,000
 
 
725,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was February 3, 2025.
(b)
Inception date of the Fund was May 6, 2025.
The accompanying notes are an integral part of these financial statements.
 
72
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer S&P MidCap
400 Quality FCF
Aristocrats ETF
 
 
Pacer S&P SmallCap
600 Quality FCF
Aristocrats ETF
 
 
Pacer Solactive
Whitney Future
of Warfare ETF
 
 
 
Period Ended October 31,
 
 
 
2025(a)
 
 
2025(a)
 
 
2025(b)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$495
 
 
$443
 
 
$15,147
Net realized gain (loss)
 
 
(2,337)
 
 
24,365
 
 
125,147
Net change in unrealized appreciation (depreciation)
 
 
2,838
 
 
(46,284)
 
 
340,025
Net increase (decrease) in net assets from operations
 
 
996
 
 
(21,476)
 
 
480,319
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
—
 
 
—
 
 
(12,515)
Total distributions to shareholders
 
 
—
 
 
—
 
 
(12,515)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
1,009,000
 
 
1,513,465
 
 
7,112,573
Shares redeemed
 
 
—
 
 
(507,028)
 
 
(1,293,035)
Net increase (decrease) in net assets from capital transactions
 
 
1,009,000
 
 
1,006,437
 
 
5,819,538
Net increase (decrease) in net assets
 
 
1,009,996
 
 
984,961
 
 
6,287,342
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
—
 
 
—
End of the period
 
 
$ 1,009,996
 
 
$984,961
 
 
$6,287,342
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
50,000
 
 
75,000
 
 
250,000
Shares redeemed
 
 
—
 
 
(25,000)
 
 
(50,000)
Total increase (decrease) in shares outstanding
 
 
50,000
 
 
50,000
 
 
200,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 27, 2025.
(b)
Inception date of the Fund was December 17, 2024.
The accompanying notes are an integral part of these financial statements.
 
73
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Swan SOS
Conservative April ETF
 
 
Pacer Swan SOS
Conservative January ETF
 
 
 
Year Ended October 31,
 
 
Year Ended October 31,
 
 
 
2025
 
 
2024
 
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(335,418)
 
 
$(149,822)
 
 
$(161,345)
 
 
$(108,640)
Net realized gain (loss)
 
 
2,274,403
 
 
1,412,302
 
 
2,551,090
 
 
1,426,542
Net change in unrealized appreciation
(depreciation)
 
 
3,517,399
 
 
3,007,434
 
 
821,998
 
 
1,465,187
Net increase (decrease) in net assets from operations
 
 
5,456,384
 
 
4,269,914
 
 
3,211,743
 
 
2,783,089
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
80,039,048
 
 
44,449,320
 
 
32,652,635
 
 
22,886,263
Shares redeemed
 
 
(46,172,860)
 
 
(21,118,528)
 
 
(23,630,292)
 
 
(16,167,300)
ETF transaction fees (See Note 1)
 
 
5,328
 
 
4,058
 
 
1,751
 
 
1,593
Net increase (decrease) in net assets from capital transactions
 
 
33,871,516
 
 
23,334,850
 
 
9,024,094
 
 
6,720,556
Net increase (decrease) in net assets
 
 
39,327,900
 
 
27,604,764
 
 
12,235,837
 
 
9,503,645
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
37,769,434
 
 
10,164,670
 
 
19,732,854
 
 
10,229,209
End of the year
 
 
$77,097,334
 
 
$37,769,434
 
 
$31,968,691
 
 
$19,732,854
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
3,150,000
 
 
1,875,000
 
 
1,175,000
 
 
925,000
Shares redeemed
 
 
(1,825,000)
 
 
(875,000)
 
 
(850,000)
 
 
(650,000)
Total increase (decrease) in shares outstanding
 
 
1,325,000
 
 
1,000,000
 
 
325,000
 
 
275,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
74
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Swan SOS
Conservative July ETF
 
 
Pacer Swan SOS
Conservative October ETF
 
 
 
Year Ended October 31,
 
 
Year Ended October 31,
 
 
 
2025
 
 
2024
 
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(228,968)
 
 
$(110,201)
 
 
$(214,852)
 
 
$(54,494)
Net realized gain (loss)
 
 
5,254,450
 
 
1,667,088
 
 
3,860,466
 
 
1,207,086
Net change in unrealized appreciation (depreciation)
 
 
634,754
 
 
1,660,411
 
 
450,089
 
 
9,121
Net increase (decrease) in net assets from operations
 
 
5,660,236
 
 
3,217,298
 
 
4,095,703
 
 
1,161,713
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
53,603,823
 
 
41,936,132
 
 
68,373,800
 
 
17,419,863
Shares redeemed
 
 
(53,407,585)
 
 
(16,964,972)
 
 
(44,997,817)
 
 
(10,337,700)
ETF transaction fees (See Note 1)
 
 
3,395
 
 
3,136
 
 
3,556
 
 
1,084
Net increase (decrease) in net assets from capital transactions
 
 
199,633
 
 
24,974,296
 
 
23,379,539
 
 
7,083,247
Net increase (decrease) in net assets
 
 
5,859,869
 
 
28,191,594
 
 
27,475,242
 
 
8,244,960
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
37,236,832
 
 
9,045,238
 
 
14,957,932
 
 
6,712,972
End of the year
 
 
$43,096,701
 
 
$37,236,832
 
 
$42,433,174
 
 
$14,957,932
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
1,975,000
 
 
1,675,000
 
 
2,450,000
 
 
675,000
Shares redeemed
 
 
(1,950,000)
 
 
(675,000)
 
 
(1,575,000)
 
 
(400,000)
Total increase (decrease) in shares outstanding
 
 
25,000
 
 
1,000,000
 
 
875,000
 
 
275,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
75
 

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Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Swan SOS
Flex April ETF
 
 
Pacer Swan SOS
Flex January ETF
 
 
 
Year Ended October 31,
 
 
Year Ended October 31,
 
 
 
2025
 
 
2024
 
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(134,674)
 
 
$(138,222)
 
 
$(286,557)
 
 
$(238,147)
Net realized gain (loss)
 
 
1,509,014
 
 
3,103,526
 
 
6,669,937
 
 
3,289,764
Net change in unrealized appreciation (depreciation)
 
 
131,419
 
 
1,261,868
 
 
(256,925)
 
 
4,200,996
Net increase (decrease) in net assets from operations
 
 
1,505,759
 
 
4,227,172
 
 
6,126,455
 
 
7,252,613
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
23,651,437
 
 
28,784,565
 
 
52,043,348
 
 
50,810,650
Shares redeemed
 
 
(27,843,988)
 
 
(24,949,467)
 
 
(56,654,928)
 
 
(29,146,917)
ETF transaction fees (See Note 1)
 
 
584
 
 
1,064
 
 
1,275
 
 
3,422
Net increase (decrease) in net assets from capital transactions
 
 
(4,191,967)
 
 
3,836,162
 
 
(4,610,305)
 
 
21,667,155
Net increase (decrease) in net assets
 
 
(2,686,208)
 
 
8,063,334
 
 
1,516,150
 
 
28,919,768
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
24,645,018
 
 
16,581,684
 
 
47,066,984
 
 
18,147,216
End of the year
 
 
$21,958,810
 
 
$24,645,018
 
 
$48,583,134
 
 
$47,066,984
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
825,000
 
 
1,075,000
 
 
1,575,000
 
 
1,750,000
Shares redeemed
 
 
(975,000)
 
 
(925,000)
 
 
(1,700,000)
 
 
(1,000,000)
Total increase (decrease) in shares outstanding
 
 
(150,000)
 
 
150,000
 
 
(125,000)
 
 
750,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
76
 

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Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Swan SOS
Flex July ETF
 
 
Pacer Swan SOS
Flex October ETF
 
 
 
Year Ended October 31,
 
 
Year Ended October 31,
 
 
 
2025
 
 
2024
 
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(166,395)
 
 
$(163,485)
 
 
$(90,919)
 
 
$(92,991)
Net realized gain (loss)
 
 
2,877,278
 
 
4,263,441
 
 
1,852,394
 
 
2,280,880
Net change in unrealized appreciation (depreciation)
 
 
976,659
 
 
1,407,792
 
 
331,276
 
 
79,750
Net increase (decrease) in net assets from operations
 
 
3,687,542
 
 
5,507,748
 
 
2,092,751
 
 
2,267,639
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
39,214,478
 
 
37,180,479
 
 
30,675,290
 
 
21,974,547
Shares redeemed
 
 
(30,705,367)
 
 
(38,537,555)
 
 
(21,824,595)
 
 
(20,219,830)
ETF transaction fees (See Note 1)
 
 
2,319
 
 
1,998
 
 
2,260
 
 
1,268
Net increase (decrease) in net assets from capital transactions
 
 
8,511,430
 
 
(1,355,078)
 
 
8,852,955
 
 
1,755,985
Net increase (decrease) in net assets
 
 
12,198,972
 
 
4,152,670
 
 
10,945,706
 
 
4,023,624
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
27,112,908
 
 
22,960,238
 
 
14,738,298
 
 
10,714,674
End of the year
 
 
$39,311,880
 
 
$27,112,908
 
 
$25,684,004
 
 
$14,738,298
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
1,275,000
 
 
1,375,000
 
 
975,000
 
 
800,000
Shares redeemed
 
 
(1,025,000)
 
 
(1,425,000)
 
 
(700,000)
 
 
(725,000)
Total increase (decrease) in shares outstanding
 
 
250,000
 
 
(50,000)
 
 
275,000
 
 
75,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
77
 

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Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Swan SOS
Fund of Funds ETF
 
 
Pacer Swan SOS
Moderate April ETF
 
 
 
Year Ended October 31,
 
 
Year Ended October 31,
 
 
 
2025
 
 
2024
 
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(438,322)
 
 
$(324,204)
 
 
$(462,453)
 
 
$(358,772)
Net realized gain (loss)
 
 
15,964,330
 
 
12,173,994
 
 
4,532,311
 
 
4,636,413
Net change in unrealized appreciation (depreciation)
 
 
32,600,478
 
 
35,921,245
 
 
2,057,273
 
 
5,224,639
Net increase (decrease) in net assets from operations
 
 
48,126,486
 
 
47,771,035
 
 
6,127,131
 
 
9,502,280
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
168,524,145
 
 
223,157,394
 
 
98,712,790
 
 
99,784,487
Shares redeemed
 
 
(74,009,960)
 
 
(66,801,481)
 
 
(88,391,583)
 
 
(68,071,712)
ETF transaction fees (See Note 1)
 
 
309,584
 
 
375,124
 
 
5,604
 
 
8,750
Net increase (decrease) in net assets from capital transactions
 
 
94,823,769
 
 
156,731,037
 
 
10,326,811
 
 
31,721,525
Net increase (decrease) in net assets
 
 
142,950,255
 
 
204,502,072
 
 
16,453,942
 
 
41,223,805
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
377,740,897
 
 
173,238,825
 
 
71,072,548
 
 
29,848,743
End of the year
 
 
$ 520,691,152
 
 
$377,740,897
 
 
$87,526,490
 
 
$71,072,548
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
5,675,000
 
 
8,375,000
 
 
3,625,000
 
 
3,925,000
Shares redeemed
 
 
(2,525,000)
 
 
(2,450,000)
 
 
(3,250,000)
 
 
(2,625,000)
Total increase (decrease) in shares outstanding
 
 
3,150,000
 
 
5,925,000
 
 
375,000
 
 
1,300,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
78
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Swan SOS
Moderate January ETF
 
 
Pacer Swan SOS
Moderate July ETF
 
 
 
Year Ended October 31,
 
 
Year Ended October 31,
 
 
 
2025
 
 
2024
 
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(475,515)
 
 
$(387,212)
 
 
$(463,353)
 
 
$(385,641)
Net realized gain (loss)
 
 
9,511,742
 
 
4,312,373
 
 
9,885,064
 
 
7,174,696
Net change in unrealized appreciation (depreciation)
 
 
(347,486)
 
 
5,918,853
 
 
955,117
 
 
4,314,711
Net increase (decrease) in net assets from operations
 
 
8,688,741
 
 
9,844,014
 
 
10,376,828
 
 
11,103,766
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
101,442,220
 
 
92,195,350
 
 
89,667,933
 
 
104,661,249
Shares redeemed
 
 
(97,535,483)
 
 
(68,014,698)
 
 
(86,586,087)
 
 
(78,995,868)
ETF transaction fees (See Note 1)
 
 
4,452
 
 
8,040
 
 
2,908
 
 
6,725
Net increase (decrease) in net assets from capital transactions
 
 
3,911,189
 
 
24,188,692
 
 
3,084,754
 
 
25,672,106
Net increase (decrease) in net assets
 
 
12,599,930
 
 
34,032,706
 
 
13,461,582
 
 
36,775,872
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
68,101,982
 
 
34,069,276
 
 
78,679,700
 
 
41,903,828
End of the year
 
 
$80,701,912
 
 
$68,101,982
 
 
$92,141,282
 
 
$78,679,700
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
3,475,000
 
 
3,525,000
 
 
3,025,000
 
 
3,950,000
Shares redeemed
 
 
(3,325,000)
 
 
(2,575,000)
 
 
(2,950,000)
 
 
(2,950,000)
Total increase (decrease) in shares outstanding
 
 
150,000
 
 
950,000
 
 
75,000
 
 
1,000,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
79
 

TABLE OF CONTENTS

Pacer Funds
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Swan SOS
Moderate October ETF
 
 
Pacer US Cash
Cows Bond ETF
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31, 2025(a)
 
 
 
2025
 
 
2024
 
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(493,748)
 
 
$(272,602)
 
 
$198,435
Net realized gain (loss)
 
 
9,339,250
 
 
5,948,667
 
 
108,495
Net change in unrealized appreciation (depreciation)
 
 
823,907
 
 
267,020
 
 
35,654
Net increase (decrease) in net assets from operations
 
 
9,669,409
 
 
5,943,085
 
 
342,584
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
—
 
 
—
 
 
(189,412)
Total distributions to shareholders
 
 
—
 
 
—
 
 
(189,412)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
130,942,742
 
 
80,435,795
 
 
6,881,148
Shares redeemed
 
 
(128,689,655)
 
 
(57,598,727)
 
 
—
ETF transaction fees (See Note 1)
 
 
12,029
 
 
5,372
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
2,265,116
 
 
22,842,440
 
 
6,881,148
Net increase (decrease) in net assets
 
 
11,934,525
 
 
28,785,525
 
 
7,034,320
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
65,649,108
 
 
36,863,583
 
 
—
End of the period
 
 
$77,583,633
 
 
$65,649,108
 
 
$7,034,320
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
4,525,000
 
 
3,000,000
 
 
280,000
Shares redeemed
 
 
(4,400,000)
 
 
(2,150,000)
 
 
—
Total increase (decrease) in shares outstanding
 
 
125,000
 
 
850,000
 
 
280,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 17, 2024.
The accompanying notes are an integral part of these financial statements.
 
80
 

TABLE OF CONTENTS

PACER AMERICAN ENERGY INDEPENDENCE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended October 31,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$36.52
 
 
$27.12
 
 
$27.87
 
 
$25.31
 
 
$14.96
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.69
 
 
0.72
 
 
0.63
 
 
0.41
 
 
0.40
Net realized and unrealized gain (loss) on investments(b)
 
 
1.63
 
 
10.12
 
 
0.06
 
 
3.59
 
 
11.39
Total from investment operations
 
 
2.32
 
 
10.84
 
 
0.69
 
 
4.00
 
 
11.79
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
​(0.47)
 
 
(0.82)
 
 
(0.33)
 
 
(0.26)
 
 
(0.50)
Return of capital
 
 
​(1.37)
 
 
(0.62)
 
 
(1.11)
 
 
(1.18)
 
 
(0.94)
Total distributions
 
 
(1.84)
 
 
(1.44)
 
 
(1.44)
 
 
(1.44)
 
 
(1.44)
ETF transaction fees per share
 
 
—
 
 
0.00(c)
 
 
—
 
 
—
 
 
—
Net asset value, end of year
 
 
$37.00
 
 
$36.52
 
 
$27.12
 
 
$27.87
 
 
$25.31
Total return
 
 
6.10%
 
 
40.90%
 
 
2.68%
 
 
16.26%
 
 
80.71%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$79,556
 
 
$63,906
 
 
$43,388
 
 
$47,377
 
 
$25,309
Ratio of expenses to average net assets
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets
 
 
1.73%
 
 
2.27%
 
 
2.32%
 
 
1.53%
 
 
1.82%
Portfolio turnover rate(d)
 
 
​24%
 
 
22%
 
 
27%
 
 
25%
 
 
22%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Pacer BlueStar Digital Entertainment ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2022(a)
 
 
 
2025
 
 
2024
 
 
2023
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$23.99
 
 
$17.41
 
 
$15.44
 
 
$19.74
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.56
 
 
0.09
 
 
0.15
 
 
0.05
Net realized and unrealized gain (loss) on investments(c)
 
 
6.89
 
 
6.58
 
 
1.99
 
 
(4.32)
Total from investment operations
 
 
7.45
 
 
6.67
 
 
2.14
 
 
(4.27)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.77)
 
 
(0.09)
 
 
(0.17)
 
 
(0.04)
Total distributions
 
 
(0.77)
 
 
(0.09)
 
 
(0.17)
 
 
(0.04)
ETF transaction fees per share
 
 
0.02
 
 
0.00(d)
 
 
—
 
 
0.01
Net asset value, end of period
 
 
$30.69
 
 
$23.99
 
 
$17.41
 
 
$15.44
Total return(e)
 
 
31.37%
 
 
38.38%
 
 
13.74%
 
 
−21.58%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$4,910
 
 
$960
 
 
$696
 
 
$618
Ratio of expenses to average net assets(f)(h)
 
 
0.54%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(f)
 
 
1.83%
 
 
0.40%
 
 
0.78%
 
 
0.53%
Portfolio turnover rate(e)(g)
 
 
​47%
 
 
49%
 
 
40%
 
 
33%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 7, 2022.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
Effective August 1, 2025 the investment advisory fee changed from 0.60% to 0.49%.
The accompanying notes are an integral part of these financial statements.
 
82
 

TABLE OF CONTENTS

Pacer BlueStar Engineering the Future ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2022(a)
 
 
 
2025
 
 
2024
 
 
2023
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$20.55
 
 
$17.67
 
 
$17.00
 
 
$20.52
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.04
 
 
0.04
 
 
0.04
 
 
0.01
Net realized and unrealized gain (loss) on investments(c)
 
 
7.12
 
 
2.87
 
 
0.68
 
 
(3.53)
Total from investment operations
 
 
7.16
 
 
2.91
 
 
0.72
 
 
(3.52)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.04)
 
 
(0.03)
 
 
(0.04)
 
 
—
Return of capital
 
 
—
 
 
—
 
 
(0.01)
 
 
—
Total distributions
 
 
(0.04)
 
 
(0.03)
 
 
(0.05)
 
 
—
ETF transaction fees per share
 
 
0.00(d)
 
 
—
 
 
—
 
 
—
Net asset value, end of period
 
 
$27.67
 
 
$20.55
 
 
$17.67
 
 
$17.00
Total return(e)
 
 
34.87%
 
 
16.48%
 
 
4.18%
 
 
−17.14%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,660
 
 
$822
 
 
$1,414
 
 
$1,360
Ratio of expenses to average net assets(f)(h)
 
 
0.56%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.19%
 
 
0.17%
 
 
0.19%
 
 
0.07%
Portfolio turnover rate(e)(g)
 
 
​32%
 
 
19%
 
 
15%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 4, 2022.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
Effective August 1, 2025 the investment advisory fee changed from 0.60% to 0.49%
The accompanying notes are an integral part of these financial statements.
 
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Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$19.82
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.02
Net realized and unrealized gain (loss) on investments(c)
 
 
6.08
Total from investment operations
 
 
6.10
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.01)
Total distributions
 
 
(0.01)
Net asset value, end of period
 
 
$25.91
Total return(d)
 
 
30.80%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$9,716
Ratio of expenses to average net assets(e)
 
 
0.49%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.19%
Portfolio turnover rate(d)(f)
 
 
3%
 
 
 
 
(a)
Inception date of the Fund was May 6, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Developed Markets Cash Cows Growth Leaders ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended
October 31,
2025
 
 
Period Ended
October 31,
2024(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$19.55
 
 
$20.10
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.24
 
 
0.26
Net realized and unrealized gain (loss) on investments(c)
 
 
3.33
 
 
(0.62)
Total from investment operations
 
 
3.57
 
 
(0.36)
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.25)
 
 
(0.19)
Total distributions
 
 
(0.25)
 
 
(0.19)
ETF transaction fees per share
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$22.87
 
 
$19.55
Total return(e)
 
 
18.44%
 
 
−1.78%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$2,859
 
 
$489
Ratio of expenses to average net assets(f)
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(f)
 
 
1.13%
 
 
2.16%
Portfolio turnover rate(e)(g)
 
 
​104%
 
 
33%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 20, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended
October 31,
2025
 
 
Period Ended
October 31,
2024(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$31.96
 
 
$31.79
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.14
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
8.10
 
 
0.17
Total from investment operations
 
 
8.24
 
 
0.17
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
​(0.28)
 
 
—
Net realized gains
 
 
​(0.16)
 
 
—
Return of capital
 
 
​(1.12)
 
 
—
Total distributions
 
 
(1.56)
 
 
—
Net asset value, end of period
 
 
$38.64
 
 
$31.96
Total return(e)
 
 
26.61%
 
 
0.54%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$13,522
 
 
$6,392
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.42%
 
 
(0.06)%
Portfolio turnover rate(e)(g)
 
 
4%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 23, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2023(g)
 
 
Year Ended
April 30,
2023
 
 
Period Ended
April 30,
2022(a)
 
 
 
2025
 
 
2024
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$37.72
 
 
$29.77
 
 
$30.39
 
 
$31.64
 
 
$34.65
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.38
 
 
0.42
 
 
0.18
 
 
0.32
 
 
0.12
Net realized and unrealized gain (loss) on investments(c)
 
 
6.73
 
 
9.62
 
 
0.22
 
 
0.53
 
 
(1.73)
Total from investment operations
 
 
7.11
 
 
10.04
 
 
0.40
 
 
0.85
 
 
(1.61)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
​(0.53)
 
 
(0.56)
 
 
(0.16)
 
 
(0.30)
 
 
(0.10)
Net realized gains
 
 
​(0.14)
 
 
(0.20)
 
 
(0.04)
 
 
(0.33)
 
 
—
Return of capital
 
 
​(1.53)
 
 
(1.33)
 
 
(0.82)
 
 
(1.47)
 
 
(1.30)
Total distributions
 
 
(2.20)
 
 
(2.09)
 
 
(1.02)
 
 
(2.10)
 
 
(1.40)
Net asset value, end of period
 
 
$42.63
 
 
$37.72
 
 
$29.77
 
 
$30.39
 
 
$31.64
Total return(d)
 
 
19.54%
 
 
34.25%
 
 
1.25%
 
 
3.25%
 
 
−5.00%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,327,565
 
 
$594,106
 
 
$160,777
 
 
$109,388
 
 
$55,055
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.63%
 
 
0.79%
 
 
0.79%
 
 
0.79%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.96%
 
 
1.16%
 
 
1.15%
 
 
1.07%
 
 
0.42%
Portfolio turnover rate(d)(f)
 
 
​6%
 
 
7%
 
 
4%
 
 
9%
 
 
7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was July 12, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
For the period May 1, 2023 to October 31, 2023.
The accompanying notes are an integral part of these financial statements.
 
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Pacer PE/VC ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$24.93
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.07
Net realized and unrealized gain (loss) on investments(c)
 
 
4.42
Total from investment operations
 
 
4.49
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.06)
Total distributions
 
 
(0.06)
Net asset value, end of period
 
 
$29.36
Total return(d)
 
 
18.04%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$3,523
Ratio of expenses to average net assets(e)
 
 
0.85%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.39%
Portfolio turnover rate(d)(f)
 
 
86%
 
 
 
 
(a)
Inception date of the Fund was February 3, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Pacer S&P 500 Quality FCF Aristocrats ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$19.83
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.08
Net realized and unrealized gain (loss) on investments(c)
 
 
3.67
Total from investment operations
 
 
3.75
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.04)
Total distributions
 
 
(0.04)
Net asset value, end of period
 
 
$23.54
Total return(d)
 
 
18.92%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$17,069
Ratio of expenses to average net assets(e)
 
 
0.49%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.76%
Portfolio turnover rate(d)(f)
 
 
15%
 
 
 
 
(a)
Inception date of the Fund was May 6, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Pacer S&P MidCap 400 Quality FCF Aristocrats ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$20.18
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.01
Net realized and unrealized gain (loss) on investments(c)
 
 
0.01
Total from investment operations
 
 
0.02
Net asset value, end of period
 
 
$20.20
Total return(d)
 
 
0.10%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,010
Ratio of expenses to average net assets(e)
 
 
0.49%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.28%
Portfolio turnover rate(d)(f)
 
 
14%
 
 
 
 
(a)
Inception date of the Fund was August 27, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$20.16
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.01
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.47)
Total from investment operations
 
 
(0.46)
Net asset value, end of period
 
 
$19.70
Total return(d)
 
 
−2.29%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$985
Ratio of expenses to average net assets(e)
 
 
0.59%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.25%
Portfolio turnover rate(d)(f)
 
 
32%
 
 
 
 
(a)
Inception date of the Fund was August 27, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Pacer Solactive Whitney Future of Warfare ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$24.76
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.21
Net realized and unrealized gain (loss) on investments(c)
 
 
6.67
Total from investment operations
 
 
6.88
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.20)
Total distributions
 
 
(0.20)
Net asset value, end of period
 
 
$31.44
Total return(d)
 
 
27.86%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$6,287
Ratio of expenses to average net assets(e)(h)
 
 
0.54%
Ratio of tax expenses to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
0.85%
Portfolio turnover rate(d)(g)
 
 
39%
 
 
 
 
(a)
Inception date of the Fund was December 17, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
Effective August 1, 2025 the investment advisory fee changed from 0.60% to 0.49%
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Pacer Swan SOS Conservative April ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$25.61
 
 
$21.40
 
 
$20.75
 
 
$21.73
 
 
$20.61
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.15)
 
 
(0.15)
 
 
(0.15)
 
 
(0.16)
 
 
(0.09)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.07
 
 
4.36
 
 
0.80
 
 
(0.82)
 
 
1.21
Total from investment operations
 
 
1.92
 
 
4.21
 
 
0.65
 
 
(0.98)
 
 
1.12
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$27.53
 
 
$25.61
 
 
$21.40
 
 
$20.75
 
 
$21.73
Total return(e)
 
 
7.53%
 
 
19.66%
 
 
3.13%
 
 
−4.52%
 
 
5.45%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$77,097
 
 
$37,769
 
 
$10,165
 
 
$16,081
 
 
$2,717
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.63%
 
 
0.76%
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.01%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.62%
 
 
0.75%
 
 
0.76%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.60)%
 
 
(0.73)%
 
 
(0.75)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
13%
 
 
—%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 31, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Swan SOS Conservative January ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$27.22
 
 
$22.73
 
 
$20.89
 
 
$22.19
 
 
$20.56
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.16)
 
 
(0.16)
 
 
(0.16)
 
 
(0.16)
 
 
(0.14)
Net realized and unrealized gain (loss) on investments(c)
 
 
3.39
 
 
4.65
 
 
2.00
 
 
(1.14)
 
 
1.77
Total from investment operations
 
 
3.23
 
 
4.49
 
 
1.84
 
 
(1.30)
 
 
1.63
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$30.45
 
 
$27.22
 
 
$22.73
 
 
$20.89
 
 
$22.19
Total return(e)
 
 
11.86%
 
 
19.74%
 
 
8.79%
 
 
−5.85%
 
 
7.94%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$31,969
 
 
$19,733
 
 
$10,229
 
 
$15,670
 
 
$2,774
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.64%
 
 
0.77%
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.02%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.63%
 
 
0.75%
 
 
0.76%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.61)%
 
 
(0.74)%
 
 
(0.75)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
4%
 
 
—%
 
 
19%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 22, 2020.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Swan SOS Conservative July ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$26.13
 
 
$21.28
 
 
$19.50
 
 
$20.94
 
 
$20.48
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.16)
 
 
(0.15)
 
 
(0.15)
 
 
(0.15)
 
 
(0.05)
Net realized and unrealized gain (loss) on investments(c)
 
 
3.75
 
 
5.00
 
 
1.93
 
 
(1.29)
 
 
0.51
Total from investment operations
 
 
3.59
 
 
4.85
 
 
1.78
 
 
(1.44)
 
 
0.46
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$29.72
 
 
$26.13
 
 
$21.28
 
 
$19.50
 
 
$20.94
Total return(e)
 
 
13.74%
 
 
22.80%
 
 
9.16%
 
 
−6.88%
 
 
2.22%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$43,097
 
 
$37,237
 
 
$9,045
 
 
$6,336
 
 
$3,664
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.64%
 
 
0.76%
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.01%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.63%
 
 
0.75%
 
 
—%
 
 
—%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.60)%
 
 
(0.72)%
 
 
(0.75)%
 
 
(0.76)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
2%
 
 
—%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 30, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
95
 

TABLE OF CONTENTS

Pacer Swan SOS Conservative October ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$26.01
 
 
$22.38
 
 
$19.89
 
 
$20.86
 
 
$20.51
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.16)
 
 
(0.16)
 
 
(0.16)
 
 
(0.15)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
3.41
 
 
3.79
 
 
2.65
 
 
(0.82)
 
 
0.36
Total from investment operations
 
 
3.25
 
 
3.63
 
 
2.49
 
 
(0.97)
 
 
0.35
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$29.26
 
 
$26.01
 
 
$22.38
 
 
$19.89
 
 
$20.86
Total return(e)
 
 
12.50%
 
 
16.24%
 
 
12.54%
 
 
−4.67%
 
 
1.71%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$42,433
 
 
$14,958
 
 
$6,713
 
 
$4,971
 
 
$2,607
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.65%
 
 
0.77%
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.02%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.64%
 
 
0.75%
 
 
0.76%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.62)%
 
 
(0.74)%
 
 
(0.75)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
—%
 
 
—%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 30, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
96
 

TABLE OF CONTENTS

Pacer Swan SOS Flex April ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$28.99
 
 
$23.69
 
 
$21.58
 
 
$22.75
 
 
$20.61
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.17)
 
 
(0.17)
 
 
(0.17)
 
 
(0.17)
 
 
(0.10)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.55
 
 
5.47
 
 
2.28
 
 
(1.00)
 
 
2.24
Total from investment operations
 
 
2.38
 
 
5.30
 
 
2.11
 
 
(1.17)
 
 
2.14
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$31.37
 
 
$28.99
 
 
$23.69
 
 
$21.58
 
 
$22.75
Total return(e)
 
 
8.19%
 
 
22.39%
 
 
9.80%
 
 
−5.15%
 
 
10.37%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$21,959
 
 
$24,645
 
 
$16,582
 
 
$12,406
 
 
$7,962
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.65%
 
 
0.76%
 
 
0.77%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.01%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.64%
 
 
0.75%
 
 
0.77%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.62)%
 
 
(0.73)%
 
 
(0.76)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
7%
 
 
—%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 31, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
97
 

TABLE OF CONTENTS

Pacer Swan SOS Flex January ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$32.46
 
 
$25.92
 
 
$22.93
 
 
$23.82
 
 
$20.56
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.20)
 
 
(0.19)
 
 
(0.19)
 
 
(0.17)
 
 
(0.15)
Net realized and unrealized gain (loss) on investments(c)
 
 
4.41
 
 
6.73
 
 
3.18
 
 
(0.73)
 
 
3.41
Total from investment operations
 
 
4.21
 
 
6.54
 
 
2.99
 
 
(0.90)
 
 
3.26
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.01
 
 
—
Net asset value, end of period
 
 
$36.67
 
 
$32.46
 
 
$25.92
 
 
$22.93
 
 
$23.82
Total return(e)
 
 
12.96%
 
 
25.23%
 
 
13.05%
 
 
−3.74%
 
 
15.85%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$48,583
 
 
$47,067
 
 
$18,147
 
 
$17,196
 
 
$3,573
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.64%
 
 
0.77%
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.02%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.63%
 
 
0.75%
 
 
0.76%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.61)%
 
 
(0.73)%
 
 
(0.76)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
6%
 
 
—%
 
 
226%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 22, 2020.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
98
 

TABLE OF CONTENTS

Pacer Swan SOS Flex July ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$28.54
 
 
$22.96
 
 
$20.78
 
 
$21.31
 
 
$20.48
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.18)
 
 
(0.17)
 
 
(0.16)
 
 
(0.16)
 
 
(0.05)
Net realized and unrealized gain (loss) on investments(c)
 
 
4.40
 
 
5.75
 
 
2.34
 
 
(0.37)
 
 
0.88
Total from investment operations
 
 
4.22
 
 
5.58
 
 
2.18
 
 
(0.53)
 
 
0.83
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$32.76
 
 
$28.54
 
 
$22.96
 
 
$20.78
 
 
$21.31
Total return(e)
 
 
14.79%
 
 
24.30%
 
 
10.49%
 
 
−2.49%
 
 
4.05%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$39,312
 
 
$27,113
 
 
$22,960
 
 
$12,468
 
 
$5,327
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.66%
 
 
0.77%
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.02%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.65%
 
 
0.75%
 
 
0.76%
 
 
0.76%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.62)%
 
 
(0.69)%
 
 
(0.75)%
 
 
(0.76)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
12%
 
 
—%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 30, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
99
 

TABLE OF CONTENTS

Pacer Swan SOS Flex October ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$28.07
 
 
$23.81
 
 
$21.32
 
 
$21.26
 
 
$20.51
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.17)
 
 
(0.17)
 
 
(0.17)
 
 
(0.16)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
4.21
 
 
4.43
 
 
2.66
 
 
0.22
 
 
0.76
Total from investment operations
 
 
4.04
 
 
4.26
 
 
2.49
 
 
0.06
 
 
0.75
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$32.11
 
 
$28.07
 
 
$23.81
 
 
$21.32
 
 
$21.26
Total return(e)
 
 
14.36%
 
 
17.90%
 
 
11.66%
 
 
0.31%
 
 
3.64%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$25,684
 
 
$14,738
 
 
$10,715
 
 
$10,662
 
 
$3,720
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.65%
 
 
0.77%
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.02%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.65%
 
 
0.75%
 
 
0.76%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.59)%
 
 
(0.62)%
 
 
(0.74)%
 
 
(0.75)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
—%
 
 
12%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 30, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Swan SOS Fund of Funds ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$28.62
 
 
$23.81
 
 
$21.56
 
 
$22.49
 
 
$20.26
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.03)
 
 
(0.03)
 
 
(0.04)
 
 
(0.03)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
3.24
 
 
4.81
 
 
2.27
 
 
(0.96)
 
 
2.26
Total from investment operations
 
 
3.21
 
 
4.78
 
 
2.23
 
 
(0.99)
 
 
2.23
ETF transaction fees per share
 
 
0.02
 
 
0.03
 
 
0.02
 
 
0.06
 
 
—
Net asset value, end of period
 
 
$31.85
 
 
$28.62
 
 
$23.81
 
 
$21.56
 
 
$22.49
Total return(d)
 
 
11.29%
 
 
20.19%
 
 
10.42%
 
 
−4.12%
 
 
11.01%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$520,691
 
 
$377,741
 
 
$173,239
 
 
$118,060
 
 
$38,234
Ratio of expenses to average net assets(f)
 
 
0.12%
 
 
0.14%
 
 
0.18%
 
 
0.18%
 
 
0.18%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.00%(g)
 
 
—%
 
 
—%
 
 
—%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.10)%
 
 
(0.11)%
 
 
(0.15)%
 
 
(0.13)%
 
 
(0.18)%
Portfolio turnover rate(d)(h)
 
 
—%
 
 
—%
 
 
6%
 
 
11%
 
 
69%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 29, 2020.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Swan SOS Moderate April ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$27.34
 
 
$22.96
 
 
$21.12
 
 
$21.98
 
 
$20.61
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.16)
 
 
(0.16)
 
 
(0.17)
 
 
(0.16)
 
 
(0.10)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.24
 
 
4.54
 
 
2.01
 
 
(0.70)
 
 
1.47
Total from investment operations
 
 
2.08
 
 
4.38
 
 
1.84
 
 
(0.86)
 
 
1.37
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$29.42
 
 
$27.34
 
 
$22.96
 
 
$21.12
 
 
$21.98
Total return(e)
 
 
7.63%
 
 
19.06%
 
 
8.70%
 
 
−3.92%
 
 
6.67%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$87,526
 
 
$71,073
 
 
$29,849
 
 
$17,954
 
 
$5,496
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.64%
 
 
0.76%
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.01%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.63%
 
 
0.75%
 
 
0.76%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.60)%
 
 
(0.73)%
 
 
(0.75)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
27%
 
 
—%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 31, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Swan SOS Moderate January ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$28.67
 
 
$23.91
 
 
$21.50
 
 
$22.66
 
 
$20.56
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.17)
 
 
(0.17)
 
 
(0.17)
 
 
(0.16)
 
 
(0.14)
Net realized and unrealized gain (loss) on investments(c)
 
 
3.46
 
 
4.93
 
 
2.58
 
 
(0.89)
 
 
2.24
Total from investment operations
 
 
3.29
 
 
4.76
 
 
2.41
 
 
(1.05)
 
 
2.10
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
—
 
 
—
 
 
—
 
 
(0.11)
 
 
—
Total distributions
 
 
—
 
 
—
 
 
—
 
 
(0.11)
 
 
—
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$31.96
 
 
$28.67
 
 
$23.91
 
 
$21.50
 
 
$22.66
Total return(e)
 
 
11.46%
 
 
19.93%
 
 
11.21%
 
 
−4.65%
 
 
10.20%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$80,702
 
 
$68,102
 
 
$34,069
 
 
$20,425
 
 
$2,832
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.64%
 
 
0.76%
 
 
0.75%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.01%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.63%
 
 
0.75%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.57)%
 
 
(0.61)%
 
 
(0.73)%
 
 
(0.75)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
4%
 
 
—%
 
 
48%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 22, 2020.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Swan SOS Moderate July ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$27.85
 
 
$22.96
 
 
$20.65
 
 
$21.02
 
 
$20.48
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.17)
 
 
(0.16)
 
 
(0.16)
 
 
(0.15)
 
 
(0.05)
Net realized and unrealized gain (loss) on investments(c)
 
 
4.09
 
 
5.05
 
 
2.47
 
 
(0.22)
 
 
0.59
Total from investment operations
 
 
3.92
 
 
4.89
 
 
2.31
 
 
(0.37)
 
 
0.54
Net investment income
 
 
—
 
 
—
 
 
—
 
 
(0.00)(d)
 
 
—
Total distributions
 
 
—
 
 
—
 
 
—
 
 
(0.00)(d)
 
 
—
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
Net asset value, end of period
 
 
$31.77
 
 
$27.85
 
 
$22.96
 
 
$20.65
 
 
$21.02
Total return(e)
 
 
14.08%
 
 
21.30%
 
 
11.19%
 
 
−1.74%
 
 
2.63%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$92,141
 
 
$78,680
 
 
$41,904
 
 
$33,556
 
 
$17,866
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.65%
 
 
0.76%
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.01%
 
 
0.01%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.64%
 
 
0.75%
 
 
0.76%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.58)%
 
 
(0.61)%
 
 
(0.73)%
 
 
(0.75)%
 
 
(0.75)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
3%
 
 
—%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 30, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Pacer Swan SOS Moderate October ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$27.07
 
 
$23.41
 
 
$20.68
 
 
$20.97
 
 
$20.51
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.16)
 
 
(0.16)
 
 
(0.16)
 
 
(0.15)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
​3.51
 
 
3.82
 
 
2.89
 
 
(0.14)
 
 
0.47
Total from investment operations
 
 
​3.35
 
 
3.66
 
 
2.73
 
 
(0.29)
 
 
0.46
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
​$30.42
 
 
$27.07
 
 
$23.41
 
 
$20.68
 
 
$20.97
Total return(e)
 
 
12.39%
 
 
15.64%
 
 
13.22%
 
 
−1.40%
 
 
2.24%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$77,584
 
 
$65,649
 
 
$36,864
 
 
$23,261
 
 
$8,912
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.65%
 
 
0.76%
 
 
0.75%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
—%
 
 
0.00%(g)
 
 
0.01%
 
 
—%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(f)
 
 
0.60%
 
 
0.65%
 
 
0.75%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.57)%
 
 
(0.62)%
 
 
(0.72)%
 
 
(0.74)%
 
 
(0.75)%
Portfolio turnover rate(e)(h)
 
 
—%
 
 
—%
 
 
—%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 30, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
105
 

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Pacer US Cash Cows Bond ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$24.86
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
1.18
Net realized and unrealized gain (loss) on investments(c)
 
 
0.15
Total from investment operations
 
 
1.33
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(1.07)
Total distributions
 
 
(1.07)
Net asset value, end of period
 
 
$25.12
Total return(d)
 
 
5.54%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$7,034
Ratio of expenses to average net assets(e)
 
 
0.49%
Ratio of tax expenses to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
5.51%
Portfolio turnover rate(d)(g)
 
 
95%
 
 
 
 
(a)
Inception date of the Fund was December 17, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
106
 

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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025
NOTE 1 – ORGANIZATION
Pacer Funds Trust (the “Trust”) is a Delaware statutory trust organized on August 12, 2014. PTLC, PTMC, PTNQ, PTEU, PTIN, PTBD, TRND, COWZ, CALF, GCOW, ICOW, ECOW, COWG, CAFG, BUL, HERD, PWS, INDS, SRVR, SZNE, ALTL, PAMC, PALC, PEXL, FLRT, SHPP, TRFK, QQQG, GLBL and PATN’s fiscal year ends are April 30th and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”) or collectively the (“Funds”).
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Ticker
 
 
Commencement of
Operations
 
 
Exchange
 
 
Transaction
Fees
Pacer American Energy Independence ETF
 
 
USAI
 
 
December 12, 2017
 
 
NYSE
 
 
$300
Pacer BlueStar Digital Entertainment ETF
 
 
ODDS
 
 
April 7, 2022
 
 
Nasdaq
 
 
500
Pacer BlueStar Engineering the Future ETF
 
 
BULD
 
 
May 4, 2022
 
 
Nasdaq
 
 
500
Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF
 
 
QQWZ
 
 
May 6, 2025
 
 
Nasdaq
 
 
300
Pacer Developed Markets Cash Cows Growth Leaders ETF
 
 
EAFG
 
 
March 20, 2024
 
 
NYSE
 
 
750
Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF
 
 
QSIX
 
 
September 23, 2024
 
 
Nasdaq
 
 
300
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
 
 
QDPL
 
 
July 12, 2021
 
 
NYSE
 
 
300
Pacer PE/VC ETF.
 
 
PEVC
 
 
February 3, 2025
 
 
NYSE
 
 
500
Pacer S&P 500 Quality FCF Aristocrats ETF
 
 
LCOW
 
 
May 6, 2025
 
 
Cboe
 
 
300
Pacer S&P MidCap 400 Quality FCF Aristocrats ETF.
 
 
MCOW
 
 
August 27, 2025
 
 
Cboe
 
 
300
Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF.
 
 
SCOW
 
 
August 27, 2025
 
 
Cboe
 
 
300
Pacer Solactive Whitney Future of Warfare ETF.
 
 
FOWF
 
 
December 17, 2024
 
 
Cboe
 
 
500
Pacer Swan SOS Conservative (April) ETF.
 
 
PSCW
 
 
March 31, 2021
 
 
Cboe
 
 
300
Pacer Swan SOS Conservative (January) ETF
 
 
PSCX
 
 
December 22, 2020
 
 
Cboe
 
 
300
Pacer Swan SOS Conservative (July) ETF
 
 
PSCJ
 
 
June 30, 2021
 
 
Cboe
 
 
300
Pacer Swan SOS Conservative (October) ETF
 
 
PSCQ
 
 
September 30, 2021
 
 
Cboe
 
 
300
Pacer Swan SOS Flex (April) ETF
 
 
PSFM
 
 
March 31, 2021
 
 
Cboe
 
 
300
Pacer Swan SOS Flex (January) ETF.
 
 
PSFD
 
 
December 22, 2020
 
 
Cboe
 
 
300
Pacer Swan SOS Flex (July) ETF.
 
 
PSFJ
 
 
June 30, 2021
 
 
Cboe
 
 
300
Pacer Swan SOS Flex (October) ETF
 
 
PSFO
 
 
September 30, 2021
 
 
Cboe
 
 
300
Pacer Swan SOS Fund of Funds ETF.
 
 
PSFF
 
 
December 29, 2020
 
 
Cboe
 
 
300
Pacer Swan SOS Moderate (April) ETF.
 
 
PSMR
 
 
March 31, 2021
 
 
Cboe
 
 
300
Pacer Swan SOS Moderate (January) ETF.
 
 
PSMD
 
 
December 22, 2020
 
 
Cboe
 
 
300
Pacer Swan SOS Moderate (July) ETF
 
 
PSMJ
 
 
June 30, 2021
 
 
Cboe
 
 
300
Pacer Swan SOS Moderate (October) ETF
 
 
PSMO
 
 
September 30, 2021
 
 
Cboe
 
 
300
Pacer US Cash Cows Bond ETF
 
 
MILK
 
 
December 17, 2024
 
 
Cboe
 
 
300
 
 
 
 
 
 
 
 
 
 
 
 
 
Each Fund (other than QDPL) is classified as a non-diversified series of the Trust.
The investment objective of the following Funds is to track the performance, before fees and expenses, of the
 
 
 
 
Ticker
 
 
Index
USAI
 
 
American Energy Independence Index
ODDS
 
 
BlueStar Global Online Gambling, Video Gaming, and eSports Index
BULD
 
 
BlueStar Robotics and 3D Printing Index
QQWZ
 
 
Pacer COWZ NDX Rotator Index
EAFG
 
 
Pacer Developed Markets Cash Cows Growth Leaders Index
 
 
 
 
 
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NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
Ticker
 
 
Index
QSIX
 
 
Metaurus Nasdaq-100 Dividend Multiplier Total Return Index - Series 600
QDPL
 
 
Metaurus US Large Cap Dividend Multiplier Index – Series 400
PEVC
 
 
FTSE PE/VC Index
LCOW
 
 
S&P 500 Quality FCF Aristocrats Index
MCOW
 
 
S&P MidCap 400 Quality FCF Aristocrats Index
SCOW
 
 
S&P SmallCap 600 Quality FCF Aristocrats Index
FOWF
 
 
Solactive Whitney Future of Warfare Index
MILK
 
 
Solactive Pacer US Cash Cows Bond Index
 
 
 
 
The investment objective of the following Funds is to seek
 
 
 
 
Ticker
 
 
Objective
PSCW
 
 
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 12.89% (before fees and expenses of the Fund) and 12.29% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 1, 2025 to March 31, 2026.
PSCX
 
 
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 12.44% (before fees and expenses of the Fund) and 11.84% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 2, 2025 to December 31, 2025.
PSCJ
 
 
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 12.23%(before fees and expenses of the Fund) and 11.62% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 1, 2025 to June 30, 2026.
PSCQ
 
 
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 11.61% (before fees and expenses of the Fund) and 11.00% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 1, 2025 to September 30, 2026.
PSFM
 
 
to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 13.95% (before fees and expenses of the Fund) and 13.35% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 1, 2025 to March 31, 2026.
PSFD
 
 
to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 13.52% (before fees and expenses of the Fund) and 12.92% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 2, 2025 to December 31, 2025.
PSFJ
 
 
to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.10% (before fees and expenses of the Fund) and 13.49% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 1, 2025 to June 30, 2026.
 
 
 
 
 
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NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
Ticker
 
 
Objective
PSFO
 
 
to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 13.73% (before fees and expenses of the Fund) and 13.12% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 1, 2025 to September 30, 2026.
PSFF
 
 
capital appreciation with downside protection.
PSMR
 
 
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 12.47% (before fees and expenses of the Fund) and 11.87% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 1, 2025 to March 31, 2026.
PSMD
 
 
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 12.02% (before fees and expenses of the Fund) and 11.42% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from January 2, 2025 to December 31, 2025.
PSMJ
 
 
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 12.20% (before fees and expenses of the Fund) and 11.59% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 1, 2025 to June 30, 2026.
PSMO
 
 
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 11.84% (before fees and expenses of the Fund) and 11.24% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 1, 2025 to September 30, 2026.
 
 
 
 
Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 25,000 shares except USAI and QSIX which generally consist of 50,000 shares, PEVC and MILK which consists of 40,000 shares, QDPL which consists of 30,000 shares, along with ODDS and BULD which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees. The Funds currently offer one class of Shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Each Fund charges $300 for the standard fixed creation fee, payable to the Custodian except ODDS, BULD, PEVC and FOWF which charges $500 and EAFG which charges $750. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. A variable fee, payable to a Fund, of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. In regards to PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ and PSMO for orders comprised entirely of cash, a variable fee of 0.01% of the value of the order will be charged by a Fund. For orders partially comprised of cash in lieu of certain Deposit Securities, a variable fee of 0.01% of the value of such cash in lieu
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
of Deposit Securities will be charged by a Fund. A Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders (e.g., for creation orders that facilitate changes to the Fund’s portfolio in a more tax efficient manner than could be achieved without such order). Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Fund to their account or on their order. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges to such Fund.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or results of operations. The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.
Securities, including master limited partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.
Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.
Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.
Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange (“NYSE”) on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.
Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.
Futures contracts are valued at the settlement price on the exchange on which they are principally traded.
 
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NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.
The Trust’s Valuation Procedures provide for the designation of the Adviser as “Valuation Designee”. If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds’ Board of Trustees (the “Board”).As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:
Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 –
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
USAI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$79,236,126
 
 
$—
 
 
$—
 
 
$79,236,126
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
18,584,090
Total Investments
 
 
$79,236,126
 
 
$—
 
 
$—
 
 
$97,820,216
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $18,584,090 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
ODDS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$4,906,859
 
 
$—
 
 
$—
 
 
$4,906,859
Warrants
 
 
911
 
 
—
 
 
—
 
 
911
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
67,053
Total Investments
 
 
$4,907,770
 
 
$—
 
 
$—
 
 
$4,974,823
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $67,053 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
BULD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,658,404
 
 
$—
 
 
$—
 
 
$1,658,404
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
127,091
Total Investments
 
 
$1,658,404
 
 
$—
 
 
$—
 
 
$1,785,495
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $127,091 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
QQWZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$9,713,320
 
 
$—
 
 
$—
 
 
$9,713,320
Total Investments
 
 
$9,713,320
 
 
$—
 
 
$—
 
 
$9,713,320
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
EAFG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$2,853,511
 
 
$—
 
 
$—
 
 
$2,853,511
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
60,822
Total Investments
 
 
$2,853,511
 
 
$—
 
 
$—
 
 
$2,914,333
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $60,822 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
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NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
QSIX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$12,495,661
 
 
$—
 
 
$—
 
 
$12,495,661
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
1,865,807
Total Investments
 
 
$12,495,661
 
 
$—
 
 
$—
 
 
$14,361,468
Other Financial Instruments:
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$25,340
 
 
$—
 
 
$—
 
 
$25,340
Total Other Financial Instruments
 
 
$25,340
 
 
$—
 
 
$—
 
 
$25,340
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$(5,389)
 
 
$—
 
 
$—
 
 
$(5,389)
Total Other Financial Instruments
 
 
$(5,389)
 
 
$—
 
 
$—
 
 
$(5,389)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of October 31, 2025.
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $1,865,807 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
QDPL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,194,319,183
 
 
$—
 
 
$—
 
 
$1,194,319,183
U.S. Treasury Securities
 
 
—
 
 
93,586,146
 
 
—
 
 
93,586,146
Real Estate Investment Trusts - Common
 
 
20,793,404
 
 
—
 
 
—
 
 
20,793,404
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
25,475,958
Total Investments
 
 
$1,215,112,587
 
 
$93,586,146
 
 
$—
 
 
$1,334,174,691
Other Financial Instruments:
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$5,959,831
 
 
$—
 
 
$—
 
 
$5,959,831
Total Other Financial Instruments
 
 
$5,959,831
 
 
$—
 
 
$—
 
 
$5,959,831
 
 
 
 
 
 
 
 
 
 
 
 
 
*
The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of October 31, 2025.
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $25,475,958 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
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NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
PEVC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$3,130,518
 
 
$—
 
 
$—
 
 
$3,130,518
Real Estate Investment Trusts - Common
 
 
12,034
 
 
—
 
 
—
 
 
12,034
Total Investments
 
 
$3,142,552
 
 
$—
 
 
$—
 
 
$3,142,552
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$​—
 
 
$​13,500
 
 
$—
 
 
$13,500
Total Other Financial Instruments
 
 
$​—
 
 
$​13,500
 
 
$—
 
 
$13,500
 
 
 
 
 
 
 
 
 
 
 
 
 
*
The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of October 31, 2025.
Refer to the Schedule of Investments for further disaggregation of investment categories.
LCOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$17,055,547
 
 
$—
 
 
$—
 
 
$17,055,547
Total Investments
 
 
$17,055,547
 
 
$—
 
 
$—
 
 
$17,055,547
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
MCOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,009,500
 
 
$—
 
 
$—
 
 
$1,009,500
Total Investments
 
 
$1,009,500
 
 
$—
 
 
$—
 
 
$1,009,500
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
SCOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$984,789
 
 
$—
 
 
$—
 
 
$984,789
Total Investments
 
 
$984,789
 
 
$—
 
 
$—
 
 
$984,789
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
FOWF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$6,285,119
 
 
$—
 
 
$—
 
 
$6,285,119
Total Investments
 
 
$6,285,119
 
 
$—
 
 
$—
 
 
$6,285,119
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
PSCW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$85,845,534
 
 
$—
 
 
$85,845,534
Total Investments
 
 
$—
 
 
$85,845,534
 
 
$—
 
 
$85,845,534
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(9,305,710)
 
 
$—
 
 
$(9,305,710)
Total Investments
 
 
$—
 
 
$(9,305,710)
 
 
$—
 
 
$(9,305,710)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSCX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$33,557,440
 
 
$—
 
 
$33,557,440
Total Investments
 
 
$—
 
 
$33,557,440
 
 
$—
 
 
$33,557,440
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(1,776,775)
 
 
$—
 
 
$(1,776,775)
Total Investments
 
 
$—
 
 
$(1,776,775)
 
 
$—
 
 
$(1,776,775)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSCJ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$45,674,826
 
 
$—
 
 
$45,674,826
Total Investments
 
 
$—
 
 
$45,674,826
 
 
$—
 
 
$45,674,826
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(2,850,758)
 
 
$—
 
 
$(2,850,758)
Total Investments
 
 
$—
 
 
$(2,850,758)
 
 
$—
 
 
$(2,850,758)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
PSCQ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$44,079,199
 
 
$—
 
 
$44,079,199
Total Investments
 
 
$—
 
 
$44,079,199
 
 
$—
 
 
$44,079,199
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(1,906,564)
 
 
$—
 
 
$(1,906,564)
Total Investments
 
 
$—
 
 
$(1,906,564)
 
 
$—
 
 
$(1,906,564)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSFM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$24,332,587
 
 
$—
 
 
$24,332,587
Total Investments
 
 
$—
 
 
$24,332,587
 
 
$—
 
 
$24,332,587
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(2,548,050)
 
 
$—
 
 
$(2,548,050)
Total Investments
 
 
$—
 
 
$(2,548,050)
 
 
$—
 
 
$(2,548,050)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSFD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$50,499,747
 
 
$—
 
 
$50,499,747
Total Investments
 
 
$—
 
 
$50,499,747
 
 
$—
 
 
$50,499,747
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(2,344,191)
 
 
$—
 
 
$(2,344,191)
Total Investments
 
 
$—
 
 
$(2,344,191)
 
 
$—
 
 
$(2,344,191)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
 
116
 

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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
PSFJ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$41,564,283
 
 
$—
 
 
$41,564,283
Total Investments
 
 
$—
 
 
$41,564,283
 
 
$—
 
 
$41,564,283
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(2,593,518)
 
 
$—
 
 
$(2,593,518)
Total Investments
 
 
$—
 
 
$(2,593,518)
 
 
$—
 
 
$(2,593,518)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSFO
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$27,016,568
 
 
$—
 
 
$27,016,568
Total Investments
 
 
$—
 
 
$27,016,568
 
 
$—
 
 
$27,016,568
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(1,565,436)
 
 
$—
 
 
$(1,565,436)
Total Investments
 
 
$—
 
 
$(1,565,436)
 
 
$—
 
 
$(1,565,436)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSFF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Affiliated Exchange Traded Funds
 
 
$518,197,874
 
 
$—
 
 
$—
 
 
$518,197,874
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
1,016,250
Total Investments
 
 
$518,197,874
 
 
$—
 
 
$—
 
 
$519,214,124
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $1,016,250 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
PSMR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$97,777,181
 
 
$—
 
 
$97,777,181
Total Investments
 
 
$—
 
 
$97,777,181
 
 
$—
 
 
$97,777,181
 
 
 
 
 
 
 
 
 
 
 
 
 
 
117
 

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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(11,025,807)
 
 
$—
 
 
$(11,025,807)
Total Investments
 
 
$—
 
 
$(11,025,807)
 
 
$—
 
 
$(11,025,807)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSMD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$84,697,061
 
 
$—
 
 
$84,697,061
Total Investments
 
 
$—
 
 
$84,697,061
 
 
$—
 
 
$84,697,061
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(4,754,295)
 
 
$—
 
 
$(4,754,295)
Total Investments
 
 
$—
 
 
$(4,754,295)
 
 
$—
 
 
$(4,754,295)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSMJ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$97,934,505
 
 
$—
 
 
$97,934,505
Total Investments
 
 
$—
 
 
$97,934,505
 
 
$—
 
 
$97,934,505
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(6,595,705)
 
 
$—
 
 
$(6,595,705)
Total Investments
 
 
$—
 
 
$(6,595,705)
 
 
$—
 
 
$(6,595,705)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PSMO
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$81,603,346
 
 
$—
 
 
$81,603,346
Total Investments
 
 
$—
 
 
$81,603,346
 
 
$—
 
 
$81,603,346
Liabilities:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(4,374,137)
 
 
$—
 
 
$(4,374,137)
Total Investments
 
 
$—
 
 
$(4,374,137)
 
 
$—
 
 
$(4,374,137)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
MILK
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Corporate Bonds
 
 
$—
 
 
$6,767,035
 
 
$—
 
 
$6,767,035
Asset-Backed Securities
 
 
—
 
 
133,939
 
 
—
 
 
133,939
Total Investments
 
 
$—
 
 
$6,900,974
 
 
$—
 
 
$6,900,974
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
Options Contracts – In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”). PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSMR, PSMD, PSMJ and PSMO portfolios include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at the strike price only on the FLEX Option expiration date. FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles (European style versus American style options which are exercisable any time prior to the expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of the over-the-counter option positions.
Each FLEX Option contract entitles the holder thereof (i.e., the purchaser of the FLEX Option) the option to purchase (for the call options) or sell (for the put options) the cash value of the reference asset as of the close of the market on the FLEX Option expiration date at the strike price. The Fund intends to be structured so that any amount owed by the Fund on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options. As a result, the FLEX Options will be fully covered, and no additional collateral will be necessary during the life of the Fund. The Fund receives premiums in exchange for the written FLEX Options and pays premiums in exchange for the purchased FLEX Options. The OCC and securities exchange that the FLEX Options are listed on do not charge ongoing fees to writers or purchasers of the FLEX Options during their life for continuing to hold the option contracts. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.
When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. When the Funds write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
The OCC guarantees performance by each of the counterparties to FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest.
The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2025, is as follows:
 
 
 
 
 
 
 
Equity Risk - Call and Put Options not
Accounted for as Hedging Instruments
 
 
 
Asset Derivatives
 
 
Liability Derivatives
 
 
 
Investments,
at Value
 
 
Written Options,
at Value
PSCW
 
 
$ 85,845,534
 
 
$9,305,710
PSCX
 
 
33,557,440
 
 
1,776,775
PSCJ
 
 
45,674,826
 
 
2,850,758
PSCQ
 
 
44,079,199
 
 
1,906,564
PSFM
 
 
24,332,587
 
 
2,548,050
PSFD
 
 
50,499,747
 
 
2,344,191
PSFJ
 
 
41,564,283
 
 
2,593,518
PSFO
 
 
27,016,568
 
 
1,565,436
PSMR
 
 
97,777,181
 
 
11,025,807
PSMD
 
 
84,697,061
 
 
4,754,295
PSMJ
 
 
97,934,505
 
 
6,595,705
PSMO
 
 
81,603,346
 
 
4,374,137
 
 
 
 
 
 
 
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:
 
 
 
 
 
 
 
Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
 
 
 
Amount of Realized Gain (Loss) on
Derivatives Recognized in Income
 
 
Amount of Unrealized Gain (Loss) on
Derivatives Recognized in Income
 
 
 
Investments
 
 
Written Options
 
 
Investments
 
 
Written Options
PSCW
 
 
$2,000,997
 
 
$273,406
 
 
$ 10,126,203
 
 
$ (6,608,804)
PSCX
 
 
3,323,700
 
 
(772,610)
 
 
1,149,692
 
 
(327,694)
PSCJ
 
 
4,575,299
 
 
679,151
 
 
2,024,446
 
 
(1,389,692)
PSCQ
 
 
4,366,152
 
 
(505,686)
 
 
915,310
 
 
(465,221)
PSFM
 
 
780,019
 
 
728,995
 
 
1,871,191
 
 
(1,739,772)
PSFD
 
 
7,237,965
 
 
(568,028)
 
 
(481,361)
 
 
224,436
PSFJ
 
 
2,158,465
 
 
718,813
 
 
1,658,767
 
 
(682,108)
PSFO
 
 
1,640,447
 
 
211,947
 
 
529,176
 
 
(197,900)
PSMR
 
 
2,984,047
 
 
1,548,264
 
 
9,215,578
 
 
(7,158,305)
PSMD
 
 
11,633,282
 
 
(2,121,540)
 
 
(668,334)
 
 
320,848
PSMJ
 
 
7,555,398
 
 
2,329,666
 
 
3,522,612
 
 
(2,567,495)
PSMO
 
 
9,397,220
 
 
(57,970)
 
 
1,629,842
 
 
(805,935)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:
 
 
 
 
 
 
 
Equity Risk - Call and Put Options not
Accounted for as Hedging Instruments
 
 
 
Average Volume of Derivative Activity
During the Period Ended October 31, 2025
 
 
 
Investments
 
 
Written Options
PSCW
 
 
$ 62,833,412
 
 
$ (3,620,729)
PSCX
 
 
29,083,400
 
 
(912,096)
PSCJ
 
 
40,596,365
 
 
(1,071,280)
PSCQ
 
 
39,077,147
 
 
(861,986)
PSFM
 
 
23,999,064
 
 
(1,277,905)
PSFD
 
 
51,081,227
 
 
(2,075,691)
PSFJ
 
 
29,962,166
 
 
(1,031,429)
PSFO
 
 
16,177,459
 
 
(491,163)
PSMR
 
 
85,242,534
 
 
(5,176,521)
PSMD
 
 
86,524,884
 
 
(3,565,290)
PSMJ
 
 
82,847,320
 
 
(2,834,181)
PSMO
 
 
89,504,237
 
 
(2,508,341)
 
 
 
 
 
 
 
A.
Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the result of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
B.
Federal Income Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal year or period ended October 31, 2025, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal year or period ended October 31, 2025, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Management has analyzed each of the Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) for the applicable funds, or expected to be taken in each of the Fund’s 2025 tax returns. During the year or period ended October 31, 2025, the Funds did not incur any interest or penalties.
C.
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
Distributions received from a Funds’ investments in REITs and MLPs may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of such distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to each Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of such investments, a portion of the distributions received by each Fund’s shareholders may represent a return of capital.
D.
Distributions to Shareholders. Distributions to shareholders from net investment income for USAI, QSIX, QDPL and MILK are declared and paid on a monthly basis, distributions to shareholders from net investment income for BULD are declared and paid on a semi-annual basis, distributions to shareholders from net investment income for ODDS, QQWZ, EAFG, PEVC, LCOW, MCOW, SCOW and FOWF and are declared and paid on a quarterly basis, and distributions to shareholders from net investment income for PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ and PSMO are declared and paid at least annually. Distributions for all Funds from net realized gains on securities, if any, normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.
E.
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
F.
Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE are closed for trading. The offering and redemption price per share of the Fund is equal to each Fund’s NAV per share.
G.
Guarantees and Indemnifications. In the normal course of business, the Funds enters into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred.
H.
Cash and cash equivalents. Cash and cash equivalents are held with a financial institution. Cash and cash equivalents of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The FDIC insures deposit accounts up to $250,000 for each account holder. The counter party is generally a single bank rather than a group of financial institutions; thus there may be a greater counter party credit risk. The Funds place deposits only with those counter parties which are believed to be creditworthy and there has been no history of loss.
I.
Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal year ended October 31, 2025, the following table shows the reclassifications made:
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
(Accumulated Deficit)
 
 
Paid-In
Capital
USAI
 
 
$(1,835,942)
 
 
$1,835,942
ODDS
 
 
(413,785)
 
 
413,785
BULD
 
 
—
 
 
—
QQWZ
 
 
(737,200)
 
 
737,200
EAFG
 
 
(123,559)
 
 
123,559
QSIX
 
 
​—
 
 
​—
 
 
 
 
 
 
 
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
(Accumulated Deficit)
 
 
Paid-In
Capital
QDPL
 
 
$14,008,608
 
 
$(14,008,608)
PEVC
 
 
—
 
 
—
LCOW
 
 
(414,494)
 
 
414,494
MCOW
 
 
—
 
 
—
SCOW
 
 
(51,303)
 
 
51,303
FOWF
 
 
(143,800)
 
 
143,800
PSCW
 
 
(3,171,025)
 
 
3,171,025
PSCX
 
 
(4,703,350)
 
 
4,703,350
PSCJ
 
 
(4,359,012)
 
 
4,359,012
PSCQ
 
 
(4,448,475)
 
 
4,448,475
PSFM
 
 
(2,078,565)
 
 
2,078,565
PSFD
 
 
(11,957,285)
 
 
11,957,285
PSFJ
 
 
(2,994,488)
 
 
2,994,488
PSFO
 
 
(2,281,048)
 
 
2,281,048
PSFF
 
 
(15,576,552)
 
 
15,576,552
PSMR
 
 
(6,367,460)
 
 
6,367,460
PSMD
 
 
(17,400,677)
 
 
17,400,677
PSMJ
 
 
(9,555,727)
 
 
9,555,727
PSMO
 
 
(10,024,182)
 
 
10,024,182
MILK
 
 
150
 
 
(150)
 
 
 
 
 
 
 
NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Pursuant to an Investment Advisory Agreement (“Investment Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser an advisory fee at an annual rate based on the Fund’s average daily net assets:
 
 
 
 
 
 
 
Ticker
 
 
Current
Adviser Fee
 
 
Previous
Adviser Fee
USAI
 
 
0.75%
 
 
0.75%
ODDS
 
 
0.49%1
 
 
0.60%
BULD
 
 
0.49%1
 
 
0.60%
QQWZ
 
 
0.49%2
 
 
—
EAFG
 
 
0.65%
 
 
0.65%
QSIX
 
 
0.60%
 
 
0.60%
QDPL
 
 
0.60%
 
 
0.60%
PEVC
 
 
0.85%3
 
 
—
LCOW
 
 
0.49%2
 
 
—
MCOW
 
 
0.49%4
 
 
—
SCOW
 
 
0.59%4
 
 
—
FOWF
 
 
0.49%1,5
 
 
​0.60%
PSCW
 
 
0.60%
 
 
0.60%
 
 
 
 
 
 
 
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
Ticker
 
 
Current
Adviser Fee
 
 
Previous
Adviser Fee
PSCX
 
 
0.60%
 
 
0.60%
PSCJ
 
 
0.60%
 
 
0.60%
PSCQ
 
 
0.60%
 
 
0.60%
PSFM
 
 
0.60%
 
 
0.60%
PSFD
 
 
0.60%
 
 
0.60%
PSFJ
 
 
0.60%
 
 
0.60%
PSFO
 
 
0.60%
 
 
0.60%
PSFF
 
 
0.12%
 
 
0.12%
PSMR
 
 
0.60%
 
 
0.60%
PSMD
 
 
0.60%
 
 
0.60%
PSMJ
 
 
0.60%
 
 
0.60%
PSMO
 
 
0.60%
 
 
0.60%
MILK
 
 
0.49%5
 
 
—
 
 
 
 
 
 
 
1
The new advisory fee took effect on August 1, 2025
2
The fund launched on May 6, 2025.
3
The fund launched on February 3, 2025.
4
The fund launched on August 27, 2025.
5
The fund launched on December 17, 2024.
Swan Global Management, LLC (“Swan”) serves as the sub-adviser to PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ and PSMO. The sub-adviser has responsibility for selecting and continuously monitoring the Funds’ investments. Sub-Advisory fees earned by Swan are paid by the Adviser.
Pursuant to a Sub-Advisory Agreement between the Adviser and Metaurus Advisors LLC (“Metaurus”) (the “Sub-Advisory Agreement”), Metaurus is responsible for the day-to-day management of QSIX and QDPL, including the trading of portfolio securities for the Funds. Metaurus is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of reconstitutions of Indices, subject to the supervision of the Adviser and the Board. For the services it provides to QSIX and QDPL, Metaurus is compensated by the Adviser from the management fees paid by QSIX and QDPL to the Adviser.
Pursuant to a Sub-Advisory Agreement between the Adviser and Vident Asset Management (“Vident”) (the “Sub-Advisory Agreement”), Vident is responsible for the day-to-day management of MILK, including the trading of portfolio securities for the Fund. Vident is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitutions of the Index, subject to the supervision of the Adviser and the Board. For the services it provides to MILK, Vident is compensated by the Adviser from the management fees paid by MILK to the Adviser.
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year ended October 31, 2025.
Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
NOTE 4 – SERVICE AND CUSTODY AGREEMENTS
The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”) doing business as U.S. Bank Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.
NOTE 5 – SECURITIES LENDING
The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of October 31, 2025, USAI, ODDS, BULD, EAFG, QSIX, QDPL, and PSFF had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Fund bears the risk of loss associated with the investment of cash collateral received.
During the year ended October 31, 2025, USAI, ODDS, BULD, EAFG, QSIX, QDPL, and PSFF had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in the Fund’s Schedule of Investments. Income earned from these investments is allocated to the Fund based on the Fund’s portion of total cash collateral received. Securities lending income is disclosed in the Fund’s Statement of Operations.
NOTE 6 – SECURED BORROWINGS
The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2025.
Securities Lending Transactions
 
 
 
 
Overnight and Continuous
 
 
Investments
Purchased with
Proceeds from
Securities Lending
Collateral*
USAI
 
 
$18,584,090
ODDS
 
 
67,053
BULD
 
 
127,091
QQWZ
 
 
—
EAFG
 
 
60,822
QSIX
 
 
1,865,807
QDPL
 
 
25,475,958
 
 
 
 
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
Overnight and Continuous
 
 
Investments
Purchased with
Proceeds from
Securities Lending
Collateral*
PEVC
 
 
$—
LCOW
 
 
—
MCOW
 
 
—
SCOW
 
 
—
FOWF
 
 
—
PSCW
 
 
—
PSCX
 
 
—
PSCJ
 
 
—
PSCQ
 
 
—
PSFM
 
 
—
PSFD
 
 
—
PSFJ
 
 
—
PSFO
 
 
—
PSFF
 
 
1,016,250
PSMR
 
 
—
PSMD
 
 
—
PSMJ
 
 
—
PSMO
 
 
—
MILK
 
 
—
 
 
 
 
*
Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).
Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.
NOTE 7 – DERIVATIVES TRANSACTIONS
The Funds may use derivatives for different purposes, including to earn income and enhance returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of the Fund, or as alternatives to direct investments. Derivatives may be used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the Fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
The Funds may enter into various types of derivative contracts, including, but not limited to, futures contracts, foreign exchange contracts, credit default swaps, interest rate swaps, total return swaps, currency swaps, purchased and written options, and warrants. Derivatives may contain various risks including the potential inability of the counterparty to fulfill obligations, illiquid secondary markets, and market movements that may expose the Funds to gains or losses in excess of the amounts shown on the Statements of Assets and Liabilities.
The Funds may hold warrants, which provide the right, but not the obligation, to purchase equity securities at a specified price before expiration. Warrants are valued at fair value and reported as investments on the Statement of Assets and Liabilities. Changes in fair value are recognized in the Statement of Operations. The fair value of warrants is included in Investments in Securities on the Statement of Assets and Liabilities. Changes in the fair value of warrants are reflected as net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. Realized gains and losses resulting from warrant expirations, exercises, or sales are included in net realized gain (loss) on investments.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.
During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking- to-market” on a daily basis to reflect the fair value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Funds’ cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.
The Funds may enter into swap agreements, including interest rate swaps, total return swaps, and credit default swaps, to manage exposure or enhance returns. Swap agreements are valued at fair value and reported as assets or liabilities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses are recorded in the Statement of Operations.
The following tables represent a summary of the value of derivative instruments as of October 31, 2025 and the effect of derivative instruments on the Statement of Assets and Liabilities as of October 31, 2025:
ODDS
Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2025
 
 
 
 
 
 
 
Asset Derivatives
Derivatives
 
 
Location
 
 
Value
Warrants
 
 
Investments, at value
 
 
$911
 
 
 
 
 
 
 
The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Amount of
Realized Gain
on Derivatives
Recognized in Income
 
 
Derivatives
 
 
Change in Unrealized
Appreciation on
Derivatives
Recognized in Income
Warrants
 
 
$680
 
 
Warrants
 
 
$911
 
 
 
 
 
 
 
 
 
 
QSIX
Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2025
 
 
 
 
 
 
 
Asset Derivatives
Derivatives
 
 
Location
 
 
Value
Equity Contracts - Futures
 
 
Deposit at broker for
other investments
 
 
$294,716
 
 
 
 
 
 
 
The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Amount of Realized
(Loss) on Derivatives
Recognized in Income
 
 
Derivatives
 
 
Change in Unrealized
(Depreciation) on
Derivatives
Recognized in Income
Equity Contracts - Futures
 
 
($36,645)
 
 
Equity Contracts - Futures
 
 
($3,677)
 
 
 
 
 
 
 
 
 
 
The average monthly value of long futures during the period ended October 31, 2025 in QSIX was $933,558.
 
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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
QDPL
Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2025
 
 
 
 
 
 
 
Asset Derivatives
Derivatives
 
 
Location
 
 
Value
Equity Contracts - Futures
 
 
Deposit at broker for
other investments
 
 
$13,732,378
 
 
 
 
 
 
 
The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Amount of Realized
Gain on Derivatives
Recognized in Income
 
 
Derivatives
 
 
Change in Unrealized
Appreciation on
Derivatives
Recognized in Income
Equity Contracts - Futures
 
 
$1,852,985
 
 
Equity Contracts - Futures
 
 
$1,719,769
 
 
 
 
 
 
 
 
 
 
The average monthly value of long futures during the period ended October 31, 2025 in QDPL was $113,535,237.
PEVC
Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2025
 
 
 
 
 
 
 
Asset Derivatives
Derivatives
 
 
Location
 
 
Value
Total Return Swap Contracts
 
 
Receivable for
swap contracts
 
 
$13,500
 
 
 
 
 
 
 
The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Amount of Realized
Gain on Derivatives
Recognized in Income
 
 
Derivatives
 
 
Change in Unrealized
Appreciation on
Derivatives
Recognized in Income
Total Return Swap Contracts
 
 
$123,715
 
 
Total Return Swap Contracts
 
 
$13,500
 
 
 
 
 
 
 
 
 
 
NOTE 8 – OFFSETTING ASSETS AND LIABILITIES
The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2025:
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description/Counterparty
 
 
Gross
Amounts of
Recognized
Assets
 
 
Gross
Amounts
Offset in the
Statement of
Assets and
Liabilities
 
 
Net Amounts
Presented in
the Statement
of Assets and
Liabilities
 
 
Gross Amounts not Offset
in the Statement of
Assets and Liabilities
 
 
 
 
Financial
Instruments
 
 
Collateral
Pledged
(Received)
 
 
Net
Amount
ODDS
 
 
 
 
 
 
 
 
 
 
 
 
Warrants
 
 
$911
 
 
$—
 
 
$911
 
 
$911
 
 
$—
 
 
$—
QSIX
 
 
 
 
 
 
 
 
 
 
 
 
Futures Contracts
 
 
$294,716
 
 
$—
 
 
$294,716
 
 
$294,716
 
 
$—
 
 
$—
QDPL
 
 
 
 
 
 
 
 
 
 
 
 
Futures Contracts
 
 
$ 13,732,378
 
 
$—
 
 
$13,732,378
 
 
$13,732,378
 
 
$—
 
 
$—
PEVC
 
 
 
 
 
 
 
 
 
 
 
 
Total Return Swaps
 
 
$13,500
 
 
$—
 
 
$13,500
 
 
$13,500
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
128
 

TABLE OF CONTENTS

PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
Gross
Amounts of
Recognized
Liabilities
 
 
Gross
Amounts
Offset in the
Statements of
Assets and
Liabilities
 
 
Net Amounts
Presented in
the Statements
of Assets and
Liabilities
 
 
Gross Amounts Not Offset
in the Statements of
Assets and Liabilities
 
 
 
 
Financial
Instruments
 
 
Collateral
Pledged
(Received)
 
 
Net
Amount
USAI
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$ 18,584,090
 
 
$—
 
 
$ 18,584,090
 
 
$18,584,090
 
 
$—
 
 
$—
ODDS
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$67,053
 
 
$—
 
 
$67,053
 
 
$67,053
 
 
$—
 
 
$—
BULD
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$127,091
 
 
$—
 
 
$127,091
 
 
$127,091
 
 
$—
 
 
$—
EAFG
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$60,822
 
 
$—
 
 
$60,822
 
 
$60,822
 
 
$—
 
 
$—
QSIX
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$1,865,807
 
 
$—
 
 
$1,865,807
 
 
$1,865,807
 
 
$—
 
 
$—
QDPL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$25,475,958
 
 
$—
 
 
​$25,475,958
 
 
$25,475,958
 
 
$—
 
 
$—
PSFF
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$1,016,250
 
 
$—
 
 
$1,016,250
 
 
$1,016,250
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 9 – INVESTMENT TRANSACTIONS
For the year ended October 31, 2025, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
USAI
 
 
$20,769,896
 
 
$ 20,887,271
ODDS
 
 
1,788,574
 
 
1,156,498
BULD
 
 
412,598
 
 
371,960
QQWZ
 
 
287,172
 
 
205,109
EAFG
 
 
1,794,747
 
 
1,705,597
QSIX
 
 
291,947
 
 
528,573
QDPL
 
 
120,156,101
 
 
49,656,106
PEVC
 
 
1,774,995
 
 
1,683,572
LCOW
 
 
1,996,600
 
 
1,802,530
MCOW
 
 
142,998
 
 
142,348
SCOW
 
 
322,510
 
 
329,054
FOWF
 
 
2,264,096
 
 
865,461
PSCW
 
 
—
 
 
—
PSCX
 
 
—
 
 
958,958
PSCJ
 
 
—
 
 
172,593
PSCQ
 
 
—
 
 
—
PSFM
 
 
—
 
 
85,239
PSFD
 
 
—
 
 
1,880,000
PSFJ
 
 
—
 
 
2,388,375
PSFO
 
 
—
 
 
—
PSFF
 
 
167,530,194
 
 
—
PSMR
 
 
—
 
 
5,032,272
PSMD
 
 
—
 
 
2,861,263
PSMJ
 
 
—
 
 
371,528
PSMO
 
 
—
 
 
—
MILK
 
 
4,041,251
 
 
3,957,285
 
 
 
 
 
 
 
 
129
 

TABLE OF CONTENTS

PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
For the year ended October 31, 2025, in-kind transactions associated with creations and redemptions, excluding short-term securities are as follows:
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
USAI
 
 
$26,145,861
 
 
$9,906,564
ODDS
 
 
3,815,633
 
 
740,825
BULD
 
 
396,818
 
 
—
QQWZ
 
 
15,323,405
 
 
7,052,828
EAFG
 
 
2,564,860
 
 
570,908
QSIX
 
 
4,981,871
 
 
—
QDPL
 
 
530,894,235
 
 
61,857,051
PEVC
 
 
2,821,593
 
 
—
LCOW
 
 
17,125,102
 
 
1,727,046
MCOW
 
 
1,008,461
 
 
—
SCOW
 
 
1,512,147
 
 
498,894
FOWF
 
 
5,776,205
 
 
1,346,196
PSCW
 
 
—
 
 
11,738,339
PSCX
 
 
—
 
 
15,344,455
PSCJ
 
 
—
 
 
14,838,523
PSCQ
 
 
—
 
 
—
PSFM
 
 
—
 
 
21,677,058
PSFD
 
 
—
 
 
29,969,546
PSFJ
 
 
—
 
 
23,238,608
PSFO
 
 
—
 
 
—
PSFF
 
 
—
 
 
73,605,003
PSMR
 
 
—
 
 
28,075,311
PSMD
 
 
—
 
 
54,389,615
PSMJ
 
 
—
 
 
64,364,516
PSMO
 
 
—
 
 
—
MILK
 
 
6,654,724
 
 
—
 
 
 
 
 
 
 
For the year ended October 31, 2025, U.S. Government transactions associated with creations and redemptions, excluding short-term securities are as follows:
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
USAI
 
 
$—
 
 
$—
ODDS
 
 
—
 
 
—
BULD
 
 
—
 
 
—
QQWZ
 
 
—
 
 
—
EAFG
 
 
—
 
 
—
QSIX
 
 
—
 
 
—
QDPL
 
 
36,680,430
 
 
15,000,000
PEVC
 
 
—
 
 
—
LCOW
 
 
—
 
 
—
MCOW
 
 
—
 
 
—
SCOW
 
 
—
 
 
—
FOWF
 
 
—
 
 
—
PSCW
 
 
—
 
 
—
PSCX
 
 
—
 
 
—
PSCJ
 
 
—
 
 
—
PSCQ
 
 
—
 
 
—
PSFM
 
 
—
 
 
—
PSFD
 
 
—
 
 
—
 
 
 
 
 
 
 
 
130
 

TABLE OF CONTENTS

PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
PSFJ
 
 
$—
 
 
$—
PSFO
 
 
—
 
 
—
PSFF
 
 
—
 
 
—
PSMR
 
 
—
 
 
—
PSMD
 
 
—
 
 
—
PSMJ
 
 
—
 
 
—
PSMO
 
 
—
 
 
—
MILK
 
 
—
 
 
—
 
 
 
 
 
 
 
NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES
PSFF seeks capital appreciation with downside protection. The Fund is an actively-managed exchange-traded fund that seeks to achieve its investment objective by investing in a portfolio of other ETFs also managed by the Fund’s Adviser, that seek exposure to U.S. equity securities, while limiting downside risk (the “Underlying Buffer ETFs”). Certain Underlying ETFs may also be sub-advised by Swan. Underlying ETFs generally invest in equity securities or options on equity securities (including other ETFs) to obtain their long exposure to the U.S. equity market. Additionally, the Underlying ETFs may invest in cash, short-term U.S. Treasury securities, or high yield corporate bonds or utilize options on equity securities (including other ETFs) to hedge their exposure to U.S. equities. The Fund may also invest directly in equity securities, options on equity securities (including other ETFs) or indices, cash, or cash equivalents. While the Fund is not limited in the types of strategies the Underlying ETFs may utilize, the Fund is expected to primarily utilize “trend-following strategy” and “structured outcome strategy” styles of Underlying ETFs.
PSFF had the following transactions during the current fiscal year with affiliates:
 
 
 
 
 
 
 
Share Activity
Security Name
 
 
Balance
November 1,
2024
 
 
Purchases
 
 
Sales
 
 
Balance
October 31,
2025
PSCW
 
 
1,312,698
 
 
891,714
 
 
(256,530)
 
 
1,947,882
PSCX
 
 
539,983
 
 
490,525
 
 
(149,822)
 
 
880,686
PSCJ
 
 
1,240,907
 
 
208,354
 
 
(196,712)
 
 
1,252,549
PSCQ
 
 
438,477
 
 
1,074,332
 
 
(213,612)
 
 
1,299,197
PSFM
 
 
514,875
 
 
5,999
 
 
(77,787)
 
 
443,087
PSFD
 
 
761,833
 
 
2,608
 
 
(114,840)
 
 
649,601
PSFJ
 
 
619,348
 
 
184,299
 
 
(97,053)
 
 
706,594
PSFO
 
 
418,350
 
 
90,037
 
 
(63,232)
 
 
445,155
PSMR
 
 
2,001,636
 
 
842,911
 
 
(356,899)
 
 
2,487,648
PSMD
 
 
2,058,558
 
 
470,522
 
 
(375,368)
 
 
2,153,712
PSMJ
 
 
2,299,512
 
 
505,606
 
 
(356,758)
 
 
2,448,360
PSMO
 
 
1,363,536
 
 
1,214,907
 
 
(353,440)
 
 
2,225,003
 
 
 
 
 
 
 
 
 
 
 
 
 
 
131
 

TABLE OF CONTENTS

PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
Year Ended October 31, 2025
Security Name
 
 
Value
 
 
Dividend
Income
 
 
Gain Realized
on Sale of
Shares
 
 
Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliate
PSCW
 
 
$53,616,816
 
 
$   —
 
 
$894,361
 
 
$2,772,121
PSCX
 
 
26,785,889
 
 
—
 
 
779,099
 
 
1,728,947
PSCJ
 
 
37,207,594
 
 
—
 
 
1,016,615
 
 
3,164,155
PSCQ
 
 
38,010,996
 
 
—
 
 
1,012,833
 
 
2,483,588
PSFM
 
 
13,901,855
 
 
​—
 
 
498,428
 
 
565,760
PSFD
 
 
23,817,231
 
 
—
 
 
993,719
 
 
1,826,066
PSFJ
 
 
23,114,668
 
 
—
 
 
825,059
 
 
1,637,077
PSFO
 
 
14,285,024
 
 
—
 
 
496,820
 
 
979,022
PSMR
 
 
73,186,604
 
 
—
 
 
1,939,501
 
 
3,166,219
PSMD
 
 
68,796,022
 
 
—
 
 
2,337,842
 
 
4,538,155
PSMJ
 
 
77,788,804
 
 
—
 
 
2,758,158
 
 
5,729,808
PSMO
 
 
67,686,371
 
 
—
 
 
2,411,895
 
 
4,009,560
Total
 
 
$518,197,874
 
 
$—
 
 
$15,964,330
 
 
$32,600,478
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 11 – TAX COST BASIS
The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at October 31, 2025, were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
USAI
 
 
ODDS
 
 
BULD
 
 
QQWZ
 
 
EAFG
Tax cost of investments
 
 
$79,123,712
 
 
$5,156,028
 
 
$1,409,500
 
 
$9,087,550
 
 
$2,722,752
Gross tax unrealized appreciation
 
 
21,862,378
 
 
458,842
 
 
507,188
 
 
988,432
 
 
317,636
Gross tax unrealized depreciation
 
 
(3,165,874)
 
 
(639,831)
 
 
(131,193)
 
 
(362,662)
 
 
(126,161)
Net tax unrealized appreciation (depreciation)
 
 
18,696,504
 
 
(180,989)
 
 
375,995
 
 
625,770
 
 
191,475
Undistributed ordinary income
 
 
—
 
 
10,715
 
 
7,313
 
 
4,124
 
 
28,333
Undistributed long-term gain
 
 
—
 
 
—
 
 
16,666
 
 
—
 
 
—
Total distributable earnings
 
 
—
 
 
10,715
 
 
23,979
 
 
4,124
 
 
28,333
Other accumulated (loss)
 
 
(2,409,876)
 
 
(17,585)
 
 
(53)
 
 
—
 
 
(66,091)
Total accumulated gain (loss)
 
 
$16,286,628
 
 
$(187,859)
 
 
$399,921
 
 
$629,894
 
 
$153,717
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
QSIX
 
 
QDPL
 
 
PEVC
 
 
LCOW
 
 
MCOW
Tax cost of investments
 
 
$12,407,436
 
 
$1,132,439,766
 
 
$2,929,639
 
 
$15,999,146
 
 
$1,007,725
Gross tax unrealized appreciation
 
 
2,331,780
 
 
259,894,927
 
 
357,268
 
 
1,725,429
 
 
66,691
Gross tax unrealized depreciation
 
 
(357,798)
 
 
(52,200,170)
 
 
(130,855)
 
 
(669,028)
 
 
(64,916)
Net tax unrealized appreciation (depreciation)
 
 
1,973,982
 
 
207,694,757
 
 
226,413
 
 
1,056,401
 
 
1,775
Undistributed ordinary income
 
 
—
 
 
—
 
 
141,753
 
 
22,056
 
 
495
Undistributed long-term gain
 
 
—
 
 
—
 
 
12
 
 
—
 
 
—
Total distributable earnings
 
 
—
 
 
—
 
 
141,765
 
 
22,056
 
 
495
Other accumulated (loss)
 
 
(30,870)
 
 
(4,085,334)
 
 
—
 
 
—
 
 
(1,274)
Total accumulated gain (loss)
 
 
$1,943,112
 
 
$203,609,423
 
 
$368,178
 
 
$1,078,457
 
 
$996
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
132
 

TABLE OF CONTENTS

PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SCOW
 
 
FOWF
 
 
PSCW
 
 
PSCX
 
 
PSCJ
Tax cost of investments
 
 
$ 1,050,684
 
 
$5,960,819
 
 
$69,959,795
 
 
$28,728,153
 
 
$40,874,160
Gross tax unrealized appreciation
 
 
17,348
 
 
498,265
 
 
16,312,144
 
 
5,101,494
 
 
4,352,122
Gross tax unrealized depreciation
 
 
(83,243)
 
 
(173,993)
 
 
(9,732,115)
 
 
(2,048,982)
 
 
(2,402,214)
Net tax unrealized appreciation (depreciation)
 
 
(65,895)
 
 
324,272
 
 
6,580,029
 
 
3,052,512
 
 
1,949,908
Undistributed ordinary income
 
 
443
 
 
2,435
 
 
—
 
 
—
 
 
—
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
443
 
 
2,435
 
 
—
 
 
—
 
 
—
Other accumulated (loss)
 
 
(7,327)
 
 
(2,703)
 
 
(3,701,963)
 
 
(3,990,184)
 
 
(751,453)
Total accumulated gain (loss)
 
 
$(72,779)
 
 
$324,004
 
 
$2,878,066
 
 
$(937,672)
 
 
$1,198,455
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSCQ
 
 
PSFM
 
 
PSFD
 
 
PSFJ
 
 
PSFO
Tax cost of investments
 
 
$41,790,871
 
 
$19,808,530
 
 
$43,195,592
 
 
$37,097,319
 
 
$25,219,203
Gross tax unrealized appreciation
 
 
966,210
 
 
5,025,118
 
 
8,729,703
 
 
3,990,685
 
 
589,378
Gross tax unrealized depreciation
 
 
(584,446)
 
 
(3,049,111)
 
 
(3,769,739)
 
 
(2,117,239)
 
 
(357,449)
Net tax unrealized appreciation (depreciation)
 
 
381,764
 
 
1,976,007
 
 
4,959,964
 
 
1,873,446
 
 
231,929
Undistributed ordinary income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Other accumulated (loss)
 
 
(2,447,511)
 
 
(5,022,315)
 
 
(8,159,428)
 
 
(3,156,917)
 
 
(3,159,691)
Total accumulated gain (loss)
 
 
$(2,065,747)
 
 
$(3,046,308)
 
 
$(3,199,464)
 
 
$(1,283,471)
 
 
$(2,927,762)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSFF
 
 
PSMR
 
 
PSMD
 
 
PSMJ
 
 
PSMO
Tax cost of investments
 
 
$ 444,061,232
 
 
$79,188,846
 
 
$72,653,646
 
 
$87,179,586
 
 
$76,524,032
Gross tax unrealized appreciation
 
 
75,190,970
 
 
19,911,657
 
 
13,845,845
 
 
9,766,696
 
 
1,854,882
Gross tax unrealized depreciation
 
 
(38,078)
 
 
(12,349,129)
 
 
(6,556,725)
 
 
(5,607,482)
 
 
(1,149,705)
Net tax unrealized appreciation (depreciation)
 
 
75,152,892
 
 
7,562,528
 
 
7,289,120
 
 
4,159,214
 
 
705,177
Undistributed ordinary income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Other accumulated (loss)
 
 
(502,010)
 
 
(9,289,609)
 
 
(11,512,972)
 
 
(5,483,239)
 
 
(9,593,379)
Total accumulated gain (loss)
 
 
$74,650,882
 
 
$(1,727,081)
 
 
$(4,223,852)
 
 
$(1,324,025)
 
 
$(8,888,202)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
133
 

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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
MILK
Tax cost of investments
 
 
$6,865,320
Gross tax unrealized appreciation
 
 
79,321
Gross tax unrealized depreciation
 
 
(43,667)
Net tax unrealized appreciation (depreciation)
 
 
35,654
Undistributed ordinary income
 
 
117,668
Undistributed long-term gain
 
 
—
Total distributable earnings
 
 
117,668
Other accumulated (loss)
 
 
—
Total accumulated gain (loss)
 
 
$153,322
 
 
 
 
The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts (REITs), partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after October 31 and within the taxable year are deemed to arise on the first business day of a Fund’s next taxable year. At October 31, 2025, the Funds, on a tax basis, did not defer any post-October.
At October 31, 2025, the following Funds deferred, on a tax basis, ordinary late year loses:
 
 
 
 
 
 
 
Ordinary
Late Year
Loss Deferral
USAI
 
 
$—
ODDS
 
 
—
BULD
 
 
—
QQWZ
 
 
—
EAFG
 
 
—
QSIX
 
 
—
QDPL
 
 
—
PEVC
 
 
—
LCOW
 
 
—
MCOW
 
 
—
SCOW
 
 
—
FOWF
 
 
—
PSCW
 
 
298,672
PSCX
 
 
142,450
PSCJ
 
 
191,421
PSCQ
 
 
189,690
PSFM
 
 
110,165
PSFD
 
 
239,500
PSFJ
 
 
139,541
PSFO
 
 
75,330
PSFF
 
 
371,537
PSMR
 
 
394,890
PSMD
 
 
404,388
PSMJ
 
 
386,022
PSMO
 
 
416,645
MILK
 
 
—
 
 
 
 
 
134
 

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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
At October 31, 2025, the Funds had the following capital loss carryforwards:
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term
 
 
Long-Term
 
 
Expires
USAI
 
 
$1,341,433
 
 
$1,058,555
 
 
Indefinite
ODDS
 
 
3,501
 
 
14,022
 
 
Indefinite
BULD
 
 
—
 
 
—
 
 
Indefinite
QQWZ
 
 
—
 
 
—
 
 
Indefinite
EAFG
 
 
61,160
 
 
4,931
 
 
Indefinite
QSIX
 
 
—
 
 
—
 
 
Indefinite
QDPL
 
 
—
 
 
—
 
 
Indefinite
PEVC
 
 
—
 
 
—
 
 
Indefinite
LCOW
 
 
—
 
 
—
 
 
Indefinite
MCOW
 
 
1,274
 
 
—
 
 
Indefinite
SCOW
 
 
6,215
 
 
—
 
 
Indefinite
FOWF
 
 
2,703
 
 
—
 
 
Indefinite
PSCW
 
 
2,860,329
 
 
542,962
 
 
Indefinite
PSCX
 
 
3,030,914
 
 
816,820
 
 
Indefinite
PSCJ
 
 
44,782
 
 
515,250
 
 
Indefinite
PSCQ
 
 
1,952,121
 
 
305,700
 
 
Indefinite
PSFM
 
 
3,803,978
 
 
1,108,172
 
 
Indefinite
PSFD
 
 
6,041,058
 
 
1,878,870
 
 
Indefinite
PSFJ
 
 
1,625,746
 
 
1,391,630
 
 
Indefinite
PSFO
 
 
2,397,900
 
 
686,461
 
 
Indefinite
PSFF
 
 
130,264
 
 
209
 
 
Indefinite
PSMR
 
 
6,519,782
 
 
2,374,937
 
 
Indefinite
PSMD
 
 
8,584,684
 
 
2,464,787
 
 
Indefinite
PSMJ
 
 
2,674,603
 
 
2,422,615
 
 
Indefinite
PSMO
 
 
7,847,296
 
 
1,689,438
 
 
Indefinite
MILK
 
 
—
 
 
—
 
 
Indefinite
 
 
 
 
 
 
 
 
 
 
NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Funds during the fiscal year ended October 31, 2025, was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Capital Gains
 
 
Return of
Capital
USAI
 
 
$1,040,172
 
 
$—
 
 
$3,065,828
ODDS
 
 
46,758
 
 
—
 
 
—
BULD
 
 
1,847
 
 
—
 
 
—
QQWZ
 
 
4,593
 
 
—
 
 
—
EAFG
 
 
12,632
 
 
—
 
 
—
QSIX
 
 
84,387
 
 
14,176
 
 
253,062
QDPL
 
 
14,557,947
 
 
1,842,231
 
 
37,414,401
PEVC
 
 
4,999
 
 
—
 
 
—
LCOW
 
 
21,117
 
 
—
 
 
—
MCOW
 
 
—
 
 
—
 
 
—
SCOW
 
 
—
 
 
—
 
 
—
FOWF
 
 
12,515
 
 
—
 
 
—
PSCW
 
 
—
 
 
—
 
 
—
PSCX
 
 
—
 
 
—
 
 
—
PSCJ
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
135
 

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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Capital Gains
 
 
Return of
Capital
PSCQ
 
 
$—
 
 
$—
 
 
$—
PSFM
 
 
—
 
 
—
 
 
—
PSFD
 
 
—
 
 
—
 
 
—
PSFJ
 
 
—
 
 
—
 
 
—
PSFO
 
 
—
 
 
—
 
 
—
PSFF
 
 
—
 
 
—
 
 
—
PSMR
 
 
—
 
 
—
 
 
—
PSMD
 
 
—
 
 
—
 
 
—
PSMJ
 
 
—
 
 
—
 
 
—
PSMO
 
 
—
 
 
—
 
 
—
MILK
 
 
189,412
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
The tax character of distributions paid by the Funds during the fiscal year ended October 31, 2024, was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Capital Gains
 
 
Return of
Capital
USAI
 
 
$1,396,764
 
 
$—
 
 
$1,033,236
ODDS
 
 
3,734
 
 
—
 
 
—
BULD
 
 
1,389
 
 
—
 
 
—
EAFG
 
 
8,278
 
 
—
 
 
—
QSIX
 
 
—
 
 
—
 
 
—
QDPL
 
 
5,620,734
 
 
2,051,768
 
 
13,454,992
PSCW
 
 
—
 
 
—
 
 
—
PSCX
 
 
—
 
 
—
 
 
—
PSCJ
 
 
—
 
 
—
 
 
—
PSCQ
 
 
—
 
 
—
 
 
—
PSFM
 
 
—
 
 
—
 
 
—
PSFD
 
 
—
 
 
—
 
 
—
PSFJ
 
 
—
 
 
—
 
 
—
PSFO
 
 
—
 
 
—
 
 
—
PSFF
 
 
—
 
 
—
 
 
—
PSMR
 
 
—
 
 
—
 
 
—
PSMD
 
 
—
 
 
—
 
 
—
PSMJ
 
 
—
 
 
—
 
 
—
PSMO
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
NOTE 13 – RISKS
On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.
 
136
 

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PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025(Continued)
NOTE 14 – SUBSEQUENT EVENTS
On November 24, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of November 25, 2025, Payable November 28, 2025, as follows:
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Per Share
Amount
USAI
 
 
$352,000
 
 
$0.16000000
MILK
 
 
31,257
 
 
0.11163200
 
 
 
 
 
 
 
On November 26, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of November 28, 2025, Payable December 1, 2025, as follows:
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Per Share
Amount
QSIX
 
 
$60,130
 
 
$0.17180000
QDPL
 
 
6,754,176
 
 
0.21120000
 
 
 
 
 
 
 
On December 22, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of December 23, 2025, Payable December 26, 2025, as follows:
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Per Share
Amount
USAI
 
 
​$344,000
 
 
​$0.16000000
MILK
 
 
​148,821
 
 
​0.53150357
 
 
 
 
 
 
 
 
137
 

TABLE OF CONTENTS

PACER FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Pacer Funds Trust and the Shareholders of Pacer American Energy Independence ETF, Pacer BlueStar Digital Entertainment ETF, Pacer BlueStar Engineering the Future ETF, Pacer Cash Cowz 100-Nasdaq 100 Rotator ETF, Pacer Developed Markets Cash Cows Growth Leaders ETF, Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF, Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF, Pacer PE/VC ETF, Pacer S&P 500 Quality FCF Aristocrats ETF, Pacer S&P MidCap 400 Quality FCF Aristocrats ETF, Pacer SmallCap 600 Quality FCF Aristocrats ETF, Pacer Solactive Whitney Future of Warfare ETF, Pacer Swan SOS Conservative (April) ETF, Pacer Swan SOS Conservative (January) ETF, Pacer Swan SOS Conservative (July) ETF, Pacer Swan SOS Conservative (October) ETF, Pacer Swan SOS Flex (April) ETF, Pacer Swan SOS Flex (January) ETF, Pacer Swan SOS Flex (July) ETF, Pacer Swan SOS Flex (October) ETF, Pacer Swan SOS Fund of Funds ETF, Pacer Swan SOS Moderate (April) ETF, Pacer Swan SOS Moderate (January) ETF, Pacer Swan SOS Moderate (July) ETF, Pacer Swan SOS Moderate (October) ETF and Pacer US Cash Cows Bond ETF
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the Pacer American Energy Independence ETF (“USAI”), Pacer BlueStar Digital Entertainment ETF (“ODDS”), Pacer BlueStar Engineering the Future ETF (“BULD”), Pacer Cash Cowz 100-Nasdaq 100 Rotator ETF (“QQWZ”), Pacer Developed Markets Cash Cows Growth Leaders ETF (“EAFG”), Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF (“QSIX”), Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (“QDPL”), Pacer PE/VC ETF (“PEVC”), Pacer S&P 500 Quality FCF Aristocrats ETF (“LCOW”), Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (“MCOW”), Pacer SmallCap 600 Quality FCF Aristocrats ETF (“SCOW”), Pacer Solactive Whitney Future of Warfare ETF (“FOWF”), Pacer Swan SOS Conservative (April) ETF (“PSCW”), Pacer Swan SOS Conservative (January) ETF (“PSCX”), Pacer Swan SOS Conservative (July) ETF (“PSCJ”), Pacer Swan SOS Conservative (October) ETF (“PSCQ”), Pacer Swan SOS Flex (April) ETF (“PSFM”), Pacer Swan SOS Flex (January) ETF (“PSFD”), Pacer Swan SOS Flex (July) ETF (“PSFJ”), Pacer Swan SOS Flex (October) ETF (“PSFO”), Pacer Swan SOS Fund of Funds ETF (“PSFF”), Pacer Swan SOS Moderate (April) ETF (“PSMR”), Pacer Swan SOS Moderate (January) ETF (“PSMD”), Pacer Swan SOS Moderate (July) ETF (“PSMJ”), Pacer Swan SOS Moderate (October) ETF (“PSMO”) and Pacer US Cash Cows Bond ETF (“MILK”) (collectively the “Funds”), each a series of the Pacer Funds Trust (the “Trust”) including the schedules of investments, schedules of written options, schedules of futures contracts and schedule of total return swap contacts, as of October 31, 2025, the related statements of operations, the statements of changes in net assets, the related notes and the financial highlights for the periods indicated in the table below (collectively, referred to as the “financial statements”).
In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial positions of the Funds, as of October 31, 2025, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.
 
 
 
 
 
 
 
 
 
 
Individual Funds
Included in the Trust
 
 
Statements of Operations
 
 
Statements of Changes in
Net Assets
 
 
Financial Highlights
Pacer American Energy Independence ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and 2021
Pacer BlueStar Digital Entertainment ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024 and 2023 and for the period April 7, 2022 to October 31, 2022
Pacer Blue Star Engineering the Future ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024 and 2023 and for the period May 4, 2022 to October 31, 2022
Pacer Cash Cowz 100-Nasdaq 100 Rotator ETF
 
 
For the period May 6, 2025 through October 31, 2025
 
 
For the period May 6, 2025 through October 31, 2025
 
 
For the period May 6, 2025 through October 31, 2025
Pacer Developed Markets Cash Cows Growth Leaders ETF
 
 
For the year ended October 31, 2025
 
 
For the year ended October 31, 2025 and for the period March 20, 2024 through October 31, 2024
 
 
For the year ended October 31, 2025 and for the period March 20, 2024 through October 31, 2024
 
 
 
 
 
 
 
 
 
 
 
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PACER FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
 
 
 
 
 
 
 
 
 
 
Individual Funds
Included in the Trust
 
 
Statements of Operations
 
 
Statements of Changes in
Net Assets
 
 
Financial Highlights
Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF
 
 
For the year ended October 31, 2025
 
 
For the year ended October 31, 2025 and for the period September 23, 2024 through October 31, 2024
 
 
For the year ended October 31, 2025 and for the period September 23, 2024 through October 31, 2024
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025 and 2024, for the period May 1, 2023 through October 31, 2023, for the year ended April 30, 2023 and the period July 12, 2021 through April 30, 2022
Pacer PE/VC ETF
 
 
For the period February 3, 2025 through October 31, 2025
 
 
For the period February 3, 2025 through October 31, 2025
 
 
For the period February 3, 2025 through October 31, 2025
Pacer S&P 500 Quality FCF Aristocrats ETF
 
 
For the period May 6, 2025 through October 31, 2025
 
 
For the period May 6, 2025 through October 31, 2025
 
 
For the period May 6, 2025 through October 31, 2025
Pacer S&P MidCap 400 Quality FCF Aristocrats ETF
 
 
For the period August 27, 2025 through October 31, 2025
 
 
For the period August 27, 2025 through October 31, 2025
 
 
For the period August 27, 2025 through October 31, 2025
Pacer SmallCap 600 Quality FCF Aristocrats ETF
 
 
For the period August 27, 2025 through October 31, 2025
 
 
For the period August 27, 2025 through October 31, 2025
 
 
For the period August 27, 2025 through October 31, 2025
Pacer Solactive Whitney Future of Warfare ETF
 
 
For the period December 17, 2024 through October 31, 2025
 
 
For the period December 17, 2024 through October 31, 2025
 
 
For the period December 17, 2024 through October 31, 2025
Pacer Swan SOS Conservative (April) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period March 31, 2021 to October 31, 2021
Pacer Swan SOS Conservative (January) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period December 22, 2020 to October 31, 2021
Pacer Swan SOS Conservative (July) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period June 30, 2021 to October 31, 2021
Pacer Swan SOS Conservative (October) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period September 30, 2021 to October 31, 2021
Pacer Swan SOS Flex (April) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period March 31, 2021 to October 31, 2021
Pacer Swan SOS Flex (January) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period December 22, 2020 to October 31, 2021
Pacer Swan SOS Flex (July) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period June 30, 2021 to October 31, 2021
Pacer Swan SOS Flex (October) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period September 30, 2021 to October 31, 2021
 
 
 
 
 
 
 
 
 
 
 
139
 

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PACER FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
 
 
 
 
 
 
 
 
 
 
Individual Funds
Included in the Trust
 
 
Statements of Operations
 
 
Statements of Changes in
Net Assets
 
 
Financial Highlights
Pacer Swan SOS Fund of Funds ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period December 29, 2020 to October 31, 2021
Pacer Swan SOS Moderate (April) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period March 31, 2021 to October 31, 2021
Pacer Swan SOS Moderate (January) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period December 22, 2020 to October 31, 2021
Pacer Swan SOS Moderate (July) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period June 30, 2021 to October 31, 2021
Pacer Swan SOS Moderate (October) ETF
 
 
For the year ended October 31, 2025
 
 
For the years ended October 31, 2025 and 2024
 
 
For the years ended October 31, 2025, 2024, 2023, 2022 and for the period September 30, 2021 to October 31, 2021
Pacer US Cash Cows Bond ETF
 
 
For the period December 17, 2024 through October 31, 2025
 
 
For the period December 17, 2024 through October 31, 2025
 
 
For the period December 17, 2024 through October 31, 2025
 
 
 
 
 
 
 
 
 
 
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

 
We have served as the auditor for the Pacer Funds Trust since 2015
Huntingdon Valley, Pennsylvania
December 29, 2025
 
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Additional Information
NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the Funds trade on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds’ website at www.PacerETFs.com.
NOTE 2 – FEDERAL TAX INFORMATION
Qualified Dividend Income/Dividends Received Deduction
For the fiscal year ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017.
The percentage of dividends declared from ordinary income designated as qualified dividend income (QDI) was as follows:
 
 
 
 
 
 
 
QDI
USAI
 
 
100.00%
ODDS
 
 
39.07%
BULD
 
 
100.00%
QQWZ
 
 
100.00%
EAFG
 
 
76.05%
QSIX
 
 
100.00%
QDPL
 
 
100.00%
PEVC
 
 
9.49%
LCOW
 
 
100.00%
MCOW
 
 
0.00%
SCOW
 
 
0.00%
FOWF
 
 
100.00%
PSCW
 
 
0.00%
PSCX
 
 
0.00%
PSCJ
 
 
0.00%
PSCQ
 
 
0.00%
PSFM
 
 
0.00%
PSFD
 
 
0.00%
PSFJ
 
 
0.00%
PSFO
 
 
0.00%
PSFF
 
 
0.00%
PSMR
 
 
0.00%
PSMD
 
 
0.00%
PSMJ
 
 
0.00%
PSMO
 
 
0.00%
MILK
 
 
0.00%
 
 
 
 
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction (DRD) for the fiscal year ended October 31, 2025 was as follows:
 
 
 
 
 
 
 
DRD
USAI
 
 
100.00%
ODDS
 
 
0.46%
BULD
 
 
50.23%
QQWZ
 
 
100.00%
EAFG
 
 
0.00%
QSIX
 
 
100.00%
QDPL
 
 
100.00%
PEVC
 
 
8.97%
 
 
 
 
 
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DRD
LCOW
 
 
100.00%
MCOW
 
 
0.00%
SCOW
 
 
0.00%
FOWF
 
 
100.00%
PSCW
 
 
0.00%
PSCX
 
 
0.00%
PSCJ
 
 
0.00%
PSCQ
 
 
0.00%
PSFM
 
 
0.00%
PSFD
 
 
0.00%
PSFJ
 
 
0.00%
PSFO
 
 
0.00%
PSFF
 
 
0.00%
PSMR
 
 
0.00%
PSMD
 
 
0.00%
PSMJ
 
 
0.00%
PSMO
 
 
0.00%
MILK
 
 
0.00%
 
 
 
 
The Percentage of taxable ordinary income distributions that are designated as short-term capital gain (STCG) distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows.
 
 
 
 
 
 
 
STCG
USAI
 
 
0.00%
ODDS
 
 
0.00%
BULD
 
 
0.00%
QQWZ
 
 
0.00%
EAFG
 
 
0.00%
QSIX
 
 
26.04%
QDPL
 
 
10.25%
PEVC
 
 
0.00%
LCOW
 
 
0.00%
MCOW
 
 
0.00%
SCOW
 
 
0.00%
FOWF
 
 
0.00%
PSCW
 
 
0.00%
PSCX
 
 
0.00%
PSCJ
 
 
0.00%
PSCQ
 
 
0.00%
PSFM
 
 
0.00%
PSFD
 
 
0.00%
PSFJ
 
 
0.00%
PSFO
 
 
0.00%
PSFF
 
 
0.00%
PSMR
 
 
0.00%
PSMD
 
 
0.00%
PSMJ
 
 
0.00%
PSMO
 
 
0.00%
MILK
 
 
0.00%
 
 
 
 
 
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Foreign Tax Credit Pass Through
Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended October 31, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
 
 
 
 
 
 
 
 
 
 
Fund
 
 
Gross Foreign
Source Income
 
 
Foreign Taxes
Passthrough
 
 
Per Share
 
Gross Foreign
Source Income
 
 
Foreign Taxes
Passthrough
USAI
 
 
$—
 
 
$—
 
 
$—
 
 
$—
ODDS
 
 
60,531
 
 
2,052
 
 
0.38
 
 
0.01
BULD
 
 
—
 
 
—
 
 
—
 
 
—
QQWZ
 
 
—
 
 
—
 
 
—
 
 
—
EAFG
 
 
31,578
 
 
3,377
 
 
0.25
 
 
0.03
QSIX
 
 
—
 
 
—
 
 
—
 
 
—
QDPL
 
 
—
 
 
—
 
 
—
 
 
—
PEVC
 
 
—
 
 
—
 
 
—
 
 
—
LCOW
 
 
—
 
 
—
 
 
—
 
 
—
MCOW
 
 
—
 
 
—
 
 
—
 
 
—
SCOW
 
 
—
 
 
—
 
 
—
 
 
—
FOWF
 
 
—
 
 
—
 
 
—
 
 
—
PSCW
 
 
—
 
 
—
 
 
—
 
 
—
PSCX
 
 
—
 
 
—
 
 
—
 
 
—
PSCJ
 
 
—
 
 
—
 
 
—
 
 
—
PSCQ
 
 
—
 
 
—
 
 
—
 
 
—
PSFM
 
 
—
 
 
—
 
 
—
 
 
—
PSFD
 
 
—
 
 
—
 
 
—
 
 
—
PSFJ
 
 
—
 
 
—
 
 
—
 
 
—
PSFO
 
 
—
 
 
—
 
 
—
 
 
—
PSFF
 
 
—
 
 
—
 
 
—
 
 
—
PSMR
 
 
—
 
 
—
 
 
—
 
 
—
PSMD
 
 
—
 
 
—
 
 
—
 
 
—
PSMJ
 
 
—
 
 
—
 
 
—
 
 
—
PSMO
 
 
—
 
 
—
 
 
—
 
 
—
MILK
 
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.
Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.
NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS
The Funds files their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available on the website of the SEC at www.sec.gov. Each Fund’s portfolio holdings are posted daily on its website at www.PacerETFs.com.
 
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NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information how the Funds voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.
NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS
USAI, GCOW, COWZ, PTEU, PWS and COWG
The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer American Energy Independence ETF (USAI), Pacer Global Cash Cows Dividend ETF (GCOW), Pacer US Cash Cows 100 ETF (COWZ), Pacer Trendpilot European ETF (PTEU), Pacer Wealthshield ETF (PWS) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) (each, a “Fund” and together, the “Funds”).
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.
The Independent Trustees carefully evaluated information provided by the Adviser, including: a copy of the Investment Advisory Agreement; the Adviser’s responses to a questionnaire designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; the Adviser’s Form ADV; information describing the nature, quality and extent of services that the Adviser has and is prepared in the future to provide to the Funds, and the advisory fees payable to the Adviser for its services; certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies; a copy of the Trust’s registration statement that included the Funds; information regarding compliance; marketing and distribution related initiatives; changes (if any) in personnel serving the Funds; and information regarding the financial condition of the Adviser.
Representatives from the Adviser, along with other Trust service providers, presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Advisory Agreement, including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the each Fund’s Advisory Agreement; (2) the Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of each Fund’s Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality
 
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Additional Information(Continued)
and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge regarding each Fund’s fees and expenses relative to the fees and expenses of other comparable funds; (7) performance and tracking error information as it relates to each Fund’s underlying index; (8) a copy of the Trust’s registration statement and prospectuses; and (9) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.
Nature, Extent and Quality of Services to be Provided by the Adviser.
The Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Adviser’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Adviser that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Adviser and any potential conflicts.
Based on its review, the Board determined that the Adviser is capable of providing all necessary advisory services required by each Fund, as indicated by the Adviser’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to their respective underlying indexes. The Board reviewed each Fund’s short- and longer-term performance relative to its underlying index. The Board noted that each of the Fund’s generally performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Adviser, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Adviser.
Costs and Benefits of Advisory Services to be Provided to the Funds.
In considering the advisory fees payable by the Trust to the Adviser and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising each Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine each Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to each Fund in all instances. The Board compared each Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Adviser from its relationship with the Funds, taking into account assessments of the Adviser’s profitability prepared and shared by the Adviser’s management.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.
Economies of Scale.
The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’
 
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Additional Information(Continued)
investors, the Trustees considered that each Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.
Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
PACER SWAN SOS FUNDS
The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “SOS ETFs Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer Swan SOS Fund of Funds ETF, Pacer Swan SOS Conservative ETF, Pacer Swan SOS Moderate ETF, and Pacer Swan SOS Flex ETF (each, a “Fund” together, the “Funds”). The Board also considered the continuation of the investment sub-advisory agreement (the “Swan Sub-Advisory Agreement”) between the Adviser and Swan Global Management (referred to as “Swan” or the “Sub-Advisor”) with respect to each Fund.
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Swan ETFs Advisory Agreement and the Swan Sub-Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Swan ETFs Advisory Agreement and Swan Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Swan ETFs Advisory Agreement and the Swan Sub-Advisory Agreement.
Representatives from the Adviser and Swan presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and Swan’s services, fees and other aspects of the SOS ETFs Advisory Agreement and Swan Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the SOS ETFs Advisory Agreement and Swan Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser and/or Swan, respectively; (2) the cost of the services provided and the profits realized by the Adviser and/or Swan from services rendered to the Trust; (3) comparative fee and expense data for other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser, Swan and their respective affiliates resulting from services rendered to the Trust.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement; (2) the Adviser’s and Swan’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement; (3) the Adviser’s and Swan’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Swan are prepared to provide to the SOS ETFs; (5) the advisory fee payable by
 
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each SOS ETF to the Adviser for its services and the sub-advisory fee payable to Swan by the Adviser under the Swan Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other comparable funds; (7) performance information as it relates to each Fund’s benchmark index; (8) a copy of the Trust’s registration statement and prospectuses; and (9) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Swan.
In considering the approval of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and Swan, including the performance of the Adviser and Swan with respect to the SOS ETFs; (ii) the costs and benefits, including the fee to be paid to the Adviser by the SOS ETFs, of the advisory services to be provided to the SOS ETFs; (iii) the fee paid to Swan by the Adviser; and (iv) potential economies of scale.
Nature, Extent and Quality of Services to be Provided by the Adviser and Swan.
The Board reviewed the scope of services provided by the Adviser under the SOS ETFs Advisory Agreement and Swan under the Swan Sub-Advisory Agreement. In this regard, the Trustees reviewed SOS ETFs’ investment goal and investment strategy, and each of the Adviser’s and Swan’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by Swan, the Board considered Swan’s ability to ensure compliance with SOS ETF’s strategies, policies, and limitations. The Board reviewed each Fund’s short- and longer-term performance relative to the S&P 500 Price Return Index. The Board noted that each of the SOS ETF’s generally performed in line with its investment objective over the relevant periods. In addition, the Trustees reviewed the management team at the Adviser and Swan that is responsible for managing each SOS ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and Swan and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding Swant’s compliance program as such relates to the operation of SOS ETFs.
Based on its review, the Board determined that each of the Adviser and Swan is capable of providing all necessary advisory and sub-advisory services required by each SOS ETF, as indicated by the Adviser’s and Swan’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of each SOS ETF relative to the S&P 500 Price Return Index and other products managed by the Adviser and Swan with similar investment objectives and strategies as each SOS ETF, as applicable. The Board also considered other services provided to each SOS ETF by the Adviser and Swan, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each SOS ETF’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to each SOS ETF by the Adviser and Swan, respectively.
Costs and Benefits of Advisory Services to be Provided to each SOS ETF.
In considering the advisory fees payable by the Trust to the Adviser and each SOS ETF’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising each Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine each Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to each Fund in all instances. The Board compared each SOS ETF’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether each SOS ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of each SOS ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual
 
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agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Adviser from its relationship with each SOS ETF, considering the Adviser’s profitability analysis prepared and shared by the Adviser’s management.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each SOS ETF’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.
Costs and Benefits of Swan’s Sub-Advisory Advisory Services to be Provided to each SOS ETF.
The Board noted that the sub-advisory fees paid to Swan are paid by the Adviser and would not be additional fees to be borne by each SOS ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and Swan. In considering the sub-advisory fees payable by the Adviser to Swan, the Board evaluated the compensation and benefits received or likely to be received by Swan from the Adviser relating to the services provided to each SOS ETF. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Swan under the Swan Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.
Economies of Scale.
The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the SOS ETFs may grow in the future. In considering the extent to which economies of scale would be realized as the SOS ETFs grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each SOS ETF’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each SOS ETF, the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.
Conclusion
Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser’s fees and the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the Sub-Advisor, respectively, to each Fund; and (c) agreed to approve the renewal of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
QQWZ
The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer Cash COWZ 100 - Nasdaq 100 Rotator ETF (“QQWZ”) (the “Fund”).
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment
 
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Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.
Representatives from the Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Investment Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Fund; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Fund’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Fund.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses relative to the fees and expenses of other comparable funds; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.
In considering the approval of the Investment Advisory Agreement, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Fund, of the advisory services to be provided to the Fund; and (iii) potential economies of scale.
Nature, Quality, and Extent of Services and Investment Performance to be Provided by the Adviser
The Trustees considered the scope of services to be provided under the Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management services to the Fund. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to the Fund and discussed these services with the Adviser. Among other things, the Trustees considered the quality of the Adviser’s portfolio management personnel, and the level of services provided to the existing Funds. The Adviser’s registration form (“Form ADV”) was provided to the Trustees, as was the Adviser’s response to the 15(c) Questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Fund. The Trustees considered the methodology of the Fund’s underlying index. The Trustees also considered the Fund’s investment strategy and the manner in which the Adviser would manage the Fund pursuant to such strategy. The Trustees also considered other services to be provided to the Fund by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures with applicable securities regulations and with the exemptive order applicable to the Fund. The Trustees noted that the Fund is new, so it does not have performance information available. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to the Fund by the Adviser.
Cost of Advisory Services Provided and Economies of Scale
In considering the advisory fees payable by the Trust to the Adviser and the Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board has previously been provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may
 
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not provide meaningful direct comparisons to the Fund in all instances. The Trustees reviewed the proposed expense ratio and the proposed advisory fee to be paid by the Fund, considered fees paid by the respective Peer Group, and concluded that the advisory fees were reasonable and comparable to those that would result from an arm’s length negotiation. Additionally, the Trustees took into consideration that the advisory fee was a “unified fee,” meaning that the Fund would pay no expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Distribution Plan. The Trustees noted that the Adviser would be responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Trustees also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund. The Trustees then evaluated the anticipated profitability of the Adviser with respect to its costs to manage the Fund.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. In addition, the Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Fund may grow in the future.
Conclusion
Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to the Fund; and (c) agreed to approve the Investment Advisory Agreement as to the Fund. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
LCOW
The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer S&P 500 Quality FCF Aristocrats ETF (the “Fund”).
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.
Representatives from the Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Investment Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Fund; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Fund’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Fund.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Adviser’s responses to
 
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questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses relative to the fees and expenses of other comparable funds; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.
In considering the approval of the Investment Advisory Agreement, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Fund, of the advisory services to be provided to the Fund; and (iii) potential economies of scale.
Nature, Quality, and Extent of Services and Investment Performance to be Provided by the Adviser
The Trustees considered the scope of services to be provided under the Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management services to the Fund. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to the Fund and discussed these services with the Adviser. Among other things, the Trustees considered the quality of the Adviser’s portfolio management personnel and the level of services provided to the existing Funds. The Adviser’s registration form (“Form ADV”) was provided to the Trustees, as was the Adviser’s response to the 15(c) Questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Fund. The Trustees discussed the index that the Fund will track and the manner in which the Adviser would manage the Fund pursuant to such strategy. The Trustees also considered other services to be provided to the fund by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures with applicable securities regulations. The Trustees noted that the Fund is new, so it does not have performance information available. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to the Fund by the Adviser.
Cost of Advisory Services Provided and Economies of Scale
In considering the advisory fees payable by the Trust to the Adviser and the Fund expense ratios, the Board reviewed statistical information prepared by Broadridge regarding the management fee and overall expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the fund applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the fund in all instances. The Trustees reviewed the proposed expense ratio and the proposed advisory fee to be paid by the Fund, considered fees paid by the respective Peer Group, and concluded that the advisory fee was reasonable and comparable to those that would result from an arm’s length negotiation. Additionally, the Trustees took into consideration that the advisory fee was a “unified fee,” meaning that the Fund would pay no expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Distribution Plan. The Trustees noted that the Adviser would be responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Trustees also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund. The Trustees then evaluated the anticipated profitability of the Adviser with respect to its costs to manage the Fund.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. In addition, the Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Fund may grow in the future.
 
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Conclusion
Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to the Fund; and (c) agreed to approve the Investment Advisory Agreement as to the Fund. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
MCOW and SCOW
The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (MCOW) and Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF (SCOW) (each, a “Fund” and together, the “Funds”).
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.
Representatives from the Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Investment Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Funds; (3) comparative fee and expense data for each Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as a Fund’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Funds.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other comparable funds; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.
In considering the approval of the Investment Advisory Agreement, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the costs and benefits, including the fee to be paid to the Adviser by each Fund, of the advisory services to be provided to each Fund; and (iii) potential economies of scale.
 
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Nature, Quality, and Extent of Services and Investment Performance to be Provided by the Adviser
The Trustees considered the scope of services to be provided under the Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management services to each Fund. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to each Fund and discussed these services with the Adviser. Among other things, the Trustees considered the quality of the Adviser’s portfolio management personnel and the level of services provided to the existing Funds. The Adviser’s registration form (“Form ADV”) was provided to the Trustees, as was the Adviser’s response to the 15(c) Questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of each Fund. The Trustees considered the methodology of each Fund’s underlying index. The Trustees also considered each Fund’s investment strategy and the manner in which the Adviser would manage each Fund pursuant to such strategy. The Trustees also considered other services to be provided to each Fund by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures with applicable securities regulations. The Trustees noted that each Fund is new, so they do not have performance information available. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser.
Cost of Advisory Services Provided and Economies of Scale
In considering the advisory fees payable by each Fund to the Adviser and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising each Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board noted that they have been provided with a description of the proprietary ETF methodology used by Broadridge to determine each Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to each Fund in all instances. The Trustees reviewed the proposed expense ratio and the proposed advisory fee to be paid by each Fund, considered fees paid by the respective Peer Group, and concluded that the advisory fees were reasonable and comparable to those that would result from an arm’s length negotiation. Additionally, the Trustees took into consideration that the advisory fee was a “unified fee,” meaning that each Fund would pay no operating expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Distribution Plan. The Trustees noted that the Adviser would be responsible for compensating the Trust’s other service providers and paying each Fund’s other expenses out of its own fee and resources. The Trustees also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with each Fund. The Trustees then evaluated the anticipated profitability of the Adviser with respect to its costs to manage each Fund.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. In addition, the Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of each Fund may grow in the future. 
Conclusion
Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to each Fund; and (c) agreed to approve the Investment Advisory Agreement as to each Fund. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
 
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Advisor
Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355
Index Provider
SL Advisors, LLC
220 Lenox Avenue, Suite 303
Westfield, New Jersey 07090
MV Index Solutions
Kreuznacher Str. 30,
60486 Frankfurt am
Main, Germany
Custodian
U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212
Sub Adviser
Swan Global Management, LLC
20 Ridge Top Palmas Del Mar
Humacao, PR 00791
Metaurus Advisors LLC
22 Hudson Place, Third Floor
Hoboken, New Jersey 07030
Vident Asset Management
1125 Sanctuary Parkway,
Suite 515
Alpharetta, GA 30009
Distributor
Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355
Transfer Agent
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Independent Registered
Public Accounting Firm
Sanville & Company
2617 Huntingdon Pike
Huntingdon Valley, PA 19006
Legal Counsel
Practus, LLP
11300 Tomahawk Creek Parkway, Suite 310
Leawood, Kansas 66211

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