2025-09-23196919_PacerPacificAssetFloatingRateHighIncomeETF_TF_TSRSemiAnnual
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Pacer Aristotle Pacific Floating Rate High Income ETF
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FLRT (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Aristotle Pacific Floating Rate High Income ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Aristotle Pacific Floating Rate High Income ETF
$31
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$567,415,676
Number of Holdings
225
Net Advisory Fee
$1,601,468
Portfolio Turnover
17%
Average Credit Quality
AAA
Effective Duration
2 yrs
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Magnetite CLO Ltd.
4.1%
Elmwood CLO Ltd.
3.5%
Neuberger Berman CLO Ltd.
3.4%
Benefit Street Partners CLO Ltd.
2.0%
OHA Credit Funding
2.0%
Rad CLO
1.3%
UKG, Inc.
1.3%
SPX FLOW, Inc.
1.3%
Mount Vernon Liquid Assets Portfolio, LLC
1.2%
Apple Bidco LLC
1.2%
Top Sectors
(%)
Asset Backed Securities
31.8%
Industrials
20.0%
Consumer Discretionary
16.8%
Information Technology
9.0%
Materials
5.4%
Financials
5.2%
Energy
2.8%
Health Care
2.4%
Consumer Staples
1.6%
Cash & Other
5.0%
* Percentages are stated as a percent of net assets.
Effective 8/29/2025, the Fund changed its name from Pacer Pacific Asset Floating Rate High Income ETF to Pacer Aristotle Pacific Floating Rate High Income ETF. No changes were made to the Fund’s investment objectives, principal investment strategies, or principal risks as a result of this name change.
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/.
Pacer Aristotle Pacific Floating Rate High Income ETF  PAGE 1  TSR-SAR-69374H428
 
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 Aristotle Pacific Floating Rate High Income ETF  PAGE 2  TSR-SAR-69374H428
 
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Pacer Cash Cows Fund of Funds ETF
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HERD (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Cash Cows Fund of Funds ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Cows Fund of Funds ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$87,841,648
Number of Holdings
6
Net Advisory Fee
$65,389
Portfolio Turnover
2%
30-Day SEC Yield
1.70%
30-Day SEC Yield Unsubsidized
1.70%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Affiliated Exchange Traded Funds
99.9%
Cash & Other
0.1%
Top Holdings
(%)
Pacer Developed Markets International Cash Cows 100 ETF
20.7%
Pacer Global Cash Cows Dividend ETF
20.0%
Pacer US Cash Cows 100 ETF
20.0%
Pacer US Cash Cows Growth ETF
19.8%
Pacer US Small Cap Cash Cows ETF
19.5%
Mount Vernon Liquid Assets Portfolio, LLC
16.4%
* 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 Cash Cows Fund of Funds ETF  PAGE 1  TSR-SAR-69374H659
 
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Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
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SZNE (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF for the period of May 1, 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 LAST SIX MONTHS? (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 CFRA-Stovall Equal Weight Seasonal Rotation ETF
$30
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$11,993,863
Number of Holdings
225
Net Advisory Fee
$51,184
Portfolio Turnover
207%
30-Day SEC Yield
1.66%
30-Day SEC Yield Unsubsidized
1.66%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
22.1%
Albemarle Corp.
1.2%
Steel Dynamics, Inc.
1.1%
Newmont Goldcorp Corp.
1.0%
DuPont de Nemours, Inc.
1.0%
Avery Dennison Corp.
1.0%
Nucor Corp.
1.0%
Dow, Inc.
1.0%
Martin Marietta Materials, Inc.
1.0%
Vulcan Materials Co.
0.9%
Top Sectors
(%)
Information Technology
25.2%
Industrials
25.1%
Consumer Discretionary
24.8%
Materials
24.3%
Cash & Other
0.6%
* 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/.
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF  PAGE 1  TSR-SAR-69374H691
 
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 CFRA-Stovall Equal Weight Seasonal Rotation ETF  PAGE 2  TSR-SAR-69374H691
 
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Pacer Data & Infrastructure Real Estate ETF
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SRVR (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Data & Infrastructure Real Estate ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Data & Infrastructure Real Estate ETF
$27
0.53%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$424,818,131
Number of Holdings
22
Net Advisory Fee
$1,173,050
Portfolio Turnover
12%
30-Day SEC Yield
2.56%
30-Day SEC Yield Unsubsidized
2.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Equinix, Inc.
16.3%
Digital Realty Trust, Inc.
14.9%
American Tower Corp.
13.9%
Mount Vernon Liquid Assets Portfolio, LLC
6.8%
Iron Mountain, Inc.
4.9%
Keppel DC REIT
4.8%
China Tower Corp. Ltd.
4.5%
SBA Communications Corp.
4.4%
Crown Castle, Inc.
4.3%
GDS Holdings Ltd.
4.3%
Top Sectors
(%)
Real Estate
63.5%
Communication Services
23.4%
Information Technology
10.5%
Financials
2.5%
Cash & Other
0.1%
* 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 29, 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/.
Pacer Data & Infrastructure Real Estate ETF  PAGE 1  TSR-SAR-69374H741
 
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 Data & Infrastructure Real Estate ETF  PAGE 2  TSR-SAR-69374H741
 
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Pacer Data and Digital Revolution ETF
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TRFK (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Data and Digital Revolution ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Data and Digital Revolution ETF
$34
0.52%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$317,179,170
Number of Holdings
84
Net Advisory Fee
$318,636
Portfolio Turnover
13%
30-Day SEC Yield
0.02%
30-Day SEC Yield Unsubsidized
0.02%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Broadcom, Inc.
10.2%
NVIDIA Corp.
9.3%
Oracle Corp.
8.8%
Advanced Micro Devices, Inc.
6.5%
ARM Holdings PLC
4.5%
Cisco Systems, Inc.
4.5%
Intel Corp.
4.4%
Arista Networks, Inc.
4.3%
Mount Vernon Liquid Assets Portfolio, LLC
4.1%
Palo Alto Networks, Inc.
3.7%
Top Sectors
(%)
Information Technology
91.4%
Industrials
8.6%
Cash & Other
0.0%
* 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/.
Pacer Data and Digital Revolution ETF  PAGE 1  TSR-SAR-69374H386
 
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 Data and Digital Revolution ETF  PAGE 2  TSR-SAR-69374H386
 
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Pacer Developed Markets International Cash Cows 100 ETF
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ICOW (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Developed Markets International Cash Cows 100 ETF for the period of May 1, 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 LAST SIX MONTHS? (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 International Cash Cows 100 ETF
$36
0.65%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$1,351,250,297
Number of Holdings
103
Net Advisory Fee
$3,906,099
Portfolio Turnover
36%
30-Day SEC Yield
2.83%
30-Day SEC Yield Unsubsidized
2.83%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
SK hynix, Inc.
4.2%
Samsung Electronics Co. Ltd.
3.0%
Kia Corp.
2.1%
Glencore PLC
2.1%
Vodafone Group PLC
2.1%
Mitsubishi Corp.
2.1%
Eni SpA
2.1%
BP PLC
2.1%
BHP Group Ltd.
2.0%
Daimler AG
1.9%
Top Sectors
(%)
Industrials
22.2%
Energy
20.1%
Consumer Discretionary
15.1%
Information Technology
13.1%
Communication Services
8.6%
Materials
8.6%
Consumer Staples
8.3%
Health Care
3.4%
Financials
0.1%
Cash & Other
0.5%
Top Countries
(%)
Japan
19.0%
United Kingdom
13.3%
South Korea
13.2%
France
10.7%
Germany
8.5%
Canada
6.7%
Australia
4.1%
Denmark
3.3%
Italy
3.2%
Cash & Other
18.0%
* 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/.
Pacer Developed Markets International Cash Cows 100 ETF  PAGE 1  TSR-SAR-69374H873
 
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 Developed Markets International Cash Cows 100 ETF  PAGE 2  TSR-SAR-69374H873
 
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Pacer Emerging Markets Cash Cows 100 ETF
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ECOW (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Emerging Markets Cash Cows 100 ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Emerging Markets Cash Cows 100 ETF
$39
0.70%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$121,838,592
Number of Holdings
109
Net Advisory Fee
$358,883
Portfolio Turnover
46%
30-Day SEC Yield
3.87%
30-Day SEC Yield Unsubsidized
3.87%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
CMOC Group Ltd.
4.3%
China Hongqiao Group Ltd.
3.6%
Shanghai Electric Group Co. Ltd.
2.9%
Grupo Mexico SAB de CV
2.7%
Centrais Eletricas Brasileiras SA
2.3%
Yangzijiang Shipbuilding Holdings Ltd.
2.3%
Astra International Tbk PT
2.3%
China Coal Energy Co. Ltd.
2.3%
Dongfeng Motor Group Co. Ltd.
2.1%
Telekom Indonesia Persero Tbk PT
1.9%
Top Sectors
(%)
Industrials
22.0%
Materials
17.0%
Energy
14.3%
Communication Services
12.7%
Utilities
11.6%
Consumer Discretionary
8.5%
Information Technology
6.4%
Consumer Staples
5.1%
Health Care
2.1%
Cash & Other
0.3%
Top Countries
(%)
China
28.3%
Brazil
13.3%
Taiwan
10.8%
Thailand
7.5%
Indonesia
7.1%
Mexico
5.9%
Turkey
5.2%
South Africa
4.9%
United Arab Emirates
3.7%
Cash & Other
13.3%
* 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/.
Pacer Emerging Markets Cash Cows 100 ETF  PAGE 1  TSR-SAR-69374H865
 
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 Emerging Markets Cash Cows 100 ETF  PAGE 2  TSR-SAR-69374H865
 
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Pacer Global Cash Cows Dividend ETF
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GCOW (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Global Cash Cows Dividend ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Global Cash Cows Dividend ETF
$32
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$2,483,257,409
Number of Holdings
101
Net Advisory Fee
$7,198,745
Portfolio Turnover
42%
30-Day SEC Yield
4.06%
30-Day SEC Yield Unsubsidized
4.06%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Rio Tinto PLC
2.3%
Johnson & Johnson
2.3%
BP PLC
2.2%
AbbVie, Inc.
2.2%
BHP Group Ltd.
2.2%
Chevron Corp.
2.1%
PepsiCo, Inc.
2.1%
Daimler AG
2.1%
Shell PLC
2.1%
Exxon Mobil Corp.
2.1%
Top Sectors
(%)
Health Care
23.8%
Energy
19.4%
Consumer Staples
15.0%
Industrials
10.8%
Communication Services
9.6%
Materials
7.6%
Consumer Discretionary
7.1%
Utilities
5.1%
Information Technology
1.0%
Cash & Other
0.6%
Top Countries
(%)
United States
30.8%
United Kingdom
14.7%
France
10.9%
Japan
9.4%
Switzerland
6.6%
Hong Kong
4.8%
Australia
4.4%
Germany
3.2%
Italy
1.9%
Cash & Other
13.3%
* 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.
Pacer Global Cash Cows Dividend ETF  PAGE 1  TSR-SAR-69374H709
 
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Pacer Industrial Real Estate ETF
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INDS (Principal U.S. Listing Exchange: NSYENYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Industrial Real Estate ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Industrial Real Estate ETF
$28
0.53%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$116,600,241
Number of Holdings
30
Net Advisory Fee
$350,658
Portfolio Turnover
7%
30-Day SEC Yield
3.78%
30-Day SEC Yield Unsubsidized
3.78%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
21.2%
Prologis, Inc.
16.1%
Public Storage
14.3%
Extra Space Storage, Inc.
13.6%
Segro PLC
5.0%
WP Carey, Inc.
4.3%
Rexford Industrial Realty, Inc.
4.3%
EastGroup Properties, Inc.
4.1%
CubeSmart
3.8%
First Industrial Realty Trust, Inc.
3.2%
Top Sectors
(%)
Real Estate
99.4%
Cash & Other
0.6%
* 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 29, 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/.
Pacer Industrial Real Estate ETF  PAGE 1  TSR-SAR-69374H766
 
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 Industrial Real Estate ETF  PAGE 2  TSR-SAR-69374H766
 
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Pacer Industrials and Logistics ETF
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SHPP (Principal U.S. Listing Exchange: NSYENYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Industrials and Logistics ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Industrials and Logistics ETF
$32
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$577,579
Number of Holdings
102
Net Advisory Fee
$2,456
Portfolio Turnover
18%
30-Day SEC Yield
1.69%
30-Day SEC Yield Unsubsidized
1.69%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
12.4%
ABB Ltd.
10.9%
Union Pacific Corp.
9.7%
SAP SE
8.7%
United Parcel Service, Inc.
4.2%
CSX Corp.
4.0%
Canadian Pacific Kansas City Ltd.
4.0%
Norfolk Southern Corp.
3.8%
Canadian National Railway Co.
3.6%
FedEx Corp.
3.6%
Top Sectors
(%)
Industrials
84.6%
Information Technology
14.0%
Energy
0.8%
Cash & Other
0.6%
* 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/.
Pacer Industrials and Logistics ETF  PAGE 1  TSR-SAR-69374H378
 
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 Industrials and Logistics ETF  PAGE 2  TSR-SAR-69374H378
 
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Pacer Lunt Large Cap Alternator ETF
image
ALTL (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Lunt Large Cap Alternator ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Lunt Large Cap Alternator ETF
$35
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$108,987,101
Number of Holdings
100
Net Advisory Fee
$349,491
Portfolio Turnover
147%
30-Day SEC Yield
0.39%
30-Day SEC Yield Unsubsidized
0.39%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
8.2%
Micron Technology, Inc.
2.5%
Intel Corp.
2.0%
Tesla Motors, Inc.
2.0%
Western Digital Corp.
1.9%
Teradyne, Inc.
1.8%
Lam Research Corp.
1.8%
Advanced Micro Devices, Inc.
1.7%
Monolithic Power Systems, Inc.
1.7%
Warner Bros Discovery, Inc.
1.6%
Top Sectors
(%)
Information Technology
44.5%
Financials
14.9%
Consumer Discretionary
11.6%
Industrials
10.6%
Materials
4.7%
Health Care
4.2%
Utilities
3.3%
Communication Services
2.8%
Energy
2.6%
Cash & Other
0.8%
* 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/.
Pacer Lunt Large Cap Alternator ETF  PAGE 1  TSR-SAR-69374H717
 
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 Lunt Large Cap Alternator ETF  PAGE 2  TSR-SAR-69374H717
 
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Pacer Lunt Large Cap Multi-Factor Alternator ETF
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PALC (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Lunt Large Cap Multi-Factor Alternator ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Lunt Large Cap Multi-Factor Alternator ETF
$32
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$272,958,287
Number of Holdings
180
Net Advisory Fee
$873,985
Portfolio Turnover
187%
30-Day SEC Yield
1.63%
30-Day SEC Yield Unsubsidized
1.63%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
8.8%
Bank of America Corp.
4.4%
Exxon Mobil Corp.
4.3%
Wells Fargo & Co.
3.3%
Broadcom, Inc.
3.2%
Citigroup, Inc.
3.2%
Tesla Motors, Inc.
3.1%
UnitedHealth Group, Inc.
2.7%
JPMorgan Chase & Co.
2.6%
Microsoft Corp.
2.4%
Top Sectors
(%)
Financials
28.1%
Consumer Discretionary
15.8%
Health Care
12.8%
Energy
12.2%
Information Technology
11.0%
Industrials
5.1%
Consumer Staples
4.7%
Communication Services
3.9%
Utilities
2.6%
Cash & Other
3.8%
* 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/.
Pacer Lunt Large Cap Multi-Factor Alternator ETF  PAGE 1  TSR-SAR-69374H816
 
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 Lunt Large Cap Multi-Factor Alternator ETF  PAGE 2  TSR-SAR-69374H816
 
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Pacer Lunt MidCap Multi-Factor Alternator ETF
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PAMC (Principal U.S. Listing Exchange: NSYENYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Lunt MidCap Multi-Factor Alternator ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Lunt MidCap Multi-Factor Alternator ETF
$32
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$57,200,107
Number of Holdings
143
Net Advisory Fee
$188,838
Portfolio Turnover
304%
30-Day SEC Yield
1.60%
30-Day SEC Yield Unsubsidized
1.60%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
13.8%
Comfort Systems USA, Inc.
2.7%
ALLETE, Inc.
2.6%
Medpace Holdings, Inc.
2.0%
Carlisle Cos., Inc.
1.9%
AECOM
1.8%
United Therapeutics Corp.
1.8%
Donaldson Co., Inc.
1.5%
RPM International, Inc.
1.5%
Graco, Inc.
1.5%
Top Sectors
(%)
Industrials
21.8%
Financials
17.1%
Real Estate
14.4%
Utilities
12.9%
Health Care
9.5%
Consumer Discretionary
7.5%
Consumer Staples
5.6%
Materials
5.3%
Information Technology
3.8%
Cash & Other
2.1%
* 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/.
Pacer Lunt MidCap Multi-Factor Alternator ETF  PAGE 1  TSR-SAR-69374H725
 
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 Lunt MidCap Multi-Factor Alternator ETF  PAGE 2  TSR-SAR-69374H725
 
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Pacer MSCI World Industry Advantage ETF
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GLBL (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer MSCI World Industry Advantage ETF for the period of May 1, 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 LAST SIX MONTHS? (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 MSCI World Industry Advantage ETF
$37
0.65%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$1,012,635
Number of Holdings
372
Net Advisory Fee
$3,031
Portfolio Turnover
6%
30-Day SEC Yield
0.37%
30-Day SEC Yield Unsubsidized
0.37%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
15.4%
Apple, Inc.
5.4%
NVIDIA Corp.
5.2%
Amazon.com, Inc.
4.9%
Microsoft Corp.
4.7%
Broadcom, Inc.
4.3%
Alphabet, Inc. - Class A
4.3%
Meta Platforms, Inc. - Class A
3.7%
Alphabet, Inc. - Class C
3.6%
Berkshire Hathaway, Inc. - Class B
1.7%
Top Sectors
(%)
Information Technology
38.3%
Communication Services
15.4%
Financials
14.0%
Consumer Discretionary
12.5%
Health Care
7.2%
Consumer Staples
3.9%
Industrials
3.1%
Real Estate
3.0%
Energy
1.1%
Cash & Other
1.5%
* 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/.
Pacer MSCI World Industry Advantage ETF  PAGE 1  TSR-SAR-69374H295
 
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 MSCI World Industry Advantage ETF  PAGE 2  TSR-SAR-69374H295
 
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Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
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QQQG (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
$27
0.49%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$8,413,454
Number of Holdings
51
Net Advisory Fee
$15,504
Portfolio Turnover
34%
30-Day SEC Yield
0.04%
30-Day SEC Yield Unsubsidized
0.04%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
18.1%
Palantir Technologies, Inc. - Class A
6.0%
NVIDIA Corp.
5.3%
Zscaler, Inc.
4.7%
Broadcom, Inc.
4.4%
Lam Research Corp.
3.8%
Electronic Arts, Inc.
3.6%
Idexx Laboratories, Inc.
3.5%
DoorDash, Inc. - Class A
3.5%
KLA Corp.
3.4%
Top Sectors
(%)
Information Technology
60.1%
Health Care
9.8%
Consumer Discretionary
9.6%
Communication Services
9.4%
Industrials
7.3%
Consumer Staples
2.9%
Energy
0.8%
Cash & Other
0.1%
* 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/.
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF  PAGE 1  TSR-SAR-69374H329
 
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 Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF  PAGE 2  TSR-SAR-69374H329
 
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Pacer Nasdaq International Patent Leaders ETF
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PATN (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Nasdaq International Patent Leaders ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Nasdaq International Patent Leaders ETF
$38
0.65%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$18,591,018
Number of Holdings
101
Net Advisory Fee
$44,306
Portfolio Turnover
2%
30-Day SEC Yield
1.27%
30-Day SEC Yield Unsubsidized
1.27%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Taiwan Semiconductor Manufacturing Co. Ltd.
12.3%
Tencent Holdings Ltd.
7.4%
Samsung Electronics Co. Ltd.
4.7%
ASML Holding NV
4.3%
Toyota Motor Corp.
3.3%
SAP SE
3.2%
SK Hynix, Inc.
3.1%
SoftBank Group Corp.
2.9%
Novartis AG
2.7%
AstraZeneca PLC
2.7%
Top Sectors
(%)
Information Technology
39.2%
Industrials
16.5%
Health Care
12.3%
Communication Services
11.3%
Consumer Discretionary
10.1%
Consumer Staples
6.4%
Materials
2.6%
Financials
0.7%
Energy
0.6%
Cash & Other
0.3%
Top Countries
(%)
Japan
25.4%
Taiwan
15.6%
China
10.3%
South Korea
9.5%
Switzerland
9.5%
France
8.6%
Germany
8.4%
Netherlands
6.7%
United Kingdom
5.0%
Cash & Other
1.0%
* 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/.
Pacer Nasdaq International Patent Leaders ETF  PAGE 1  TSR-SAR-69374H311
 
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 Nasdaq International Patent Leaders ETF  PAGE 2  TSR-SAR-69374H311
 
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Pacer Trendpilot 100 ETF
image
PTNQ (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Trendpilot 100 ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Trendpilot 100 ETF
$36
0.65%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$1,324,596,469
Number of Holdings
103
Net Advisory Fee
$4,098,777
Portfolio Turnover
2%
30-Day SEC Yield
0.01%
30-Day SEC Yield Unsubsidized
0.01%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
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%
Top Sectors
(%)
Information Technology
56.1%
Communication Services
14.7%
Consumer Discretionary
13.2%
Health Care
4.4%
Consumer Staples
4.4%
Industrials
3.8%
Utilities
1.4%
Materials
1.0%
Energy
0.5%
Cash & Other
0.5%
* 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/.
Pacer Trendpilot 100 ETF  PAGE 1  TSR-SAR-69374H303
 
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 Trendpilot 100 ETF  PAGE 2  TSR-SAR-69374H303
 
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Pacer Trendpilot European Index ETF
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PTEU (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Trendpilot European Index ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Trendpilot European Index ETF
$35
0.65%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$36,096,296
Number of Holdings
291
Net Advisory Fee
$117,258
Portfolio Turnover
5%
30-Day SEC Yield
2.13%
30-Day SEC Yield Unsubsidized
2.13%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
ASML Holding NV
5.9%
SAP SE
3.8%
Siemens AG
2.9%
LVMH Moet Hennessy Louis Vuitton SE
2.5%
Allianz SE
2.2%
Schneider Electric SE
2.2%
Banco Santander SA
2.1%
Airbus SE
2.0%
Iberdrola SA
1.9%
Safran SA
1.7%
Top Sectors
(%)
Financials
25.1%
Industrials
20.4%
Information Technology
12.5%
Consumer Discretionary
10.9%
Utilities
6.7%
Health Care
6.4%
Consumer Staples
5.3%
Materials
4.2%
Communication Services
4.1%
Cash & Other
4.4%
Top Countries
(%)
France
29.4%
Germany
26.2%
Netherlands
14.7%
Spain
9.9%
Italy
9.4%
Finland
3.2%
Belgium
2.3%
Greece
0.9%
Austria
0.9%
Cash & Other
3.1%
* 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/.
Pacer Trendpilot European Index ETF  PAGE 1  TSR-SAR-69374H808
 
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 Trendpilot European Index ETF  PAGE 2  TSR-SAR-69374H808
 
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Pacer Trendpilot Fund of Funds ETF
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TRND (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Trendpilot Fund of Funds ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Trendpilot Fund of Funds ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$54,670,860
Number of Holdings
5
Net Advisory Fee
$43,518
Portfolio Turnover
2%
30-Day SEC Yield
2.13%
30-Day SEC Yield Unsubsidized
2.13%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Security Type
(%)
Affiliated Exchange Traded Funds
100.0%
Cash & Other
0.0%
Top Issuers
(%)
Pacer Trendpilot 100 ETF
20.7%
Pacer Trendpilot International ETF
20.2%
Pacer Trendpilot US Large Cap ETF
20.2%
Pacer Trendpilot US Mid Cap ETF
19.5%
Pacer Trendpilot US Bond ETF
19.4%
* 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 Trendpilot Fund of Funds ETF  PAGE 1  TSR-SAR-69374H675
 
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Pacer Trendpilot International ETF
image
PTIN (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Trendpilot International ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Trendpilot International ETF
$35
0.65%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$162,854,303
Number of Holdings
503
Net Advisory Fee
$522,447
Portfolio Turnover
9%
30-Day SEC Yield
1.86%
30-Day SEC Yield Unsubsidized
1.86%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
Samsung Electronics Co. Ltd.
2.1%
ASML Holding NV
2.1%
Mount Vernon Liquid Assets Portfolio, LLC
1.4%
SAP SE
1.3%
AstraZeneca PLC
1.3%
Nestle SA
1.2%
HSBC Holdings PLC
1.2%
Toyota Motor Corp.
1.2%
Novartis AG
1.2%
Roche Holding AG
1.2%
Top Sectors
(%)
Financials
26.7%
Industrials
18.2%
Information Technology
12.6%
Health Care
9.5%
Consumer Discretionary
9.3%
Consumer Staples
6.4%
Materials
5.6%
Energy
4.7%
Communication Services
3.7%
Cash & Other
3.3%
Top Countries
(%)
Japan
22.0%
United Kingdom
11.5%
Canada
10.2%
France
7.5%
Switzerland
7.3%
Germany
7.3%
South Korea
5.9%
Australia
5.8%
Netherlands
5.0%
Cash & Other
17.5%
* 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/.
Pacer Trendpilot International ETF  PAGE 1  TSR-SAR-69374H683
 
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 Trendpilot International ETF  PAGE 2  TSR-SAR-69374H683
 
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Pacer Trendpilot US Bond ETF
image
PTBD (Principal U.S. Listing Exchange: NSYENYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Trendpilot US Bond ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Trendpilot US Bond ETF
$30
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$125,188,928
Number of Holdings
16
Net Advisory Fee
$420,751
Portfolio Turnover
316%
Average Credit Quality
AAA
Effective Duration
2 yrs
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Issuers
(%)
United States Treasury Note/Bond
98.4%
Radiate Holdco LLC / Radiate Finance, Inc.
0.2%
Top Sectors
(%)
Government
98.4%
Communication Services
0.2%
Cash & Other
1.4%
* 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 Trendpilot US Bond ETF  PAGE 1  TSR-SAR-69374H642
 
image
Pacer Trendpilot US Large Cap ETF
image
PTLC (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Trendpilot US Large Cap ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Trendpilot US Large Cap ETF
$33
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$3,459,588,809
Number of Holdings
506
Net Advisory Fee
$10,070,093
Portfolio Turnover
2%
30-Day SEC Yield
0.56%
30-Day SEC Yield Unsubsidized
0.56%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
NVIDIA Corp.
8.5%
Apple, Inc.
6.9%
Microsoft Corp.
6.6%
Alphabet, Inc.
5.1%
Amazon.com, Inc.
4.1%
Broadcom, Inc.
3.0%
Mount Vernon Liquid Assets Portfolio, LLC
2.4%
Meta Platforms, Inc.
2.4%
Tesla Motors, Inc.
2.2%
Berkshire Hathaway, Inc.
1.5%
Top Sectors
(%)
Information Technology
36.2%
Financials
12.8%
Consumer Discretionary
10.5%
Communication Services
10.1%
Health Care
9.0%
Industrials
8.1%
Consumer Staples
4.7%
Energy
2.8%
Utilities
2.3%
Cash & Other
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/.
Pacer Trendpilot US Large Cap ETF  PAGE 1  TSR-SAR-69374H105
 
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 Trendpilot US Large Cap ETF  PAGE 2  TSR-SAR-69374H105
 
image
Pacer Trendpilot US Mid Cap ETF
image
PTMC (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer Trendpilot US Mid Cap ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Trendpilot US Mid Cap ETF
$31
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$400,520,944
Number of Holdings
403
Net Advisory Fee
$1,280,598
Portfolio Turnover
6%
30-Day SEC Yield
0.83%
30-Day SEC Yield Unsubsidized
0.83%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
9.7%
Comfort Systems USA, Inc.
1.1%
Pure Storage, Inc.
1.0%
Ciena Corp.
0.9%
Flex Ltd.
0.8%
Curtiss-Wright Corp.
0.7%
Twilio, Inc.
0.7%
Coherent Corp.
0.7%
United Therapeutics Corp.
0.6%
Guidewire Software, Inc.
0.6%
Top Sectors
(%)
Industrials
24.3%
Financials
15.9%
Information Technology
14.4%
Consumer Discretionary
11.8%
Health Care
8.9%
Real Estate
6.6%
Materials
4.8%
Consumer Staples
4.5%
Energy
3.9%
Cash & Other
4.9%
* 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/.
Pacer Trendpilot US Mid Cap ETF  PAGE 1  TSR-SAR-69374H204
 
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 Trendpilot US Mid Cap ETF  PAGE 2  TSR-SAR-69374H204
 
image
Pacer US Cash Cows 100 ETF
image
COWZ (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer US Cash Cows 100 ETF for the period of May 1, 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 LAST SIX MONTHS? (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 100 ETF
$26
0.49%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$18,136,574,086
Number of Holdings
101
Net Advisory Fee
$49,623,443
Portfolio Turnover
47%
30-Day SEC Yield
1.74%
30-Day SEC Yield Unsubsidized
1.74%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Applied Materials, Inc.
2.8%
Warner Bros Discovery, Inc.
2.6%
McKesson Corp.
2.3%
Qualcomm, Inc.
2.2%
Ford Motor Co.
2.2%
Cisco Systems, Inc.
2.2%
HCA Healthcare, Inc.
2.1%
Uber Technologies, Inc.
2.1%
Amgen, Inc.
2.1%
Exxon Mobil Corp.
2.1%
Top Sectors
(%)
Information Technology
21.1%
Health Care
20.7%
Energy
15.8%
Communication Services
10.4%
Consumer Discretionary
9.9%
Industrials
9.7%
Consumer Staples
9.3%
Materials
3.0%
Cash & Other
0.1%
* 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/.
Pacer US Cash Cows 100 ETF  PAGE 1  TSR-SAR-69374H881
 
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 100 ETF  PAGE 2  TSR-SAR-69374H881
 
image
Pacer US Cash Cows Growth ETF
image
BUL (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer US Cash Cows Growth ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Growth ETF
$33
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$90,607,176
Number of Holdings
51
Net Advisory Fee
$245,336
Portfolio Turnover
44%
30-Day SEC Yield
0.05%
30-Day SEC Yield Unsubsidized
0.05%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
7.8%
International Business Machines Corp.
6.1%
salesforce.com, Inc.
5.4%
Airbnb, Inc.
5.2%
Uber Technologies, Inc.
5.0%
Booking Holdings, Inc.
4.6%
Carnival Corp.
4.3%
Delta Air Lines, Inc.
4.2%
ResMed, Inc.
4.0%
Westinghouse Air Brake Technologies Corp.
3.9%
Top Sectors
(%)
Consumer Discretionary
32.2%
Industrials
29.7%
Information Technology
20.4%
Health Care
12.3%
Energy
4.1%
Consumer Staples
1.3%
Cash & Other
0.0%
* 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/.
Pacer US Cash Cows Growth ETF  PAGE 1  TSR-SAR-69374H667
 
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 Growth ETF  PAGE 2  TSR-SAR-69374H667
 
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Pacer US Export Leaders ETF
image
PEXL (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer US Export Leaders ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Export Leaders ETF
$35
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$35,538,141
Number of Holdings
101
Net Advisory Fee
$110,518
Portfolio Turnover
39%
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 Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
14.8%
Advanced Micro Devices, Inc.
1.5%
Western Digital Corp.
1.5%
Micron Technology, Inc.
1.4%
Applied Materials, Inc.
1.3%
Lam Research Corp.
1.3%
Repligen Corp.
1.2%
KLA Corp.
1.2%
MKS, Inc.
1.2%
Fabrinet
1.2%
Top Sectors
(%)
Information Technology
38.6%
Health Care
14.6%
Consumer Discretionary
13.5%
Industrials
10.7%
Materials
7.2%
Energy
7.0%
Communication Services
4.7%
Consumer Staples
3.7%
Cash & Other
0.0%
* 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/.
Pacer US Export Leaders ETF  PAGE 1  TSR-SAR-69374H402
 
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 Export Leaders ETF  PAGE 2  TSR-SAR-69374H402
 
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Pacer US Large Cap Cash Cows Growth Leaders ETF
image
COWG (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer US Large Cap Cash Cows Growth Leaders ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Large Cap Cash Cows Growth Leaders ETF
$27
0.49%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$2,613,026,444
Number of Holdings
101
Net Advisory Fee
$5,433,232
Portfolio Turnover
65%
30-Day SEC Yield
0.33%
30-Day SEC Yield Unsubsidized
0.33%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Palantir Technologies, Inc.
4.3%
Astera Labs, Inc.
3.7%
Ubiquiti, Inc.
3.2%
Newmont Goldcorp Corp.
3.1%
AppLovin Corp.
2.7%
Medpace Holdings, Inc.
2.4%
Lam Research Corp.
2.4%
Broadcom, Inc.
2.4%
Zscaler, Inc.
2.3%
Arista Networks, Inc.
2.3%
Top Sectors
(%)
Information Technology
60.1%
Health Care
14.7%
Materials
6.3%
Communication Services
5.6%
Consumer Discretionary
4.2%
Energy
3.2%
Industrials
2.8%
Consumer Staples
2.1%
Utilities
0.9%
Cash & Other
0.1%
* 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/.
Pacer US Large Cap Cash Cows Growth Leaders ETF  PAGE 1  TSR-SAR-69374H360
 
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 Large Cap Cash Cows Growth Leaders ETF  PAGE 2  TSR-SAR-69374H360
 
image
Pacer US Small Cap Cash Cows ETF
image
CALF (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer US Small Cap Cash Cows ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Small Cap Cash Cows ETF
$33
0.59%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$3,755,058,708
Number of Holdings
202
Net Advisory Fee
$12,285,125
Portfolio Turnover
63%
30-Day SEC Yield
1.13%
30-Day SEC Yield Unsubsidized
1.13%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
8.2%
Halliburton Co.
2.4%
Fox Corp.
2.2%
Biogen, Inc.
2.1%
Zoom Communications, Inc.
2.1%
Expedia Group, Inc.
2.0%
CF Industries Holdings, Inc.
2.0%
Omnicom Group, Inc.
2.0%
NetApp, Inc.
1.8%
United Airlines Holdings, Inc.
1.8%
Top Sectors
(%)
Consumer Discretionary
19.3%
Information Technology
16.8%
Energy
16.2%
Health Care
14.6%
Industrials
10.8%
Communication Services
10.1%
Materials
5.7%
Consumer Staples
4.8%
Real Estate
1.7%
Cash & Other
0.0%
* 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/.
Pacer US Small Cap Cash Cows ETF  PAGE 1  TSR-SAR-69374H857
 
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 Small Cap Cash Cows ETF  PAGE 2  TSR-SAR-69374H857
 
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Pacer US Small Cap Cash Cows Growth Leaders ETF
image
CAFG (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer US Small Cap Cash Cows Growth Leaders ETF for the period of May 1, 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 LAST SIX MONTHS? (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 Small Cap Cash Cows Growth Leaders ETF
$31
0.59%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$19,720,724
Number of Holdings
101
Net Advisory Fee
$55,953
Portfolio Turnover
64%
30-Day SEC Yield
0.01%
30-Day SEC Yield Unsubsidized
0.01%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
13.6%
Sterling Infrastructure, Inc.
4.9%
Semtech Corp.
2.4%
Mercury Systems, Inc.
2.3%
Supernus Pharmaceuticals, Inc.
2.2%
Dorian LPG Ltd.
2.1%
Worthington Enterprises, Inc.
2.0%
Premier, Inc.
2.0%
ANI Pharmaceuticals, Inc.
2.0%
Agilysys, Inc.
2.0%
Top Sectors
(%)
Information Technology
26.2%
Industrials
25.0%
Health Care
23.3%
Energy
8.9%
Consumer Discretionary
8.7%
Consumer Staples
3.8%
Communication Services
2.5%
Utilities
1.0%
Materials
0.6%
Cash & Other
0.0%
* 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/.
Pacer US Small Cap Cash Cows Growth Leaders ETF  PAGE 1  TSR-SAR-69374H352
 
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 Small Cap Cash Cows Growth Leaders ETF  PAGE 2  TSR-SAR-69374H352
 
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Pacer WealthShield ETF
image
PWS (Principal U.S. Listing Exchange: CBOE)
Semi-Annual Shareholder Report | October 31, 2025
This semi-annual shareholder report contains important information about the Pacer WealthShield ETF for the period of May 1, 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 LAST SIX MONTHS? (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 WealthShield ETF
$32
0.60%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$26,932,956
Number of Holdings
353
Net Advisory Fee
$83,332
Portfolio Turnover
184%
30-Day SEC Yield
0.00%
30-Day SEC Yield Unsubsidized
0.00%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top Holdings
(%)
Mount Vernon Liquid Assets Portfolio, LLC
12.0%
Amazon.com, Inc.
9.5%
NVIDIA Corp.
4.8%
Tesla Motors, Inc.
4.0%
Apple, Inc.
3.9%
Microsoft Corp.
3.7%
Alphabet, Inc.
2.2%
Netflix, Inc.
1.7%
Broadcom, Inc.
1.7%
Meta Platforms, Inc.
1.6%
Top Sectors
(%)
Information Technology
27.3%
Consumer Discretionary
24.4%
Health Care
22.0%
Industrials
19.6%
Communication Services
6.1%
Financials
0.5%
Materials
0.0%
Cash & Other
0.1%
* 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/.
Pacer WealthShield ETF  PAGE 1  TSR-SAR-69374H840
 
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 WealthShield ETF  PAGE 2  TSR-SAR-69374H840
 
(b) Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable for semi-annual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semi-annual reports.

 

Item 6. Investments.

 

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.
(b) Not Applicable
 

 

 

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

 

(a)  

 
Pacer Funds
Pacer Aristotle Pacific Floating Rate High Income ETF Ticker: FLRT
Pacer Cash Cows Fund of Funds ETF Ticker: HERD
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF Ticker: SZNE
Pacer Data & Infrastructure Real Estate ETF Ticker: SRVR
Pacer Data and Digital Revolution ETF Ticker: TRFK
Pacer Developed Markets International Cash Cows 100 ETF Ticker: ICOW
Pacer Emerging Markets Cash Cows 100 ETF Ticker: ECOW
Pacer Global Cash Cows Dividend ETF Ticker: GCOW
Pacer Industrial Real Estate ETF Ticker: INDS
Pacer Industrials and Logistics ETF Ticker: SHPP
Pacer Lunt Large Cap Alternator ETF Ticker: ALTL
Pacer Lunt Large Cap Multi-Factor Alternator ETF Ticker: PALC
Pacer Lunt MidCap Multi-Factor Alternator ETF Ticker: PAMC
Pacer MSCI World Industry Advantage ETF Ticker: GLBL
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF Ticker: QQQG
Pacer Nasdaq International Patent Leaders ETF Ticker: PATN
Pacer Trendpilot® 100 ETF Ticker: PTNQ
Pacer Trendpilot® European Index ETF Ticker: PTEU
Pacer Trendpilot® Fund of Funds ETF Ticker: TRND
Pacer Trendpilot® International ETF Ticker: PTIN
Pacer Trendpilot® US Bond ETF Ticker: PTBD
Pacer Trendpilot® US Large Cap ETF Ticker: PTLC
Pacer Trendpilot® US Mid Cap ETF Ticker: PTMC
Pacer US Cash Cows 100 ETF Ticker: COWZ
Pacer US Cash Cows Growth ETF Ticker: BUL
Pacer US Export Leaders ETF Ticker: PEXL
Pacer US Large Cap Cash Cows Growth Leaders ETF Ticker: COWG
Pacer US Small Cap Cash Cows ETF Ticker: CALF
Pacer US Small Cap Cash Cows Growth Leaders ETF Ticker: CAFG
Pacer WealthShield ETF Ticker: PWS
October 31, 2025
TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedule of Investments
 
 
1
Statements of Assets and Liabilities
 
 
83
Statements of Operations
 
 
89
Statements of Changes in Net Assets
 
 
95
Financial Highlights
 
 
110
Notes to Financial Statements
 
 
140
Additional Information
 
 
170
 
 
 
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
BANK LOANS - 57.7%
 
 
 
 
Communication Services - 0.5%
 
 
 
 
StubHub Holdco Sub LLC, Senior Secured First Lien, 8.71% (1 mo. SOFR US + 4.75%), 03/15/2030
 
 
$3,015,196
 
 
$3,020,217
Consumer Discretionary - 14.7%
 
 
 
 
1011778 BC ULC, Senior Secured First Lien, 5.71% (1 mo. SOFR US + 1.75%), 09/23/2030
 
 
5,252,463
 
 
5,244,505
Allied Universal Holdco LLC, Senior Secured First Lien, 7.41% (1 mo. SOFR US + 3.25%), 08/20/2032
 
 
6,250,000
 
 
6,282,406
Alterra Mountain Co., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 08/17/2028
 
 
4,000,000
 
 
4,020,000
Caesars Entertainment, Inc., Senior Secured First Lien
 
 
 
 
6.21% (1 mo. SOFR US + 2.25%), 02/06/2030
 
 
1,489,334
 
 
1,482,044
6.21% (1 mo. SOFR US + 2.25%), 02/06/2031
 
 
2,964,862
 
 
2,944,479
Chariot Buyer LLC, Senior Secured First Lien, 6.96% (1 mo. SOFR US + 3.00%), 09/08/2032
 
 
4,946,694
 
 
4,968,336
Fertitta Entertainment LLC, Senior Secured First Lien, 7.21% (1 mo. SOFR US + 3.25%), 01/29/2029
 
 
4,961,440
 
 
4,962,705
Golden State Foods LLC, Senior Secured First Lien, 8.00% (3 mo. SOFR US + 4.00%), 12/04/2031
 
 
3,466,951
 
 
3,484,407
Great Outdoors Group LLC, Senior Secured First Lien, 7.21% (1 mo. SOFR US + 3.25%), 01/23/2032
 
 
4,962,500
 
 
4,968,703
IRB Holding Corp., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 12/15/2027
 
 
4,712,550
 
 
4,724,426
MajorDrive Holdings IV LLC, Senior Secured First Lien
 
 
 
 
8.38% (3 mo. SOFR US + 4.00%), 06/01/2028
 
 
2,445,049
 
 
2,380,096
9.80% (3 mo. SOFR US + 5.50%), 06/01/2029
 
 
984,694
 
 
968,284
Motion Finco Sarl, Senior Secured First Lien, 7.50% (3 mo. SOFR US + 3.50%), 11/30/2029
 
 
4,957,644
 
 
4,310,497
Ovg Business Services LLC, First Lien, 7.16% (1 mo. Term SOFR + 3.00%), 06/25/2031
 
 
1,500,000
 
 
1,502,347
Pacific Bells 9/25 TL,
7.80%, 11/13/2028
 
 
1,000,000
 
 
1,002,810
Peer Holding III BV, Senior Secured First Lien, 6.50% (3 mo. SOFR US + 2.50%), 10/28/2030
 
 
2,972,318
 
 
2,988,576
Pre-Paid Legal Services, Inc., First Lien, 7.41% (1 mo. Term SOFR + 3.75%), 12/15/2028
 
 
2,247,990
 
 
2,101,882
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 5.96% (1 mo. SOFR US + 2.00%), 12/04/2031
 
 
$4,650,095
 
 
$4,645,747
Six Flags Entertainment Corp., Senior Secured First Lien, 5.96% (1 mo. SOFR US + 2.00%), 05/01/2031
 
 
3,945,000
 
 
3,926,104
SkyMiles IP Ltd., Senior Secured First Lien, 5.38% (3 mo. SOFR US + 1.50%), 10/20/2028
 
 
2,750,000
 
 
2,766,747
TRQ Sales LLC, 7.61% (1 mo. Term SOFR + 3.25%), 08/13/2032
 
 
4,000,000
 
 
3,956,660
Wand NewCo 3, Inc., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 01/30/2031
 
 
4,730,654
 
 
4,725,568
Whatabrands LLC, Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 08/03/2028
 
 
4,927,662
 
 
4,944,145
 
 
 
 
83,301,474
Consumer Staples - 1.6%
 
 
 
 
Opal US LLC, First Lien,
7.08% (6 mo. Term SOFR + 3.00%), 04/23/2032
 
 
2,000,000
 
 
2,010,940
Pioneer Acquisitionco T/L (10/25), 7.53%, 10/22/2032
 
 
2,000,000
 
 
2,005,000
Savor Acquisition, Inc., Senior Secured First Lien, 6.84% (1 mo. SOFR US + 3.00%), 02/19/2032
 
 
4,557,543
 
 
4,582,222
Savor Acquisition, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 02/19/2032(a)
 
 
431,035
 
 
433,369
 
 
 
 
9,031,531
Energy - 1.8%
 
 
 
 
CQP Holdco LP, Senior Secured First Lien, 12.38% (3 mo. SOFR US + 2.00%), 12/31/2030
 
 
5,128,029
 
 
5,143,464
Traverse Midstream Partners LLC, Senior Secured First Lien, 6.34% (3 mo. SOFR US + 2.50%), 02/16/2028
 
 
4,934,823
 
 
4,956,413
 
 
 
 
10,099,877
Financials - 3.9%
 
 
 
 
Acrisure LLC, Senior Secured First Lien, 7.16% (1 mo. SOFR US + 3.00%), 11/06/2030
 
 
4,217,517
 
 
4,220,153
Apex Group Treasury LLC, Senior Secured First Lien, 7.75% (3 mo. SOFR US + 3.50%), 02/27/2032
 
 
4,987,469
 
 
4,678,869
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.78% (1 mo. SOFR US + 1.75%), 06/24/2030
 
 
3,115,514
 
 
3,124,441
Boost Newco Borrower LLC, Senior Secured First Lien, 6.00% (3 mo. SOFR US + 2.00%), 01/31/2031
 
 
985,050
 
 
988,744
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
1
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
BANK LOANS - (Coninued)
Financials - (Continued)
Chrysaor Bidco USD T/L B (10/25) - Target, Senior Secured First Lien, 7.14% (3 mo. SOFR US + 3.25%), 10/30/2031
 
 
$1,500,000
 
 
$1,505,250
HUB International Ltd., Senior Secured First Lien
 
 
 
 
6.12% (1 mo. SOFR US + 2.25%), 06/20/2030
 
 
16,701
 
 
16,775
6.12% (3 mo. SOFR US + 2.25%), 06/20/2030
 
 
5,654,603
 
 
5,679,568
Hyperion Refinance Sarl, Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 02/18/2031
 
 
1,995,000
 
 
2,000,506
 
 
 
 
22,214,306
Health Care - 2.1%
 
 
 
 
Bausch + Lomb Corp., Senior Secured First Lien
 
 
 
 
7.96% (1 mo. SOFR US + 4.00%), 09/29/2028
 
 
3,991,175
 
 
4,008,656
8.21% (1 mo. SOFR US + 4.25%), 01/15/2031
 
 
857,146
 
 
863,575
Medline Borrower LP, Senior Secured First Lien, 5.96% (1 mo. SOFR US + 2.00%), 10/23/2030
 
 
4,739,082
 
 
4,746,333
Phoenix Newco, Inc., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 11/15/2028
 
 
2,362,325
 
 
2,371,491
 
 
 
 
11,990,055
Industrials - 19.3%
 
 
 
 
Apple Bidco LLC, Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 09/23/2031
 
 
6,931,837
 
 
6,957,658
Bleriot US Bidco, Inc., First Lien,
6.50% (3 mo. Term SOFR + 3.25%), 10/17/2030
 
 
4,987,406
 
 
5,004,537
Chart Industries, Inc., Senior Secured First Lien, 6.48% (3 mo. SOFR US + 2.50%), 03/18/2030
 
 
3,791,653
 
 
3,812,981
Core & Main LP, Senior Secured First Lien, 5.99% (1 mo. SOFR US + 2.00%), 02/10/2031
 
 
3,437,769
 
 
3,442,066
CoreLogic, Inc., Senior Secured First Lien, 7.69% (1 mo. SOFR US + 3.50%), 06/02/2028
 
 
4,923,180
 
 
4,930,565
Crosby US Acquisition Corp., Senior Secured First Lien, 16.02% (1 mo. SOFR US + 3.50%), 08/16/2029
 
 
3,450,063
 
 
3,476,852
Cube Industrials Buyer, Inc., Senior Secured First Lien, 6.91% (3 mo. SOFR US + 3.00%), 10/20/2031
 
 
3,880,500
 
 
3,901,125
DG Investment Intermediate Holdings 2, Inc., First Lien, 7.91% (1 mo. Term SOFR + 3.75%), 07/12/2032
 
 
500,000
 
 
501,878
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Doosan Bobcat North America, Inc., Senior Secured First Lien,
6.00% (3 mo. SOFR US + 2.00%), 04/20/2029
 
 
$4,437,637
 
 
$4,453,168
Dynasty Acquisition Co., Inc., Senior Secured First Lien, 5.96% (1 mo. SOFR US + 2.00%), 10/31/2031
 
 
6,451,250
 
 
6,469,378
Emrld Borrower LP, Senior Secured First Lien, 14.71% (3 mo. SOFR US + 2.25%), 05/31/2030
 
 
4,272,952
 
 
4,267,397
Engineered Machinery Holdings, Inc., Senior Secured First Lien,
8.02% (3 mo. SOFR US + 3.50%), 05/22/2028
 
 
1,964,286
 
 
1,976,808
Engineered Machinery Holdings, Inc., SEN Second Lien, 10.52% (3 mo. SOFR US + 6.00%), 05/21/2029
 
 
600,000
 
 
603,000
FCG Acquisitions, Inc., Senior Secured First Lien, 7.21% (1 mo. SOFR US + 3.25%), 04/03/2028
 
 
4,986,985
 
 
5,005,063
Filtration Group Corp., Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 10/23/2028
 
 
3,961,519
 
 
3,981,742
Gates Corp./DE, Senior Secured First Lien
 
 
 
 
5.71% (1 mo. SOFR US + 1.75%), 11/16/2029
 
 
3,459,261
 
 
3,461,596
5.71% (1 mo. SOFR US + 1.75%), 06/04/2031
 
 
744,361
 
 
744,860
Goat Holdco LLC, Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 01/27/2032
 
 
5,306,335
 
 
5,310,766
Husky Injection Molding Systems Ltd., Senior Secured First Lien
 
 
 
 
7.59% (3 mo. SOFR US + 3.75%), 02/15/2029
 
 
2,093,796
 
 
2,103,197
7.92% (6 mo. SOFR US + 3.75%), 02/15/2029
 
 
2,093,796
 
 
2,103,197
Indicor LLC, Senior Secured First Lien, 11.20% (3 mo. SOFR US + 2.75%), 11/23/2029
 
 
3,941,524
 
 
3,958,394
Madison IAQ LLC, Senior Secured First Lien, 6.70% (6 mo. SOFR US + 2.50%), 06/21/2028
 
 
4,916,257
 
 
4,931,497
OPENLANE, Inc., Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.50%), 10/08/2032
 
 
1,250,000
 
 
1,253,125
Oregon Tool Lux LP, Senior Secured Second Lien, 8.71% (3 mo. SOFR US + 4.00%), 10/15/2029
 
 
3,149,711
 
 
2,426,065
Pro Mach Group, Inc., Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 10/15/2032
 
 
1,000,000
 
 
1,003,465
SBA Senior Finance II LLC, Senior Secured First Lien, 5.72% (1 mo. SOFR US + 1.75%), 01/27/2031
 
 
2,900,972
 
 
2,910,371
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
2
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
BANK LOANS - (Coninued)
Industrials - (Continued)
SPX FLOW, Inc., Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 04/05/2029
 
 
$5,272,617
 
 
$5,308,735
TK Elevator US Newco, Inc., Senior Secured First Lien, 7.20% (6 mo. SOFR US + 3.00%), 04/30/2030
 
 
4,450,234
 
 
4,482,699
TransDigm, Inc., Senior Secured First Lien
 
 
 
 
8.50% (3 mo. SOFR US + 2.25%), 03/22/2030
 
 
1,601,205
 
 
1,604,312
15.10% (3 mo. SOFR US + 2.50%), 02/28/2031
 
 
3,954,962
 
 
3,964,790
WEC US Holdings, Inc., Senior Secured First Lien, 6.38% (1 mo. SOFR US + 2.25%), 01/27/2031
 
 
4,939,975
 
 
4,956,993
 
 
 
 
109,308,280
Information Technology - 8.7%
 
 
 
 
Applied Systems, Inc., Senior Secured First Lien, 6.25% (3 mo. SOFR US + 2.25%), 02/24/2031
 
 
5,451,425
 
 
5,468,133
AthenaHealth Group, Inc., Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 02/15/2029
 
 
4,767,634
 
 
4,753,474
BCPE Pequod Buyer, Inc., Senior Secured First Lien, 6.96% (1 mo. SOFR US + 3.00%), 11/25/2031
 
 
4,992,500
 
 
5,012,994
Central Parent LLC, Senior Secured First Lien, 7.25% (3 mo. SOFR US + 3.25%), 07/06/2029
 
 
3,960,006
 
 
3,272,826
Dawn Bidco LLC, 7.67% (1 mo. Term SOFR + 3.00%), 10/07/2032
 
 
1,250,000
 
 
1,247,319
Epicor Software Corp., First Lien, 6.66% (1 mo. Term SOFR + 2.75%), 05/30/2031
 
 
4,391,294
 
 
4,405,939
Peraton Corp., Senior Secured First Lien, 7.79% (3 mo. SOFR US + 3.75%), 02/01/2028
 
 
2,924,451
 
 
2,533,979
Polaris Newco LLC, Senior Secured First Lien, 8.22% (3 mo. SOFR US + 4.00%), 06/05/2028
 
 
5,164,859
 
 
4,951,447
Tempo Acquisition LLC, Senior Secured First Lien, 5.71% (1 mo. SOFR US + 1.75%), 08/31/2028
 
 
5,014,447
 
 
4,892,220
UKG, Inc., Senior Secured First Lien, 6.34% (3 mo. SOFR US + 2.50%), 02/10/2031
 
 
5,945,000
 
 
5,951,034
X Corp., Senior Secured First Lien
 
 
 
 
10.60% (6 mo. SOFR US + 6.50%), 10/29/2029
 
 
3,989,744
 
 
3,894,987
9.50% (Fixed Rate), 10/29/2029
 
 
3,000,000
 
 
3,013,125
 
 
 
 
49,397,477
Materials - 5.0%
 
 
 
 
Arnott 10/25 Cov-Lite TLB,
7.05%, 10/08/2032
 
 
1,000,000
 
 
1,005,205
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Asplundh Tree Expert LLC, Senior Secured First Lien, 5.71% (1 mo. SOFR US + 1.75%), 05/23/2031
 
 
$4,935,965
 
 
$4,943,665
Chemours Co., Senior Secured First Lien, 7.46% (1 mo. SOFR US + 3.50%), 10/15/2032
 
 
2,000,000
 
 
1,972,000
CoorsTek, Inc., 7.05% (1 mo. Term SOFR + 3.00%), 10/28/2032
 
 
1,000,000
 
 
997,500
Graham Packaging Co., Inc., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 08/04/2027
 
 
5,146,301
 
 
5,160,582
Iris Holding, Inc., Senior Secured First Lien
 
 
 
 
15.03% (3 mo. SOFR US + 4.75%), 06/28/2028
 
 
761,421
 
 
741,164
8.79% (3 mo. SOFR US + 4.75%), 06/28/2028
 
 
715,736
 
 
696,694
Nouryon Finance BV, Senior Secured First Lien, 7.04% (6 mo. SOFR US + 3.25%), 04/03/2028
 
 
1,167,573
 
 
1,168,303
Pregis TopCo LLC, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 4.00%), 02/01/2029
 
 
1,949,229
 
 
1,964,287
Proampac PG Borrower LLC, Senior Secured First Lien
 
 
 
 
17.52% (3 mo. SOFR US + 4.00%), 09/15/2028
 
 
1,281,920
 
 
1,283,592
7.90% (3 mo. SOFR US + 4.00%), 09/15/2028
 
 
1,630,413
 
 
1,632,540
Quikrete Holdings, Inc., Senior Secured First Lien, 6.41% (1 mo. SOFR US + 2.25%), 04/14/2031
 
 
6,874,883
 
 
6,893,617
 
 
 
 
28,459,149
Utilities - 0.1%
 
 
 
 
Talen Energy Supply LLC, 6.09% (1 mo. Term SOFR + 2.00%), 10/12/2032
 
 
500,000
 
 
500,312
TOTAL BANK LOANS
(Cost $328,568,161)
 
 
 
 
327,322,678
COLLATERALIZED LOAN OBLIGATIONS - 31.8%
Aimco CDO
 
 
 
 
Series 2019-10A, Class ERR, 9.51% (3 mo. Term SOFR + 5.65%), 07/22/2037(b)
 
 
825,000
 
 
831,291
Series 2020-11A, Class ER2, 9.23% (3 mo. Term SOFR + 5.35%), 07/17/2037(b)
 
 
3,000,000
 
 
3,006,797
Series 2021-15A, Class ER, 8.48% (3 mo. Term SOFR + 4.60%), 04/17/2038(b)
 
 
2,000,000
 
 
1,972,625
AIMCO CLO Series 2018-B, Series 2018-BA, Class ER, 10.19% (3 mo. Term SOFR + 6.30%), 04/16/2037(b)
 
 
2,000,000
 
 
2,019,565
ARES CLO, Series 2017-43A, Class A1R2, 5.25% (3 mo. Term SOFR + 1.35%), 01/15/2038(b)
 
 
5,000,000
 
 
5,015,221
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
3
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
Beechwood Park CLO Ltd., Series 2019-1A, Class ER, 10.38% (3 mo. Term SOFR + 6.50%), 01/17/2035(b)
 
 
$1,000,000
 
 
$1,003,466
Benefit Street Partners CLO Ltd.
 
 
 
 
Series 2015-6BR, Class A1R, 5.06% (3 mo. Term SOFR + 1.18%), 04/20/2038(b)
 
 
5,000,000
 
 
5,002,878
Series 2021-23A, Class DR, 6.76% (3 mo. Term SOFR + 2.90%), 04/25/2034(b)
 
 
3,000,000
 
 
3,011,069
Series 2021-24A, Class ER, 8.48% (3 mo. Term SOFR + 4.60%), 10/20/2034(b)
 
 
1,625,000
 
 
1,611,066
Series 2021-25A, Class ER, 8.50% (3 mo. Term SOFR + 4.60%), 01/15/2035(b)
 
 
1,000,000
 
 
997,890
Series 2022-29A, Class ER, 8.46% (3 mo. Term SOFR + 4.60%), 01/25/2038(b)
 
 
1,000,000
 
 
998,345
Birch Grove CLO, Series 2025-12A, Class SUB, 0.00%, 04/22/2038(b)(c)(d)
 
 
1,000,000
 
 
975,320
Bowling Green Park CLO LLC, Series 2019-1A, Class ERR, 8.38% (3 mo. Term SOFR + 4.50%), 04/18/2035(b)
 
 
2,000,000
 
 
1,951,874
Buttermilk Park CLO, Series 2018-1A, Class DR, 6.85% (3 mo. Term SOFR + 2.95%), 10/15/2031(b)
 
 
2,000,000
 
 
2,008,471
CarVal CLO, Series 2023-1A, Class ER, 10.23% (3 mo. Term SOFR + 6.35%), 07/20/2037(b)
 
 
2,000,000
 
 
1,972,313
CIFC Funding Ltd.
 
 
 
 
Series 2014-2RA, Class AR, 5.23% (3 mo. Term SOFR + 1.36%), 10/24/2037(b)
 
 
3,000,000
 
 
3,009,104
Series 2019-6A, Class A1R, 5.34% (3 mo. Term SOFR + 1.45%), 07/16/2037(b)
 
 
2,000,000
 
 
2,007,956
Series 2024-1A, Class E, 10.48% (3 mo. Term SOFR + 6.60%), 04/18/2037(b)
 
 
1,000,000
 
 
1,017,535
Clover CLO
 
 
 
 
Series 2018-1A, Class ERR, 10.28% (3 mo. Term SOFR + 6.40%), 04/20/2037(b)
 
 
1,650,000
 
 
1,647,248
Series 2021-3A, Class ER, 8.76% (3 mo. Term SOFR + 4.90%), 01/25/2035(b)
 
 
1,000,000
 
 
997,916
Diameter Capital CLO, Series 2024-6A, Class D, 11.07% (3 mo. Term SOFR + 7.17%), 04/15/2037(b)
 
 
1,200,000
 
 
1,225,614
Eldridge CLO Ltd., Series 2025-1A, Class D1, 0.00% (3 mo. Term SOFR + 2.95%), 10/20/2038(b)
 
 
1,750,000
 
 
1,754,167
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Elmwood CLO Ltd.
 
 
 
 
Series 2020-2A, Class D1RR, 7.03% (3 mo. Term SOFR + 3.15%), 10/20/2037(b)
 
 
$3,000,000
 
 
$3,021,223
Series 2022-4A, Class ER, 9.58% (3 mo. Term SOFR + 5.70%), 07/17/2037(b)
 
 
1,275,000
 
 
1,273,254
Series 2023-1A, Class AR, 5.08% (3 mo. Term SOFR + 1.20%), 04/17/2038(b)
 
 
2,500,000
 
 
2,504,893
Series 2023-2A, Class ER, 9.79% (3 mo. Term SOFR + 5.90%), 04/16/2036(b)
 
 
2,500,000
 
 
2,517,401
Series 2023-3A, Class ER, 8.98% (3 mo. Term SOFR + 5.10%), 01/17/2038(b)
 
 
3,000,000
 
 
2,994,323
Series 2024-10A, Class E, 9.23% (3 mo. Term SOFR + 5.35%), 10/17/2037(b)
 
 
2,000,000
 
 
2,013,886
Series 2024-13A, Class E1, 8.63% (3 mo. Term SOFR + 4.75%), 01/17/2038(b)
 
 
1,000,000
 
 
1,003,609
Series 2024-1A, Class E, 9.13% (3 mo. Term SOFR + 5.25%), 04/17/2037(b)
 
 
2,930,000
 
 
2,925,839
Series 2024-4A, Class E, 9.88% (3 mo. Term SOFR + 6.00%), 04/17/2037(b)
 
 
1,550,000
 
 
1,562,766
Flatiron CLO Ltd.
 
 
 
 
Series 2021-1A, Class ER, 9.78% (3 mo. Term SOFR + 5.90%), 10/19/2037(b)
 
 
1,250,000
 
 
1,235,684
Series 2021-2A, Class ER, 8.15% (3 mo. Term SOFR + 4.25%), 10/15/2034(b)
 
 
1,200,000
 
 
1,193,258
Series 2025-32A, Class E, 9.22% (3 mo. Term SOFR + 4.90%), 10/22/2038(b)
 
 
2,000,000
 
 
2,001,303
Series 2025-32A, Class SUB, 0.00%, 10/22/2038(b)(c)(d)
 
 
1,000,000
 
 
817,490
Galaxy CLO Ltd., Series 2024-34A, Class E, 9.78% (3 mo. Term SOFR + 5.90%), 10/20/2037(b)
 
 
1,875,000
 
 
1,871,704
Garnet CLO Ltd., Series 2025-1A, Class D, 7.67% (3 mo. Term SOFR + 3.40%), 07/20/2037(b)
 
 
1,000,000
 
 
1,015,177
GoldenTree Loan Management US CLO, Series 2017-1A, Class FR2, 11.65% (3 mo. Term SOFR + 7.76%), 04/20/2034(b)
 
 
1,000,000
 
 
975,002
Goldentree Loan Opportunities Ltd.
 
 
 
 
Series 2019-6A, Class ER2, 8.38% (3 mo. Term SOFR + 4.50%), 04/20/2035(b)
 
 
1,575,000
 
 
1,557,993
Series 2022-12A, Class ER, 9.58% (3 mo. Term SOFR + 5.70%), 07/20/2037(b)
 
 
1,000,000
 
 
994,247
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
4
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
Series 2025-25A, Class E, 9.63% (3 mo. Term SOFR + 5.75%), 04/20/2038(b)
 
 
$2,000,000
 
 
$2,011,377
Golub Capital Partners CLO Ltd., Series 2023-66A, Class AR, 5.31% (3 mo. Term SOFR + 1.45%), 07/25/2038(b)
 
 
4,000,000
 
 
4,015,322
Greenacre Park CLO LLC, Series 2021-2A, Class ER, 9.88% (3 mo. Term SOFR + 6.00%), 07/20/2038(b)
 
 
700,000
 
 
699,851
Invesco CLO Ltd., Series 2023-1A, Class ER, 10.76% (3 mo. Term SOFR + 6.90%), 04/22/2037(b)
 
 
1,180,000
 
 
1,188,640
Magnetite CLO Ltd.
 
 
 
 
Series 2016-17A, Class DR2, 7.38% (3 mo. Term SOFR + 3.50%), 04/20/2037(b)
 
 
3,000,000
 
 
3,005,644
Series 2019-22A, Class ERR, 9.30% (3 mo. Term SOFR + 5.40%), 07/15/2036(b)
 
 
1,900,000
 
 
1,905,824
Series 2020-26A, Class AR2, 5.01% (3 mo. Term SOFR + 1.15%), 01/25/2038(b)
 
 
3,000,000
 
 
2,999,127
Series 2020-26A, Class ER2, 8.56% (3 mo. Term SOFR + 4.70%), 01/25/2038(b)
 
 
3,000,000
 
 
2,954,474
Series 2021-29A, Class ER, 9.90% (3 mo. Term SOFR + 6.00%), 07/15/2037(b)
 
 
1,000,000
 
 
1,010,474
Series 2021-30A, Class ER, 9.21% (3 mo. Term SOFR + 5.35%), 10/25/2037(b)
 
 
1,475,000
 
 
1,475,483
Series 2021-31A, Class E, 10.17% (3 mo. Term SOFR + 6.26%), 07/15/2034(b)
 
 
1,000,000
 
 
1,004,833
Series 2023-37A, Class D, 7.88% (3 mo. Term SOFR + 4.00%), 10/20/2036(b)
 
 
2,000,000
 
 
2,000,100
Series 2023-37A, Class D1R, 0.00% (3 mo. Term SOFR + 2.50%), 10/25/2038(b)
 
 
2,000,000
 
 
2,004,788
Series 2024-40A, Class E, 9.65% (3 mo. Term SOFR + 5.75%), 07/15/2037(b)
 
 
1,955,000
 
 
1,981,636
Series 2025-48A, Class E, 9.14% (3 mo. Term SOFR + 4.85%), 10/15/2038(b)
 
 
3,000,000
 
 
3,006,758
Neuberger Berman CLO Ltd.
 
 
 
 
Series 2019-34A, Class A1R2, 5.18% (3 mo. Term SOFR + 1.30%), 07/20/2039(b)
 
 
5,000,000
 
 
5,012,602
Series 2019-34A, Class ER2, 8.88% (3 mo. Term SOFR + 5.00%), 07/20/2039(b)
 
 
2,125,000
 
 
2,094,202
Series 2021-42A, Class ER, 8.49% (3 mo. Term SOFR + 4.60%), 07/16/2036(b)
 
 
1,050,000
 
 
1,035,328
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Series 2021-43A, Class ER, 8.48% (3 mo. Term SOFR + 4.60%), 07/17/2036(b)
 
 
$1,670,000
 
 
$1,643,735
Series 2021-44A, Class ER, 9.04% (3 mo. Term SOFR + 5.15%), 10/16/2035(b)
 
 
2,400,000
 
 
2,376,819
Series 2022-49A, Class ER, 9.36% (3 mo. Term SOFR + 5.50%), 07/25/2035(b)
 
 
2,875,000
 
 
2,881,393
Series 2022-50A, Class ER, 9.36% (3 mo. Term SOFR + 5.50%), 07/23/2036(b)
 
 
3,000,000
 
 
3,006,550
Series 2024-59A, Class E, 8.66% (3 mo. Term SOFR + 4.80%), 01/23/2039(b)
 
 
1,000,000
 
 
1,002,809
Neuberger Berman Loan Advisers NBLA CLO 53 Ltd., Series 2024-56A, Class E, 9.62% (3 mo. Term SOFR + 5.75%), 07/24/2037(b)
 
 
1,395,000
 
 
1,409,167
Ocean Trails CLO, Series 2024-16A, Class E, 10.57% (3 mo. Term SOFR + 6.69%), 01/20/2038(b)
 
 
1,000,000
 
 
1,024,816
OCP CLO Ltd.
 
 
 
 
Series 2017-14A, Class A1R, 5.25% (3 mo. Term SOFR + 1.37%), 07/20/2037(b)
 
 
2,000,000
 
 
2,006,067
Series 2019-17A, Class D1R2, 6.98% (3 mo. Term SOFR + 3.10%), 07/20/2037(b)
 
 
1,500,000
 
 
1,511,433
Series 2024-37A, Class E, 9.40% (3 mo. Term SOFR + 5.50%), 10/15/2037(b)
 
 
2,090,000
 
 
2,114,300
Series 2025-40A, Class SUB, 0.00%, 04/16/2038(b)(c)(d)
 
 
1,000,000
 
 
773,790
Octagon Investment Partners Ltd., Series 2021-1A, Class A1, 5.29% (3 mo. Term SOFR + 1.38%), 07/15/2034(b)
 
 
1,000,000
 
 
1,000,983
OHA Credit Funding
 
 
 
 
Series 2018-1A, Class ER, 10.38% (3 mo. Term SOFR + 6.50%), 04/20/2037(b)
 
 
1,000,000
 
 
1,012,067
Series 2019-3A, Class ER2, 8.88% (3 mo. Term SOFR + 5.00%), 01/20/2038(b)
 
 
1,860,000
 
 
1,862,682
Series 2020-5A, Class ER, 9.28% (3 mo. Term SOFR + 5.40%), 10/18/2037(b)
 
 
2,000,000
 
 
1,999,184
Series 2022-11A, Class ER, 9.28% (3 mo. Term SOFR + 5.40%), 07/19/2037(b)
 
 
3,000,000
 
 
3,010,194
Series 2025-21A, Class E, 8.60% (3 mo. Term SOFR + 4.65%), 10/20/2038(b)
 
 
2,000,000
 
 
2,004,867
Series 2025-22A, Class E, 9.83% (3 mo. Term SOFR + 5.55%), 07/20/2038(b)
 
 
1,275,000
 
 
1,286,475
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
5
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
OHA Credit Partners Ltd.
 
 
 
 
Series 2015-11A, Class ER2, 9.63% (3 mo. Term SOFR + 5.75%), 04/20/2037(b)
 
 
$1,330,000
 
 
$1,330,215
Series 2017-14A, Class ER, 9.32% (3 mo. Term SOFR + 5.45%), 07/21/2037(b)
 
 
1,175,000
 
 
1,178,623
Series 2021-16A, Class ER, 9.38% (3 mo. Term SOFR + 5.50%), 10/18/2037(b)
 
 
1,000,000
 
 
1,006,035
OHA Loan Funding Ltd., Series 2016-1A, Class ER2, 9.58% (3 mo. Term SOFR + 5.70%), 07/20/2037(b)
 
 
1,625,000
 
 
1,637,461
Palmer Square Loan Funding Ltd.
 
 
 
 
Series 2022-4A, Class DR, 8.62% (3 mo. Term SOFR + 4.75%), 07/24/2031(b)
 
 
1,000,000
 
 
1,001,217
Series 2024-2A, Class D, 8.60% (3 mo. Term SOFR + 4.70%), 01/15/2033(b)
 
 
1,000,000
 
 
1,001,833
Series 2024-3A, Class D, 9.63% (3 mo. Term SOFR + 5.40%), 08/08/2032(b)
 
 
1,000,000
 
 
1,001,891
Parallel CLO Ltd., Series 2020-1A, Class A1R, 5.37% (3 mo. Term SOFR + 1.48%), 07/20/2034(b)
 
 
2,000,000
 
 
2,002,238
Pikes Peak CLO, Series 2020-6A, Class ERR, 8.79% (3 mo. Term SOFR + 4.60%), 05/18/2034(b)
 
 
3,000,000
 
 
2,948,225
Point Au Roche Park CLO, Series 2021-1A, Class E, 10.25% (3 mo. Term SOFR + 6.36%), 07/20/2034(b)
 
 
370,000
 
 
372,053
Rad CLO
 
 
 
 
Series 2021-12A, Class A1AR, 5.16% (3 mo. Term SOFR + 1.32%), 07/30/2040(b)
 
 
5,000,000
 
 
5,015,365
Series 2024-25A, Class D1, 7.03% (3 mo. Term SOFR + 3.15%), 07/20/2037(b)
 
 
2,500,000
 
 
2,512,249
RR Ltd./Cayman Islands, Series 2020-8A, Class DR, 10.15% (3 mo. Term SOFR + 6.25%), 07/15/2037(b)
 
 
1,000,000
 
 
1,005,070
Symphony CLO Ltd., Series 2022-37A, Class DR, 8.78% (3 mo. Term SOFR + 4.90%), 01/20/2037(b)
 
 
1,250,000
 
 
1,252,915
Trimaran CAVU LLC, Series 2021-3A, Class E, 11.52% (3 mo. Term SOFR + 7.63%), 01/18/2035(b)
 
 
1,925,000
 
 
1,936,598
Voya CLO Ltd., Series 2020-2A, Class A1RR, 5.19% (3 mo. Term SOFR + 1.31%), 01/20/2038(b)
 
 
5,000,000
 
 
5,012,485
Wellington Management Clo 2 Ltd., Series 2024-2A, Class E, 10.78% (3 mo. Term SOFR + 6.90%), 04/20/2037(b)
 
 
1,510,000
 
 
1,544,645
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Wellington Management CLO Ltd., Series 2023-1A, Class ER, 0.00%
(3 mo. Term SOFR + 5.50%), 10/20/2038(b)
 
 
$1,825,000
 
 
$1,829,563
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $180,382,977)
 
 
 
 
180,439,258
CORPORATE BONDS - 7.7%
 
 
 
 
Communication Services - 0.3%
 
 
 
 
Discovery Communications LLC, 3.63%, 05/15/2030
 
 
2,000,000
 
 
1,853,500
Consumer Discretionary - 2.1%
 
 
 
 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030(b)
 
 
2,000,000
 
 
1,893,728
Caesars Entertainment, Inc.,
4.63%, 10/15/2029(b)(e)
 
 
2,000,000
 
 
1,882,707
MajorDrive Holdings IV LLC,
6.38%, 06/01/2029(b)
 
 
2,000,000
 
 
1,572,525
Merlin Entertainments Group US Holdings, Inc.,
7.38%, 02/15/2031(b)
 
 
2,000,000
 
 
1,677,027
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/2031(b)
 
 
3,000,000
 
 
2,674,939
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029(b)
 
 
2,000,000
 
 
1,962,790
 
 
 
 
11,663,716
Energy - 1.0%
 
 
 
 
Antero Midstream Partners LP / Antero Midstream Finance Corp.,
5.38%, 06/15/2029(b)
 
 
2,000,000
 
 
2,001,073
Enerflex Ltd., 9.00%, 10/15/2027(b)
 
 
1,800,000
 
 
1,842,750
Energy Transfer LP, 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054(e)
 
 
2,000,000
 
 
2,068,900
 
 
 
 
5,912,723
Financials - 1.3%
 
 
 
 
Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual
 
 
3,000,000
 
 
3,175,200
Boost Newco Borrower LLC,
7.50%, 01/15/2031(b)
 
 
1,000,000
 
 
1,062,770
UBS Group AG, 7.13% to 02/10/2035 then USISSO05 + 3.18%, Perpetual(b)
 
 
3,000,000
 
 
3,062,514
 
 
 
 
7,300,484
Health Care - 0.3%
 
 
 
 
Medline Borrower LP,
3.88%, 04/01/2029(b)
 
 
1,500,000
 
 
1,459,459
Industrials - 0.7%
 
 
 
 
BWX Technologies, Inc.,
4.13%, 04/15/2029(b)
 
 
2,000,000
 
 
1,958,168
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
6
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Industrials - (Continued)
Oregon Tool Lux LP,
7.88%, 10/15/2029(b)
 
 
$397,800
 
 
$206,856
SPX FLOW, Inc.,
8.75%, 04/01/2030(b)
 
 
2,000,000
 
 
2,051,988
 
 
 
 
4,217,012
Information Technology - 0.3%
 
 
 
 
UKG, Inc., 6.88%, 02/01/2031(b)
 
 
1,500,000
 
 
1,545,175
Materials - 0.4%
 
 
 
 
Olympus Water US Holding Corp., 7.25%, 06/15/2031(b)
 
 
2,000,000
 
 
1,998,100
Standard Industries, Inc.,
4.75%, 01/15/2028(b)
 
 
500,000
 
 
498,765
 
 
 
 
2,496,865
Utilities - 1.3%
 
 
 
 
Calpine Corp., 5.13%, 03/15/2028(b)
 
 
2,000,000
 
 
2,000,928
NRG Energy, Inc.,
3.63%, 02/15/2031(b)
 
 
1,500,000
 
 
1,401,254
Vistra Operations Co. LLC,
4.38%, 05/01/2029(b)
 
 
2,000,000
 
 
1,963,965
XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/2029(b)(e)
 
 
2,000,000
 
 
2,058,316
 
 
 
 
7,424,463
TOTAL CORPORATE BONDS
(Cost $44,004,726)
 
 
 
 
43,873,397
 
 
Shares
 
 
EXCHANGE TRADED FUNDS - 1.5%
 
 
 
 
iShares 0-5 Year High Yield Corporate Bond ETF
 
 
46,980
 
 
2,023,898
iShares iBoxx $ High Yield Corporate Bond ETF(e)
 
 
27,002
 
 
2,181,762
State Street SPDR Bloomberg High Yield Bond ETF(e)
 
 
22,196
 
 
2,161,668
State Street SPDR Bloomberg Short Term High Yield Bond ETF
 
 
79,365
 
 
2,019,046
TOTAL EXCHANGE TRADED FUNDS
(Cost $8,204,260)
 
 
 
 
8,386,374
CLOSED-END FUNDS - 0.0%(f)
 
 
 
 
Eagle Point Credit Co., Inc.(e)
 
 
1,905
 
 
11,830
TOTAL CLOSED-END FUNDS
(Cost $33,494)
 
 
 
 
11,830
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.2%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(g)
 
 
7,050,439
 
 
$7,050,439
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $7,050,439)
 
 
 
 
7,050,439
TOTAL INVESTMENTS - 99.9%
(Cost $568,244,057)
 
 
 
 
$567,083,976
Other Assets in Excess of
Liabilities - 0.1%
 
 
 
 
331,700
TOTAL NET ASSETS - 100.0%
 
 
 
 
$567,415,676
 
 
 
 
 
 
 
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
LP - Limited Partnership
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
USISSO05- 5 Year US Dollar SOFR Swap Rate
The accompanying notes are an integral part of these financial statements.
 
7
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
(a)
As of October 31, 2025, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. All values are reflected at par.
 
 
 
 
 
 
 
 
 
 
 
 
 
Company
 
 
Investment
Type
 
 
Total revolving
and delayed
draw loan
commitments
 
 
Less: funded
commitments
 
 
Total
unfunded
commitments
Savor Acquisition, Inc.
 
 
First Lien
 
 
$431,035
 
 
$0
 
 
$431,035
 
 
 
 
$431,035
 
 
$0
 
 
$431,035
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
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 $217,215,055 or 38.3% of the Fund’s net assets.
(c)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of October 31, 2025.
(d)
Zero coupon bonds make no periodic interest payments.
(e)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $6,902,514.
(f)
Represents less than 0.05% of net assets.
(g)
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.
 
8
 
Pacer Cash Cows Fund of Funds ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
AFFILIATED EXCHANGE TRADED FUNDS - 99.9%
 
 
 
 
Pacer Developed Markets International Cash Cows 100 ETF(a)(b)
 
 
478,776
 
 
$18,198,275
Pacer Global Cash Cows Dividend ETF(a)(b)
 
 
441,571
 
 
17,601,020
Pacer US Cash Cows 100 ETF(a)(b)
 
 
302,468
 
 
17,524,996
Pacer US Cash Cows Growth ETF(a)(b)
 
 
326,211
 
 
17,387,699
Pacer US Small Cap Cash Cows
ETF(a)(b)
 
 
394,003
 
 
17,095,790
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $75,045,762)
 
 
 
 
87,807,780
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 16.4%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(c)
 
 
14,373,000
 
 
14,373,000
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $14,373,000)
 
 
 
 
14,373,000
TOTAL INVESTMENTS - 116.3%
(Cost $89,418,762)
 
 
 
 
$102,180,780
Liabilities in Excess of Other
Assets - (16.3)%
 
 
 
 
(14,339,132)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$87,841,648
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
(a)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $14,116,935.
(b)
Affiliated security as defined by the Investment Company Act of 1940.
(c)
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
 
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - 99.4%
 
 
 
 
Consumer Discretionary - 24.8%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
513
 
 
$64,915
Amazon.com, Inc.(a)
 
 
275
 
 
67,160
Aptiv PLC(a)
 
 
776
 
 
62,934
AutoZone, Inc.(a)
 
 
15
 
 
55,116
Best Buy Co., Inc.
 
 
827
 
 
67,930
Booking Holdings, Inc.
 
 
12
 
 
60,933
Carnival Corp.(a)
 
 
2,021
 
 
58,265
Chipotle Mexican Grill, Inc.(a)
 
 
1,637
 
 
51,877
Darden Restaurants, Inc.
 
 
299
 
 
53,865
Deckers Outdoor Corp.(a)
 
 
555
 
 
45,232
Domino's Pizza, Inc.
 
 
140
 
 
55,784
DoorDash, Inc. - Class A(a)
 
 
246
 
 
62,575
DR Horton, Inc.
 
 
359
 
 
53,520
eBay, Inc.
 
 
694
 
 
56,429
Expedia Group, Inc.
 
 
293
 
 
64,460
Ford Motor Co.
 
 
5,553
 
 
72,911
Garmin Ltd.
 
 
268
 
 
57,336
General Motors Co.
 
 
1,105
 
 
76,344
Genuine Parts Co.
 
 
454
 
 
57,799
Hasbro, Inc.
 
 
816
 
 
62,269
Hilton Worldwide Holdings, Inc.
 
 
232
 
 
59,615
Home Depot, Inc.
 
 
153
 
 
58,077
Las Vegas Sands Corp.
 
 
1,163
 
 
69,024
Lennar Corp. - Class A
 
 
464
 
 
57,429
LKQ Corp.
 
 
1,976
 
 
63,153
Lowe’s Cos., Inc.
 
 
237
 
 
56,437
Lululemon Athletica, Inc.(a)
 
 
386
 
 
65,828
Marriott International, Inc.
 
 
241
 
 
62,800
McDonald’s Corp.
 
 
207
 
 
61,775
MGM Resorts International(a)
 
 
1,763
 
 
56,469
Mohawk Industries, Inc.(a)
 
 
467
 
 
53,070
NIKE, Inc. - Class B
 
 
854
 
 
55,160
Norwegian Cruise Line Holdings Ltd.(a)
 
 
2,492
 
 
55,871
NVR, Inc.(a)
 
 
8
 
 
57,687
O’Reilly Automotive, Inc.(a)
 
 
603
 
 
56,947
Pool Corp.
 
 
198
 
 
52,878
PulteGroup, Inc.
 
 
468
 
 
56,099
Ralph Lauren Corp.
 
 
202
 
 
64,571
Ross Stores, Inc.
 
 
424
 
 
67,382
Royal Caribbean Cruises Ltd.
 
 
185
 
 
53,064
Starbucks Corp.
 
 
765
 
 
61,866
Tapestry, Inc.
 
 
601
 
 
66,002
Tesla Motors, Inc.(a)
 
 
182
 
 
83,094
TJX Cos., Inc.
 
 
453
 
 
63,483
Tractor Supply Co.
 
 
1,084
 
 
58,655
Ulta Beauty, Inc.(a)
 
 
125
 
 
64,985
Williams-Sonoma, Inc.
 
 
312
 
 
60,634
Wynn Resorts Ltd.
 
 
515
 
 
61,280
Yum! Brands, Inc.
 
 
434
 
 
59,983
 
 
 
 
2,970,972
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
Industrials - 25.1%(b)
 
 
 
 
3M Co.
 
 
247
 
 
$41,126
A O Smith Corp.
 
 
523
 
 
34,513
Allegion PLC
 
 
222
 
 
36,801
AMETEK, Inc.
 
 
202
 
 
40,826
Automatic Data Processing, Inc.
 
 
129
 
 
33,579
Axon Enterprise, Inc.(a)
 
 
52
 
 
38,076
Boeing Co.(a)
 
 
166
 
 
33,369
Broadridge Financial Solutions, Inc.
 
 
151
 
 
33,280
Builders FirstSource, Inc.(a)
 
 
270
 
 
31,366
Carrier Global Corp.
 
 
607
 
 
36,110
Caterpillar, Inc.
 
 
89
 
 
51,376
CH Robinson Worldwide, Inc.
 
 
297
 
 
45,735
Cintas Corp.
 
 
188
 
 
34,455
Copart, Inc.(a)
 
 
782
 
 
33,634
CSX Corp.
 
 
1,184
 
 
42,648
Cummins, Inc.
 
 
93
 
 
40,704
Dayforce, Inc.(a)
 
 
551
 
 
37,876
Deere & Co.
 
 
80
 
 
36,930
Delta Air Lines, Inc.
 
 
618
 
 
35,461
Dover Corp.
 
 
216
 
 
39,195
Eaton Corp. PLC
 
 
104
 
 
39,682
EMCOR Group, Inc.
 
 
60
 
 
40,547
Emerson Electric Co.
 
 
283
 
 
39,498
Equifax, Inc.
 
 
154
 
 
32,509
Expeditors International of
Washington, Inc.
 
 
312
 
 
38,033
Fastenal Co.
 
 
791
 
 
32,550
FedEx Corp.
 
 
168
 
 
42,642
Fortive Corp.
 
 
794
 
 
39,970
GE Vernova, Inc.
 
 
60
 
 
35,108
Generac Holdings, Inc.(a)
 
 
204
 
 
34,276
General Dynamics Corp.
 
 
117
 
 
40,353
General Electric Co.
 
 
133
 
 
41,090
Honeywell International, Inc.
 
 
190
 
 
38,253
Howmet Aerospace, Inc.
 
 
206
 
 
42,426
Hubbell, Inc.
 
 
85
 
 
39,950
Huntington Ingalls Industries, Inc.
 
 
139
 
 
44,761
IDEX Corp.
 
 
236
 
 
40,465
Illinois Tool Works, Inc.
 
 
144
 
 
35,124
Ingersoll Rand, Inc.
 
 
472
 
 
36,028
Jacobs Solutions, Inc.
 
 
262
 
 
40,822
JB Hunt Trasport Services, Inc.
 
 
277
 
 
46,774
Johnson Controls International PLC
 
 
352
 
 
40,265
L3Harris Technologies, Inc.
 
 
137
 
 
39,607
Leidos Holdings, Inc.
 
 
210
 
 
39,999
Lennox International, Inc.
 
 
67
 
 
33,835
Lockheed Martin Corp.
 
 
81
 
 
39,842
Masco Corp.
 
 
518
 
 
33,546
Nordson Corp.
 
 
169
 
 
39,200
Norfolk Southern Corp.
 
 
139
 
 
39,390
Northrop Grumman Corp.
 
 
65
 
 
37,924
Old Dominion Freight Line, Inc.
 
 
259
 
 
36,369
Otis Worldwide Corp.
 
 
433
 
 
40,165
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
10
 
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - (Continued)
Industrials - (Continued)
PACCAR, Inc.
 
 
384
 
 
$37,786
Parker-Hannifin Corp.
 
 
50
 
 
38,641
Paychex, Inc.
 
 
285
 
 
33,354
Paycom Software, Inc.
 
 
171
 
 
31,992
Pentair PLC
 
 
347
 
 
36,903
Quanta Services, Inc.
 
 
97
 
 
43,566
Republic Services, Inc.
 
 
166
 
 
34,568
Rockwell Automation, Inc.
 
 
111
 
 
40,888
Rollins, Inc.
 
 
673
 
 
38,772
RTX Corp.
 
 
244
 
 
43,554
Snap-On, Inc.
 
 
116
 
 
38,924
Southwest Airlines Co.
 
 
1,219
 
 
36,936
Stanley Black & Decker, Inc.
 
 
492
 
 
33,318
Textron, Inc.
 
 
468
 
 
37,819
Trane Technologies PLC
 
 
90
 
 
40,378
TransDigm Group, Inc.
 
 
30
 
 
39,255
Uber Technologies, Inc.(a)
 
 
402
 
 
38,793
Union Pacific Corp.
 
 
176
 
 
38,785
United Airlines Holdings, Inc.(a)
 
 
352
 
 
33,102
United Parcel Service, Inc. - Class B
 
 
452
 
 
43,582
United Rentals, Inc.
 
 
40
 
 
34,847
Veralto Corp.
 
 
357
 
 
35,229
Verisk Analytics, Inc.
 
 
144
 
 
31,501
W.W. Grainger, Inc.
 
 
38
 
 
37,202
Waste Management, Inc.
 
 
174
 
 
34,760
Westinghouse Air Brake Technologies
Corp.
 
 
200
 
 
40,888
Xylem, Inc.
 
 
275
 
 
41,484
 
 
 
 
3,014,890
Information Technology - 25.2%(b)
 
 
 
 
Accenture PLC - Class A
 
 
166
 
 
41,517
Adobe, Inc.(a)
 
 
115
 
 
39,136
Advanced Micro Devices, Inc.(a)
 
 
253
 
 
64,798
Akamai Technologies, Inc.(a)
 
 
526
 
 
39,503
Amphenol Corp.
 
 
339
 
 
47,236
Analog Devices, Inc.
 
 
163
 
 
38,163
Apple, Inc.
 
 
178
 
 
48,126
Applied Materials, Inc.
 
 
247
 
 
57,576
AppLovin Corp. - Class A(a)
 
 
71
 
 
45,250
Arista Networks, Inc.(a)
 
 
268
 
 
42,261
Autodesk, Inc.(a)
 
 
124
 
 
37,366
Broadcom, Inc.
 
 
109
 
 
40,290
Cadence Design System, Inc.(a)
 
 
119
 
 
40,304
CDW Corp.
 
 
236
 
 
37,611
Cisco Systems, Inc.
 
 
593
 
 
43,354
Cognizant Technology Solutions Corp.
 
 
584
 
 
42,562
Corning, Inc.
 
 
539
 
 
48,014
Crowdstrike Holdings, Inc. - Class A(a)
 
 
95
 
 
51,586
Datadog, Inc. - Class A(a)
 
 
290
 
 
47,215
Dell Technologies, Inc. - Class C
 
 
324
 
 
52,491
EPAM Systems, Inc.(a)
 
 
263
 
 
43,011
F5, Inc.(a)
 
 
123
 
 
31,125
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
Fair Isaac Corp.(a)
 
 
28
 
 
$46,467
First Solar, Inc.(a)
 
 
198
 
 
52,854
Fortinet, Inc.(a)
 
 
508
 
 
43,906
Gartner, Inc.(a)
 
 
173
 
 
42,963
Gen Digital, Inc.
 
 
1,382
 
 
36,429
GoDaddy, Inc. - Class A(a)
 
 
278
 
 
37,010
Hewlett Packard Enterprise Co.
 
 
1,655
 
 
40,415
HP, Inc.
 
 
1,425
 
 
39,430
Intel Corp.(a)
 
 
1,633
 
 
65,304
International Business Machines Corp.
 
 
157
 
 
48,263
Intuit, Inc.
 
 
61
 
 
40,720
Jabil, Inc.
 
 
187
 
 
41,306
Keysight Technologies, Inc.(a)
 
 
237
 
 
43,361
KLA Corp.
 
 
43
 
 
51,976
Lam Research Corp.
 
 
376
 
 
59,205
Microchip Technology, Inc.
 
 
624
 
 
38,950
Micron Technology, Inc.
 
 
288
 
 
64,446
Microsoft Corp.
 
 
83
 
 
42,978
Monolithic Power Systems, Inc.
 
 
47
 
 
47,235
Motorola Solutions, Inc.
 
 
83
 
 
33,757
NetApp, Inc.
 
 
327
 
 
38,514
NVIDIA Corp.
 
 
228
 
 
46,168
NXP Semiconductors NV
 
 
184
 
 
38,478
ON Semiconductor Corp.(a)
 
 
840
 
 
42,067
Oracle Corp.
 
 
123
 
 
32,301
Palantir Technologies, Inc. - Class A(a)
 
 
242
 
 
48,514
Palo Alto Networks, Inc.(a)
 
 
204
 
 
44,929
PTC, Inc.(a)
 
 
197
 
 
39,112
Qualcomm, Inc.
 
 
254
 
 
45,949
Roper Technologies, Inc.
 
 
78
 
 
34,800
salesforce.com, Inc.
 
 
166
 
 
43,228
Seagate Technology Holdings PLC
 
 
209
 
 
53,479
ServiceNow, Inc.(a)
 
 
45
 
 
41,368
Skyworks Solutions, Inc.
 
 
548
 
 
42,591
Super Micro Computer, Inc.(a)
 
 
921
 
 
47,855
Synopsys, Inc.(a)
 
 
104
 
 
47,197
TE Connectivity PLC
 
 
192
 
 
47,426
Teledyne Technologies, Inc.(a)
 
 
74
 
 
38,985
Teradyne, Inc.
 
 
343
 
 
62,344
Texas Instruments, Inc.
 
 
219
 
 
35,360
Trimble, Inc.(a)
 
 
504
 
 
40,194
Tyler Technologies, Inc.(a)
 
 
74
 
 
35,243
VeriSign, Inc.
 
 
142
 
 
34,052
Western Digital Corp.
 
 
425
 
 
63,839
Workday, Inc. - Class A(a)
 
 
178
 
 
42,706
Zebra Technologies Corp.(a)
 
 
132
 
 
35,541
 
 
 
 
3,017,710
Materials - 24.3%
 
 
 
 
Air Products & Chemicals, Inc.
 
 
398
 
 
96,551
Albemarle Corp.
 
 
1,508
 
 
148,131
Amcor PLC
 
 
13,932
 
 
110,063
Avery Dennison Corp.
 
 
663
 
 
115,952
Ball Corp.
 
 
2,291
 
 
107,677
CF Industries Holdings, Inc.
 
 
1,319
 
 
109,860
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
11
 
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - (Continued)
Materials - (Continued)
Corteva, Inc.
 
 
1,598
 
 
$98,181
Dow, Inc.
 
 
4,813
 
 
114,790
DuPont de Nemours, Inc.
 
 
1,438
 
 
117,413
Eastman Chemical Co.
 
 
1,762
 
 
104,874
Ecolab, Inc.
 
 
426
 
 
109,226
Freeport-McMoRan, Inc.
 
 
2,556
 
 
106,585
International Flavors & Fragrances, Inc.
 
 
1,779
 
 
112,024
International Paper Co.
 
 
2,468
 
 
95,364
Linde PLC
 
 
242
 
 
101,229
LyondellBasell Industries NV
 
 
2,108
 
 
97,853
Martin Marietta Materials, Inc.
 
 
187
 
 
114,650
Mosaic Co.
 
 
3,433
 
 
94,236
Newmont Goldcorp Corp.
 
 
1,462
 
 
118,378
Nucor Corp.
 
 
770
 
 
115,539
Packaging Corp. of America
 
 
538
 
 
105,319
PPG Industries, Inc.
 
 
1,054
 
 
103,028
Sherwin-Williams Co.
 
 
323
 
 
111,416
Smurfit WestRock PLC
 
 
2,534
 
 
93,555
Solstice Advanced Materials, Inc.(a)
 
 
1,662
 
 
74,906
Steel Dynamics, Inc.
 
 
828
 
 
129,830
Vulcan Materials Co.
 
 
389
 
 
112,615
 
 
 
 
2,919,245
TOTAL COMMON STOCKS
(Cost $11,923,796)
 
 
 
 
11,922,817
RIGHTS - 0.0%(c)
 
 
 
 
Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00(a)(d)
 
 
17,786
 
 
0
TOTAL RIGHTS
(Cost $0)
 
 
 
 
0
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 22.1%
 
 
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(e)
 
 
2,646,709
 
 
2,646,709
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $2,646,709)
 
 
 
 
2,646,709
TOTAL INVESTMENTS - 121.5%
(Cost $14,570,505)
 
 
 
 
$14,569,526
Liabilities in Excess of Other
Assets - (21.5)%
 
 
 
 
(2,575,663)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$11,993,863
 
 
 
 
 
 
 
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)
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.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of October 31, 2025.
(e)
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.
 
12
 
Pacer Data & Infrastructure Real Estate ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - COMMON - 63.5%
 
 
 
 
Real Estate - 63.5%(a)
 
 
 
 
American Tower Corp.
 
 
331,014
 
 
$59,244,886
Crown Castle, Inc.(b)
 
 
203,052
 
 
18,319,351
Digital Realty Trust, Inc.
 
 
372,092
 
 
63,408,198
Equinix, Inc.
 
 
81,811
 
 
69,212,924
Iron Mountain, Inc.
 
 
200,241
 
 
20,614,811
Keppel DC REIT
 
 
11,053,971
 
 
20,299,659
SBA Communications Corp.
 
 
96,874
 
 
18,549,433
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $273,201,336)
 
 
 
 
269,649,262
COMMON STOCKS - 36.4%
 
 
 
 
Communication Services - 23.4%
 
 
 
 
Cellnex Telecom SA(c)
 
 
542,307
 
 
16,918,927
China Tower Corp. Ltd.(c)
 
 
13,214,405
 
 
19,093,406
Eutelsat Communications
SACA(b)(d)
 
 
739,180
 
 
2,862,360
Helios Towers PLC(d)
 
 
4,276,841
 
 
8,406,236
HKBN Ltd.
 
 
3,951,593
 
 
3,472,553
Infrastrutture Wireless Italiane SpA(c)
 
 
1,629,158
 
 
17,910,584
Iridium Communications, Inc.
 
 
517,793
 
 
9,915,736
SES SA
 
 
2,089,840
 
 
16,028,378
Uniti Group, Inc.(d)
 
 
806,083
 
 
4,643,038
 
 
 
 
99,251,218
Financials - 2.5%
 
 
 
 
DigitalBridge Group, Inc.(b)
 
 
907,162
 
 
10,731,727
Information Technology - 10.5%
 
 
 
 
GDS Holdings Ltd. - ADR(b)(d)
 
 
507,312
 
 
18,111,038
NEXTDC Ltd.(d)
 
 
1,698,807
 
 
17,527,118
SUNeVision Holdings Ltd.
 
 
3,412,419
 
 
2,651,889
Vnet Group, Inc. - ADR(b)(d)
 
 
625,440
 
 
6,504,576
 
 
 
 
44,794,621
TOTAL COMMON STOCKS
(Cost $151,335,661)
 
 
 
 
154,777,566
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(e)
 
 
28,834,365
 
 
$28,834,365
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $28,834,365)
 
 
 
 
28,834,365
TOTAL INVESTMENTS - 106.7%
(Cost $453,371,362)
 
 
 
 
$453,261,193
Liabilities in Excess of Other
Assets - (6.7)%
 
 
 
 
(28,443,062)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$424,818,131
 
 
 
 
 
 
 
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
REIT - Real Estate Investment Trust
(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 $27,917,455.
(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 $53,922,917 or 12.7% of the Fund’s net assets.
(d)
Non-income producing security.
(e)
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.
 
13
 
Pacer Data and Digital Revolution ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Industrials - 8.6%
 
 
 
 
AAON, Inc.(a)
 
 
6,512
 
 
$640,716
Atkore, Inc.
 
 
2,646
 
 
183,236
Carrier Global Corp.
 
 
68,173
 
 
4,055,612
Johnson Controls International PLC
 
 
52,462
 
 
6,001,128
Legrand SA
 
 
21,355
 
 
3,684,871
Lennox International, Inc.
 
 
2,835
 
 
1,431,675
Nexans SA
 
 
3,519
 
 
495,519
nVent Electric PLC
 
 
12,841
 
 
1,468,368
SPX Technologies, Inc.(b)
 
 
3,711
 
 
830,856
Time Interconnect Technology Ltd.
 
 
156,095
 
 
314,311
Trane Technologies PLC
 
 
17,842
 
 
8,004,813
 
 
 
 
27,111,105
Information Technology - 91.4%(c)
 
 
 
 
A10 Networks, Inc.
 
 
5,700
 
 
101,688
Advanced Micro Devices, Inc.(b)
 
 
80,527
 
 
20,624,575
Akamai Technologies, Inc.(b)
 
 
11,724
 
 
880,472
Ambarella, Inc.(b)
 
 
3,312
 
 
282,282
Arista Networks, Inc.(b)
 
 
86,620
 
 
13,659,108
ARM Holdings PLC - ADR(a)(b)
 
 
84,962
 
 
14,428,247
AvePoint, Inc.(b)
 
 
16,949
 
 
238,472
Belden, Inc.
 
 
3,096
 
 
377,248
BlackBerry Ltd.(b)
 
 
47,577
 
 
232,596
Broadcom, Inc.
 
 
87,531
 
 
32,354,084
Calix, Inc.(b)
 
 
5,216
 
 
356,879
CGI, Inc.
 
 
15,886
 
 
1,383,895
Check Point Software Technologies Ltd.(b)
 
 
8,682
 
 
1,698,894
Ciena Corp.(b)
 
 
11,306
 
 
2,147,235
Cisco Systems, Inc.
 
 
196,244
 
 
14,347,399
Commvault Systems, Inc.(b)
 
 
3,508
 
 
488,384
Computacenter PLC
 
 
8,570
 
 
322,704
Confluent, Inc. - Class A(b)
 
 
23,297
 
 
544,451
Credo Technology Group Holding
Ltd.(b)
 
 
13,704
 
 
2,571,144
Crowdstrike Holdings, Inc. - Class A(b)
 
 
19,968
 
 
10,842,824
CyberArk Software Ltd.(b)
 
 
4,016
 
 
2,091,452
Datadog, Inc. - Class A(b)
 
 
25,612
 
 
4,169,890
Digi International, Inc.(b)
 
 
2,886
 
 
105,858
DigitalOcean Holdings, Inc.(a)(b)
 
 
7,222
 
 
293,647
Dropbox, Inc. - Class A(b)
 
 
16,327
 
 
473,483
DXC Technology Co.(b)
 
 
14,338
 
 
203,600
Dynatrace, Inc.(b)
 
 
24,119
 
 
1,219,698
Elastic NV(b)
 
 
8,333
 
 
743,470
ePlus, Inc.
 
 
2,026
 
 
148,222
Extreme Networks, Inc.(b)
 
 
10,651
 
 
202,582
F5, Inc.(b)
 
 
4,582
 
 
1,159,475
Fortinet, Inc.(b)
 
 
61,262
 
 
5,294,875
Hewlett Packard Enterprise Co.
 
 
105,101
 
 
2,566,566
Informatica, Inc. - Class A(b)
 
 
20,854
 
 
518,639
Intel Corp.(b)
 
 
350,799
 
 
14,028,452
InterDigital, Inc.(a)
 
 
2,030
 
 
734,779
Kingsoft Cloud Holdings Ltd.(b)
 
 
335,099
 
 
280,679
Marvell Technology, Inc.
 
 
69,054
 
 
6,473,122
MongoDB, Inc.(b)
 
 
6,527
 
 
2,348,545
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Motorola Solutions, Inc.
 
 
13,346
 
 
$5,427,952
NetApp, Inc.
 
 
16,012
 
 
1,885,893
NetScout Systems, Inc.(b)
 
 
5,693
 
 
158,265
Nokia OYJ
 
 
444,717
 
 
3,009,950
Nutanix, Inc.(b)
 
 
21,483
 
 
1,530,449
NVIDIA Corp.
 
 
146,159
 
 
29,595,736
Okta, Inc.(b)
 
 
13,304
 
 
1,217,715
Oracle Corp.
 
 
106,828
 
 
28,054,101
Oracle Corp. Japan
 
 
10,236
 
 
945,495
Palo Alto Networks, Inc.(b)
 
 
53,515
 
 
11,786,144
Pure Storage, Inc.(a)(b)
 
 
26,111
 
 
2,577,156
Qorvo, Inc.(b)
 
 
7,396
 
 
702,028
Qualys, Inc.(b)
 
 
2,848
 
 
351,044
Radware Ltd.(b)
 
 
3,331
 
 
85,374
Rapid7, Inc.(b)
 
 
5,056
 
 
93,587
Rubrik, Inc. - Class A(b)
 
 
9,822
 
 
739,302
Seagate Technology Holdings PLC
 
 
17,035
 
 
4,358,916
Semtech Corp.(b)
 
 
6,816
 
 
462,534
SentinelOne, Inc. - Class A(b)
 
 
25,444
 
 
454,175
Silicon Motion Technology Corp. -
ADR
 
 
2,657
 
 
260,678
Snowflake, Inc.(b)
 
 
26,762
 
 
7,356,339
Softcat PLC
 
 
16,362
 
 
343,526
Strategy, Inc.(b)
 
 
21,120
 
 
5,692,051
Super Micro Computer, Inc.(b)
 
 
47,783
 
 
2,482,805
TE Connectivity PLC
 
 
23,673
 
 
5,847,468
Tenable Holdings, Inc.(b)
 
 
9,781
 
 
283,845
Teradata Corp.(b)
 
 
7,458
 
 
155,499
Trend Micro, Inc.
 
 
11,290
 
 
577,710
Ubiquiti, Inc.
 
 
4,867
 
 
3,831,205
Varonis Systems, Inc.(b)
 
 
8,932
 
 
314,674
VSTECS Holdings Ltd.
 
 
114,676
 
 
142,235
Western Digital Corp.
 
 
27,948
 
 
4,198,069
Zscaler, Inc.(b)
 
 
12,457
 
 
4,125,011
 
 
 
 
289,986,546
TOTAL COMMON STOCKS
(Cost $266,371,215)
 
 
 
 
317,097,651
 
 
Units
 
 
INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES
LENDING - 4.1%
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
13,140,105
 
 
13,140,105
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $13,140,105)
 
 
 
 
13,140,105
TOTAL INVESTMENTS - 104.1%
(Cost $279,511,320)
 
 
 
 
$330,237,756
Liabilities in Excess of Other
Assets - (4.1)%
 
 
 
 
(13,058,586)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$317,179,170
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
14
 
Pacer Data and Digital Revolution ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
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 $13,096,882.
(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.
 
15
 
Pacer Developed Markets International Cash Cows 100 ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - 98.6%
 
 
 
 
Australia - 4.1%
 
 
 
 
BHP Group Ltd.
 
 
951,582
 
 
$27,052,859
Fortescue Ltd.
 
 
1,458,786
 
 
20,320,970
Qantas Airways Ltd.
 
 
612,835
 
 
4,089,977
Whitehaven Coal Ltd.
 
 
768,795
 
 
3,621,765
 
 
 
 
55,085,571
Canada - 6.7%
 
 
 
 
Canadian Natural Resources Ltd.
 
 
746,164
 
 
23,871,077
Cenovus Energy, Inc.
 
 
818,246
 
 
13,826,552
Imperial Oil Ltd.
 
 
205,497
 
 
18,175,397
Magna International, Inc.(a)
 
 
180,809
 
 
8,541,873
Suncor Energy, Inc.
 
 
640,346
 
 
25,498,787
 
 
 
 
89,913,686
China - 0.9%
 
 
 
 
Lenovo Group Ltd.
 
 
6,353,804
 
 
9,288,816
Shenzhou International Group Holdings Ltd.
 
 
387,683
 
 
3,347,708
 
 
 
 
12,636,524
Denmark - 3.3%
 
 
 
 
AP Moller - Maersk AS - Class B
 
 
12,524
 
 
25,815,606
Genmab AS(b)
 
 
22,971
 
 
6,516,596
Vestas Wind Systems AS
 
 
566,806
 
 
11,543,545
 
 
 
 
43,875,747
Finland - 0.8%
 
 
 
 
Nokia OYJ
 
 
1,602,861
 
 
10,833,912
France - 10.7%
 
 
 
 
Bouygues SA
 
 
390,895
 
 
17,630,533
Capgemini SE
 
 
64,179
 
 
9,875,741
Carrefour SA
 
 
829,724
 
 
12,480,720
Cie Generale des Etablissements Michelin SCA
 
 
272,191
 
 
8,687,447
Dassault Aviation SA
 
 
21,360
 
 
6,864,193
Eiffage SA
 
 
99,720
 
 
12,264,283
Publicis Groupe SA
 
 
95,997
 
 
9,604,458
Renault SA
 
 
409,875
 
 
15,921,237
Teleperformance SE
 
 
65,445
 
 
4,673,942
TotalEnergies SE
 
 
396,542
 
 
24,659,037
Vinci SA
 
 
163,857
 
 
21,889,907
 
 
 
 
144,551,498
Germany - 7.6%
 
 
 
 
Aumovio SE(b)
 
 
53,315
 
 
2,292,185
Bayer AG
 
 
678,277
 
 
21,069,845
Continental AG
 
 
107,219
 
 
8,092,373
Daimler AG
 
 
403,771
 
 
26,160,388
Deutsche Post AG
 
 
508,472
 
 
23,326,285
Deutsche Telekom AG
 
 
612,930
 
 
18,997,531
Evonik Industries AG
 
 
196,388
 
 
3,289,092
 
 
 
 
103,227,699
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
Hong Kong - 2.4%
 
 
 
 
Orient Overseas International Ltd.
 
 
660,873
 
 
$11,439,012
SITC International Holdings Co. Ltd.
 
 
1,356,093
 
 
4,994,676
Techtronic Industries Co. Ltd.
 
 
637,045
 
 
7,443,963
WH Group Ltd.(c)
 
 
8,273,097
 
 
7,942,463
 
 
 
 
31,820,114
Italy - 3.2%
 
 
 
 
Buzzi SpA
 
 
60,698
 
 
3,648,583
Eni SpA
 
 
1,553,436
 
 
28,548,686
Telecom Italia SpA(b)
 
 
19,281,545
 
 
11,361,303
 
 
 
 
43,558,572
Japan - 19.0%
 
 
 
 
ANA Holdings, Inc.
 
 
283,804
 
 
5,320,289
Daifuku Co. Ltd.
 
 
118,954
 
 
3,803,811
Dentsu Group, Inc.
 
 
192,810
 
 
3,808,407
ENEOS Holdings, Inc.
 
 
2,140,538
 
 
13,511,877
Idemitsu Kosan Co. Ltd.
 
 
1,572,483
 
 
10,933,200
Inpex Corp.
 
 
773,192
 
 
14,253,705
Isuzu Motors Ltd.
 
 
341,611
 
 
4,200,589
J Front Retailing Co. Ltd.
 
 
147,165
 
 
2,217,359
Kawasaki Kisen Kaisha Ltd.
 
 
259,808
 
 
3,730,810
Kobe Steel Ltd.
 
 
308,907
 
 
3,641,098
LY Corp.
 
 
4,067,496
 
 
11,956,237
Makita Corp.
 
 
141,775
 
 
4,301,732
Mazda Motor Corp.
 
 
1,167,703
 
 
8,122,624
Mitsubishi Corp.
 
 
1,187,812
 
 
28,610,461
Murata Manufacturing Co. Ltd.
 
 
631,465
 
 
13,898,704
Nexon Co. Ltd.
 
 
212,430
 
 
4,342,058
Nippon Steel Corp.
 
 
4,241,506
 
 
17,512,623
Nitto Denko Corp.
 
 
197,909
 
 
4,949,330
Ono Pharmaceutical Co. Ltd.
 
 
218,077
 
 
2,655,386
Otsuka Holdings Co. Ltd.
 
 
193,664
 
 
10,523,278
Seiko Epson Corp.
 
 
219,658
 
 
2,788,663
Shionogi & Co. Ltd.
 
 
277,405
 
 
4,644,117
Sony Financial Holdings, Inc.(b)
 
 
885,783
 
 
893,198
Sony Group Corp.
 
 
892,745
 
 
25,094,876
Subaru Corp.
 
 
617,953
 
 
13,164,231
Sumitomo Electric Industries Ltd.
 
 
326,847
 
 
11,982,905
Suzuki Motor Corp.
 
 
897,154
 
 
13,436,061
TDK Corp.
 
 
738,532
 
 
12,809,656
 
 
 
 
257,107,285
Luxembourg - 0.8%
 
 
 
 
Tenaris SA
 
 
569,875
 
 
11,353,884
Mexico - 0.5%
 
 
 
 
Fresnillo PLC
 
 
229,288
 
 
6,693,001
Netherlands - 1.4%
 
 
 
 
Koninklijke Ahold Delhaize NV
 
 
460,431
 
 
18,845,632
Norway - 2.2%
 
 
 
 
Aker BP ASA
 
 
255,494
 
 
6,631,228
Equinor ASA
 
 
967,420
 
 
23,112,831
 
 
 
 
29,744,059
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
16
 
Pacer Developed Markets International Cash Cows 100 ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - (Continued)
Singapore - 0.7%
 
 
 
 
Singapore Airlines Ltd.
 
 
1,909,781
 
 
$9,727,910
South Korea - 13.2%
 
 
 
 
HD Hyundai Heavy
Industries Co. Ltd.
 
 
41,897
 
 
17,643,938
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
 
 
75,175
 
 
25,009,967
HMM Co. Ltd.
 
 
508,566
 
 
7,335,344
Kia Corp.
 
 
345,088
 
 
29,040,920
Krafton, Inc.(b)
 
 
14,178
 
 
2,746,537
Samsung Electronics Co. Ltd.
 
 
542,352
 
 
40,921,453
SK hynix, Inc.
 
 
143,100
 
 
56,145,218
 
 
 
 
178,843,377
Spain - 2.7%
 
 
 
 
ACS Actividades de Construccion y Servicios SA
 
 
163,651
 
 
13,430,560
Telefonica SA
 
 
4,423,224
 
 
22,366,707
 
 
 
 
35,797,267
Sweden - 2.8%
 
 
 
 
Evolution AB(c)
 
 
88,218
 
 
5,898,379
H & M Hennes & Mauritz AB - Class B(a)
 
 
597,376
 
 
11,337,269
Telefonaktiebolaget LM Ericsson - Class B
 
 
2,062,549
 
 
20,798,631
 
 
 
 
38,034,279
Switzerland - 2.3%
 
 
 
 
Adecco Group AG
 
 
88,767
 
 
2,473,012
Glencore PLC
 
 
6,029,358
 
 
28,867,192
 
 
 
 
31,340,204
United Kingdom - 13.3%
 
 
 
 
Associated British Foods PLC
 
 
272,946
 
 
8,229,149
Berkeley Group Holdings PLC
 
 
34,795
 
 
1,841,204
BP PLC
 
 
4,817,886
 
 
27,994,259
British American Tobacco PLC
 
 
494,643
 
 
25,368,640
Bunzl PLC
 
 
148,651
 
 
4,514,932
Imperial Brands PLC
 
 
364,374
 
 
14,479,991
International Consolidated Airlines Group SA
 
 
3,830,521
 
 
21,029,344
J Sainsbury PLC
 
 
1,787,467
 
 
8,021,423
Kingfisher PLC
 
 
1,536,893
 
 
6,234,713
Marks & Spencer Group PLC
 
 
813,700
 
 
4,252,307
Shell PLC
 
 
694,703
 
 
25,987,136
Vodafone Group PLC
 
 
23,678,451
 
 
28,661,374
WPP PLC
 
 
896,268
 
 
3,385,098
 
 
 
 
179,999,570
TOTAL COMMON STOCKS
(Cost $1,124,791,444)
 
 
 
 
1,332,989,791
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
PREFERRED STOCKS - 0.9%
 
 
 
 
Germany - 0.9%
 
 
 
 
Henkel AG & Co. KGaA, 0.00%
 
 
152,282
 
 
$12,332,530
TOTAL PREFERRED STOCKS
(Cost $13,025,417)
 
 
 
 
12,332,530
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.3%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
17,182,115
 
 
17,182,115
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $17,182,115)
 
 
 
 
17,182,115
TOTAL INVESTMENTS - 100.8%
(Cost $1,154,998,976)
 
 
 
 
$1,362,504,436
Liabilities in Excess of Other
Assets - (0.8)%
 
 
 
 
(11,254,139)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,351,250,297
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
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 $16,746,753.
(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 $13,840,842 or 1.0% 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.
 
17
 
Pacer Emerging Markets Cash Cows 100 ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - 94.3%
 
 
 
 
Brazil - 7.9%
 
 
 
 
Ambev SA
 
 
846,367
 
 
$2,005,814
CPFL Energia SA
 
 
209,609
 
 
1,616,108
Lojas Renner SA
 
 
120,768
 
 
332,227
Rede D'Or Sao Luiz SA(a)
 
 
157,321
 
 
1,262,674
Telefonica Brasil SA
 
 
385,927
 
 
2,314,149
TIM SA
 
 
457,869
 
 
2,064,685
 
 
 
 
9,595,657
Chile - 2.1%
 
 
 
 
Cia Sud Americana de Vapores SA
 
 
7,797,006
 
 
387,968
Enel Chile SA
 
 
11,601,305
 
 
886,207
Latam Airlines Group SA(b)
 
 
58,656,805
 
 
1,336,744
 
 
 
 
2,610,919
China - 28.3%(c)
 
 
 
 
China Coal Energy Co. Ltd. - Class H
 
 
1,948,810
 
 
2,746,198
China Communications Services Corp. Ltd. - Class H
 
 
1,360,815
 
 
816,081
China Hongqiao Group Ltd.
 
 
1,140,462
 
 
4,332,568
China Literature Ltd.(a)(b)
 
 
118,037
 
 
634,651
CMOC Group Ltd. - Class H
 
 
2,439,795
 
 
5,281,139
COSCO Shipping Holdings Co. Ltd. - Class H
 
 
1,265,479
 
 
2,196,924
Dongfeng Motor Group Co. Ltd. - Class H(b)
 
 
2,078,836
 
 
2,514,759
Hisense Home Appliances Group Co. Ltd.
 
 
211,811
 
 
625,302
JD Logistics, Inc.(a)(b)
 
 
1,367,455
 
 
2,227,896
JD.com, Inc. - Class A
 
 
128,989
 
 
2,118,125
Kingsoft Corp. Ltd.
 
 
164,978
 
 
718,888
Li Ning Co. Ltd.
 
 
337,733
 
 
733,659
New Oriental Education & Technology Group, Inc.(b)
 
 
194,814
 
 
1,170,807
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H
 
 
521,394
 
 
364,346
Shanghai Electric Group Co. Ltd. - Class H(b)
 
 
6,011,162
 
 
3,504,329
Sinotruk Hong Kong Ltd.
 
 
385,941
 
 
1,289,359
Topsports International Holdings
Ltd.(a)
 
 
1,156,636
 
 
458,454
Yangzijiang Shipbuilding Holdings Ltd.
 
 
1,029,209
 
 
2,783,356
 
 
 
 
34,516,841
Colombia - 1.8%
 
 
 
 
Ecopetrol SA
 
 
4,747,346
 
 
2,192,218
Czech Republic - 1.9%
 
 
 
 
CEZ AS
 
 
38,208
 
 
2,340,207
Greece - 1.1%
 
 
 
 
Hellenic Telecommunications Organization SA
 
 
28,488
 
 
535,564
OPAP SA
 
 
40,342
 
 
834,675
 
 
 
 
1,370,239
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
Hong Kong - 1.9%
 
 
 
 
Guangdong Investment Ltd.
 
 
1,347,838
 
 
$1,281,830
Kunlun Energy Co. Ltd.
 
 
1,111,152
 
 
1,020,986
 
 
 
 
2,302,816
Hungary - 2.1%
 
 
 
 
Magyar Telekom Telecommunications PLC
 
 
132,308
 
 
693,704
MOL Hungarian Oil & Gas PLC
 
 
120,596
 
 
1,060,997
Richter Gedeon Nyrt
 
 
23,880
 
 
736,042
 
 
 
 
2,490,743
Indonesia - 7.1%
 
 
 
 
Alamtri Resources Indonesia Tbk PT
 
 
9,880,233
 
 
1,119,918
Astra International Tbk PT
 
 
7,507,523
 
 
2,776,384
Perusahaan Gas Negara Tbk PT
 
 
6,679,652
 
 
698,893
Sumber Alfaria Trijaya Tbk PT
 
 
2,467,255
 
 
298,207
Telekom Indonesia Persero Tbk PT
 
 
12,198,450
 
 
2,354,602
United Tractors Tbk PT
 
 
861,564
 
 
1,393,630
 
 
 
 
8,641,634
Malaysia - 2.1%
 
 
 
 
Telekom Malaysia Bhd
 
 
339,632
 
 
592,004
Tenaga Nasional Bhd
 
 
632,704
 
 
2,006,282
 
 
 
 
2,598,286
Mexico - 5.9%
 
 
 
 
Alfa SAB de CV - Class A
 
 
1,123,897
 
 
851,158
Grupo Aeroportuario del Sureste SAB de CV - Class B
 
 
20,567
 
 
622,307
Grupo Mexico SAB de CV - Class B
 
 
375,360
 
 
3,238,903
Industrias Penoles SAB de CV(b)
 
 
50,106
 
 
2,116,839
Kimberly-Clark de Mexico SAB de CV - Class A
 
 
177,199
 
 
343,458
 
 
 
 
7,172,665
Russia - 0.0%(d)
 
 
 
 
Alrosa PJSC(e)
 
 
91,900
 
 
0
Inter RAO UES PJSC(b)(e)
 
 
1,901,988
 
 
0
LUKOIL PJSC - ADR(b)(e)
 
 
2,652
 
 
0
Magnit PJSC(b)(e)
 
 
1,958
 
 
0
Magnitogorsk Iron & Steel Works PJSC(e)
 
 
106,418
 
 
0
Magnitogorsk Iron & Steel Works
PJSC - GDR(b)(e)
 
 
2,458
 
 
0
Severstal PAO(b)(e)
 
 
9,320
 
 
0
Severstal PAO - GDR(b)(e)
 
 
2,129
 
 
0
Surgutneftegas PAO(b)(e)
 
 
477,461
 
 
0
Tatneft PJSC - ADR(b)(e)
 
 
3,600
 
 
0
 
 
 
 
0
South Africa - 4.9%
 
 
 
 
Exxaro Resources Ltd.
 
 
67,957
 
 
693,191
Foschini Group Ltd.
 
 
42,699
 
 
226,825
Harmony Gold Mining Co. Ltd.
 
 
38,222
 
 
641,975
Kumba Iron Ore Ltd.
 
 
70,697
 
 
1,407,824
Mr Price Group Ltd.
 
 
27,858
 
 
332,400
Sasol Ltd.(b)
 
 
161,744
 
 
1,004,749
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
18
 
Pacer Emerging Markets Cash Cows 100 ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - (Continued)
South Africa - (Continued)
Tiger Brands Ltd.
 
 
20,734
 
 
$392,735
Vodacom Group Ltd.
 
 
161,594
 
 
1,305,242
 
 
 
 
6,004,941
Taiwan - 10.8%
 
 
 
 
Alchip Technologies Ltd.
 
 
5,953
 
 
676,807
Asustek Computer, Inc.
 
 
43,270
 
 
981,074
Catcher Technology Co. Ltd.
 
 
42,379
 
 
273,649
Cheng Shin Rubber Industry Co. Ltd.
 
 
255,549
 
 
265,184
Chicony Electronics Co. Ltd.
 
 
52,090
 
 
220,282
China Airlines Ltd.
 
 
1,059,363
 
 
689,218
Compal Electronics, Inc.
 
 
849,191
 
 
912,975
Eva Airways Corp.
 
 
606,272
 
 
713,934
Evergreen Marine Corp. Taiwan Ltd.
 
 
268,678
 
 
1,691,200
Far EasTone Telecommunications Co. Ltd.
 
 
285,413
 
 
858,811
Foxconn Technology Co. Ltd.
 
 
64,410
 
 
149,810
Largan Precision Co. Ltd.
 
 
6,727
 
 
484,705
Micro-Star International Co. Ltd.
 
 
59,983
 
 
213,661
Novatek Microelectronics Corp.
 
 
32,264
 
 
412,470
Powertech Technology, Inc.
 
 
54,517
 
 
306,803
Realtek Semiconductor Corp.
 
 
44,994
 
 
753,779
Wan Hai Lines Ltd.
 
 
394,825
 
 
1,054,459
Yageo Corp.
 
 
204,755
 
 
1,658,502
Zhen Ding Technology Holding Ltd.
 
 
151,067
 
 
801,012
 
 
 
 
13,118,335
Thailand - 7.5%
 
 
 
 
Advanced Info Service PCL
 
 
239,000
 
 
2,232,194
Bumrungrad Hospital PCL
 
 
53,086
 
 
282,381
Charoen Pokphand Foods PCL
 
 
1,515,040
 
 
988,630
Global Power Synergy PCL
 
 
477,383
 
 
612,692
PTT Exploration & Production PCL
 
 
677,893
 
 
2,243,221
PTT Oil & Retail Business PCL(a)
 
 
1,222,594
 
 
555,810
PTT PCL
 
 
2,287,525
 
 
2,175,395
 
 
 
 
9,090,323
Turkey - 5.2%
 
 
 
 
BIM Birlesik Magazalar AS
 
 
67,535
 
 
865,586
Gubre Fabrikalari TAS(b)
 
 
26,428
 
 
198,898
Migros Ticaret AS
 
 
34,441
 
 
371,403
Oyak Cimento Fabrikalari AS
 
 
233,699
 
 
118,144
Turk Hava Yollari AO
 
 
289,371
 
 
2,005,794
Turk Telekomunikasyon AS(b)
 
 
277,443
 
 
336,463
Turkcell Iletisim Hizmetleri AS
 
 
363,819
 
 
862,528
Turkiye Petrol Rafinerileri AS
 
 
323,469
 
 
1,519,891
 
 
 
 
6,278,707
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
United Arab Emirates - 3.7%
 
 
 
 
Alpha Dhabi Holding PJSC
 
 
650,705
 
 
$1,775,158
Borouge PLC
 
 
2,223,380
 
 
1,519,401
Fertiglobe PLC
 
 
773,932
 
 
526,778
NMDC Group PJSC
 
 
104,112
 
 
678,027
 
 
 
 
4,499,364
TOTAL COMMON STOCKS
(Cost $97,546,588)
 
 
 
 
114,823,895
PREFERRED STOCKS - 5.4%
 
 
 
 
Brazil - 5.4%
 
 
 
 
Centrais Eletricas Brasileiras SA, 0.00%
 
 
257,417
 
 
2,834,963
Cia Energetica de Minas Gerais,
0.00%
 
 
447,603
 
 
941,805
Gerdau SA, 0.00%
 
 
173,403
 
 
608,528
Petroleo Brasileiro SA - Petrobras, 0.00%
 
 
401,463
 
 
2,214,783
TOTAL PREFERRED STOCKS
(Cost $5,695,504)
 
 
 
 
6,600,079
TOTAL INVESTMENTS - 99.7%
(Cost $103,242,092)
 
 
 
 
$121,423,974
Other Assets in Excess of
Liabilities - 0.3%
 
 
 
 
414,618
TOTAL NET ASSETS - 100.0%
 
 
 
 
$121,838,592
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
GDR - Global Depositary Receipt
PCL - Public Company Limited
PJSC - Public Joint Stock 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 $5,139,485 or 4.2% of the Fund’s net assets.
(b)
Non-income producing security.
(c)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(d)
Represents less than 0.05% of net assets.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
19
 
Pacer Global Cash Cows Dividend ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.4%
 
 
 
 
Australia - 4.4%
 
 
 
 
BHP Group Ltd.
 
 
1,885,360
 
 
$53,599,563
Fortescue Ltd.
 
 
3,318,073
 
 
46,220,941
Sonic Healthcare Ltd.
 
 
235,328
 
 
3,258,115
South32 Ltd.
 
 
1,793,864
 
 
3,720,711
Treasury Wine Estates Ltd.
 
 
471,684
 
 
1,848,652
 
 
 
 
108,647,982
Canada - 1.6%
 
 
 
 
Canadian Natural Resources Ltd.
 
 
1,257,028
 
 
40,214,500
China - 0.7%
 
 
 
 
Lenovo Group Ltd.
 
 
6,276,635
 
 
9,176,001
Shenzhou International Group Holdings Ltd.
 
 
850,696
 
 
7,345,902
 
 
 
 
16,521,903
Denmark - 1.6%
 
 
 
 
AP Moller - Maersk AS - Class B
 
 
16,020
 
 
33,021,879
Coloplast A/S - Class B
 
 
88,060
 
 
7,959,304
 
 
 
 
40,981,183
France - 10.9%
 
 
 
 
Cie Generale des Etablissements Michelin SCA
 
 
336,999
 
 
10,755,907
Engie SA
 
 
2,128,556
 
 
49,805,418
Kering
 
 
48,127
 
 
17,019,219
Orange SA
 
 
1,785,997
 
 
28,481,008
Pernod Ricard SA
 
 
151,916
 
 
14,876,936
Publicis Groupe SA
 
 
107,125
 
 
10,717,810
Sanofi SA
 
 
463,824
 
 
46,833,088
TotalEnergies SE
 
 
781,639
 
 
48,606,365
Veolia Environnement SA
 
 
384,417
 
 
12,694,707
Vinci SA
 
 
239,739
 
 
32,027,099
 
 
 
 
271,817,557
Germany - 3.2%
 
 
 
 
Daimler AG
 
 
798,057
 
 
51,706,242
Deutsche Post AG
 
 
592,915
 
 
27,200,130
 
 
 
 
78,906,372
Hong Kong - 4.8%
 
 
 
 
Budweiser Brewing Co. APAC Ltd.(a)
 
 
7,933,432
 
 
8,045,176
Cathay Pacific Airways Ltd.
 
 
5,079,501
 
 
7,236,306
Chow Tai Fook Jewellery Group Ltd.
 
 
5,019,341
 
 
9,831,269
CK Hutchison Holdings Ltd.
 
 
2,203,756
 
 
14,605,586
CK Infrastructure Holdings Ltd.
 
 
1,493,203
 
 
9,713,780
CLP Holdings Ltd.
 
 
1,440,160
 
 
12,287,754
Jardine Matheson Holdings Ltd.
 
 
179,636
 
 
10,553,615
Orient Overseas International Ltd.
 
 
946,997
 
 
16,391,516
Power Assets Holdings Ltd.
 
 
1,417,513
 
 
9,004,310
SITC International Holdings Co. Ltd.
 
 
2,846,843
 
 
10,485,313
WH Group Ltd.(a)
 
 
10,435,094
 
 
10,018,056
 
 
 
 
118,172,681
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Ireland - 1.8%
 
 
 
 
Medtronic PLC
 
 
489,958
 
 
$44,439,191
Italy - 1.9%
 
 
 
 
Eni SpA(b)
 
 
2,624,395
 
 
48,230,522
Japan - 9.4%
 
 
 
 
Aisin Corp.
 
 
295,981
 
 
5,328,657
Asahi Kasei Corp.
 
 
567,840
 
 
4,357,088
Astellas Pharma, Inc.
 
 
1,050,143
 
 
10,994,781
Bridgestone Corp.
 
 
273,053
 
 
11,984,495
Canon, Inc.
 
 
375,728
 
 
10,807,879
ENEOS Holdings, Inc.
 
 
1,054,360
 
 
6,655,515
Idemitsu Kosan Co. Ltd.
 
 
548,180
 
 
3,811,400
Inpex Corp.
 
 
589,393
 
 
10,865,392
Isuzu Motors Ltd.
 
 
422,327
 
 
5,193,107
Japan Tobacco, Inc.
 
 
904,475
 
 
31,487,304
JFE Holdings, Inc.
 
 
426,033
 
 
4,888,971
Kawasaki Kisen Kaisha Ltd.
 
 
348,333
 
 
5,002,017
Komatsu Ltd.
 
 
418,879
 
 
14,041,457
Mitsubishi Chemical Group Corp.
 
 
686,984
 
 
3,593,393
Nippon Steel Corp.
 
 
3,387,582
 
 
13,986,882
Oracle Corp. Japan
 
 
57,104
 
 
5,272,791
SoftBank Corp.
 
 
21,281,200
 
 
30,200,496
Subaru Corp.
 
 
349,408
 
 
7,443,426
Sumitomo Corp.
 
 
484,414
 
 
14,100,845
Takeda Pharmaceutical Co. Ltd.
 
 
807,120
 
 
21,750,499
Toyota Tsusho Corp.
 
 
409,095
 
 
12,521,583
 
 
 
 
234,287,978
Netherlands - 0.5%
 
 
 
 
Koninklijke Philips NV
 
 
434,140
 
 
11,879,714
Norway - 1.8%
 
 
 
 
Equinor ASA
 
 
1,889,638
 
 
45,145,731
Singapore - 0.5%
 
 
 
 
Genting Singapore Ltd.
 
 
7,858,933
 
 
4,407,668
Jardine Cycle & Carriage Ltd.
 
 
274,294
 
 
6,846,813
 
 
 
 
11,254,481
South Korea - 1.4%
 
 
 
 
Kia Corp.
 
 
327,042
 
 
27,522,257
Korean Air Lines Co. Ltd.
 
 
143,949
 
 
2,237,916
LG Corp.
 
 
76,472
 
 
4,310,020
 
 
 
 
34,070,193
Spain - 1.9%
 
 
 
 
Endesa SA
 
 
472,183
 
 
16,921,020
Naturgy Energy Group SA
 
 
468,521
 
 
14,192,206
Telefonica SA
 
 
3,292,435
 
 
16,648,699
 
 
 
 
47,761,925
Sweden - 0.7%
 
 
 
 
H & M Hennes & Mauritz AB - Class B(b)
 
 
869,067
 
 
16,493,543
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
20
 
Pacer Global Cash Cows Dividend ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Switzerland - 6.6%
 
 
 
 
Kuehne + Nagel International AG
 
 
58,100
 
 
$11,118,235
Nestle SA
 
 
442,191
 
 
42,243,733
Novartis AG
 
 
395,271
 
 
48,758,686
Roche Holding AG
 
 
143,042
 
 
46,018,731
Swisscom AG
 
 
22,416
 
 
16,420,294
 
 
 
 
164,559,679
Thailand - 0.2%
 
 
 
 
Thai Beverage PCL
 
 
15,393,476
 
 
5,676,758
United Kingdom - 14.7%
 
 
 
 
BP PLC
 
 
9,534,741
 
 
55,401,478
British American Tobacco PLC
 
 
979,319
 
 
50,226,106
Diageo PLC
 
 
1,038,981
 
 
23,885,876
GSK PLC
 
 
1,891,760
 
 
44,249,007
Imperial Brands PLC
 
 
608,505
 
 
24,181,601
Reckitt Benckiser Group PLC
 
 
310,633
 
 
23,733,812
Rio Tinto PLC
 
 
791,861
 
 
57,069,001
Shell PLC
 
 
1,380,256
 
 
51,631,993
Tesco PLC
 
 
2,675,556
 
 
16,147,324
Vodafone Group PLC
 
 
14,688,528
 
 
17,779,601
 
 
 
 
364,305,799
United States - 30.8%(c)
 
 
 
 
AbbVie, Inc.
 
 
245,950
 
 
53,626,938
Altria Group, Inc.
 
 
788,861
 
 
44,475,983
Amgen, Inc.
 
 
160,935
 
 
48,027,832
AT&T, Inc.
 
 
1,662,838
 
 
41,155,241
Bristol-Myers Squibb Co.
 
 
964,543
 
 
44,436,496
Chevron Corp.
 
 
333,047
 
 
52,528,173
Comcast Corp. - Class A
 
 
1,345,012
 
 
37,438,409
ConocoPhillips
 
 
535,485
 
 
47,583,197
EOG Resources, Inc.
 
 
217,929
 
 
23,065,605
Exxon Mobil Corp.
 
 
447,704
 
 
51,199,430
Johnson & Johnson
 
 
301,285
 
 
56,903,698
Merck & Co., Inc.
 
 
592,135
 
 
50,911,767
PepsiCo, Inc.
 
 
358,946
 
 
52,438,421
Pfizer, Inc.
 
 
1,998,484
 
 
49,262,631
Target Corp.(b)
 
 
251,031
 
 
23,275,594
United Parcel Service, Inc. -
Class B
 
 
474,640
 
 
45,764,789
Verizon Communications, Inc.
 
 
1,065,546
 
 
42,344,798
 
 
 
 
764,439,002
TOTAL COMMON STOCKS
(Cost $2,229,179,046)
 
 
 
 
2,467,806,694
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.4%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
10,311,601
 
 
$10,311,601
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $10,311,601)
 
 
 
 
10,311,601
TOTAL INVESTMENTS - 99.8%
(Cost $2,239,490,647)
 
 
 
 
$2,478,118,295
Other Assets in Excess of
Liabilities - 0.2%
 
 
 
 
5,139,114
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,483,257,409
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PCL - Public Company Limited
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 $18,063,232 or 0.7% of the Fund’s net assets.
(b)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $9,819,865.
(c)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(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.
 
21
 
Pacer Industrial Real Estate ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - COMMON - 96.3%
 
 
 
 
Real Estate - 96.3%(a)
 
 
 
 
Big Yellow Group PLC
 
 
96,147
 
 
$1,404,546
Centuria Industrial REIT
 
 
272,379
 
 
630,891
CubeSmart
 
 
116,968
 
 
4,406,184
Dream Industrial Real Estate Investment Trust
 
 
145,425
 
 
1,253,565
EastGroup Properties, Inc.
 
 
27,369
 
 
4,776,712
ESR-REIT(b)
 
 
309,257
 
 
679,529
Extra Space Storage, Inc.
 
 
118,859
 
 
15,872,431
First Industrial Realty Trust, Inc.
 
 
67,752
 
 
3,745,331
GLP J-Reit
 
 
2,369
 
 
2,147,487
Granite Real Estate Investment Trust
 
 
31,186
 
 
1,752,580
Lexington Realty Trust
 
 
150,828
 
 
1,431,358
LondonMetric Property PLC
 
 
1,101,747
 
 
2,752,883
Mapletree Industrial Trust
 
 
1,071,508
 
 
1,753,466
Mapletree Logistics Trust
 
 
1,772,704
 
 
1,825,003
National Storage Affiliates Trust
 
 
36,275
 
 
1,055,240
National Storage REIT
 
 
661,726
 
 
995,825
Nippon Prologis REIT, Inc.
 
 
3,667
 
 
2,132,004
Prologis, Inc.
 
 
151,686
 
 
18,822,716
Public Storage(c)
 
 
59,735
 
 
16,639,782
Rexford Industrial Realty, Inc.(c)
 
 
120,927
 
 
4,996,704
Safestore Holdings PLC
 
 
110,048
 
 
1,033,674
Segro PLC
 
 
633,863
 
 
5,807,281
STAG Industrial, Inc.(c)
 
 
96,242
 
 
3,683,181
Terreno Realty Corp.
 
 
52,465
 
 
2,997,325
Tritax Big Box REIT PLC
 
 
1,139,098
 
 
2,246,142
Warehouses De Pauw CVA
 
 
94,305
 
 
2,393,578
WP Carey, Inc.
 
 
76,330
 
 
5,037,780
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $119,122,212)
 
 
 
 
112,273,198
COMMON STOCKS - 3.1%
 
 
 
 
Real Estate - 3.1%
 
 
 
 
Catena AB
 
 
21,932
 
 
1,063,328
Sagax AB - Class B
 
 
112,690
 
 
2,528,934
TOTAL COMMON STOCKS
(Cost $3,375,586)
 
 
 
 
3,592,262
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.2%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
24,723,428
 
 
$24,723,428
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $24,723,428)
 
 
 
 
24,723,428
TOTAL INVESTMENTS - 120.6%
(Cost $147,221,226)
 
 
 
 
$140,588,888
Liabilities in Excess of Other
Assets - (20.6)%
 
 
 
 
(23,988,647)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$116,600,241
 
 
 
 
 
 
 
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
REIT - Real Estate Investment Trust
(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)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $24,053,552.
(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.
 
22
 
Pacer Industrials and Logistics ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.4%
 
 
 
 
Energy - 0.8%
 
 
 
 
ADNOC Logistics & Services
 
 
2,586
 
 
$4,041
SFL Corp. Ltd.
 
 
50
 
 
373
 
 
 
 
4,414
Industrials - 84.6%(a)
 
 
 
 
ABB Ltd.
 
 
849
 
 
63,097
ANE Cayman, Inc.
 
 
403
 
 
595
AP Moller - Maersk AS - Class B
 
 
2
 
 
4,129
ArcBest Corp.
 
 
8
 
 
595
ATS Corp.(b)
 
 
34
 
 
936
AutoStore Holdings Ltd.(b)(c)
 
 
1,175
 
 
1,142
Brambles Ltd.
 
 
478
 
 
7,779
Canadian National Railway Co.
 
 
216
 
 
20,733
Canadian Pacific Kansas City Ltd.
 
 
318
 
 
22,907
CH Robinson Worldwide, Inc.(d)
 
 
41
 
 
6,314
China Merchants Port Holdings Co. Ltd.
 
 
1,469
 
 
2,843
CJ Logistics Corp.
 
 
8
 
 
463
Clarkson PLC
 
 
11
 
 
524
COSCO SHIPPING Holdings Co. Ltd. - Class H
 
 
1,027
 
 
1,783
COSCO SHIPPING Ports Ltd.
 
 
1,328
 
 
979
Costamare, Inc.
 
 
41
 
 
501
CSX Corp.
 
 
645
 
 
23,233
CTT-Correios de Portugal SA
 
 
46
 
 
401
Daifuku Co. Ltd.
 
 
133
 
 
4,254
Danaos Corp.
 
 
7
 
 
637
Deutsche Post AG
 
 
415
 
 
19,064
DSV AS
 
 
83
 
 
17,640
Expeditors International of Washington, Inc.
 
 
47
 
 
5,729
FedEx Corp.
 
 
81
 
 
20,559
Full Truck Alliance Co. Ltd. - ADR
 
 
327
 
 
4,251
GXO Logistics, Inc.(b)(d)
 
 
40
 
 
2,248
Hapag-Lloyd AG(c)
 
 
61
 
 
8,773
Hiab Oyj
 
 
19
 
 
1,053
HMM Co. Ltd.
 
 
352
 
 
5,077
Hoegh Autoliners ASA
 
 
65
 
 
584
Hyundai Glovis Co. Ltd.
 
 
26
 
 
3,445
ID Logistics Group SACA(b)
 
 
2
 
 
909
International Container Terminal Services,
Inc.
 
 
702
 
 
6,322
J&T Global Express Ltd.(b)
 
 
2,791
 
 
3,580
JB Hunt Trasport Services, Inc.
 
 
33
 
 
5,572
JD Logistics, Inc.(b)(c)
 
 
2,328
 
 
3,792
Kalmar Oyj - Class B
 
 
19
 
 
788
Kamigumi Co. Ltd.
 
 
37
 
 
1,111
Kardex Holding AG
 
 
3
 
 
1,129
Kawasaki Kisen Kaisha Ltd.
 
 
224
 
 
3,218
KION Group AG
 
 
46
 
 
3,265
Kirby Corp.(b)
 
 
20
 
 
2,070
Knight-Swift Transportation Holdings, Inc.
 
 
57
 
 
2,572
Konoike Transport Co. Ltd.
 
 
20
 
 
415
Kuehne + Nagel International AG
 
 
41
 
 
7,865
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Landstar System, Inc.
 
 
12
 
 
$1,541
Logista Integral SA
 
 
46
 
 
1,535
Mainfreight Ltd.
 
 
35
 
 
1,208
Marten Transport Ltd.
 
 
28
 
 
287
Matson, Inc.
 
 
11
 
 
1,110
Mitsubishi Logisnext Co. Ltd.
 
 
37
 
 
370
Mitsubishi Logistics Corp.
 
 
130
 
 
944
Mitsui OSK Lines Ltd.
 
 
127
 
 
3,778
Mitsui-Soko Holdings Co. Ltd.
 
 
26
 
 
683
Navios Maritime Partners LP
 
 
10
 
 
491
Nikkon Holdings Co. Ltd.
 
 
44
 
 
993
NIPPON EXPRESS HOLDINGS INC
 
 
90
 
 
1,914
Nippon Yusen KK
 
 
151
 
 
5,225
Norfolk Southern Corp.
 
 
77
 
 
21,820
Old Dominion Freight Line, Inc.
 
 
72
 
 
10,110
Orient Overseas International Ltd.
 
 
232
 
 
4,015
Pacific Basin Shipping Ltd.
 
 
1,790
 
 
592
Pan Ocean Co. Ltd.
 
 
183
 
 
492
Qube Holdings Ltd.
 
 
631
 
 
1,813
Rumo SA
 
 
636
 
 
1,890
RXO, Inc.(b)(d)
 
 
56
 
 
993
Ryder System, Inc.(d)
 
 
14
 
 
2,369
Saia, Inc.(b)
 
 
9
 
 
2,632
Sankyu, Inc.
 
 
20
 
 
1,022
Schneider National, Inc. - Class B
 
 
32
 
 
684
Seino Holdings Co. Ltd.
 
 
69
 
 
976
Senko Group Holdings Co. Ltd.
 
 
65
 
 
849
SG Holdings Co. Ltd.
 
 
225
 
 
2,069
SITC International Holdings Co. Ltd.
 
 
945
 
 
3,480
Star Bulk Carriers Corp.
 
 
40
 
 
753
Sumitomo Warehouse Co. Ltd.
 
 
27
 
 
570
Symbotic, Inc.(b)
 
 
39
 
 
3,157
TFI International, Inc.
 
 
29
 
 
2,609
Toyota Industries Corp.
 
 
113
 
 
12,341
Transcoal Pacific Tbk PT
 
 
1,714
 
 
809
TS Lines Ltd.
 
 
571
 
 
641
Union Pacific Corp.(d)
 
 
253
 
 
55,754
United Parcel Service, Inc. -
Class B
 
 
252
 
 
24,298
Wallenius Wilhelmsen ASA
 
 
145
 
 
1,136
Werner Enterprises, Inc.
 
 
21
 
 
550
Westshore Terminals Investment Corp.
 
 
21
 
 
386
Wilson Sons SA
 
 
153
 
 
526
XPO Logistics, Inc.(b)
 
 
40
 
 
5,755
Yamato Holdings Co. Ltd.
 
 
127
 
 
1,856
Yaskawa Electric Corp.
 
 
92
 
 
2,535
ZIM Integrated Shipping Services Ltd.(d)
 
 
41
 
 
631
ZTO Express Cayman, Inc.
 
 
209
 
 
3,835
 
 
 
 
488,903
Information Technology - 14.0%
 
 
 
 
Celestica, Inc.(b)
 
 
40
 
 
13,785
Cognex Corp.
 
 
58
 
 
2,401
Cybozu, Inc.
 
 
18
 
 
359
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
23
 
Pacer Industrials and Logistics ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Flex Ltd.(b)(d)
 
 
129
 
 
$8,065
Open Text Corp.
 
 
89
 
 
3,418
Sanmina Corp.(b)
 
 
18
 
 
2,467
SAP SE
 
 
194
 
 
50,258
 
 
 
 
80,753
TOTAL COMMON STOCKS
(Cost $586,702)
 
 
 
 
574,070
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.4%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(e)
 
 
71,862
 
 
71,862
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM
SECURITIES LENDING
(Cost $71,862)
 
 
 
 
71,862
TOTAL INVESTMENTS - 111.8%
(Cost $658,564)
 
 
 
 
$645,932
Liabilities in Excess of Other
Assets - (11.8)%
 
 
 
 
(68,353)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$577,579
 
 
 
 
 
 
 
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
LP - Limited Partnership
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 $13,707 or 2.4% 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 $70,727.
(e)
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.
 
24
 
Pacer Lunt Large Cap Alternator ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 2.8%
 
 
 
 
Meta Platforms, Inc. - Class A
 
 
1,083
 
 
$702,163
Trade Desk, Inc. - Class A(a)
 
 
11,205
 
 
563,387
Warner Bros Discovery, Inc.(a)
 
 
79,498
 
 
1,784,730
 
 
 
 
3,050,280
Consumer Discretionary - 11.6%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
6,331
 
 
801,125
Amazon.com, Inc.(a)
 
 
3,815
 
 
931,699
Carnival Corp.(a)
 
 
37,855
 
 
1,091,360
Deckers Outdoor Corp.(a)
 
 
8,324
 
 
678,406
DoorDash, Inc. - Class A(a)
 
 
2,967
 
 
754,716
Expedia Group, Inc.
 
 
4,789
 
 
1,053,580
MGM Resorts International(a)
 
 
26,166
 
 
838,097
Norwegian Cruise Line Holdings Ltd.(a)
 
 
43,902
 
 
984,283
Ralph Lauren Corp.
 
 
2,883
 
 
921,580
Royal Caribbean Cruises Ltd.(b)
 
 
3,217
 
 
922,732
Tapestry, Inc.
 
 
6,816
 
 
748,533
Tesla Motors, Inc.(a)
 
 
4,655
 
 
2,125,287
Williams-Sonoma, Inc.
 
 
4,319
 
 
839,354
 
 
 
 
12,690,752
Consumer Staples - 0.8%
 
 
 
 
Estee Lauder Cos., Inc. - Class A(b)
 
 
9,091
 
 
879,009
Energy - 2.6%
 
 
 
 
APA Corp.(b)
 
 
51,842
 
 
1,174,221
Devon Energy Corp.
 
 
23,503
 
 
763,613
Texas Pacific Land Corp.
 
 
931
 
 
878,287
 
 
 
 
2,816,121
Financials - 14.9%
 
 
 
 
American Express Co.
 
 
2,851
 
 
1,028,441
Apollo Global Management, Inc.
 
 
7,568
 
 
940,778
Blackstone, Inc.
 
 
5,683
 
 
833,355
Block, Inc.(a)(b)
 
 
13,671
 
 
1,038,176
Capital One Financial Corp.
 
 
4,410
 
 
970,156
Citigroup, Inc.
 
 
8,745
 
 
885,256
Citizens Financial Group, Inc.
 
 
16,811
 
 
855,176
Coinbase Global, Inc. - Class A(a)
 
 
4,876
 
 
1,676,271
Corpay, Inc.(a)
 
 
2,701
 
 
703,205
Global Payments, Inc.
 
 
8,903
 
 
692,297
Goldman Sachs Group, Inc.
 
 
1,184
 
 
934,614
Huntington Bancshares, Inc.(b)
 
 
47,944
 
 
740,255
Invesco Ltd.
 
 
44,694
 
 
1,059,248
KeyCorp.
 
 
45,733
 
 
804,444
KKR & Co., Inc.
 
 
8,031
 
 
950,308
Morgan Stanley
 
 
6,016
 
 
986,624
Synchrony Financial
 
 
14,675
 
 
1,091,527
 
 
 
 
16,190,131
Health Care - 4.2%
 
 
 
 
Align Technology, Inc.(a)
 
 
6,085
 
 
839,000
Bio-Techne Corp.
 
 
15,232
 
 
953,066
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Charles River Laboratories International, Inc.(a)
 
 
5,719
 
 
$1,029,820
Intuitive Surgical, Inc.(a)
 
 
1,632
 
 
871,945
Moderna, Inc.(a)
 
 
30,662
 
 
832,780
 
 
 
 
4,526,611
Industrials - 10.6%
 
 
 
 
Dayforce, Inc.(a)
 
 
15,314
 
 
1,052,684
Delta Air Lines, Inc.
 
 
19,851
 
 
1,139,050
Eaton Corp. PLC
 
 
2,506
 
 
956,189
Emerson Electric Co.
 
 
5,987
 
 
835,606
GE Vernova, Inc.
 
 
1,624
 
 
950,267
Howmet Aerospace, Inc.
 
 
4,430
 
 
912,359
Parker-Hannifin Corp.
 
 
1,247
 
 
963,719
Quanta Services, Inc.
 
 
2,054
 
 
922,513
Southwest Airlines Co.
 
 
25,987
 
 
787,406
Stanley Black & Decker, Inc.(b)
 
 
12,802
 
 
866,952
United Airlines Holdings, Inc.(a)
 
 
13,891
 
 
1,306,310
United Rentals, Inc.
 
 
991
 
 
863,339
 
 
 
 
11,556,394
Information Technology - 44.5%(c)
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
7,399
 
 
1,895,032
Amphenol Corp. - Class A
 
 
7,644
 
 
1,065,115
Analog Devices, Inc.
 
 
4,697
 
 
1,099,709
Applied Materials, Inc.
 
 
5,923
 
 
1,380,651
Arista Networks, Inc.(a)
 
 
7,805
 
 
1,230,770
Broadcom, Inc.
 
 
4,081
 
 
1,508,460
Cadence Design System, Inc.(a)
 
 
2,479
 
 
839,613
Crowdstrike Holdings, Inc. - Class A(a)
 
 
2,145
 
 
1,164,756
Datadog, Inc. - Class A(a)
 
 
5,951
 
 
968,882
Dell Technologies, Inc. - Class C
 
 
9,020
 
 
1,461,330
Hewlett Packard Enterprise Co.
 
 
49,635
 
 
1,212,087
Intel Corp.(a)
 
 
54,216
 
 
2,168,098
Jabil, Inc.
 
 
3,860
 
 
852,635
Keysight Technologies, Inc.(a)
 
 
5,156
 
 
943,342
KLA Corp.
 
 
1,235
 
 
1,492,794
Lam Research Corp.
 
 
12,222
 
 
1,924,476
Microchip Technology, Inc.
 
 
20,503
 
 
1,279,797
Micron Technology, Inc.
 
 
12,194
 
 
2,728,651
Monolithic Power Systems, Inc.
 
 
1,857
 
 
1,866,285
NetApp, Inc.
 
 
7,588
 
 
893,715
NVIDIA Corp.
 
 
7,210
 
 
1,459,953
NXP Semiconductors NV
 
 
5,384
 
 
1,125,902
ON Semiconductor Corp.(a)
 
 
26,953
 
 
1,349,806
Oracle Corp.
 
 
3,484
 
 
914,933
Palantir Technologies, Inc. - Class A(a)
 
 
7,314
 
 
1,466,238
Palo Alto Networks, Inc.(a)
 
 
4,452
 
 
980,509
Qualcomm, Inc.
 
 
6,649
 
 
1,202,804
Seagate Technology Holdings PLC
 
 
5,756
 
 
1,472,845
ServiceNow, Inc.(a)
 
 
924
 
 
849,415
Skyworks Solutions, Inc.(b)
 
 
15,229
 
 
1,183,598
Super Micro Computer, Inc.(a)
 
 
27,158
 
 
1,411,130
Synopsys, Inc.(a)
 
 
1,457
 
 
661,216
Teradyne, Inc.
 
 
10,883
 
 
1,978,094
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
25
 
Pacer Lunt Large Cap Alternator ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Texas Instruments, Inc.
 
 
4,753
 
 
$767,419
Trimble, Inc.(a)
 
 
9,916
 
 
790,801
Western Digital Corp.
 
 
14,035
 
 
2,108,197
Zebra Technologies Corp. - Class A(a)
 
 
3,122
 
 
840,599
 
 
 
 
48,539,657
Materials - 4.7%
 
 
 
 
Albemarle Corp.(b)
 
 
15,482
 
 
1,520,797
Dow, Inc.(b)
 
 
35,612
 
 
849,346
DuPont de Nemours, Inc.
 
 
11,143
 
 
909,826
Freeport-McMoRan, Inc.
 
 
23,818
 
 
993,210
Nucor Corp.
 
 
5,572
 
 
836,079
 
 
 
 
5,109,258
Utilities - 3.3%
 
 
 
 
Constellation Energy Corp.
 
 
3,089
 
 
1,164,553
NRG Energy, Inc.
 
 
7,018
 
 
1,206,114
Vistra Corp.
 
 
6,464
 
 
1,217,171
 
 
 
 
3,587,838
TOTAL COMMON STOCKS
(Cost $86,553,847)
 
 
 
 
108,946,051
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.2%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
8,978,009
 
 
8,978,009
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $8,978,009)
 
 
 
 
8,978,009
TOTAL INVESTMENTS - 108.2%
(Cost $95,531,856)
 
 
 
 
$117,924,060
Liabilities in Excess of Other
Assets - (8.2)%
 
 
 
 
(8,936,959)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$108,987,101
 
 
 
 
 
 
 
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 $8,791,821.
(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.
 
26
 
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8%
 
 
 
 
Communication Services - 3.9%
 
 
 
 
Charter Communications, Inc. - Class A(a)(b)
 
 
3,315
 
 
$775,180
Comcast Corp. - Class A
 
 
121,859
 
 
3,391,945
Fox Corp. - Class A(b)
 
 
4,559
 
 
294,739
Match Group, Inc.(b)
 
 
4,074
 
 
131,753
Omnicom Group, Inc.
 
 
5,001
 
 
375,175
Paramount Skydance Corp.(b)
 
 
18,379
 
 
282,853
Verizon Communications, Inc.
 
 
110,732
 
 
4,400,490
Warner Bros Discovery, Inc.(a)
 
 
45,055
 
 
1,011,485
 
 
 
 
10,663,620
Consumer Discretionary - 15.8%
 
 
 
 
Aptiv PLC(a)
 
 
6,563
 
 
532,259
AutoZone, Inc.(a)(b)
 
 
349
 
 
1,282,376
Best Buy Co., Inc.
 
 
5,566
 
 
457,191
Booking Holdings, Inc.
 
 
498
 
 
2,528,714
Caesars Entertainment, Inc.(a)(b)
 
 
2,915
 
 
58,591
CarMax, Inc.(a)(b)
 
 
6,626
 
 
277,696
Domino’s Pizza, Inc.
 
 
684
 
 
272,547
DR Horton, Inc.
 
 
8,588
 
 
1,280,299
Ford Motor Co.
 
 
247,449
 
 
3,249,005
General Motors Co.
 
 
54,918
 
 
3,794,285
Hilton Worldwide Holdings, Inc.
 
 
4,251
 
 
1,092,337
Home Depot, Inc.
 
 
12,962
 
 
4,920,246
Lennar Corp. - Class A
 
 
8,284
 
 
1,025,311
LKQ Corp.
 
 
7,098
 
 
226,852
Lowe’s Cos., Inc.
 
 
10,176
 
 
2,423,211
Marriott International, Inc. - Class A
 
 
4,134
 
 
1,077,238
McDonald’s Corp.
 
 
14,695
 
 
4,385,429
MGM Resorts International(a)
 
 
9,099
 
 
291,441
Mohawk Industries, Inc.(a)
 
 
1,984
 
 
225,462
Norwegian Cruise Line Holdings
Ltd.(a)
 
 
15,578
 
 
349,259
O’Reilly Automotive, Inc.(a)
 
 
16,802
 
 
1,586,781
PulteGroup, Inc.
 
 
6,111
 
 
732,526
Starbucks Corp.
 
 
19,917
 
 
1,610,688
Tesla Motors, Inc.(a)
 
 
18,501
 
 
8,446,816
Wynn Resorts Ltd.
 
 
1,568
 
 
186,576
Yum! Brands, Inc.(b)
 
 
5,507
 
 
761,122
 
 
 
 
43,074,258
Consumer Staples - 4.7%
 
 
 
 
Altria Group, Inc.
 
 
31,477
 
 
1,774,673
Archer-Daniels-Midland Co.
 
 
20,230
 
 
1,224,522
Bunge Global SA
 
 
6,862
 
 
649,145
Campbell's Co.(b)
 
 
2,756
 
 
83,038
Conagra Brands, Inc.
 
 
11,032
 
 
189,640
Dollar General Corp.
 
 
4,742
 
 
467,846
J M Smucker Co.
 
 
2,004
 
 
207,514
Kroger Co.
 
 
21,295
 
 
1,355,001
Lamb Weston Holdings, Inc.(b)
 
 
1,677
 
 
103,521
Molson Coors Beverage Co. - Class B
 
 
6,666
 
 
291,438
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Philip Morris International, Inc.(b)
 
 
24,843
 
 
$3,585,590
Target Corp.
 
 
15,420
 
 
1,429,743
The Kraft Heinz Co.
 
 
30,069
 
 
743,606
Tyson Foods, Inc. - Class A
 
 
11,072
 
 
569,212
 
 
 
 
12,674,489
Energy - 12.2%
 
 
 
 
APA Corp.
 
 
16,760
 
 
379,614
Chevron Corp.
 
 
36,619
 
 
5,775,549
ConocoPhillips
 
 
42,747
 
 
3,798,499
Devon Energy Corp.
 
 
25,476
 
 
827,715
Diamondback Energy, Inc.
 
 
8,110
 
 
1,161,271
EQT Corp.
 
 
9,146
 
 
490,043
Expand Energy Corp.
 
 
3,242
 
 
334,931
Exxon Mobil Corp.
 
 
101,595
 
 
11,618,404
Halliburton Co.
 
 
26,560
 
 
712,870
Marathon Petroleum Corp.
 
 
8,887
 
 
1,732,165
Occidental Petroleum Corp.
 
 
20,432
 
 
841,799
ONEOK, Inc.(b)
 
 
9,190
 
 
615,730
Phillips 66
 
 
13,166
 
 
1,792,419
SLB Ltd.
 
 
30,737
 
 
1,108,376
Targa Resources Corp.
 
 
2,381
 
 
366,769
Texas Pacific Land Corp.
 
 
218
 
 
205,657
Valero Energy Corp.
 
 
9,700
 
 
1,644,732
 
 
 
 
33,406,543
Financials - 28.1%(c)
 
 
 
 
Allstate Corp.
 
 
6,357
 
 
1,217,493
Arch Capital Group Ltd.
 
 
10,394
 
 
897,106
Assurant, Inc.
 
 
1,243
 
 
263,168
Bank of America Corp.
 
 
225,229
 
 
12,038,490
Bank of New York Mellon Corp.
 
 
6,923
 
 
747,199
Berkshire Hathaway, Inc. - Class B(a)
 
 
13,551
 
 
6,471,145
Chubb Ltd.
 
 
7,965
 
 
2,205,827
Citigroup, Inc.
 
 
85,601
 
 
8,665,389
Citizens Financial Group, Inc.
 
 
13,109
 
 
666,855
Everest Group Ltd.
 
 
1,326
 
 
417,054
Fifth Third Bancorp(b)
 
 
15,518
 
 
645,859
Franklin Resources, Inc.(b)
 
 
7,520
 
 
170,027
Global Payments, Inc.
 
 
7,583
 
 
589,654
Globe Life, Inc.
 
 
2,170
 
 
285,377
Goldman Sachs Group, Inc.
 
 
5,728
 
 
4,521,511
Hartford Financial Services Group, Inc.
 
 
6,493
 
 
806,301
Huntington Bancshares, Inc.(b)
 
 
35,781
 
 
552,459
Invesco Ltd.
 
 
15,312
 
 
362,894
JPMorgan Chase & Co.
 
 
22,504
 
 
7,001,444
KeyCorp
 
 
8,889
 
 
156,358
KKR & Co., Inc.
 
 
6,819
 
 
806,892
Loews Corp.
 
 
5,154
 
 
513,132
M&T Bank Corp.
 
 
4,333
 
 
796,709
MetLife, Inc.
 
 
15,744
 
 
1,256,686
Morgan Stanley
 
 
17,532
 
 
2,875,248
MSCI, Inc.
 
 
1,994
 
 
1,173,569
Northern Trust Corp.
 
 
4,825
 
 
620,833
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
27
 
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - (Continued)
PNC Financial Services Group, Inc.
 
 
9,315
 
 
$1,700,453
Prudential Financial, Inc.
 
 
14,440
 
 
1,501,760
Regions Financial Corp.
 
 
24,910
 
 
602,822
State Street Corp.(b)
 
 
11,314
 
 
1,308,577
Synchrony Financial
 
 
10,706
 
 
796,312
Travelers Cos., Inc.(b)
 
 
4,875
 
 
1,309,522
Truist Financial Corp.
 
 
39,379
 
 
1,757,485
US Bancorp
 
 
41,556
 
 
1,939,834
Wells Fargo & Co.(b)
 
 
104,902
 
 
9,123,327
 
 
 
 
76,764,771
Health Care - 12.8%
 
 
 
 
Biogen, Inc.(a)
 
 
3,898
 
 
601,344
Boston Scientific Corp.(a)
 
 
15,191
 
 
1,530,038
Cardinal Health, Inc.
 
 
10,242
 
 
1,953,866
Cencora, Inc.
 
 
4,207
 
 
1,421,167
Centene Corp.(a)
 
 
26,477
 
 
936,492
Cigna Group
 
 
9,713
 
 
2,373,954
CVS Health Corp.
 
 
54,066
 
 
4,225,258
DaVita, Inc.(a)(b)
 
 
775
 
 
92,241
Elevance Health, Inc.
 
 
7,112
 
 
2,255,926
HCA Healthcare, Inc.
 
 
3,517
 
 
1,616,695
Humana, Inc.
 
 
4,649
 
 
1,293,305
Intuitive Surgical, Inc.(a)
 
 
4,404
 
 
2,352,969
McKesson Corp.
 
 
5,257
 
 
4,265,214
Mettler-Toledo International, Inc.(a)
 
 
367
 
 
519,778
Molina Healthcare, Inc.(a)(b)
 
 
1,645
 
 
251,784
Quest Diagnostics, Inc.
 
 
1,166
 
 
205,158
UnitedHealth Group, Inc.
 
 
21,324
 
 
7,283,425
Universal Health Services, Inc. -
Class B
 
 
1,924
 
 
417,527
Vertex Pharmaceuticals, Inc.(a)
 
 
3,351
 
 
1,426,085
 
 
 
 
35,022,226
Industrials - 5.1%
 
 
 
 
Axon Enterprise, Inc.(a)
 
 
883
 
 
646,559
Boeing Co.(a)
 
 
15,100
 
 
3,035,402
Carrier Global Corp.
 
 
9,107
 
 
541,776
Delta Air Lines, Inc.
 
 
23,632
 
 
1,356,004
FedEx Corp.
 
 
6,237
 
 
1,583,075
Honeywell International, Inc.
 
 
6,828
 
 
1,374,681
Huntington Ingalls Industries, Inc.
 
 
967
 
 
311,393
Ingersoll Rand, Inc.
 
 
4,183
 
 
319,289
Masco Corp.(b)
 
 
3,507
 
 
227,113
Nordson Corp.
 
 
530
 
 
122,934
Otis Worldwide Corp.
 
 
7,584
 
 
703,492
Stanley Black & Decker, Inc.(b)
 
 
4,157
 
 
281,512
TransDigm Group, Inc.
 
 
902
 
 
1,180,276
United Airlines Holdings, Inc.(a)
 
 
12,953
 
 
1,218,100
Waste Management, Inc.
 
 
5,325
 
 
1,063,775
 
 
 
 
13,965,381
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Information Technology - 11.0%
 
 
 
 
Broadcom, Inc.
 
 
23,970
 
 
$8,860,031
Cadence Design System, Inc.(a)
 
 
2,747
 
 
930,381
Cisco Systems, Inc.
 
 
47,714
 
 
3,488,371
Dell Technologies, Inc. - Class C
 
 
5,964
 
 
966,228
EPAM Systems, Inc.(a)
 
 
636
 
 
104,011
Fair Isaac Corp.(a)
 
 
452
 
 
750,108
Hewlett Packard Enterprise Co.
 
 
53,316
 
 
1,301,977
HP, Inc.
 
 
44,944
 
 
1,243,600
Microsoft Corp.
 
 
12,826
 
 
6,641,431
Oracle Corp.
 
 
15,873
 
 
4,168,408
Seagate Technology Holdings PLC
 
 
3,101
 
 
793,484
Super Micro Computer, Inc.(a)
 
 
6,390
 
 
332,024
VeriSign, Inc.
 
 
1,166
 
 
279,607
 
 
 
 
29,859,661
Materials - 1.6%
 
 
 
 
Air Products & Chemicals, Inc.
 
 
2,509
 
 
608,658
Dow, Inc.(b)
 
 
18,419
 
 
439,293
Eastman Chemical Co.
 
 
3,426
 
 
203,916
LyondellBasell Industries NV - Class A
 
 
7,739
 
 
359,244
Martin Marietta Materials, Inc.
 
 
716
 
 
438,980
Mosaic Co.
 
 
8,490
 
 
233,051
Nucor Corp.
 
 
5,802
 
 
870,590
Smurfit WestRock PLC
 
 
7,638
 
 
281,995
Solstice Advanced Materials, Inc.(a)
 
 
1,707
 
 
76,934
Steel Dynamics, Inc.
 
 
2,848
 
 
446,566
Vulcan Materials Co.
 
 
1,437
 
 
416,012
 
 
 
 
4,375,239
Utilities - 2.6%
 
 
 
 
AES Corp.
 
 
32,234
 
 
447,086
CenterPoint Energy, Inc.(b)
 
 
7,125
 
 
272,460
CMS Energy Corp.
 
 
2,812
 
 
206,823
Edison International
 
 
14,076
 
 
779,529
Eversource Energy
 
 
3,636
 
 
268,373
Exelon Corp.
 
 
21,363
 
 
985,261
FirstEnergy Corp.
 
 
4,982
 
 
228,325
NextEra Energy, Inc.
 
 
19,273
 
 
1,568,822
NiSource, Inc.
 
 
4,639
 
 
195,348
PG&E Corp.
 
 
87,749
 
 
1,400,474
Vistra Corp.
 
 
3,816
 
 
718,553
 
 
 
 
7,071,054
TOTAL COMMON STOCKS
(Cost $254,591,170)
 
 
 
 
266,877,242
REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.1%
 
 
 
 
Real Estate - 2.1%
 
 
 
 
American Tower Corp.
 
 
8,562
 
 
1,532,427
BXP, Inc.(b)
 
 
1,796
 
 
127,857
Crown Castle, Inc.(b)
 
 
11,019
 
 
994,134
Iron Mountain, Inc.
 
 
7,171
 
 
738,255
SBA Communications Corp.
 
 
2,784
 
 
533,080
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
28
 
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS -
COMMON - (Continued)
Real Estate - (Continued)
Simon Property Group, Inc.
 
 
4,488
 
 
$788,811
UDR, Inc.
 
 
3,218
 
 
108,414
Ventas, Inc.
 
 
4,214
 
 
310,951
VICI Properties, Inc.(b)
 
 
23,739
 
 
711,933
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $6,491,695)
 
 
 
 
5,845,862
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
23,952,630
 
 
23,952,630
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $23,952,630)
 
 
 
 
23,952,630
TOTAL INVESTMENTS - 108.7%
(Cost $285,035,495)
 
 
 
 
$296,675,734
Liabilities in Excess of Other
Assets - (8.7)%
 
 
 
 
(23,717,447)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$272,958,287
 
 
 
 
 
 
 
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 $23,497,355.
(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.
 
29
 
Pacer Lunt MidCap Multi-Factor Alternator ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 84.2%
 
 
 
 
Communication Services - 1.2%
 
 
 
 
New York Times Co. - Class A
 
 
5,606
 
 
$319,486
Warner Music Group Corp. - Class A(a)
 
 
10,590
 
 
338,456
 
 
 
 
657,942
Consumer Discretionary - 7.5%
 
 
 
 
Abercrombie & Fitch Co. - Class A(b)
 
 
1,998
 
 
144,955
Autoliv, Inc.
 
 
2,843
 
 
332,062
Chewy, Inc. - Class A(b)
 
 
12,352
 
 
416,509
Choice Hotels International, Inc.(a)
 
 
2,474
 
 
229,983
Columbia Sportswear Co.(a)
 
 
1,460
 
 
72,460
Crocs, Inc.(a)(b)
 
 
2,840
 
 
232,000
GameStop Corp. - Class A(a)(b)
 
 
17,121
 
 
381,627
Grand Canyon Education, Inc.(b)
 
 
1,798
 
 
338,563
Mattel, Inc.(b)
 
 
11,970
 
 
220,009
Murphy USA, Inc.(a)
 
 
813
 
 
291,217
Service Corp. International
 
 
4,380
 
 
365,774
Texas Roadhouse, Inc.
 
 
2,761
 
 
451,644
TopBuild Corp.(b)
 
 
1,106
 
 
467,263
Valvoline, Inc.(b)
 
 
4,490
 
 
148,215
Visteon Corp.
 
 
1,000
 
 
107,160
YETI Holdings, Inc.(a)(b)
 
 
2,860
 
 
97,211
 
 
 
 
4,296,652
Consumer Staples - 5.6%
 
 
 
 
Albertsons Cos., Inc. - Class A(a)
 
 
16,152
 
 
285,729
Boston Beer Co., Inc. - Class A(b)
 
 
360
 
 
74,516
Celsius Holdings, Inc.(b)
 
 
5,500
 
 
331,265
Flowers Foods, Inc.(a)
 
 
23,730
 
 
283,099
Ingredion, Inc.
 
 
5,614
 
 
647,912
Lancaster Colony Corp.
 
 
730
 
 
114,457
Performance Food Group Co.(b)
 
 
3,126
 
 
302,409
Pilgrim’s Pride Corp.(a)
 
 
2,286
 
 
87,097
Post Holdings, Inc.(a)(b)
 
 
4,326
 
 
449,601
Sprouts Farmers Market, Inc.(b)
 
 
4,122
 
 
325,473
US Foods Holding Corp.(b)
 
 
4,220
 
 
306,456
 
 
 
 
3,208,014
Energy - 0.8%
 
 
 
 
Antero Midstream Corp.
 
 
16,408
 
 
283,038
Weatherford International PLC(a)
 
 
2,389
 
 
176,046
 
 
 
 
459,084
Financials - 15.8%
 
 
 
 
American Financial Group, Inc.
 
 
5,485
 
 
722,265
Commerce Bancshares, Inc.
 
 
5,426
 
 
285,570
Essent Group Ltd.
 
 
9,792
 
 
593,101
Evercore, Inc. - Class A
 
 
1,458
 
 
429,469
Federated Hermes, Inc.
 
 
10,943
 
 
530,517
Fidelity National Financial, Inc.
 
 
5,650
 
 
312,106
First American Financial Corp.
 
 
5,208
 
 
325,552
First Financial Bankshares, Inc.
 
 
4,500
 
 
139,005
FirstCash Holdings, Inc.
 
 
2,372
 
 
375,962
Hamilton Lane, Inc. - Class A
 
 
2,290
 
 
260,968
Hanover Insurance Group, Inc.
 
 
2,005
 
 
342,614
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Houlihan Lokey, Inc.
 
 
2,186
 
 
$391,469
Kinsale Capital Group, Inc.
 
 
1,102
 
 
440,216
MGIC Investment Corp.
 
 
21,520
 
 
590,078
Morningstar, Inc.
 
 
2,440
 
 
518,012
Old Republic International Corp.
 
 
10,475
 
 
413,344
Primerica, Inc.
 
 
1,250
 
 
324,838
Prosperity Bancshares, Inc.
 
 
5,016
 
 
330,153
RenaissanceRe Holdings Ltd.
 
 
1,866
 
 
474,132
RLI Corp.
 
 
9,023
 
 
531,996
SEI Investments Co.
 
 
8,726
 
 
703,403
 
 
 
 
9,034,770
Health Care - 9.5%
 
 
 
 
Avantor, Inc.(b)
 
 
24,270
 
 
286,871
Chemed Corp.
 
 
613
 
 
264,387
Doximity, Inc. - Class A(b)
 
 
5,026
 
 
331,716
Encompass Health Corp.
 
 
2,670
 
 
303,980
Ensign Group, Inc.
 
 
1,954
 
 
351,915
Exelixis, Inc.(b)
 
 
13,579
 
 
525,100
Halozyme Therapeutics, Inc.(b)
 
 
4,580
 
 
298,570
Hims & Hers Health, Inc.(a)(b)
 
 
8,489
 
 
385,910
Lantheus Holdings, Inc.(a)(b)
 
 
2,240
 
 
129,226
Medpace Holdings, Inc.(b)
 
 
1,976
 
 
1,155,782
Penumbra, Inc.(b)
 
 
1,710
 
 
388,803
United Therapeutics Corp.(b)
 
 
2,324
 
 
1,035,179
 
 
 
 
5,457,439
Industrials - 21.8%
 
 
 
 
Acuity, Inc.
 
 
1,128
 
 
411,776
AECOM
 
 
7,797
 
 
1,047,527
Applied Industrial Technologies, Inc.
 
 
1,371
 
 
352,470
BWX Technologies, Inc.
 
 
3,188
 
 
680,989
Carlisle Cos., Inc.
 
 
3,385
 
 
1,100,294
Comfort Systems USA, Inc.
 
 
1,602
 
 
1,546,859
Donaldson Co., Inc.
 
 
10,391
 
 
875,442
EnerSys
 
 
1,340
 
 
169,054
Exponent, Inc.
 
 
6,586
 
 
466,355
Fluor Corp.(a)(b)
 
 
5,771
 
 
281,452
FTI Consulting, Inc.(b)
 
 
3,244
 
 
535,292
GATX Corp.
 
 
2,196
 
 
344,443
Genpact Ltd.
 
 
5,970
 
 
227,756
Graco, Inc.
 
 
10,369
 
 
847,873
Insperity, Inc.
 
 
1,860
 
 
82,063
Landstar System, Inc.
 
 
3,770
 
 
484,181
Lincoln Electric Holdings, Inc.
 
 
2,080
 
 
487,656
MSA Safety, Inc.
 
 
3,550
 
 
557,457
MSC Industrial Direct Co., Inc. -
Class A
 
 
1,620
 
 
137,554
NEXTracker, Inc. - Class A(b)
 
 
5,869
 
 
594,060
Paylocity Holding Corp.(b)
 
 
1,694
 
 
239,311
RB Global, Inc.
 
 
3,000
 
 
297,660
Toro Co.
 
 
4,672
 
 
349,139
Valmont Industries, Inc.
 
 
883
 
 
365,059
 
 
 
 
12,481,722
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
30
 
Pacer Lunt MidCap Multi-Factor Alternator ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - 3.8%
 
 
 
 
Commvault Systems, Inc.(b)
 
 
1,630
 
 
$226,929
Docusign, Inc.(b)
 
 
8,128
 
 
594,482
Manhattan Associates, Inc.(b)
 
 
3,919
 
 
713,532
Pegasystems, Inc.
 
 
3,630
 
 
231,049
Qualys, Inc.(b)
 
 
1,480
 
 
182,425
Vontier Corp.
 
 
5,270
 
 
202,895
 
 
 
 
2,151,312
Materials - 5.3%
 
 
 
 
AptarGroup, Inc.
 
 
2,770
 
 
321,348
Cabot Corp.
 
 
2,060
 
 
139,009
Crown Holdings, Inc.(a)
 
 
3,656
 
 
355,290
Eagle Materials, Inc.(a)
 
 
1,400
 
 
297,248
Louisiana-Pacific Corp.
 
 
2,710
 
 
236,068
NewMarket Corp.
 
 
471
 
 
361,681
Royal Gold, Inc.
 
 
2,692
 
 
470,534
RPM International, Inc.
 
 
7,882
 
 
861,345
 
 
 
 
3,042,523
Utilities - 12.9%
 
 
 
 
ALLETE, Inc.
 
 
22,070
 
 
1,485,973
Black Hills Corp.
 
 
7,472
 
 
473,949
Essential Utilities, Inc.
 
 
10,378
 
 
405,053
IDACORP, Inc.(a)
 
 
3,630
 
 
468,343
National Fuel Gas Co.
 
 
4,595
 
 
362,591
New Jersey Resources Corp.
 
 
9,906
 
 
438,836
Northwestern Energy Group, Inc.
 
 
7,645
 
 
456,177
OGE Energy Corp.
 
 
9,991
 
 
441,003
ONE Gas, Inc.
 
 
5,556
 
 
445,536
Ormat Technologies, Inc.
 
 
3,888
 
 
413,567
Portland General Electric Co.
 
 
10,343
 
 
472,468
Southwest Gas Holdings, Inc.
 
 
4,462
 
 
354,729
Spire, Inc.(a)
 
 
5,390
 
 
465,696
TXNM Energy, Inc.
 
 
6,884
 
 
391,011
UGI Corp.
 
 
8,686
 
 
290,373
 
 
 
 
7,365,305
TOTAL COMMON STOCKS
(Cost $49,129,370)
 
 
 
 
48,154,763
REAL ESTATE INVESTMENT TRUSTS - COMMON - 15.7%
 
 
 
 
Financials - 1.3%
 
 
 
 
Annaly Capital Management, Inc.
 
 
18,692
 
 
395,709
Starwood Property Trust, Inc.
 
 
20,243
 
 
368,018
 
 
 
 
763,727
Real Estate - 14.4%
 
 
 
 
Agree Realty Corp.(a)
 
 
6,408
 
 
467,848
American Homes 4 Rent - Class A
 
 
11,156
 
 
352,530
Brixmor Property Group, Inc.
 
 
13,120
 
 
343,219
COPT Defense Properties(a)
 
 
15,074
 
 
424,635
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Cousins Properties, Inc.
 
 
12,609
 
 
$326,951
CubeSmart
 
 
8,766
 
 
330,215
EastGroup Properties, Inc.
 
 
2,260
 
 
394,438
EPR Properties(a)
 
 
7,135
 
 
349,758
Equity LifeStyle Properties, Inc.(a)
 
 
6,682
 
 
407,936
First Industrial Realty Trust, Inc.
 
 
7,144
 
 
394,920
Gaming and Leisure Properties, Inc.
 
 
10,306
 
 
460,266
Healthcare Realty Trust, Inc.(a)
 
 
21,674
 
 
384,063
Independence Realty Trust, Inc.
 
 
20,886
 
 
332,714
Kite Realty Group Trust(a)
 
 
15,780
 
 
349,369
Lamar Advertising Co. - Class A - Class A
 
 
2,615
 
 
310,113
National Storage Affiliates Trust
 
 
10,168
 
 
295,787
NNN REIT, Inc.(a)
 
 
10,086
 
 
408,080
Omega Healthcare Investors, Inc.(a)
 
 
9,748
 
 
409,708
Rayonier, Inc.
 
 
14,690
 
 
324,208
Sabra Health Care REIT, Inc.
 
 
19,058
 
 
339,614
STAG Industrial, Inc.
 
 
10,276
 
 
393,263
WP Carey, Inc.
 
 
6,360
 
 
419,760
 
 
 
 
8,219,395
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $9,344,032)
 
 
 
 
8,983,122
 
 
Contracts
 
 
WARRANTS - 0.0%(c)
 
 
 
 
Consumer Discretionary - 0.0%(c)
 
 
 
 
GameStop Corp., Expires 10/30/2026, Exercise Price $32.00(b)
 
 
1,694
 
 
5,082
TOTAL WARRANTS
(Cost $0)
 
 
 
 
5,082
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
7,908,768
 
 
7,908,768
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $7,908,768)
 
 
 
 
7,908,768
TOTAL INVESTMENTS - 113.7%
(Cost $66,382,170)
 
 
 
 
$65,051,735
Liabilities in Excess of Other
Assets - (13.7)%
 
 
 
 
(7,851,628)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$57,200,107
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
31
 
Pacer Lunt MidCap Multi-Factor Alternator ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
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
REIT - Real Estate Investment Trust
(a)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $7,760,326.
(b)
Non-income producing security.
(c)
Represents less than 0.05% of 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.
 
32
 
Pacer MSCI World Industry Advantage ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.1%
 
 
 
 
Communication Services - 15.4%
 
 
 
 
Alphabet, Inc. - Class A
 
 
154
 
 
$43,303
Alphabet, Inc. - Class C(a)
 
 
130
 
 
36,637
Charter Communications, Inc. -
Class A(a)(b)
 
 
2
 
 
468
Comcast Corp. - Class A
 
 
99
 
 
2,756
Electronic Arts, Inc.
 
 
6
 
 
1,200
Fox Corp. - Class A(a)
 
 
6
 
 
388
Fox Corp. - Class B
 
 
4
 
 
234
KDDI Corp.
 
 
83
 
 
1,326
Liberty Media Corp.-Liberty Formula One - Class C(b)
 
 
6
 
 
599
Live Nation Entertainment, Inc.(b)
 
 
4
 
 
598
Meta Platforms, Inc. - Class A
 
 
58
 
 
37,604
Netflix, Inc.(b)
 
 
11
 
 
12,307
News Corp. - Class A
 
 
10
 
 
265
NTT, Inc.
 
 
793
 
 
815
Omnicom Group, Inc.(a)
 
 
5
 
 
375
Pinterest, Inc. - Class A(b)
 
 
16
 
 
530
Reddit, Inc. - Class A(a)(b)
 
 
3
 
 
627
ROBLOX Corp. - Class A(b)
 
 
15
 
 
1,706
Snap, Inc. - Class A(b)
 
 
28
 
 
218
SoftBank Corp.
 
 
761
 
 
1,080
SoftBank Group Corp.
 
 
25
 
 
4,390
Take-Two Interactive Software, Inc.(b)
 
 
5
 
 
1,282
Trade Desk, Inc. - Class A(b)
 
 
12
 
 
603
Walt Disney Co.
 
 
48
 
 
5,406
Warner Bros Discovery, Inc.(b)
 
 
62
 
 
1,392
 
 
 
 
156,109
Consumer Discretionary - 12.5%
 
 
 
 
Airbnb, Inc. - Class A(b)
 
 
11
 
 
1,392
Aisin Corp.
 
 
13
 
 
234
Amazon.com, Inc.(b)
 
 
205
 
 
50,065
Best Buy Co., Inc.
 
 
5
 
 
411
Booking Holdings, Inc.
 
 
1
 
 
5,078
Bridgestone Corp.
 
 
15
 
 
658
Burlington Stores, Inc.(b)
 
 
2
 
 
547
Carnival Corp.(b)
 
 
28
 
 
807
Carvana Co.(a)(b)
 
 
3
 
 
920
Chipotle Mexican Grill, Inc.(b)
 
 
36
 
 
1,141
Darden Restaurants, Inc.
 
 
3
 
 
540
Denso Corp.
 
 
46
 
 
645
Dick’s Sporting Goods, Inc.
 
 
2
 
 
443
Domino’s Pizza, Inc.
 
 
1
 
 
398
DoorDash, Inc. - Class A(b)
 
 
10
 
 
2,544
DraftKings, Inc. - Class A(b)
 
 
12
 
 
367
eBay, Inc.
 
 
12
 
 
976
Expedia Group, Inc.
 
 
3
 
 
660
Flutter Entertainment PLC(b)
 
 
5
 
 
1,163
Genuine Parts Co.
 
 
4
 
 
509
Hermes International SCA
 
 
1
 
 
2,477
Hilton Worldwide Holdings, Inc.
 
 
6
 
 
1,542
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Home Depot, Inc.
 
 
27
 
 
$10,249
Honda Motor Co. Ltd.
 
 
105
 
 
1,063
Hyatt Hotels Corp. - Class A
 
 
1
 
 
137
Isuzu Motors Ltd.
 
 
14
 
 
172
Kering
 
 
2
 
 
707
Las Vegas Sands Corp.
 
 
9
 
 
534
Lowe’s Cos., Inc.
 
 
15
 
 
3,572
LVMH Moet Hennessy Louis Vuitton SE
 
 
7
 
 
4,939
Marriott International, Inc. - Class A(a)
 
 
6
 
 
1,564
McDonald’s Corp.(a)
 
 
19
 
 
5,670
MercadoLibre, Inc.(b)
 
 
1
 
 
2,327
Nissan Motor Co. Ltd.(b)
 
 
59
 
 
135
O’Reilly Automotive, Inc.(a)(b)
 
 
23
 
 
2,172
Pool Corp.
 
 
1
 
 
267
Ross Stores, Inc.
 
 
9
 
 
1,430
Royal Caribbean Cruises Ltd.
 
 
7
 
 
2,008
Starbucks Corp.(a)
 
 
30
 
 
2,426
Subaru Corp.
 
 
16
 
 
341
Sumitomo Electric Industries Ltd.
 
 
19
 
 
697
Suzuki Motor Corp.
 
 
42
 
 
629
TJX Cos., Inc.
 
 
30
 
 
4,204
Toyota Motor Corp.
 
 
252
 
 
5,131
Tractor Supply Co.(a)
 
 
14
 
 
758
Ulta Beauty, Inc.(b)
 
 
1
 
 
520
Williams-Sonoma, Inc.
 
 
3
 
 
583
Yamaha Motor Co. Ltd.
 
 
24
 
 
174
Yum! Brands, Inc.
 
 
7
 
 
968
 
 
 
 
126,894
Consumer Staples - 3.9%
 
 
 
 
Albertsons Cos., Inc. - Class A(a)
 
 
10
 
 
177
Costco Wholesale Corp.
 
 
12
 
 
10,937
Dollar General Corp.
 
 
6
 
 
592
Dollar Tree, Inc.(a)(b)
 
 
5
 
 
496
Kroger Co.
 
 
17
 
 
1,082
Nestle SA
 
 
68
 
 
6,496
Reckitt Benckiser Group PLC
 
 
18
 
 
1,375
Sysco Corp.
 
 
13
 
 
966
Target Corp.(a)
 
 
12
 
 
1,113
Unilever PLC
 
 
65
 
 
3,918
Walmart, Inc.
 
 
117
 
 
11,838
 
 
 
 
38,990
Energy - 1.1%
 
 
 
 
ARC Resources Ltd.
 
 
16
 
 
295
Cameco Corp.
 
 
12
 
 
1,226
Canadian Natural Resources Ltd.
 
 
56
 
 
1,792
Cenovus Energy, Inc.
 
 
36
 
 
608
Enbridge, Inc.(a)
 
 
58
 
 
2,705
Imperial Oil Ltd.
 
 
5
 
 
442
Keyera Corp.
 
 
6
 
 
177
Pembina Pipeline Corp.
 
 
15
 
 
567
Suncor Energy, Inc.
 
 
33
 
 
1,314
TC Energy Corp.
 
 
28
 
 
1,405
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
33
 
Pacer MSCI World Industry Advantage ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Energy - (Continued)
Tourmaline Oil Corp.
 
 
10
 
 
$440
Whitecap Resources, Inc.
 
 
33
 
 
246
 
 
 
 
11,217
Financials - 14.0%
 
 
 
 
Affirm Holdings, Inc.(b)
 
 
7
 
 
503
Allianz SE
 
 
10
 
 
4,014
American Express Co.
 
 
15
 
 
5,411
Ameriprise Financial, Inc.
 
 
3
 
 
1,358
Apollo Global Management, Inc.
 
 
11
 
 
1,367
Ares Management Corp. - Class A
 
 
6
 
 
892
Bank of Montreal
 
 
19
 
 
2,360
Bank of New York Mellon Corp.
 
 
19
 
 
2,051
Bank of Nova Scotia
 
 
33
 
 
2,164
Berkshire Hathaway, Inc. - Class B(b)
 
 
36
 
 
17,192
Blackrock, Inc.
 
 
4
 
 
4,331
Blackstone, Inc.
 
 
19
 
 
2,786
Block, Inc.(b)
 
 
15
 
 
1,139
Canadian Imperial Bank of Commerce
 
 
25
 
 
2,072
Capital One Financial Corp.
 
 
17
 
 
3,740
Carlyle Group, Inc.
 
 
6
 
 
320
Cboe Global Markets, Inc.
 
 
3
 
 
737
Charles Schwab Corp.
 
 
46
 
 
4,348
CME Group, Inc.
 
 
10
 
 
2,655
Coinbase Global, Inc. - Class A(b)
 
 
5
 
 
1,719
Corebridge Financial, Inc.
 
 
7
 
 
228
Corpay, Inc.(b)
 
 
2
 
 
521
Equitable Holdings, Inc.
 
 
8
 
 
395
FactSet Research Systems, Inc.
 
 
1
 
 
267
Fidelity National Information Services, Inc.(a)
 
 
14
 
 
875
Fiserv, Inc.(b)
 
 
15
 
 
1,000
Global Payments, Inc.
 
 
6
 
 
467
Goldman Sachs Group, Inc.
 
 
8
 
 
6,315
Hannover Rueck SE
 
 
2
 
 
570
Interactive Brokers Group, Inc. - Class A
 
 
12
 
 
844
Intercontinental Exchange, Inc.
 
 
15
 
 
2,194
Jack Henry & Associates, Inc.
 
 
2
 
 
298
KKR & Co., Inc.
 
 
17
 
 
2,012
LPL Financial Holdings, Inc.
 
 
2
 
 
755
Mastercard, Inc. - Class A
 
 
23
 
 
12,696
Moody’s Corp.
 
 
4
 
 
1,921
Morgan Stanley
 
 
32
 
 
5,248
MSCI, Inc.
 
 
2
 
 
1,177
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
 
3
 
 
1,855
Nasdaq, Inc.
 
 
11
 
 
940
National Bank of Canada
 
 
10
 
 
1,117
Northern Trust Corp.
 
 
5
 
 
643
PayPal Holdings, Inc.(b)
 
 
25
 
 
1,732
Raymond James Financial, Inc.
 
 
5
 
 
793
Robinhood Markets, Inc. - Class A(b)
 
 
19
 
 
2,789
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Royal Bank of Canada
 
 
37
 
 
$5,420
S&P Global, Inc.
 
 
8
 
 
3,898
SoFi Technologies, Inc.(a)(b)
 
 
29
 
 
861
State Street Corp.(a)
 
 
8
 
 
925
Synchrony Financial
 
 
10
 
 
744
T Rowe Price Group, Inc.
 
 
6
 
 
615
Talanx AG
 
 
2
 
 
243
Toast, Inc. - Class A(b)
 
 
12
 
 
434
Toronto-Dominion Bank
 
 
46
 
 
3,777
Tradeweb Markets, Inc. - Class A
 
 
3
 
 
316
Visa, Inc. - Class A(a)
 
 
45
 
 
15,333
 
 
 
 
141,377
Health Care - 7.2%
 
 
 
 
Abbott Laboratories
 
 
46
 
 
5,686
Align Technology, Inc.(b)
 
 
2
 
 
276
Baxter International, Inc.
 
 
14
 
 
259
Becton Dickinson & Co.
 
 
8
 
 
1,430
Boston Scientific Corp.(b)
 
 
39
 
 
3,928
Cardinal Health, Inc.
 
 
6
 
 
1,145
Cencora, Inc.
 
 
5
 
 
1,689
Centene Corp.(b)
 
 
13
 
 
460
Cigna Group
 
 
7
 
 
1,711
Cooper Cos., Inc.(a)(b)
 
 
5
 
 
350
CVS Health Corp.
 
 
34
 
 
2,657
DaVita, Inc.(b)
 
 
1
 
 
119
DexCom, Inc.(b)
 
 
10
 
 
582
Edwards Lifesciences Corp.(b)
 
 
16
 
 
1,319
Elevance Health, Inc.
 
 
6
 
 
1,903
Galderma Group AG
 
 
3
 
 
554
GE HealthCare Technologies, Inc.
 
 
12
 
 
899
HCA Healthcare, Inc.(a)
 
 
5
 
 
2,298
Hologic, Inc.(b)
 
 
6
 
 
443
Humana, Inc.
 
 
3
 
 
835
Idexx Laboratories, Inc.(a)(b)
 
 
2
 
 
1,259
Insulet Corp.(b)
 
 
2
 
 
626
Intuitive Surgical, Inc.(b)
 
 
10
 
 
5,343
Labcorp Holdings, Inc.
 
 
2
 
 
508
Lonza Group AG
 
 
2
 
 
1,377
McKesson Corp.(a)
 
 
3
 
 
2,434
Medtronic PLC
 
 
34
 
 
3,084
Molina Healthcare, Inc.(b)
 
 
1
 
 
153
Novartis AG
 
 
50
 
 
6,168
Quest Diagnostics, Inc.
 
 
3
 
 
528
ResMed, Inc.
 
 
4
 
 
987
Roche Holding AG
 
 
19
 
 
6,113
Roche Holding AG
 
 
1
 
 
338
Sandoz Group AG
 
 
11
 
 
731
Solventum Corp.(b)
 
 
4
 
 
276
STERIS PLC
 
 
3
 
 
707
Stryker Corp.
 
 
9
 
 
3,206
UnitedHealth Group, Inc.
 
 
24
 
 
8,197
Universal Health Services, Inc. - Class B
 
 
2
 
 
434
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
34
 
Pacer MSCI World Industry Advantage ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
Veeva Systems, Inc. - Class A(a)(b)
 
 
4
 
 
$1,165
Zimmer Biomet Holdings, Inc.
 
 
5
 
 
503
 
 
 
 
72,680
Industrials - 3.1%
 
 
 
 
AGC, Inc.
 
 
5
 
 
156
Canadian National Railway Co.
 
 
14
 
 
1,342
Canadian Pacific Kansas City Ltd.
 
 
24
 
 
1,727
Daifuku Co. Ltd.
 
 
9
 
 
288
Daikin Industries Ltd.
 
 
7
 
 
817
Experian PLC
 
 
24
 
 
1,118
FANUC Corp.
 
 
25
 
 
796
Fuji Electric Co. Ltd.
 
 
4
 
 
287
Fujikura Ltd.
 
 
7
 
 
962
Hitachi Ltd.
 
 
122
 
 
4,210
IHI Corp.
 
 
28
 
 
584
Intertek Group PLC
 
 
4
 
 
266
ITOCHU Corp.
 
 
32
 
 
1,855
Kajima Corp.
 
 
11
 
 
355
Kawasaki Heavy Industries Ltd.
 
 
4
 
 
322
Komatsu Ltd.
 
 
25
 
 
838
Kubota Corp.
 
 
26
 
 
338
Makita Corp.
 
 
6
 
 
182
Marubeni Corp.
 
 
37
 
 
912
Minebea Mitsumi, Inc.
 
 
10
 
 
198
Mitsubishi Corp.
 
 
85
 
 
2,047
Mitsubishi Electric Corp.
 
 
50
 
 
1,401
Mitsubishi Heavy Industries Ltd.
 
 
85
 
 
2,566
Mitsui & Co. Ltd.
 
 
66
 
 
1,628
MonotaRO Co. Ltd.
 
 
7
 
 
98
NIDEC CORP
 
 
22
 
 
269
Obayashi Corp.
 
 
17
 
 
288
RELX PLC
 
 
49
 
 
2,161
Rentokil Initial PLC
 
 
67
 
 
371
Sekisui Chemical Co. Ltd.
 
 
10
 
 
174
SMC Corp.
 
 
2
 
 
682
Sumitomo Corp.
 
 
29
 
 
844
Taisei Corp.
 
 
4
 
 
292
TFI International, Inc.
 
 
2
 
 
180
Toyota Industries Corp.
 
 
4
 
 
437
Toyota Tsusho Corp.
 
 
18
 
 
551
 
 
 
 
31,542
Information Technology - 38.3%(c)
 
 
 
 
Accenture PLC - Class A
 
 
17
 
 
4,252
Adobe, Inc.(b)
 
 
11
 
 
3,743
Advanced Micro Devices, Inc.(b)
 
 
43
 
 
11,013
Akamai Technologies, Inc.(b)
 
 
4
 
 
300
Amphenol Corp. - Class A
 
 
32
 
 
4,459
Analog Devices, Inc.
 
 
13
 
 
3,044
Apple, Inc.(a)
 
 
204
 
 
55,155
Applied Materials, Inc.
 
 
21
 
 
4,895
AppLovin Corp. - Class A(b)
 
 
6
 
 
3,824
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Arista Networks, Inc.(b)
 
 
28
 
 
$4,415
Atlassian Corp. - Class A(b)
 
 
4
 
 
678
Autodesk, Inc.(b)
 
 
6
 
 
1,808
Bentley Systems, Inc. - Class B
 
 
4
 
 
203
Broadcom, Inc.
 
 
119
 
 
43,986
Cadence Design System, Inc.(b)
 
 
7
 
 
2,371
CDW Corp.
 
 
3
 
 
478
Cisco Systems, Inc.
 
 
106
 
 
7,750
Cloudflare, Inc. - Class A(a)(b)
 
 
8
 
 
2,026
Cognizant Technology Solutions Corp. - Class A
 
 
13
 
 
947
Corning, Inc.
 
 
22
 
 
1,960
Crowdstrike Holdings, Inc. - Class A(a)(b)
 
 
7
 
 
3,801
Datadog, Inc. - Class A(b)
 
 
8
 
 
1,302
Dell Technologies, Inc. - Class C
 
 
9
 
 
1,458
Docusign, Inc.(b)
 
 
5
 
 
366
Dynatrace, Inc.(a)(b)
 
 
8
 
 
405
Entegris, Inc.(a)
 
 
4
 
 
366
F5, Inc.(b)
 
 
2
 
 
506
Fair Isaac Corp.(b)
 
 
1
 
 
1,660
First Solar, Inc.(a)(b)
 
 
3
 
 
801
Fortinet, Inc.(a)(b)
 
 
17
 
 
1,469
Gartner, Inc.(b)
 
 
2
 
 
497
Gen Digital, Inc.
 
 
14
 
 
369
GoDaddy, Inc. - Class A(b)
 
 
4
 
 
533
Hewlett Packard Enterprise Co.
 
 
35
 
 
855
HP, Inc.
 
 
25
 
 
692
HubSpot, Inc.(b)
 
 
1
 
 
492
Intel Corp.(b)
 
 
116
 
 
4,639
International Business Machines Corp.
 
 
25
 
 
7,685
Intuit, Inc.
 
 
7
 
 
4,673
Jabil, Inc.
 
 
3
 
 
663
Keysight Technologies, Inc.(b)
 
 
5
 
 
915
KLA Corp.
 
 
4
 
 
4,835
Lam Research Corp.(a)
 
 
34
 
 
5,354
Marvell Technology, Inc.
 
 
23
 
 
2,156
Microchip Technology, Inc.
 
 
14
 
 
874
Micron Technology, Inc.
 
 
30
 
 
6,713
Microsoft Corp.
 
 
91
 
 
47,121
MicroStrategy, Inc. - Class A(b)
 
 
7
 
 
1,887
MongoDB, Inc.(b)
 
 
2
 
 
720
Monolithic Power Systems, Inc.
 
 
1
 
 
1,005
Motorola Solutions, Inc.(a)
 
 
5
 
 
2,034
NetApp, Inc.
 
 
5
 
 
589
Nutanix, Inc. - Class A(a)(b)
 
 
7
 
 
499
NVIDIA Corp.
 
 
260
 
 
52,647
NXP Semiconductors NV
 
 
7
 
 
1,464
Okta, Inc.(a)(b)
 
 
4
 
 
366
ON Semiconductor Corp.(b)
 
 
11
 
 
551
Oracle Corp.
 
 
45
 
 
11,817
Palantir Technologies, Inc. - Class A(b)
 
 
60
 
 
12,028
Palo Alto Networks, Inc.(b)
 
 
18
 
 
3,964
PTC, Inc.(b)
 
 
3
 
 
596
Pure Storage, Inc. - Class A(a)(b)
 
 
8
 
 
790
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
35
 
Pacer MSCI World Industry Advantage ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Qualcomm, Inc.
 
 
29
 
 
$5,246
Roper Technologies, Inc.
 
 
3
 
 
1,338
salesforce.com, Inc.
 
 
25
 
 
6,510
Samsara, Inc. - Class A(b)
 
 
8
 
 
321
Seagate Technology Holdings PLC
 
 
6
 
 
1,535
ServiceNow, Inc.(b)
 
 
5
 
 
4,596
Snowflake, Inc. - Class A(a)(b)
 
 
8
 
 
2,199
Super Micro Computer, Inc.(a)(b)
 
 
13
 
 
675
Synopsys, Inc.(b)
 
 
5
 
 
2,269
TE Connectivity PLC
 
 
8
 
 
1,976
Teledyne Technologies, Inc.(b)
 
 
1
 
 
527
Teradyne, Inc.(a)
 
 
4
 
 
727
Texas Instruments, Inc.
 
 
24
 
 
3,875
Trimble, Inc.(b)
 
 
6
 
 
478
Twilio, Inc. - Class A(a)(b)
 
 
4
 
 
539
Tyler Technologies, Inc.(b)
 
 
1
 
 
476
VeriSign, Inc.
 
 
2
 
 
480
Western Digital Corp.
 
 
9
 
 
1,352
Workday, Inc. - Class A(b)
 
 
6
 
 
1,440
Zebra Technologies Corp. - Class A(b)
 
 
1
 
 
269
Zoom Communications, Inc. - Class A(b)
 
 
7
 
 
611
Zscaler, Inc.(b)
 
 
3
 
 
993
 
 
 
 
387,896
Materials - 1.0%
 
 
 
 
Agnico Eagle Mines Ltd.
 
 
13
 
 
2,091
Alamos Gold, Inc. - Class A
 
 
11
 
 
339
Barrick Mining Corp.
 
 
45
 
 
1,477
CCL Industries, Inc. - Class B
 
 
4
 
 
223
First Quantum Minerals Ltd.(b)
 
 
19
 
 
394
Franco-Nevada Corp.
 
 
5
 
 
934
Ivanhoe Mines Ltd. - Class A(b)
 
 
20
 
 
200
Kinross Gold Corp.
 
 
33
 
 
768
Lundin Gold, Inc.
 
 
3
 
 
204
Lundin Mining Corp.
 
 
18
 
 
290
Nutrien Ltd.
 
 
13
 
 
708
Pan American Silver Corp.
 
 
10
 
 
352
Teck Resources Ltd. - Class B
 
 
12
 
 
515
Wheaton Precious Metals Corp.
 
 
12
 
 
1,159
 
 
 
 
9,654
Real Estate - 0.2%
 
 
 
 
Daito Trust Construction Co. Ltd.
 
 
10
 
 
187
Daiwa House Industry Co. Ltd.
 
 
15
 
 
509
Hulic Co. Ltd.
 
 
12
 
 
124
Mitsubishi Estate Co. Ltd.
 
 
28
 
 
593
Mitsui Fudosan Co. Ltd.
 
 
70
 
 
727
Sumitomo Realty & Development Co. Ltd.
 
 
8
 
 
342
 
 
 
 
2,482
Utilities - 0.4%
 
 
 
 
Acciona SA
 
 
1
 
 
221
Endesa SA
 
 
8
 
 
287
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Iberdrola SA
 
 
166
 
 
$3,361
Redeia Corp. SA
 
 
11
 
 
198
 
 
 
 
4,067
TOTAL COMMON STOCKS
(Cost $830,062)
 
 
 
 
982,908
REAL ESTATE INVESTMENT TRUSTS -
COMMON - 2.8%
Financials - 0.0%(d)
 
 
 
 
Annaly Capital Management, Inc.
 
 
16
 
 
339
Real Estate - 2.8%
 
 
 
 
Alexandria Real Estate Equities, Inc.
 
 
4
 
 
233
American Homes 4 Rent - Class A(a)
 
 
9
 
 
284
American Tower Corp.
 
 
12
 
 
2,148
AvalonBay Communities, Inc.
 
 
4
 
 
696
BXP, Inc.(a)
 
 
4
 
 
285
Camden Property Trust
 
 
3
 
 
298
Crown Castle, Inc.
 
 
12
 
 
1,083
Digital Realty Trust, Inc.
 
 
9
 
 
1,534
Equinix, Inc.
 
 
3
 
 
2,538
Equity LifeStyle Properties, Inc.(a)
 
 
5
 
 
305
Equity Residential(a)
 
 
10
 
 
594
Essex Property Trust, Inc.
 
 
2
 
 
504
Extra Space Storage, Inc.
 
 
6
 
 
801
Gaming and Leisure Properties, Inc.
 
 
7
 
 
313
Healthpeak Properties, Inc.
 
 
18
 
 
323
Invitation Homes, Inc.
 
 
15
 
 
422
Iron Mountain, Inc.
 
 
8
 
 
824
Kimco Realty Corp.
 
 
18
 
 
372
Mid-America Apartment Communities,
Inc.
 
 
3
 
 
385
Prologis, Inc.
 
 
25
 
 
3,102
Public Storage(a)
 
 
4
 
 
1,114
Realty Income Corp.(a)
 
 
24
 
 
1,391
Regency Centers Corp.
 
 
5
 
 
345
SBA Communications Corp.
 
 
3
 
 
574
Simon Property Group, Inc.
 
 
9
 
 
1,582
Sun Communities, Inc.
 
 
3
 
 
380
UDR, Inc.
 
 
8
 
 
269
Ventas, Inc.
 
 
12
 
 
885
VICI Properties, Inc.(a)
 
 
28
 
 
840
Welltower, Inc.(a)
 
 
17
 
 
3,078
Weyerhaeuser Co.
 
 
19
 
 
437
WP Carey, Inc.
 
 
6
 
 
396
 
 
 
 
28,335
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $31,072)
 
 
 
 
28,674
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
36
 
Pacer MSCI World Industry Advantage ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES
LENDING - 15.4%
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(e)
 
 
156,099
 
 
$156,099
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $156,099)
 
 
 
 
156,099
TOTAL INVESTMENTS - 115.3%
(Cost $1,017,233)
 
 
 
 
$1,167,681
Liabilities in Excess of Other
Assets - (15.3)%
 
 
 
 
(155,046)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,012,635
 
 
 
 
 
 
 
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)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $152,553.
(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)
Represents less than 0.05% of net assets.
(e)
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.
 
37
 
PACER NASDAQ 100 TOP 50 CASH COWS GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 9.4%
 
 
 
 
Alphabet, Inc. - Class A
 
 
427
 
 
$120,068
Electronic Arts, Inc.
 
 
1,513
 
 
302,691
Meta Platforms, Inc. - Class A
 
 
223
 
 
144,582
Netflix, Inc.(a)
 
 
178
 
 
199,157
Trade Desk, Inc. - Class A(a)
 
 
564
 
 
28,358
 
 
 
 
794,856
Consumer Discretionary - 9.6%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
811
 
 
102,624
Booking Holdings, Inc.
 
 
35
 
 
177,721
DoorDash, Inc. - Class A(a)
 
 
1,157
 
 
294,306
MercadoLibre, Inc.(a)(b)
 
 
99
 
 
230,399
 
 
 
 
805,050
Consumer Staples - 2.9%
 
 
 
 
Monster Beverage Corp.(a)
 
 
3,678
 
 
245,801
Energy - 0.8%
 
 
 
 
Diamondback Energy, Inc.
 
 
497
 
 
71,165
Health Care - 9.8%
 
 
 
 
Amgen, Inc.
 
 
389
 
 
116,089
Biogen, Inc.(a)
 
 
525
 
 
80,992
Gilead Sciences, Inc.
 
 
1,653
 
 
198,013
Idexx Laboratories, Inc.(a)(b)
 
 
472
 
 
297,129
Intuitive Surgical, Inc.(a)
 
 
127
 
 
67,853
Regeneron Pharmaceuticals, Inc.
 
 
102
 
 
66,484
 
 
 
 
826,560
Industrials - 7.3%
 
 
 
 
Automatic Data Processing, Inc.(b)
 
 
365
 
 
95,010
Axon Enterprise, Inc.(a)
 
 
254
 
 
185,986
Cintas Corp.
 
 
724
 
 
132,687
Copart, Inc.(a)
 
 
1,178
 
 
50,666
Paychex, Inc.
 
 
660
 
 
77,240
Verisk Analytics, Inc.
 
 
329
 
 
71,972
 
 
 
 
613,561
Information Technology - 60.1%(c)
 
 
 
 
Adobe, Inc.(a)
 
 
167
 
 
56,832
Analog Devices, Inc.
 
 
591
 
 
138,371
Apple, Inc.(b)
 
 
334
 
 
90,304
Applied Materials, Inc.
 
 
550
 
 
128,205
AppLovin Corp. - Class A(a)
 
 
341
 
 
217,329
Atlassian Corp. - Class A(a)
 
 
221
 
 
37,442
Autodesk, Inc.(a)
 
 
307
 
 
92,511
Broadcom, Inc.
 
 
999
 
 
369,260
Cadence Design System, Inc.(a)
 
 
639
 
 
216,423
Cisco Systems, Inc.
 
 
2,505
 
 
183,140
Crowdstrike Holdings, Inc. -
Class A(a)(b)
 
 
401
 
 
217,747
Datadog, Inc. - Class A(a)
 
 
689
 
 
112,176
Fortinet, Inc.(a)(b)
 
 
992
 
 
85,739
Intuit, Inc.
 
 
355
 
 
236,980
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
KLA Corp.
 
 
235
 
 
$284,054
Lam Research Corp.(b)
 
 
2,034
 
 
320,274
Marvell Technology, Inc.
 
 
630
 
 
59,056
Microsoft Corp.
 
 
503
 
 
260,458
NVIDIA Corp.
 
 
2,187
 
 
442,846
ON Semiconductor Corp.(a)
 
 
2,480
 
 
124,198
Palantir Technologies, Inc. -
Class A(a)(b)
 
 
2,502
 
 
501,576
Palo Alto Networks, Inc.(a)
 
 
471
 
 
103,733
Qualcomm, Inc.
 
 
421
 
 
76,159
Roper Technologies, Inc.
 
 
158
 
 
70,492
Synopsys, Inc.(a)
 
 
349
 
 
158,383
Workday, Inc. - Class A(a)
 
 
301
 
 
72,216
Zscaler, Inc.(a)
 
 
1,201
 
 
397,699
 
 
 
 
5,053,603
TOTAL COMMON STOCKS
(Cost $7,283,503)
 
 
 
 
8,410,596
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.1%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
1,520,060
 
 
1,520,060
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $1,520,060)
 
 
 
 
1,520,060
TOTAL INVESTMENTS - 118.0%
(Cost $8,803,563)
 
 
 
 
$9,930,656
Liabilities in Excess of Other
Assets - (18.0)%
 
 
 
 
(1,517,202)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$8,413,454
 
 
 
 
 
 
 
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
(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 $1,496,299.
(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.
 
38
 
PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.5%
 
 
 
 
China - 10.3%
 
 
 
 
BYD Co. Ltd. - Class H
 
 
7,698
 
 
$99,661
Lenovo Group Ltd.
 
 
28,306
 
 
41,381
PetroChina Co. Ltd. - Class H
 
 
47,522
 
 
49,048
Ping An Insurance Group Co. of China Ltd. - Class H
 
 
15,892
 
 
114,836
Tencent Holdings Ltd.
 
 
16,886
 
 
1,366,865
Xiaomi Corp. - Class B(a)(b)
 
 
43,030
 
 
239,223
 
 
 
 
1,911,014
Finland - 0.4%
 
 
 
 
Nokia OYJ
 
 
11,943
 
 
80,724
France - 8.6%
 
 
 
 
Cie de Saint-Gobain SA
 
 
1,064
 
 
103,092
Cie Generale des Etablissements Michelin SCA
 
 
1,574
 
 
50,237
L’Oreal SA
 
 
1,045
 
 
436,817
Safran SA
 
 
854
 
 
303,084
Sanofi SA
 
 
2,485
 
 
250,915
Schneider Electric SE
 
 
1,158
 
 
328,485
Thales SA
 
 
434
 
 
123,511
 
 
 
 
1,596,141
Germany - 8.2%
 
 
 
 
BASF SE
 
 
1,939
 
 
95,635
Bayer AG
 
 
2,151
 
 
66,818
Bayerische Motoren Werke AG
 
 
1,245
 
 
115,837
Evonik Industries AG
 
 
1,076
 
 
18,021
Fresenius Medical Care AG
 
 
669
 
 
35,903
Infineon Technologies AG
 
 
2,803
 
 
110,883
Merck KGaA
 
 
296
 
 
38,707
SAP SE
 
 
2,328
 
 
602,280
Siemens AG
 
 
1,579
 
 
446,907
 
 
 
 
1,530,991
Japan - 25.4%(c)
 
 
 
 
Aisin Corp.
 
 
1,771
 
 
31,884
Asahi Kasei Corp.
 
 
3,183
 
 
24,424
Bridgestone Corp.
 
 
1,548
 
 
67,943
Canon, Inc.
 
 
2,856
 
 
82,153
Dai Nippon Printing Co. Ltd.
 
 
1,236
 
 
20,688
Daikin Industries Ltd.
 
 
628
 
 
73,248
Denso Corp.
 
 
6,240
 
 
87,520
Disco Corp.
 
 
239
 
 
80,039
Ebara Corp.
 
 
1,094
 
 
29,325
ENEOS Holdings, Inc.
 
 
6,207
 
 
39,181
FANUC Corp.
 
 
2,155
 
 
68,645
Fuji Electric Co. Ltd.
 
 
352
 
 
25,262
FUJIFILM Holdings Corp.
 
 
2,723
 
 
63,256
Fujitsu Ltd.
 
 
4,393
 
 
114,906
Hitachi Ltd.
 
 
9,237
 
 
318,749
Honda Motor Co. Ltd.
 
 
11,123
 
 
112,594
Idemitsu Kosan Co. Ltd.
 
 
3,041
 
 
21,144
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
JFE Holdings, Inc.
 
 
1,510
 
 
$17,328
Kao Corp.
 
 
1,033
 
 
43,704
Kawasaki Heavy Industries Ltd.
 
 
392
 
 
31,541
Komatsu Ltd.
 
 
2,077
 
 
69,624
Kyocera Corp.
 
 
3,386
 
 
45,041
Mitsubishi Chemical Group Corp.
 
 
3,551
 
 
18,574
Mitsubishi Electric Corp.
 
 
4,508
 
 
126,280
Mitsubishi Heavy Industries Ltd.
 
 
7,019
 
 
211,923
Murata Manufacturing Co. Ltd.
 
 
4,290
 
 
94,424
NEC Corp.
 
 
2,939
 
 
107,140
NIDEC CORP
 
 
2,635
 
 
32,196
Nippon Steel Corp.
 
 
11,940
 
 
49,299
Nissan Motor Co. Ltd.(a)
 
 
8,680
 
 
19,910
Nitto Denko Corp.
 
 
1,615
 
 
40,388
NTT, Inc.
 
 
185,629
 
 
190,796
Olympus Corp.
 
 
2,592
 
 
31,948
Panasonic Holdings Corp.
 
 
5,373
 
 
62,704
Renesas Electronics Corp.
 
 
4,137
 
 
51,300
SCREEN Holdings Co. Ltd.
 
 
240
 
 
22,869
Sekisui Chemical Co. Ltd.
 
 
1,037
 
 
18,000
Shin-Etsu Chemical Co. Ltd.
 
 
4,132
 
 
124,810
SoftBank Group Corp.
 
 
3,046
 
 
534,943
Sony Financial Holdings, Inc.(a)
 
 
12,228
 
 
12,330
Sony Group Corp.
 
 
12,228
 
 
343,727
Sumitomo Electric Industries Ltd.
 
 
1,787
 
 
65,515
Takeda Pharmaceutical Co. Ltd.
 
 
3,374
 
 
90,924
TDK Corp.
 
 
4,324
 
 
74,999
Terumo Corp.
 
 
3,244
 
 
52,446
Tokyo Electron Ltd.
 
 
975
 
 
216,245
TOPPAN Holdings, Inc.
 
 
692
 
 
16,973
Toray Industries, Inc.
 
 
3,775
 
 
23,175
Toyota Motor Corp.
 
 
30,193
 
 
614,792
 
 
 
 
4,716,829
Netherlands - 6.7%
 
 
 
 
Airbus Group SE
 
 
1,580
 
 
388,640
ASML Holding NV
 
 
753
 
 
796,857
Koninklijke Philips NV
 
 
2,087
 
 
57,108
 
 
 
 
1,242,605
South Korea - 9.5%
 
 
 
 
Hyundai Motor Co.
 
 
449
 
 
91,391
Kia Corp.
 
 
868
 
 
73,047
LG Chem Ltd.
 
 
162
 
 
45,197
LG Corp.
 
 
362
 
 
20,403
LG Electronics, Inc.
 
 
386
 
 
23,733
POSCO Holdings, Inc.
 
 
180
 
 
39,228
Samsung Electronics Co. Ltd.
 
 
11,476
 
 
865,885
Samsung SDI Co. Ltd.
 
 
165
 
 
37,291
SK Hynix, Inc.
 
 
1,480
 
 
580,677
 
 
 
 
1,776,852
Sweden - 0.3%
 
 
 
 
Telefonaktiebolaget LM Ericsson - Class B
 
 
6,837
 
 
68,944
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
39
 
PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Switzerland - 9.5%
 
 
 
 
ABB Ltd.
 
 
3,762
 
 
$278,895
Nestle SA
 
 
4,971
 
 
474,893
Novartis AG
 
 
4,099
 
 
505,633
Roche Holding AG
 
 
1,366
 
 
439,462
STMicroelectronics NV
 
 
2,017
 
 
49,613
Swatch Group AG
 
 
70
 
 
14,596
 
 
 
 
1,763,092
Taiwan - 15.6%
 
 
 
 
AUO Corp.
 
 
19,118
 
 
7,556
Delta Electronics, Inc.
 
 
5,633
 
 
182,325
Hon Hai Precision Industry Co. Ltd.
 
 
28,954
 
 
242,531
MediaTek, Inc.
 
 
3,373
 
 
143,737
Taiwan Semiconductor Manufacturing Co. Ltd.
 
 
46,885
 
 
2,287,743
Wistron Corp.
 
 
6,902
 
 
33,790
 
 
 
 
2,897,682
United Kingdom - 5.0%
 
 
 
 
AstraZeneca PLC
 
 
3,021
 
 
494,895
British American Tobacco PLC
 
 
4,503
 
 
230,944
GSK PLC
 
 
8,502
 
 
198,865
 
 
 
 
924,704
TOTAL COMMON STOCKS
(Cost $14,513,440)
 
 
 
 
18,509,578
PREFERRED STOCKS - 0.2%
 
 
 
 
Germany - 0.2%
 
 
 
 
Henkel AG & Co. KGaA, 0.00%
 
 
421
 
 
34,095
TOTAL PREFERRED STOCKS
(Cost $32,920)
 
 
 
 
34,095
TOTAL INVESTMENTS - 99.7%
(Cost $14,546,360)
 
 
 
 
$18,543,673
Other Assets in Excess of Liabilities - 0.3%
 
 
 
 
47,345
TOTAL NET ASSETS - 100.0%
 
 
 
 
$18,591,018
 
 
 
 
 
 
 
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)
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 $239,223 or 1.3% of the Fund’s net assets.
(c)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
The accompanying notes are an integral part of these financial statements.
 
40
 
Pacer Trendpilot® 100 ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 14.7%
 
 
 
 
Alphabet, Inc. - Class A
 
 
160,487
 
 
$45,127,340
Alphabet, Inc. - Class C
 
 
149,816
 
 
42,221,145
Charter Communications, Inc. - Class A(a)(b)
 
 
9,243
 
 
2,161,383
Comcast Corp. - Class A
 
 
248,967
 
 
6,929,996
Electronic Arts, Inc.
 
 
16,927
 
 
3,386,416
Meta Platforms, Inc. - Class A
 
 
59,844
 
 
38,799,857
Netflix, Inc.(a)
 
 
28,814
 
 
32,238,832
Take-Two Interactive Software, Inc.(a)
 
 
12,465
 
 
3,195,652
T-Mobile US, Inc.
 
 
76,165
 
 
15,998,458
Trade Desk, Inc. - Class A(a)(b)
 
 
30,177
 
 
1,517,300
Warner Bros Discovery, Inc.(a)
 
 
167,672
 
 
3,764,236
 
 
 
 
195,340,615
Consumer Discretionary - 13.2%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
29,085
 
 
3,680,416
Amazon.com, Inc.(a)
 
 
294,351
 
 
71,886,401
Booking Holdings, Inc.
 
 
2,201
 
 
11,176,106
DoorDash, Inc. - Class A(a)
 
 
27,197
 
 
6,918,101
Lululemon Athletica, Inc.(a)
 
 
7,773
 
 
1,325,608
Marriott International, Inc.
 
 
18,366
 
 
4,785,812
MercadoLibre, Inc.(a)
 
 
3,440
 
 
8,005,774
O’Reilly Automotive, Inc.(a)(b)
 
 
57,423
 
 
5,423,028
PDD Holdings, Inc. - ADR(a)
 
 
45,159
 
 
6,090,594
Ross Stores, Inc.
 
 
22,137
 
 
3,518,012
Starbucks Corp.(b)
 
 
76,959
 
 
6,223,674
Tesla Motors, Inc.(a)
 
 
100,440
 
 
45,856,887
 
 
 
 
174,890,413
Consumer Staples - 4.4%
 
 
 
 
Coca-Cola Europacific Partners PLC
 
 
31,037
 
 
2,757,017
Costco Wholesale Corp.
 
 
30,047
 
 
27,386,338
Keurig Dr Pepper, Inc.(b)
 
 
92,001
 
 
2,498,747
Mondelez International, Inc.
 
 
87,624
 
 
5,034,875
Monster Beverage Corp.(a)
 
 
66,165
 
 
4,421,807
PepsiCo, Inc.
 
 
92,664
 
 
13,537,284
The Kraft Heinz Co.(b)
 
 
80,185
 
 
1,982,975
 
 
 
 
57,619,043
Energy - 0.5%
 
 
 
 
Baker Hughes Co.
 
 
66,703
 
 
3,229,092
Diamondback Energy, Inc.
 
 
19,560
 
 
2,800,797
 
 
 
 
6,029,889
Financials - 0.3%
 
 
 
 
PayPal Holdings, Inc.(a)
 
 
64,665
 
 
4,479,345
Health Care - 4.4%
 
 
 
 
Amgen, Inc.
 
 
36,537
 
 
10,903,737
AstraZeneca PLC - ADR
 
 
39,753
 
 
3,275,647
Biogen, Inc.(a)
 
 
9,930
 
 
1,531,901
DexCom, Inc.(a)(b)
 
 
26,557
 
 
1,546,148
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
GE HealthCare Technologies, Inc.
 
 
30,901
 
 
$2,316,030
Gilead Sciences, Inc.
 
 
84,002
 
 
10,062,600
IDEXX Laboratories, Inc.(a)
 
 
5,407
 
 
3,403,761
Intuitive Surgical, Inc.(a)
 
 
24,273
 
 
12,968,578
Regeneron Pharmaceuticals, Inc.
 
 
7,039
 
 
4,588,020
Vertex Pharmaceuticals, Inc.(a)
 
 
17,342
 
 
7,380,235
 
 
 
 
57,976,657
Industrials - 3.8%
 
 
 
 
Automatic Data Processing, Inc.
 
 
27,403
 
 
7,133,001
Axon Enterprise, Inc.(a)
 
 
5,309
 
 
3,887,409
Cintas Corp.
 
 
27,253
 
 
4,994,657
Copart, Inc.(a)
 
 
65,439
 
 
2,814,531
CSX Corp.
 
 
126,414
 
 
4,553,432
Fastenal Co.(b)
 
 
77,629
 
 
3,194,433
Honeywell International, Inc.
 
 
42,979
 
 
8,652,962
Old Dominion Freight Line, Inc.
 
 
14,233
 
 
1,998,598
PACCAR, Inc.
 
 
35,534
 
 
3,496,546
Paychex, Inc.
 
 
24,335
 
 
2,847,925
Thomson Reuters Corp.
 
 
30,474
 
 
4,664,351
Verisk Analytics, Inc.
 
 
9,458
 
 
2,069,032
 
 
 
 
50,306,877
Information Technology - 56.1%(c)
 
 
 
 
Adobe, Inc.(a)
 
 
28,729
 
 
9,776,766
Advanced Micro Devices, Inc.(a)
 
 
110,003
 
 
28,173,968
Analog Devices, Inc.
 
 
33,277
 
 
7,791,144
Apple, Inc.
 
 
409,002
 
 
110,581,871
Applied Materials, Inc.
 
 
54,062
 
 
12,601,852
AppLovin Corp. - Class A(a)
 
 
20,856
 
 
13,292,154
ARM Holdings PLC - ADR(a)(b)
 
 
9,228
 
 
1,567,099
ASML Holding NV
 
 
5,741
 
 
6,081,039
Atlassian Corp. - Class A(a)(b)
 
 
11,248
 
 
1,905,636
Autodesk, Inc.(a)
 
 
14,473
 
 
4,361,294
Broadcom, Inc.
 
 
214,530
 
 
79,296,724
Cadence Design System, Inc.(a)
 
 
18,431
 
 
6,242,395
CDW Corp.
 
 
8,874
 
 
1,414,249
Cisco Systems, Inc.
 
 
268,429
 
 
19,624,844
Cognizant Technology Solutions Corp. - Class A
 
 
33,072
 
 
2,410,287
Crowdstrike Holdings, Inc. - Class A(a)
 
 
17,030
 
 
9,247,460
Datadog, Inc. - Class A(a)
 
 
21,856
 
 
3,558,375
Fortinet, Inc.(a)
 
 
51,820
 
 
4,478,803
GlobalFoundries, Inc.(a)
 
 
37,526
 
 
1,335,926
Intel Corp.(a)
 
 
297,714
 
 
11,905,583
Intuit, Inc.
 
 
18,933
 
 
12,638,724
KLA Corp.
 
 
8,940
 
 
10,806,136
Lam Research Corp.
 
 
85,946
 
 
13,533,057
Marvell Technology, Inc.
 
 
58,328
 
 
5,467,667
Microchip Technology, Inc.
 
 
36,520
 
 
2,279,578
Micron Technology, Inc.
 
 
75,980
 
 
17,002,045
Microsoft Corp.
 
 
204,906
 
 
106,102,376
MicroStrategy, Inc. - Class A(a)(b)
 
 
17,872
 
 
4,816,683
NVIDIA Corp.
 
 
669,983
 
 
135,664,858
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
41
 
Pacer Trendpilot® 100 ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
NXP Semiconductors NV
 
 
17,049
 
 
$3,565,287
ON Semiconductor Corp.(a)
 
 
27,665
 
 
1,385,463
Palantir Technologies, Inc. - Class A(a)
 
 
154,267
 
 
30,925,906
Palo Alto Networks, Inc.(a)
 
 
45,278
 
 
9,972,027
Qualcomm, Inc.
 
 
73,265
 
 
13,253,639
Roper Technologies, Inc.
 
 
7,284
 
 
3,249,757
Shopify, Inc. - Class A(a)
 
 
82,637
 
 
14,367,269
Synopsys, Inc.(a)
 
 
12,504
 
 
5,674,565
Texas Instruments, Inc.
 
 
61,692
 
 
9,960,790
Workday, Inc. - Class A(a)(b)
 
 
14,678
 
 
3,521,546
Zscaler, Inc.(a)
 
 
10,522
 
 
3,484,255
 
 
 
 
743,319,097
Materials - 1.0%
 
 
 
 
Linde PLC
 
 
31,734
 
 
13,274,332
Solstice Advanced Materials, Inc.(a)
 
 
10,745
 
 
484,266
 
 
 
 
13,758,598
Real Estate - 0.2%
 
 
 
 
CoStar Group, Inc.(a)
 
 
28,651
 
 
1,971,475
Utilities - 1.4%
 
 
 
 
American Electric Power Co., Inc.
 
 
36,173
 
 
4,350,165
Constellation Energy Corp.
 
 
21,125
 
 
7,964,125
Exelon Corp.(b)
 
 
68,309
 
 
3,150,411
Xcel Energy, Inc.
 
 
39,998
 
 
3,246,638
 
 
 
 
18,711,339
TOTAL COMMON STOCKS
(Cost $1,099,556,260)
 
 
 
 
1,324,403,348
 
 
Units
 
 
SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED
WITH PROCEEDS FROM
SECURITIES LENDING - 2.0%
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
26,139,080
 
 
26,139,080
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $26,139,080)
 
 
 
 
26,139,080
TOTAL INVESTMENTS - 102.0%
(Cost $1,125,695,340)
 
 
 
 
$1,350,542,428
Liabilities in Excess of Other
Assets - (2.0)%
 
 
 
 
(25,945,959)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,324,596,469
 
 
 
 
 
 
 
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)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $25,885,017.
(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.
 
42
 
PACER TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.2%
 
 
 
 
Austria - 0.9%
 
 
 
 
ANDRITZ AG
 
 
330
 
 
$24,952
BAWAG Group AG(a)
 
 
390
 
 
50,302
Erste Group Bank AG
 
 
1,424
 
 
147,313
OMV AG
 
 
724
 
 
39,606
Raiffeisen Bank International AG
 
 
646
 
 
24,081
Strabag SE
 
 
80
 
 
6,261
Telekom Austria AG
 
 
383
 
 
4,075
Verbund AG - Class A
 
 
336
 
 
25,929
 
 
 
 
322,519
Belgium - 2.3%
 
 
 
 
Ackermans & van Haaren NV
 
 
108
 
 
26,889
Ageas SA/NV
 
 
894
 
 
59,149
Anheuser-Busch InBev SA
 
 
4,840
 
 
295,118
Cenergy Holdings SA
 
 
308
 
 
5,112
D’ieteren Group
 
 
104
 
 
19,000
Elia Group SA
 
 
223
 
 
26,861
Groupe Bruxelles Lambert NV
 
 
398
 
 
34,980
KBC Groep NV
 
 
1,148
 
 
137,947
Lotus Bakeries NV
 
 
2
 
 
17,451
Sofina SA
 
 
72
 
 
19,785
Syensqo SA
 
 
356
 
 
29,397
Titan SA
 
 
184
 
 
8,250
UCB SA
 
 
607
 
 
155,673
Viohalco SA
 
 
212
 
 
2,075
 
 
 
 
837,687
Cyprus - 0.0%(b)
 
 
 
 
Bank of Cyprus Holdings PLC
 
 
1,710
 
 
15,729
Finland - 3.2%
 
 
 
 
Elisa OYJ
 
 
710
 
 
31,295
Fortum Oyj
 
 
2,122
 
 
47,304
Kesko Oyj - Class B
 
 
1,337
 
 
28,202
Kone Oyj - Class B
 
 
1,583
 
 
105,683
Metso Oyj
 
 
3,493
 
 
57,212
Neste Oyj
 
 
2,074
 
 
42,923
Nokia OYJ
 
 
25,325
 
 
171,174
Nordea Bank Abp
 
 
16,717
 
 
285,467
Orion Oyj - Class B
 
 
530
 
 
36,990
Sampo Oyj - Class A
 
 
12,050
 
 
134,282
Stora Enso Oyj - Class R
 
 
2,953
 
 
34,378
UPM-Kymmene Oyj
 
 
2,617
 
 
70,224
Valmet Oyj
 
 
717
 
 
23,314
Wartsila OYJ Abp
 
 
2,291
 
 
74,917
 
 
 
 
1,143,365
France - 29.0%(c)
 
 
 
 
Accor SA
 
 
1,117
 
 
56,843
Aeroports de Paris SA
 
 
198
 
 
27,136
Air Liquide SA
 
 
2,935
 
 
568,076
Airbus SE
 
 
2,980
 
 
733,004
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Alstom SA(d)
 
 
1,700
 
 
$42,423
Amundi SA(a)
 
 
295
 
 
21,864
Arkema SA
 
 
294
 
 
17,452
AXA SA
 
 
8,866
 
 
384,554
Ayvens SA(a)
 
 
1,477
 
 
19,697
BioMerieux
 
 
222
 
 
28,557
BNP Paribas SA
 
 
5,100
 
 
394,211
Bollore SE
 
 
3,489
 
 
19,424
Bouygues SA
 
 
951
 
 
42,893
Bureau Veritas SA
 
 
1,747
 
 
57,349
Capgemini SE
 
 
782
 
 
120,333
Carrefour SA
 
 
3,206
 
 
48,225
Cie de Saint-Gobain SA
 
 
2,292
 
 
222,075
Cie Generale des Etablissements Michelin SCA
 
 
3,351
 
 
106,953
Credit Agricole SA
 
 
4,697
 
 
84,675
Danone SA
 
 
3,223
 
 
284,864
Dassault Aviation SA
 
 
90
 
 
28,922
Dassault Systemes SE
 
 
3,350
 
 
95,105
Edenred SE
 
 
1,216
 
 
34,942
Eiffage SA
 
 
368
 
 
45,259
Engie SA
 
 
8,988
 
 
210,307
EssilorLuxottica SA
 
 
1,468
 
 
536,898
Eurazeo SE
 
 
203
 
 
13,840
FDJ UNITED
 
 
558
 
 
16,260
Getlink SE
 
 
1,738
 
 
31,712
Hermes International SCA
 
 
173
 
 
428,527
Ipsen SA
 
 
177
 
 
24,849
Kering
 
 
355
 
 
125,539
Legrand SA
 
 
1,239
 
 
213,505
L’Oreal SA
 
 
1,167
 
 
487,814
LVMH Moet Hennessy Louis Vuitton SE
 
 
1,300
 
 
917,194
Orange SA
 
 
10,531
 
 
167,936
Pernod Ricard SA
 
 
968
 
 
94,795
Publicis Groupe SA
 
 
1,154
 
 
115,457
Renault SA
 
 
955
 
 
37,096
Rexel SA
 
 
1,129
 
 
39,040
Safran SA
 
 
1,771
 
 
628,527
Sanofi SA
 
 
5,466
 
 
551,911
Sartorius Stedim Biotech
 
 
141
 
 
33,675
Schneider Electric SE
 
 
2,762
 
 
783,485
SCOR SE
 
 
880
 
 
26,657
SEB SA
 
 
133
 
 
7,355
Societe Generale SA
 
 
3,648
 
 
230,678
Sodexo SA
 
 
412
 
 
22,814
SPIE SA
 
 
730
 
 
37,124
Teleperformance SE
 
 
270
 
 
19,283
Thales SA
 
 
452
 
 
128,634
TotalEnergies SE
 
 
9,473
 
 
589,080
Veolia Environnement SA
 
 
3,058
 
 
100,985
Vinci SA
 
 
2,532
 
 
338,254
Wendel SA
 
 
123
 
 
11,541
 
 
 
 
10,455,608
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
43
 
PACER TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Germany - 25.6%(c)
 
 
 
 
adidas AG
 
 
846
 
 
$159,728
Allianz SE
 
 
1,969
 
 
790,260
Aumovio SE(d)
 
 
275
 
 
11,802
BASF SE
 
 
4,545
 
 
224,167
Bayer AG
 
 
4,977
 
 
154,604
Bayerische Motoren Werke AG
 
 
1,446
 
 
134,538
Bechtle AG
 
 
416
 
 
17,569
Beiersdorf AG
 
 
519
 
 
54,869
Brenntag SE
 
 
624
 
 
34,632
Carl Zeiss Meditec AG
 
 
176
 
 
8,906
Commerzbank AG
 
 
3,792
 
 
137,725
Continental AG
 
 
549
 
 
41,436
Covestro AG(d)
 
 
878
 
 
61,329
CTS Eventim AG & Co. KGaA
 
 
290
 
 
25,939
Daimler AG
 
 
3,843
 
 
248,989
Daimler Truck Holding AG
 
 
2,569
 
 
102,781
Delivery Hero SE(a)(d)
 
 
1,115
 
 
28,274
Deutsche Bank AG
 
 
9,020
 
 
321,575
Deutsche Boerse AG
 
 
931
 
 
235,548
Deutsche Lufthansa AG
 
 
3,041
 
 
26,618
Deutsche Post AG
 
 
4,807
 
 
220,522
Deutsche Telekom AG
 
 
16,771
 
 
519,811
Deutsche Wohnen SE
 
 
250
 
 
6,224
DWS Group GmbH & Co. KGaA(a)
 
 
158
 
 
10,098
E.ON SE
 
 
11,303
 
 
210,277
Evonik Industries AG
 
 
1,266
 
 
21,203
Fielmann Group AG
 
 
116
 
 
6,331
Fraport AG Frankfurt Airport Services Worldwide(d)
 
 
185
 
 
15,822
Fresenius Medical Care AG
 
 
1,064
 
 
57,102
Fresenius SE & Co. KGaA
 
 
2,088
 
 
120,384
FUCHS SE
 
 
131
 
 
4,643
GEA Group AG
 
 
740
 
 
52,883
Hannover Rueck SE
 
 
304
 
 
86,690
Heidelberg Materials AG
 
 
639
 
 
149,591
Henkel AG & Co. KGaA
 
 
487
 
 
36,347
Hensoldt AG
 
 
300
 
 
31,882
HOCHTIEF AG
 
 
76
 
 
21,778
Infineon Technologies AG
 
 
6,624
 
 
262,037
KION Group AG
 
 
357
 
 
25,307
Knorr-Bremse AG
 
 
336
 
 
31,215
LEG Immobilien SE
 
 
377
 
 
28,702
Merck KGaA
 
 
656
 
 
85,784
MTU Aero Engines AG
 
 
273
 
 
118,978
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
 
662
 
 
409,301
Nemetschek SE
 
 
287
 
 
33,081
Rational AG
 
 
26
 
 
19,045
RENK Group AG
 
 
350
 
 
26,541
Rheinmetall AG
 
 
229
 
 
449,121
RWE AG
 
 
3,376
 
 
166,004
SAP SE
 
 
5,238
 
 
1,355,129
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Scout24 SE(a)
 
 
356
 
 
$41,116
Siemens AG
 
 
3,740
 
 
1,058,539
Siemens Energy AG(d)
 
 
3,270
 
 
404,430
Siemens Healthineers AG(a)
 
 
1,502
 
 
84,088
Symrise AG
 
 
673
 
 
55,682
Talanx AG
 
 
304
 
 
36,968
Traton SE
 
 
317
 
 
10,172
Volkswagen AG
 
 
145
 
 
15,268
Vonovia SE
 
 
3,564
 
 
107,014
Zalando SE(a)(d)
 
 
1,185
 
 
33,136
 
 
 
 
9,249,535
Greece - 0.9%
 
 
 
 
Aegean Airlines SA
 
 
202
 
 
3,069
Aktor SA Holding Co. Technical And Energy Projects(d)
 
 
264
 
 
2,559
Alpha Bank SA
 
 
10,508
 
 
41,181
Athens International Airport SA
 
 
374
 
 
4,319
Athens Water Supply & Sewage Co. SA
 
 
210
 
 
1,680
Autohellas Tourist and Trading SA
 
 
96
 
 
1,226
Ellaktor SA
 
 
267
 
 
479
ElvalHalcor SA
 
 
280
 
 
1,033
Eurobank Ergasias SA
 
 
12,439
 
 
46,755
FF Group(d)(e)
 
 
1,259
 
 
6,966
GEK TERNA SA
 
 
351
 
 
9,378
Hellenic Telecommunications Organization SA
 
 
768
 
 
14,438
HELLENiQ ENERGY Holdings SA
 
 
441
 
 
3,884
Holding Co. ADMIE IPTO SA
 
 
576
 
 
1,982
Intralot SA-Integrated Information Systems & Gaming Services(d)
 
 
1,308
 
 
1,683
Jumbo SA
 
 
571
 
 
18,126
LAMDA Development SA(d)
 
 
393
 
 
3,352
Motor Oil Hellas Corinth Refineries SA
 
 
316
 
 
9,477
National Bank of Greece SA
 
 
4,242
 
 
62,317
OPAP SA
 
 
879
 
 
18,186
Optima bank SA
 
 
912
 
 
8,452
Piraeus Financial Holdings SA
 
 
5,447
 
 
42,518
Piraeus Port Authority SA
 
 
33
 
 
1,636
Public Power Corp. SA
 
 
934
 
 
16,245
Quest Holdings SA
 
 
131
 
 
1,065
Sarantis SA
 
 
136
 
 
1,978
 
 
 
 
323,984
Ireland - 0.9%
 
 
 
 
AIB Group PLC
 
 
10,822
 
 
99,604
Bank of Ireland Group PLC
 
 
4,863
 
 
79,511
Kerry Group PLC - Class A
 
 
837
 
 
76,313
Kingspan Group PLC
 
 
778
 
 
58,200
Ryanair Holdings PLC
 
 
260
 
 
7,867
 
 
 
 
321,495
Italy - 9.4%
 
 
 
 
A2A SpA
 
 
7,921
 
 
23,063
Amplifon SpA
 
 
622
 
 
10,611
Banca Mediolanum SpA
 
 
1,081
 
 
21,693
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
44
 
PACER TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Italy - (Continued)
Banca Monte dei Paschi di Siena SpA
 
 
10,575
 
 
$92,443
Banco BPM SpA
 
 
7,436
 
 
108,038
BPER Banca SPA
 
 
7,014
 
 
83,717
Brunello Cucinelli SpA
 
 
172
 
 
17,395
Buzzi SpA
 
 
442
 
 
26,569
Davide Campari-Milano NV
 
 
2,839
 
 
19,745
DiaSorin SpA
 
 
111
 
 
9,813
Enel SpA
 
 
39,561
 
 
400,001
Eni SpA
 
 
9,923
 
 
182,363
Ferrari NV
 
 
605
 
 
241,632
FinecoBank Banca Fineco SpA
 
 
3,104
 
 
70,876
Generali
 
 
4,900
 
 
188,359
Hera SpA
 
 
3,868
 
 
17,343
Infrastrutture Wireless Italiane SpA(a)
 
 
1,641
 
 
18,016
Interpump Group SpA
 
 
368
 
 
18,961
Intesa Sanpaolo SpA
 
 
79,883
 
 
513,420
Italgas SpA
 
 
3,102
 
 
32,501
Leonardo SpA
 
 
2,040
 
 
119,639
Mediobanca Banca di Credito Finanziario SpA
 
 
572
 
 
10,902
Moncler SpA
 
 
1,139
 
 
68,269
Nexi SpA(a)
 
 
3,034
 
 
15,968
Pirelli & C SpA(a)
 
 
1,894
 
 
13,265
Poste Italiane SpA(a)
 
 
2,308
 
 
55,574
Prysmian SpA
 
 
1,452
 
 
150,326
Recordati Industria Chimica e Farmaceutica SpA
 
 
550
 
 
32,649
Reply SpA
 
 
114
 
 
15,978
Snam SpA
 
 
10,368
 
 
63,912
Telecom Italia SpA(d)
 
 
55,318
 
 
32,595
Telecom Italia SpA - Savings Shares(d)
 
 
30,466
 
 
20,234
Terna Rete Elettrica Nazionale SpA
 
 
7,097
 
 
72,690
UniCredit SpA
 
 
7,944
 
 
586,298
Unipol Assicurazioni SpA
 
 
1,910
 
 
41,752
 
 
 
 
3,396,610
Luxembourg - 0.5%
 
 
 
 
ArcelorMittal
 
 
2,146
 
 
82,024
CVC Capital Partners PLC(a)
 
 
1,072
 
 
17,904
Eurofins Scientific SE(d)
 
 
571
 
 
40,240
RTL Group SA
 
 
187
 
 
7,210
Tenaris SA
 
 
1,776
 
 
35,384
 
 
 
 
182,762
Netherlands - 14.7%
 
 
 
 
ABN AMRO Group NV(a)
 
 
2,601
 
 
77,679
Adyen NV(a)(d)
 
 
135
 
 
231,637
Aegon Ltd.
 
 
6,577
 
 
50,080
Akzo Nobel NV
 
 
854
 
 
56,542
Argenx SE(d)
 
 
309
 
 
251,312
ASM International NV
 
 
236
 
 
152,878
ASML Holding NV
 
 
2,005
 
 
2,121,778
ASR Nederland NV
 
 
790
 
 
52,723
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
BE Semiconductor Industries NV
 
 
359
 
 
$61,077
CTP NV(a)
 
 
658
 
 
13,713
Euronext NV(a)
 
 
440
 
 
62,888
EXOR NV
 
 
485
 
 
42,039
Ferrovial SE
 
 
2,395
 
 
146,863
Heineken Holding NV
 
 
577
 
 
38,973
Heineken NV
 
 
1,406
 
 
108,646
IMCD NV
 
 
295
 
 
30,596
ING Groep NV
 
 
15,152
 
 
379,337
JDE Peet’s NV
 
 
787
 
 
28,647
Koninklijke Ahold Delhaize NV
 
 
4,608
 
 
188,607
Koninklijke KPN NV
 
 
19,084
 
 
88,384
Koninklijke Philips NV
 
 
3,939
 
 
107,786
Koninklijke Vopak NV
 
 
288
 
 
13,039
NN Group NV
 
 
1,315
 
 
90,004
Prosus NV
 
 
6,507
 
 
449,491
QIAGEN NV
 
 
1,080
 
 
50,740
Randstad Holding NV
 
 
549
 
 
21,509
Stellantis NV
 
 
10,849
 
 
109,769
Universal Music Group NV
 
 
4,766
 
 
127,834
Wolters Kluwer NV
 
 
1,170
 
 
143,288
 
 
 
 
5,297,859
Poland - 0.1%
 
 
 
 
InPost SA(d)
 
 
1,290
 
 
16,237
Portugal - 0.5%
 
 
 
 
Banco Comercial Portugues SA
 
 
46,167
 
 
40,719
EDP SA
 
 
15,080
 
 
74,916
Galp Energia SGPS SA
 
 
2,081
 
 
41,725
Jeronimo Martins SGPS SA
 
 
1,395
 
 
35,921
 
 
 
 
193,281
Spain - 9.8%
 
 
 
 
Acciona SA
 
 
121
 
 
26,778
ACS Actividades de Construccion y Servicios SA
 
 
907
 
 
74,436
Aena SME SA(a)
 
 
3,505
 
 
95,142
Amadeus IT Holding SA
 
 
2,216
 
 
169,399
Banco Bilbao Vizcaya Argentaria SA
 
 
28,880
 
 
580,383
Banco de Sabadell SA
 
 
26,308
 
 
98,340
Banco Santander SA
 
 
75,581
 
 
768,904
Bankinter SA
 
 
3,151
 
 
47,470
CaixaBank SA
 
 
18,302
 
 
193,279
Cellnex Telecom SA(a)
 
 
2,857
 
 
89,013
Corp. ACCIONA Energias Renovables SA
 
 
206
 
 
5,665
EDP Renovaveis SA
 
 
1,574
 
 
23,005
Endesa SA
 
 
1,606
 
 
57,552
Grifols SA
 
 
1,453
 
 
18,816
Iberdrola SA
 
 
33,976
 
 
687,885
Industria de Diseno Textil SA
 
 
5,630
 
 
310,842
Mapfre SA
 
 
4,636
 
 
20,477
Naturgy Energy Group SA
 
 
482
 
 
14,601
Redeia Corp. SA
 
 
2,057
 
 
37,011
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
45
 
PACER TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Spain - (Continued)
Repsol SA
 
 
5,798
 
 
$106,093
Telefonica SA
 
 
20,660
 
 
104,470
 
 
 
 
3,529,561
Switzerland - 0.4%
 
 
 
 
DSM-Firmenich AG
 
 
923
 
 
75,217
STMicroelectronics NV
 
 
3,251
 
 
79,966
 
 
 
 
155,183
TOTAL COMMON STOCKS
(Cost $31,384,589)
 
 
 
 
35,441,415
PREFERRED STOCKS - 0.6%
 
 
 
 
Germany - 0.6%
 
 
 
 
Bayerische Motoren Werke AG, 0.00%
 
 
284
 
 
24,568
FUCHS SE, 0.00%
 
 
333
 
 
14,885
Henkel AG & Co. KGaA, 0.00%
 
 
827
 
 
66,974
Volkswagen AG, 0.00%
 
 
1,047
 
 
108,879
 
 
 
 
215,306
Spain - 0.0%(b)
 
 
 
 
Grifols SA, Class B, 0.00%
 
 
1,311
 
 
12,112
TOTAL PREFERRED STOCKS
(Cost $226,115)
 
 
 
 
227,418
REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%
 
 
 
 
Belgium - 0.0%(b)
 
 
 
 
Warehouses De Pauw CVA
 
 
928
 
 
23,554
France - 0.4%
 
 
 
 
Covivio SA
 
 
273
 
 
17,496
Gecina SA
 
 
260
 
 
24,140
Klepierre
 
 
1,052
 
 
40,185
Unibail-Rodamco-Westfield
 
 
516
 
 
53,314
 
 
 
 
135,135
Spain - 0.1%
 
 
 
 
Merlin Properties Socimi SA
 
 
1,908
 
 
29,712
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $167,746)
 
 
 
 
188,401
TOTAL INVESTMENTS - 99.3%
(Cost $31,778,450)
 
 
 
 
$35,857,234
Other Assets in Excess of
Liabilities - 0.7%
 
 
 
 
239,062
TOTAL NET ASSETS - 100.0%
 
 
 
 
$36,096,296
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
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 $979,374 or 2.7% of the Fund’s net assets.
(b)
Represents less than 0.05% of net assets.
(c)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(d)
Non-income producing security.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $6,966 or 0.0% of net assets as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
46
 
Pacer Trendpilot® Fund of Funds ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
AFFILIATED EXCHANGE TRADED FUNDS - 100.0%
 
 
 
 
Pacer Trendpilot 100 ETF(a)
 
 
139,150
 
 
$11,307,329
Pacer Trendpilot International ETF(a)
 
 
353,488
 
 
11,061,665
Pacer Trendpilot US Bond ETF(a)
 
 
541,911
 
 
10,587,857
Pacer Trendpilot US Large Cap ETF(a)
 
 
196,938
 
 
11,046,252
Pacer Trendpilot US Mid Cap ETF(a)
 
 
299,452
 
 
10,660,431
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $50,678,324)
 
 
 
 
54,663,534
TOTAL INVESTMENTS - 100.0%
(Cost $50,678,324)
 
 
 
 
$54,663,534
Other Assets in Excess of
Liabilities - 0.0%(b)
 
 
 
 
7,326
TOTAL NET ASSETS - 100.0%
 
 
 
 
$54,670,860
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Affiliated security as defined by the Investment Company Act of 1940.
(b)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
47
 
PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.2%
 
 
 
 
Australia - 5.5%
 
 
 
 
ANZ Group Holdings Ltd.
 
 
23,734
 
 
$569,144
Aristocrat Leisure Ltd.
 
 
4,943
 
 
204,887
BHP Group Ltd.
 
 
40,754
 
 
1,158,610
Brambles Ltd.
 
 
10,876
 
 
176,908
Cochlear Ltd.
 
 
520
 
 
97,702
Coles Group Ltd.
 
 
10,676
 
 
154,026
Commonwealth Bank of Australia
 
 
13,473
 
 
1,513,073
Computershare Ltd.
 
 
4,322
 
 
103,416
CSL Ltd.
 
 
3,849
 
 
449,535
Fortescue Ltd.
 
 
13,223
 
 
184,197
Insurance Australia Group Ltd.
 
 
18,820
 
 
96,788
Macquarie Group Ltd.
 
 
2,815
 
 
402,556
National Australia Bank Ltd.
 
 
24,365
 
 
695,391
Northern Star Resources Ltd.
 
 
11,382
 
 
183,277
Origin Energy Ltd.
 
 
13,708
 
 
109,872
Pro Medicus Ltd.
 
 
442
 
 
76,236
QBE Insurance Group Ltd.
 
 
12,014
 
 
155,958
REA Group Ltd.
 
 
400
 
 
55,770
Rio Tinto Ltd.
 
 
2,952
 
 
256,638
Santos Ltd.
 
 
25,836
 
 
106,667
Sigma Healthcare Ltd.
 
 
45,924
 
 
93,450
Suncorp Group Ltd.
 
 
8,620
 
 
110,662
Telstra Group Ltd.
 
 
31,706
 
 
101,237
Transurban Group
 
 
24,731
 
 
234,308
Wesfarmers Ltd.
 
 
9,031
 
 
496,355
Westpac Banking Corp.
 
 
27,562
 
 
698,630
WiseTech Global Ltd.
 
 
1,680
 
 
75,978
Woodside Energy Group Ltd.
 
 
15,102
 
 
245,055
Woolworths Group Ltd.
 
 
9,722
 
 
180,719
 
 
 
 
8,987,045
Austria - 0.3%
 
 
 
 
Erste Group Bank AG
 
 
2,551
 
 
263,901
OMV AG
 
 
1,146
 
 
62,691
Raiffeisen Bank International AG
 
 
1,022
 
 
38,096
Strabag SE
 
 
128
 
 
10,018
Verbund AG - Class A
 
 
666
 
 
51,395
 
 
 
 
426,101
Belgium - 0.6%
 
 
 
 
Anheuser-Busch InBev SA
 
 
7,870
 
 
479,873
KBC Groep NV
 
 
1,996
 
 
239,846
UCB SA
 
 
959
 
 
245,948
 
 
 
 
965,667
Canada - 10.2%
 
 
 
 
Agnico Eagle Mines Ltd.
 
 
4,056
 
 
652,349
Alimentation Couche-Tard, Inc.
 
 
6,102
 
 
310,114
Bank of Montreal
 
 
5,772
 
 
717,019
Bank of Nova Scotia
 
 
9,886
 
 
648,400
Barrick Mining Corp.
 
 
13,757
 
 
451,586
BCE, Inc.
 
 
2,448
 
 
55,957
Brookfield Corp.
 
 
17,381
 
 
800,427
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Cameco Corp.
 
 
3,464
 
 
$354,019
Canadian Imperial Bank of Commerce
 
 
7,392
 
 
612,473
Canadian National Railway Co.
 
 
4,424
 
 
424,216
Canadian Natural Resources Ltd.
 
 
16,620
 
 
531,703
Canadian Pacific Kansas City Ltd.
 
 
7,275
 
 
523,522
Cenovus Energy, Inc.
 
 
10,014
 
 
169,214
Constellation Software, Inc.
 
 
162
 
 
426,334
Dollarama, Inc.
 
 
2,199
 
 
285,836
Enbridge, Inc.(a)
 
 
17,575
 
 
819,511
Fairfax Financial Holdings Ltd.
 
 
169
 
 
274,377
Franco-Nevada Corp.
 
 
1,532
 
 
286,171
Great-West Lifeco, Inc.
 
 
2,138
 
 
90,639
Imperial Oil Ltd.
 
 
1,250
 
 
110,558
Intact Financial Corp.
 
 
1,419
 
 
264,699
Loblaw Cos. Ltd.
 
 
4,558
 
 
181,144
Manulife Financial Corp.
 
 
13,516
 
 
437,411
National Bank of Canada
 
 
3,115
 
 
348,024
Nutrien Ltd.
 
 
3,878
 
 
211,216
Restaurant Brands International, Inc.
 
 
2,610
 
 
171,426
Royal Bank of Canada
 
 
11,321
 
 
1,658,498
Shopify, Inc. - Class A(b)
 
 
9,852
 
 
1,712,958
Sun Life Financial, Inc.
 
 
4,483
 
 
272,678
Suncor Energy, Inc.
 
 
9,655
 
 
384,465
TC Energy Corp.
 
 
8,270
 
 
414,989
TELUS Corp.
 
 
4,074
 
 
59,576
Thomson Reuters Corp.
 
 
1,080
 
 
165,432
Toronto-Dominion Bank
 
 
13,822
 
 
1,134,891
Waste Connections, Inc.
 
 
2,056
 
 
344,809
Wheaton Precious Metals Corp.
 
 
3,671
 
 
354,523
 
 
 
 
16,661,164
Denmark - 1.3%
 
 
 
 
AP Moller - Maersk AS - Class A
 
 
22
 
 
45,365
AP Moller - Maersk AS - Class B
 
 
37
 
 
76,268
Coloplast AS - Class B
 
 
954
 
 
86,227
Danske Bank A/S
 
 
5,250
 
 
234,425
DSV AS
 
 
1,569
 
 
332,982
Novo Nordisk AS
 
 
25,583
 
 
1,247,571
Novonesis Novozymes B
 
 
2,738
 
 
163,631
 
 
 
 
2,186,469
Finland - 0.9%
 
 
 
 
Amer Sports, Inc.(b)
 
 
1,238
 
 
38,663
Fortum Oyj
 
 
3,504
 
 
78,112
Kone Oyj - Class B
 
 
3,100
 
 
206,960
Nokia OYJ
 
 
40,806
 
 
275,812
Nordea Bank Abp
 
 
27,611
 
 
471,700
Sampo Oyj - Class A
 
 
20,275
 
 
225,940
UPM-Kymmene Oyj
 
 
4,198
 
 
112,647
Wartsila OYJ Abp
 
 
3,856
 
 
126,093
 
 
 
 
1,535,927
France - 7.5%
 
 
 
 
Air Liquide SA
 
 
4,660
 
 
901,953
AXA SA
 
 
13,627
 
 
591,058
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
48
 
PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
France - (Continued)
BNP Paribas SA
 
 
8,099
 
 
$626,023
Christian Dior SE
 
 
30
 
 
19,624
Cie de Saint-Gobain SA
 
 
3,650
 
 
353,653
Credit Agricole SA
 
 
8,914
 
 
160,696
Danone SA
 
 
5,132
 
 
453,591
Dassault Systemes SE
 
 
5,244
 
 
148,875
Engie SA
 
 
13,945
 
 
326,295
EssilorLuxottica SA
 
 
2,350
 
 
859,475
Hermes International SCA
 
 
281
 
 
696,046
L’Oreal SA
 
 
1,852
 
 
774,148
LVMH Moet Hennessy Louis Vuitton SE
 
 
2,057
 
 
1,451,283
Safran SA
 
 
2,767
 
 
982,006
Sanofi SA
 
 
8,585
 
 
866,842
Schneider Electric SE
 
 
4,359
 
 
1,236,500
Thales SA
 
 
728
 
 
207,180
TotalEnergies SE
 
 
16,846
 
 
1,047,572
Vinci SA
 
 
3,990
 
 
533,030
 
 
 
 
12,235,850
Germany - 7.2%
 
 
 
 
Allianz SE
 
 
3,114
 
 
1,249,807
BASF SE
 
 
7,103
 
 
350,332
Bayerische Motoren Werke AG
 
 
2,100
 
 
195,387
Commerzbank AG
 
 
8,292
 
 
301,164
Daimler AG
 
 
5,742
 
 
372,025
Deutsche Bank AG
 
 
15,502
 
 
552,666
Deutsche Boerse AG
 
 
1,499
 
 
379,255
Deutsche Post AG
 
 
7,637
 
 
350,349
Deutsche Telekom AG
 
 
28,123
 
 
871,662
E.ON SE
 
 
17,658
 
 
328,504
Hannover Rueck SE
 
 
484
 
 
138,020
Infineon Technologies AG
 
 
10,388
 
 
410,936
Merck KGaA
 
 
1,032
 
 
134,952
Muenchener Rueckversicherungs-Gesellschaft AG
 
 
1,041
 
 
643,628
Rheinmetall AG
 
 
371
 
 
727,615
SAP SE
 
 
8,215
 
 
2,125,312
Siemens AG
 
 
5,928
 
 
1,677,813
Siemens Energy AG(b)
 
 
5,442
 
 
673,060
Siemens Healthineers AG(c)
 
 
2,330
 
 
130,443
Volkswagen AG
 
 
242
 
 
25,481
 
 
 
 
11,638,411
Hong Kong - 1.9%
 
 
 
 
AIA Group Ltd.
 
 
83,570
 
 
811,443
BOC Hong Kong Holdings Ltd.
 
 
28,601
 
 
140,529
Budweiser Brewing Co. APAC Ltd.(c)
 
 
12,649
 
 
12,827
Chow Tai Fook Jewellery Group Ltd.
 
 
17,268
 
 
33,822
CK Asset Holdings Ltd.
 
 
15,596
 
 
77,152
CK Hutchison Holdings Ltd.
 
 
21,861
 
 
144,886
CK Infrastructure Holdings Ltd.
 
 
4,939
 
 
32,130
CLP Holdings Ltd.
 
 
12,669
 
 
108,095
Futu Holdings Ltd. - ADR(a)
 
 
482
 
 
95,937
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Galaxy Entertainment Group Ltd.
 
 
16,363
 
 
$81,535
Hang Seng Bank Ltd.
 
 
5,540
 
 
108,083
Henderson Land Development Co. Ltd.
 
 
10,669
 
 
37,456
Hong Kong & China Gas Co. Ltd.
 
 
86,110
 
 
80,120
Hong Kong Exchanges & Clearing Ltd.
 
 
9,482
 
 
516,897
Jardine Matheson Holdings Ltd.
 
 
1,641
 
 
96,409
MTR Corp. Ltd.
 
 
12,877
 
 
47,229
Power Assets Holdings Ltd.
 
 
10,855
 
 
68,953
Prudential PLC
 
 
20,482
 
 
283,870
Sun Hung Kai Properties Ltd.
 
 
12,220
 
 
148,532
Techtronic Industries Co. Ltd.
 
 
11,361
 
 
132,755
Zijin Gold International Co. Ltd.(b)
 
 
1,178
 
 
19,920
 
 
 
 
3,078,580
Ireland - 0.6%
 
 
 
 
AIB Group PLC
 
 
17,004
 
 
156,503
Experian PLC
 
 
7,304
 
 
340,343
James Hardie Industries PLC(b)
 
 
4,610
 
 
97,156
Kerry Group PLC - Class A
 
 
1,297
 
 
118,253
Kingspan Group PLC
 
 
1,216
 
 
90,965
Ryanair Holdings PLC
 
 
4,218
 
 
127,624
 
 
 
 
930,844
Israel - 1.2%
 
 
 
 
Azrieli Group Ltd.
 
 
300
 
 
31,644
Bank Hapoalim BM
 
 
10,474
 
 
213,115
Bank Leumi Le-Israel BM
 
 
11,884
 
 
241,914
Bezeq The Israeli Telecommunication Corp. Ltd.
 
 
18,526
 
 
37,928
Camtek Ltd.(b)
 
 
220
 
 
27,257
Cellebrite DI Ltd.(b)
 
 
952
 
 
16,241
Check Point Software Technologies Ltd.(b)
 
 
668
 
 
130,714
CyberArk Software Ltd.(a)(b)
 
 
405
 
 
210,916
Elbit Systems Ltd.
 
 
216
 
 
103,411
Etoro Group Ltd. - Class A(a)(b)
 
 
100
 
 
3,706
First International Bank Of Israel Ltd.
 
 
420
 
 
30,290
Global-e Online Ltd.(b)
 
 
870
 
 
31,694
Harel Insurance Investments & Financial Services Ltd.
 
 
884
 
 
30,928
ICL Group Ltd.
 
 
5,840
 
 
38,337
Isracard Ltd.
 
 
1
 
 
3
Israel Discount Bank Ltd. - Class A
 
 
9,749
 
 
97,656
Melisron Ltd.
 
 
195
 
 
25,386
Menora Mivtachim Holdings Ltd.
 
 
168
 
 
16,808
Mizrahi Tefahot Bank Ltd.
 
 
1,235
 
 
80,427
Monday.com Ltd.(b)
 
 
333
 
 
68,345
Nice Ltd.(b)
 
 
507
 
 
68,711
Nova Ltd.(b)
 
 
230
 
 
79,642
Phoenix Financial Ltd.
 
 
1,797
 
 
69,267
Teva Pharmaceutical Industries Ltd. - ADR(b)
 
 
9,127
 
 
186,921
Tower Semiconductor Ltd.(b)
 
 
900
 
 
74,382
Wix.com Ltd.(b)
 
 
444
 
 
64,620
 
 
 
 
1,980,263
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
49
 
PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Italy - 2.4%
 
 
 
 
Enel SpA
 
 
61,476
 
 
$621,584
Eni SpA
 
 
16,527
 
 
303,729
Ferrari NV
 
 
974
 
 
389,007
Generali
 
 
8,381
 
 
322,172
Intesa Sanpaolo SpA
 
 
125,779
 
 
808,400
Leonardo SpA
 
 
3,180
 
 
186,496
Poste Italiane SpA(c)
 
 
3,640
 
 
87,647
Prysmian SpA
 
 
2,360
 
 
244,332
UniCredit SpA
 
 
12,504
 
 
922,843
 
 
 
 
3,886,210
Japan - 22.0%
 
 
 
 
Advantest Corp.
 
 
6,093
 
 
914,681
Aeon Co. Ltd.
 
 
22,149
 
 
350,610
Aisin Corp.
 
 
4,466
 
 
80,403
Ajinomoto Co., Inc.
 
 
7,366
 
 
209,016
Asahi Group Holdings Ltd.
 
 
12,100
 
 
130,414
Asahi Kasei Corp.
 
 
10,871
 
 
83,414
Asics Corp.
 
 
5,844
 
 
149,522
Astellas Pharma, Inc.
 
 
14,401
 
 
150,776
Bandai Namco Holdings, Inc.
 
 
5,171
 
 
161,126
Bridgestone Corp.
 
 
4,656
 
 
204,355
Canon, Inc.
 
 
7,214
 
 
207,512
Capcom Co. Ltd.
 
 
2,736
 
 
71,618
Central Japan Railway Co.
 
 
7,698
 
 
188,117
Chugai Pharmaceutical Co. Ltd.
 
 
5,075
 
 
232,131
Dai-ichi Life Holdings, Inc.
 
 
29,442
 
 
207,284
Daiichi Sankyo Co. Ltd.
 
 
15,077
 
 
358,948
Daikin Industries Ltd.
 
 
2,329
 
 
271,649
Daiwa House Industry Co. Ltd.
 
 
4,824
 
 
163,805
Daiwa Securities Group, Inc.
 
 
11,258
 
 
86,895
Denso Corp.
 
 
15,521
 
 
217,693
Disco Corp.
 
 
746
 
 
249,828
East Japan Railway Co.
 
 
9,027
 
 
220,008
Eisai Co. Ltd.
 
 
2,322
 
 
68,857
ENEOS Holdings, Inc.
 
 
21,530
 
 
135,905
FANUC Corp.
 
 
7,349
 
 
234,094
Fast Retailing Co. Ltd.
 
 
1,686
 
 
619,874
FUJIFILM Holdings Corp.
 
 
9,894
 
 
229,839
Fujikura Ltd.
 
 
2,188
 
 
300,564
Fujitsu Ltd.
 
 
13,932
 
 
364,414
Hitachi Ltd.
 
 
36,790
 
 
1,269,543
Honda Motor Co. Ltd.
 
 
32,344
 
 
327,407
Hoya Corp.
 
 
2,734
 
 
445,022
IHI Corp.
 
 
8,586
 
 
179,119
Inpex Corp.
 
 
7,318
 
 
134,907
Isuzu Motors Ltd.
 
 
4,424
 
 
54,399
ITOCHU Corp.
 
 
11,223
 
 
650,397
Japan Exchange Group, Inc.
 
 
8,310
 
 
93,259
Japan Post Bank Co. Ltd.
 
 
14,227
 
 
159,524
Japan Post Holdings Co. Ltd.
 
 
13,721
 
 
128,787
Japan Tobacco, Inc.
 
 
8,748
 
 
304,542
Kajima Corp.
 
 
3,572
 
 
115,335
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Kansai Electric Power Co., Inc.
 
 
8,164
 
 
$127,538
Kao Corp.
 
 
3,708
 
 
156,876
Kawasaki Kisen Kaisha Ltd.
 
 
5,084
 
 
73,006
KDDI Corp.
 
 
22,329
 
 
356,647
Keyence Corp.
 
 
1,588
 
 
591,159
Kirin Holdings Co. Ltd.
 
 
6,470
 
 
90,872
Komatsu Ltd.
 
 
7,569
 
 
253,724
Konami Group Corp.
 
 
819
 
 
136,792
Kubota Corp.
 
 
8,054
 
 
104,549
Kyocera Corp.
 
 
11,176
 
 
148,665
Kyowa Kirin Co. Ltd.
 
 
1,886
 
 
29,151
Lasertec Corp.
 
 
636
 
 
117,246
LY Corp.
 
 
19,886
 
 
58,454
Marubeni Corp.
 
 
13,211
 
 
325,753
Mitsubishi Corp.
 
 
32,003
 
 
770,846
Mitsubishi Electric Corp.
 
 
16,810
 
 
470,889
Mitsubishi Estate Co. Ltd.
 
 
9,950
 
 
210,738
Mitsubishi HC Capital, Inc.
 
 
7,702
 
 
60,273
Mitsubishi Heavy Industries Ltd.
 
 
26,845
 
 
810,524
Mitsubishi UFJ Financial Group, Inc.
 
 
96,907
 
 
1,465,144
Mitsui & Co. Ltd.
 
 
23,120
 
 
570,386
Mitsui Fudosan Co. Ltd.
 
 
22,133
 
 
230,005
Mitsui OSK Lines Ltd.
 
 
2,890
 
 
85,944
Mizuho Financial Group, Inc.
 
 
19,996
 
 
668,090
MS&AD Insurance Group Holdings, Inc.
 
 
10,365
 
 
214,281
Murata Manufacturing Co. Ltd.
 
 
14,792
 
 
325,576
NEC Corp.
 
 
11,044
 
 
402,603
Nexon Co. Ltd.
 
 
3,211
 
 
65,633
NIDEC CORP
 
 
8,348
 
 
102,000
Nintendo Co. Ltd.
 
 
9,304
 
 
787,559
Nippon Paint Holdings Co. Ltd.
 
 
8,492
 
 
54,139
Nippon Steel Corp.
 
 
42,763
 
 
176,563
Nippon Yusen KK
 
 
3,452
 
 
119,412
Nitori Holdings Co. Ltd.
 
 
3,474
 
 
56,356
Nitto Denko Corp.
 
 
5,622
 
 
140,596
Nomura Holdings, Inc.
 
 
23,406
 
 
167,370
Nomura Research Institute Ltd.
 
 
3,466
 
 
135,617
NTT, Inc.
 
 
237,737
 
 
244,355
Obayashi Corp.
 
 
5,338
 
 
90,473
Obic Co. Ltd.
 
 
2,610
 
 
81,072
Olympus Corp.
 
 
9,058
 
 
111,645
Oracle Corp. Japan
 
 
272
 
 
25,116
Oriental Land Co. Ltd.
 
 
9,600
 
 
194,355
ORIX Corp.
 
 
9,257
 
 
225,854
Osaka Gas Co. Ltd.
 
 
3,170
 
 
99,722
Otsuka Holdings Co. Ltd.
 
 
4,105
 
 
223,057
Pan Pacific International Holdings Corp.
 
 
21,232
 
 
126,447
Panasonic Holdings Corp.
 
 
19,530
 
 
227,920
Rakuten Group, Inc.(b)
 
 
12,126
 
 
79,432
Recruit Holdings Co. Ltd.
 
 
12,442
 
 
622,302
Renesas Electronics Corp.
 
 
14,885
 
 
184,578
Resona Holdings, Inc.
 
 
18,352
 
 
177,852
Ryohin Keikaku Co. Ltd.
 
 
4,466
 
 
91,835
Sanrio Co. Ltd.
 
 
1,688
 
 
78,392
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
50
 
PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Japan - (Continued)
SBI Holdings, Inc.
 
 
2,160
 
 
$96,906
Secom Co. Ltd.
 
 
3,268
 
 
110,545
Sekisui House Ltd.
 
 
5,278
 
 
113,396
Seven & i Holdings Co. Ltd.
 
 
19,063
 
 
243,189
Shimano, Inc.
 
 
638
 
 
67,087
Shin-Etsu Chemical Co. Ltd.
 
 
15,791
 
 
476,978
Shionogi & Co. Ltd.
 
 
6,372
 
 
106,676
SMC Corp.
 
 
474
 
 
161,691
SoftBank Corp.
 
 
228,250
 
 
323,913
SoftBank Group Corp.
 
 
8,025
 
 
1,409,361
Sompo Holdings, Inc.
 
 
7,438
 
 
227,228
Sony Financial Holdings, Inc.(b)
 
 
48,931
 
 
49,341
Sony Group Corp.
 
 
49,373
 
 
1,387,865
Subaru Corp.
 
 
4,610
 
 
98,207
Sumitomo Corp.
 
 
9,638
 
 
280,553
Sumitomo Electric Industries Ltd.
 
 
6,319
 
 
231,668
Sumitomo Mitsui Financial Group, Inc.
 
 
31,191
 
 
842,568
Sumitomo Mitsui Trust Group, Inc.
 
 
5,674
 
 
155,776
Sumitomo Realty & Development Co. Ltd.
 
 
3,790
 
 
161,845
Suntory Beverage & Food Ltd.
 
 
1,034
 
 
31,280
Suzuki Motor Corp.
 
 
15,633
 
 
234,125
T&D Holdings, Inc.
 
 
4,030
 
 
86,845
Taiyo Nippon Sanso Corp.
 
 
1,686
 
 
56,102
Takeda Pharmaceutical Co. Ltd.
 
 
12,660
 
 
341,165
TDK Corp.
 
 
15,467
 
 
268,271
Terumo Corp.
 
 
11,781
 
 
190,464
Tokio Marine Holdings, Inc.
 
 
15,388
 
 
577,337
Tokyo Electron Ltd.
 
 
3,756
 
 
833,042
Tokyo Gas Co. Ltd.
 
 
2,538
 
 
88,964
Toyota Industries Corp.
 
 
1,663
 
 
181,558
Toyota Motor Corp.
 
 
95,119
 
 
1,936,821
Toyota Tsusho Corp.
 
 
5,660
 
 
173,241
Unicharm Corp.
 
 
10,224
 
 
63,257
 
 
 
 
35,878,241
Macao - 0.0%(d)
 
 
 
 
Sands China Ltd.
 
 
17,381
 
 
45,272
Netherlands - 5.0%
 
 
 
 
Adyen NV(b)(c)
 
 
254
 
 
435,820
Airbus Group SE
 
 
4,981
 
 
1,225,199
Argenx SE(b)
 
 
488
 
 
396,893
ASML Holding NV
 
 
3,174
 
 
3,358,864
Ferrovial SE
 
 
3,852
 
 
236,207
Heineken NV
 
 
2,203
 
 
170,233
ING Groep NV
 
 
23,539
 
 
589,309
Koninklijke Ahold Delhaize NV
 
 
7,262
 
 
297,237
Prosus NV
 
 
10,601
 
 
732,296
Stellantis NV
 
 
16,130
 
 
163,202
Universal Music Group NV
 
 
8,320
 
 
223,160
Wolters Kluwer NV
 
 
1,896
 
 
232,200
 
 
 
 
8,060,620
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
New Zealand - 0.3%
 
 
 
 
Auckland International Airport Ltd.
 
 
13,430
 
 
$62,405
Fisher & Paykel Healthcare Corp. Ltd.
 
 
4,662
 
 
98,976
Infratil Ltd.
 
 
7,900
 
 
55,877
Mercury NZ Ltd.
 
 
5,482
 
 
20,328
Meridian Energy Ltd.
 
 
10,410
 
 
35,266
Xero Ltd.(b)
 
 
1,321
 
 
125,328
 
 
 
 
398,180
Norway - 0.6%
 
 
 
 
Aker BP ASA
 
 
2,416
 
 
62,706
DNB Bank ASA
 
 
6,702
 
 
170,904
Equinor ASA
 
 
6,712
 
 
160,358
Gjensidige Forsikring ASA
 
 
1,514
 
 
40,745
Kongsberg Gruppen ASA
 
 
3,497
 
 
89,434
Mowi ASA
 
 
3,496
 
 
76,828
Norsk Hydro ASA
 
 
10,484
 
 
70,940
Orkla ASA
 
 
5,990
 
 
60,732
Schibsted ASA - Class B
 
 
1,532
 
 
52,785
Telenor ASA
 
 
5,006
 
 
74,428
Var Energi ASA
 
 
7,532
 
 
25,342
Yara International ASA
 
 
1,302
 
 
47,456
 
 
 
 
932,658
Portugal - 0.2%
 
 
 
 
EDP SA
 
 
23,968
 
 
119,071
Galp Energia SGPS SA
 
 
3,322
 
 
66,607
Jeronimo Martins SGPS SA
 
 
2,208
 
 
56,856
 
 
 
 
242,534
Singapore - 1.4%
 
 
 
 
DBS Group Holdings Ltd.
 
 
16,222
 
 
672,136
Grab Holdings Ltd. - Class A(b)
 
 
22,650
 
 
136,127
Oversea-Chinese Banking Corp. Ltd.
 
 
30,537
 
 
399,543
Sea Ltd. - ADR(b)
 
 
2,953
 
 
461,406
Singapore Airlines Ltd.
 
 
11,172
 
 
56,907
Singapore Technologies Engineering
Ltd.
 
 
12,222
 
 
79,721
Singapore Telecommunications Ltd.
 
 
56,495
 
 
184,468
United Overseas Bank Ltd.
 
 
11,464
 
 
305,360
Wilmar International Ltd.
 
 
20,890
 
 
50,235
 
 
 
 
2,345,903
South Korea - 5.6%
 
 
 
 
Alteogen, Inc.(b)
 
 
343
 
 
117,603
Celltrion, Inc.
 
 
1,247
 
 
153,752
Doosan Enerbility Co. Ltd.(b)
 
 
3,568
 
 
222,131
Ecopro BM Co. Ltd.(b)
 
 
428
 
 
48,065
Hana Financial Group, Inc.
 
 
2,271
 
 
136,284
Hanwha Aerospace Co. Ltd.
 
 
264
 
 
181,404
Hanwha Ocean Co. Ltd.(b)
 
 
1,050
 
 
101,407
HD Hyundai Electric Co. Ltd.
 
 
178
 
 
108,693
HD Hyundai Heavy Industries Co. Ltd.
 
 
185
 
 
77,908
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
 
 
366
 
 
121,764
HMM Co. Ltd.
 
 
2,690
 
 
38,799
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
51
 
PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
South Korea - (Continued)
Hyundai Mobis Co. Ltd.
 
 
471
 
 
$104,465
Hyundai Motor Co.
 
 
1,074
 
 
218,607
Hyundai Rotem Co. Ltd.
 
 
570
 
 
92,216
Kakao Corp.
 
 
2,423
 
 
110,712
KB Financial Group, Inc.
 
 
2,823
 
 
231,031
Kia Corp.
 
 
1,964
 
 
165,281
Korea Electric Power Corp.
 
 
2,080
 
 
62,119
Korea Zinc Co. Ltd.
 
 
91
 
 
65,979
Krafton, Inc.(b)
 
 
236
 
 
45,717
KT&G Corp.
 
 
804
 
 
75,730
LG Chem Ltd.
 
 
367
 
 
102,392
LG Corp.
 
 
725
 
 
40,862
LG Electronics, Inc.
 
 
829
 
 
50,971
LG Energy Solution Ltd.(b)
 
 
333
 
 
110,552
Meritz Financial Group, Inc.
 
 
617
 
 
47,853
NAVER Corp.
 
 
1,138
 
 
213,662
POSCO Future M Co. Ltd.(b)
 
 
284
 
 
43,156
POSCO Holdings, Inc.
 
 
604
 
 
131,631
Samsung Biologics Co. Ltd.(b)(c)(e)
 
 
152
 
 
130,263
Samsung C&T Corp.
 
 
709
 
 
112,465
Samsung Electronics Co. Ltd.
 
 
39,959
 
 
3,014,980
Samsung Fire & Marine Insurance Co. Ltd.
 
 
270
 
 
83,667
Samsung Heavy Industries Co. Ltd.(b)
 
 
5,740
 
 
119,050
Samsung Life Insurance Co. Ltd.
 
 
840
 
 
90,972
Samsung SDI Co. Ltd.
 
 
490
 
 
110,742
Shinhan Financial Group Co. Ltd.
 
 
3,666
 
 
188,607
SK Hynix, Inc.
 
 
4,368
 
 
1,713,783
SK Innovation Co. Ltd.
 
 
502
 
 
45,417
SK Square Co. Ltd.(b)
 
 
708
 
 
129,202
Woori Financial Group, Inc.
 
 
5,436
 
 
96,911
 
 
 
 
9,056,805
Spain - 2.7%
 
 
 
 
Aena SME SA(c)
 
 
5,848
 
 
158,743
Amadeus IT Holding SA
 
 
3,582
 
 
273,820
Banco Bilbao Vizcaya Argentaria SA
 
 
46,434
 
 
933,154
Banco Santander SA
 
 
119,928
 
 
1,220,057
CaixaBank SA
 
 
30,443
 
 
321,494
Iberdrola SA
 
 
49,507
 
 
1,002,329
Industria de Diseno Textil SA
 
 
8,926
 
 
492,820
 
 
 
 
4,402,417
Sweden - 2.9%
 
 
 
 
Alfa Laval AB
 
 
2,302
 
 
110,008
Assa Abloy AB - Class B
 
 
7,890
 
 
297,902
Atlas Copco AB - Class A
 
 
20,034
 
 
337,722
Atlas Copco AB - Class B
 
 
12,423
 
 
186,667
Epiroc AB
 
 
4,978
 
 
105,426
Epiroc AB - Class B(b)
 
 
3,102
 
 
58,120
EQT AB
 
 
2,948
 
 
102,277
Essity AB - Class B
 
 
4,693
 
 
128,881
Evolution AB(c)
 
 
1,157
 
 
77,359
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
H & M Hennes & Mauritz AB -
Class B(a)
 
 
3,820
 
 
$72,498
Hexagon AB - Class B
 
 
16,722
 
 
205,147
Industrivarden AB - Class A
 
 
1,078
 
 
44,912
Industrivarden AB - Class C
 
 
1,244
 
 
51,749
Investment AB Latour - Class B
 
 
1,110
 
 
28,380
Investor AB(b)
 
 
14,500
 
 
478,564
L E Lundbergforetagen AB - Class B
 
 
600
 
 
32,146
Saab AB
 
 
2,502
 
 
138,001
Sandvik AB
 
 
8,486
 
 
257,700
Skandinaviska Enskilda Banken AB - Class A
 
 
12,050
 
 
230,086
Skandinaviska Enskilda Banken AB - Class C
 
 
166
 
 
3,240
Spotify Technology SA(a)(b)
 
 
1,255
 
 
822,427
Svenska Handelsbanken AB - Class A
 
 
12,380
 
 
162,499
Svenska Handelsbanken AB - Class B
 
 
292
 
 
6,418
Swedbank AB - Class A
 
 
7,205
 
 
219,178
Telefonaktiebolaget LM Ericsson - Class B
 
 
23,259
 
 
234,542
Volvo AB - Class A
 
 
1,522
 
 
41,878
Volvo AB - Class B
 
 
12,637
 
 
348,506
 
 
 
 
4,782,233
Switzerland - 7.3%
 
 
 
 
ABB Ltd.
 
 
12,477
 
 
924,980
Alcon AG
 
 
3,973
 
 
295,229
Cie Financiere Richemont SA
 
 
4,280
 
 
844,034
Givaudan SA
 
 
70
 
 
286,872
Glencore PLC
 
 
76,730
 
 
367,366
Holcim AG
 
 
4,016
 
 
356,013
Lonza Group AG
 
 
560
 
 
385,650
Nestle SA
 
 
20,754
 
 
1,982,687
Novartis AG
 
 
15,298
 
 
1,887,086
Roche Holding AG
 
 
5,652
 
 
1,818,332
Roche Holding AG
 
 
225
 
 
75,993
Schindler Holding AG
 
 
324
 
 
115,146
Schindler Holding AG
 
 
168
 
 
56,678
Sika AG
 
 
1,273
 
 
248,668
STMicroelectronics NV
 
 
5,150
 
 
126,647
Swiss Re AG
 
 
2,376
 
 
432,832
UBS Group AG
 
 
24,500
 
 
935,551
Zurich Insurance Group AG
 
 
1,168
 
 
811,323
 
 
 
 
11,951,087
United Kingdom - 11.5%
 
 
 
 
3i Group PLC
 
 
7,743
 
 
447,566
Anglo American PLC
 
 
9,370
 
 
353,900
ARM Holdings PLC - ADR(a)(b)
 
 
1,092
 
 
185,443
Ashtead Group PLC
 
 
3,382
 
 
225,434
AstraZeneca PLC
 
 
12,492
 
 
2,046,416
BAE Systems PLC
 
 
23,942
 
 
588,477
Barclays PLC
 
 
112,065
 
 
599,184
BP PLC
 
 
125,850
 
 
731,250
British American Tobacco PLC
 
 
15,868
 
 
813,818
Coca-Cola Europacific Partners PLC
 
 
1,679
 
 
149,146
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
52
 
PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
United Kingdom - (Continued)
Compass Group PLC
 
 
13,510
 
 
$447,429
Diageo PLC
 
 
17,707
 
 
407,079
GSK PLC
 
 
32,406
 
 
757,989
Haleon PLC
 
 
71,376
 
 
332,027
HSBC Holdings PLC
 
 
139,978
 
 
1,955,474
Imperial Brands PLC
 
 
6,047
 
 
240,304
Lloyds Banking Group PLC
 
 
475,422
 
 
556,359
London Stock Exchange Group PLC
 
 
3,777
 
 
470,680
National Grid PLC
 
 
39,714
 
 
594,763
NatWest Group PLC
 
 
64,284
 
 
493,187
Reckitt Benckiser Group PLC
 
 
5,394
 
 
412,127
RELX PLC
 
 
14,593
 
 
643,563
Rio Tinto PLC
 
 
8,480
 
 
611,149
Rolls-Royce Holdings PLC
 
 
68,036
 
 
1,043,050
Shell PLC
 
 
47,175
 
 
1,764,701
Standard Chartered PLC
 
 
15,079
 
 
308,925
Tesco PLC
 
 
52,037
 
 
314,050
Unilever PLC
 
 
19,753
 
 
1,190,821
Verisure PLC(b)
 
 
1,472
 
 
27,198
 
 
 
 
18,711,509
United States - 0.1%
 
 
 
 
Brookfield Asset Management Ltd. - Class A
 
 
2,995
 
 
162,012
JFrog Ltd.(a)(b)
 
 
812
 
 
38,554
 
 
 
 
200,566
TOTAL COMMON STOCKS
(Cost $142,761,356)
 
 
 
 
161,520,556
PREFERRED STOCKS - 0.4%
 
 
 
 
Germany - 0.1%
 
 
 
 
Bayerische Motoren Werke AG, 0.00%
 
 
434
 
 
37,544
Dr Ing hc F Porsche AG, 0.00%(a)(c)
 
 
870
 
 
45,577
Volkswagen AG, 0.00%
 
 
1,642
 
 
170,754
 
 
 
 
253,875
South Korea - 0.3%
 
 
 
 
Hyundai Motor Co.
 
 
 
 
0.00%
 
 
284
 
 
43,853
0.00%
 
 
177
 
 
26,959
0.00%
 
 
20
 
 
3,011
LG Chem Ltd., 0.00%
 
 
61
 
 
8,443
LG Corp., 0.00%
 
 
26
 
 
1,184
LG Electronics, Inc., 0.00%
 
 
155
 
 
4,869
Samsung C&T Corp., 0.00%
 
 
12
 
 
1,199
Samsung Electronics Co. Ltd., 0.00%
 
 
6,496
 
 
384,813
Samsung Fire & Marine Insurance Co. Ltd., 0.00%
 
 
20
 
 
4,745
Samsung SDI Co. Ltd., 0.00%
 
 
12
 
 
1,544
 
 
 
 
480,620
TOTAL PREFERRED STOCKS
(Cost $536,364)
 
 
 
 
734,495
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%
 
 
 
 
Australia - 0.3%
 
 
 
 
Goodman Group
 
 
16,163
 
 
$349,307
Scentre Group
 
 
41,440
 
 
110,355
 
 
 
 
459,662
Singapore - 0.0%(d)
 
 
 
 
CapitaLand Integrated Commercial
Trust
 
 
45,967
 
 
83,698
TOTAL REAL ESTATE INVESTMENT
TRUSTS - COMMON
(Cost $501,031)
 
 
 
 
543,360
 
 
Contracts
 
 
WARRANTS - 0.0%(d)
 
 
 
 
Canada - 0.0%(d)
 
 
 
 
Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00(b)(e)
 
 
162
 
 
0
TOTAL WARRANTS
(Cost $0)
 
 
 
 
0
 
 
Shares
 
 
RIGHTS - 0.0%(d)
 
 
 
 
Norway - 0.0%(d)
 
 
 
 
Vend Marketplaces ASA, Expires 11/14/2025, Exercise Price $0.50(b)(e)
 
 
560
 
 
0
TOTAL RIGHTS
(Cost $1,238)
 
 
 
 
0
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.4%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(f)
 
 
2,199,322
 
 
2,199,322
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $2,199,322)
 
 
 
 
2,199,322
TOTAL INVESTMENTS - 101.3%
(Cost $145,999,311)
 
 
 
 
$164,997,733
Liabilities in Excess of Other
Assets - (1.3)%
 
 
 
 
(2,143,430)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$162,854,303
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
The accompanying notes are an integral part of these financial statements.
 
53
 
PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
(a)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $2,132,673.
(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 $1,078,679 or 0.7% of the Fund’s net assets.
(d)
Represents less than 0.05% of net assets.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $130,263 or 0.1% of net assets as of October 31, 2025.
(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.
 
54
 
Pacer Trendpilot® US Bond ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
U.S. TREASURY SECURITIES - 98.4%
United States Treasury Note/Bond
3.75%, 10/31/2032
 
 
$3,830,000
 
 
$3,796,959
4.13%, 11/15/2032
 
 
8,625,000
 
 
8,748,772
3.50%, 02/15/2033
 
 
8,625,000
 
 
8,400,567
3.38%, 05/15/2033
 
 
8,625,000
 
 
8,313,670
3.88%, 08/15/2033
 
 
9,410,000
 
 
9,362,810
4.50%, 11/15/2033
 
 
9,930,000
 
 
10,293,794
4.00%, 02/15/2034
 
 
10,455,000
 
 
10,462,036
4.38%, 05/15/2034
 
 
10,455,000
 
 
10,731,601
3.88%, 08/15/2034
 
 
10,455,000
 
 
10,334,494
4.25%, 11/15/2034
 
 
10,455,000
 
 
10,612,595
4.63%, 02/15/2035
 
 
10,455,000
 
 
10,905,852
4.25%, 05/15/2035
 
 
10,455,000
 
 
10,595,593
4.25%, 08/15/2035
 
 
10,450,000
 
 
10,578,019
TOTAL U.S. TREASURY SECURITIES
(Cost $124,221,175)
 
 
 
 
123,136,762
CORPORATE BONDS - 0.2%
 
 
 
 
Communication Services - 0.2%
 
 
 
 
Radiate Holdco LLC / Radiate Finance, Inc., 6.25% (or 11.00% PIK), 09/25/2029(a)
 
 
304,749
 
 
245,323
TOTAL CORPORATE BONDS
(Cost $270,770)
 
 
 
 
245,323
TOTAL INVESTMENTS - 98.6%
(Cost $124,491,945)
 
 
 
 
$123,382,085
Other Assets in Excess of
Liabilities - 1.4%
 
 
 
 
1,806,843
TOTAL NET ASSETS - 100.0%
 
 
 
 
$125,188,928
 
 
 
 
 
 
 
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
PIK - Payment in Kind
(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 $245,323 or 0.2% of the Fund’s net assets.
The accompanying notes are an integral part of these financial statements.
 
55
 
PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.3%
 
 
 
 
Communication Services - 10.1%
 
 
 
 
Alphabet, Inc. - Class A
 
 
345,225
 
 
$97,073,818
Alphabet, Inc. - Class C
 
 
277,130
 
 
78,100,777
AT&T, Inc.
 
 
425,946
 
 
10,542,163
Charter Communications, Inc. - Class A(a)(b)
 
 
5,487
 
 
1,283,080
Comcast Corp. - Class A
 
 
217,081
 
 
6,042,450
Electronic Arts, Inc.
 
 
13,273
 
 
2,655,396
Fox Corp. - Class A
 
 
12,389
 
 
800,949
Fox Corp. - Class B
 
 
8,896
 
 
519,615
Interpublic Group of Cos., Inc.
 
 
21,594
 
 
554,102
Live Nation Entertainment, Inc.(a)(b)
 
 
9,284
 
 
1,388,236
Match Group, Inc.
 
 
14,191
 
 
458,937
Meta Platforms, Inc. - Class A
 
 
128,739
 
 
83,467,931
Netflix, Inc.(a)
 
 
25,225
 
 
28,223,243
News Corp. - Class A
 
 
22,184
 
 
587,876
News Corp. - Class B(b)
 
 
6,565
 
 
200,036
Omnicom Group, Inc.
 
 
11,433
 
 
857,704
Paramount Skydance Corp.(b)
 
 
18,198
 
 
280,067
Take-Two Interactive Software,
Inc.(a)
 
 
10,234
 
 
2,623,691
TKO Group Holdings, Inc.
 
 
4,069
 
 
766,600
T-Mobile US, Inc.
 
 
28,519
 
 
5,990,416
Trade Desk, Inc. - Class A(a)
 
 
26,306
 
 
1,322,666
Verizon Communications, Inc.
 
 
252,537
 
 
10,035,820
Walt Disney Co.
 
 
107,701
 
 
12,129,287
Warner Bros Discovery, Inc.(a)
 
 
145,599
 
 
3,268,697
 
 
 
 
349,173,557
Consumer Discretionary - 10.5%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
25,313
 
 
3,203,107
Amazon.com, Inc.(a)
 
 
576,115
 
 
140,698,805
Aptiv PLC(a)
 
 
12,855
 
 
1,042,540
AutoZone, Inc.(a)(b)
 
 
1,008
 
 
3,703,825
Best Buy Co., Inc.
 
 
11,607
 
 
953,399
Booking Holdings, Inc.
 
 
1,906
 
 
9,678,172
CarMax, Inc.(a)(b)
 
 
8,861
 
 
371,365
Carnival Corp.(a)
 
 
64,006
 
 
1,845,293
Chipotle Mexican Grill, Inc.(a)
 
 
79,137
 
 
2,507,852
Darden Restaurants, Inc.
 
 
6,898
 
 
1,242,675
Deckers Outdoor Corp.(a)
 
 
8,751
 
 
713,207
Domino’s Pizza, Inc.
 
 
1,851
 
 
737,549
DoorDash, Inc. - Class A(a)
 
 
21,804
 
 
5,546,283
DR Horton, Inc.
 
 
16,364
 
 
2,439,545
eBay, Inc.
 
 
26,961
 
 
2,192,199
Expedia Group, Inc.
 
 
6,958
 
 
1,530,760
Ford Motor Co.
 
 
230,362
 
 
3,024,653
Garmin Ltd.
 
 
9,639
 
 
2,062,168
General Motors Co.
 
 
56,153
 
 
3,879,611
Genuine Parts Co.
 
 
8,201
 
 
1,044,069
Hasbro, Inc.
 
 
7,858
 
 
599,644
Hilton Worldwide Holdings, Inc.
 
 
13,878
 
 
3,566,091
Home Depot, Inc.
 
 
59,094
 
 
22,431,491
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Las Vegas Sands Corp.
 
 
18,235
 
 
$1,082,247
Lennar Corp. - Class A
 
 
13,443
 
 
1,663,840
LKQ Corp.
 
 
15,177
 
 
485,057
Lowe’s Cos., Inc.
 
 
33,041
 
 
7,868,053
Lululemon Athletica, Inc.(a)
 
 
6,435
 
 
1,097,425
Marriott International, Inc. - Class A
 
 
13,283
 
 
3,461,284
McDonald’s Corp.
 
 
42,395
 
 
12,651,940
MGM Resorts International(a)
 
 
12,035
 
 
385,481
Mohawk Industries, Inc.(a)
 
 
3,085
 
 
350,579
NIKE, Inc. - Class B
 
 
70,071
 
 
4,525,886
Norwegian Cruise Line Holdings Ltd.(a)
 
 
26,641
 
 
597,291
NVR, Inc.(a)
 
 
180
 
 
1,297,948
O’Reilly Automotive, Inc.(a)
 
 
50,029
 
 
4,724,739
Pool Corp.
 
 
1,926
 
 
514,358
PulteGroup, Inc.
 
 
11,652
 
 
1,396,725
Ralph Lauren Corp.
 
 
2,286
 
 
730,743
Ross Stores, Inc.
 
 
19,278
 
 
3,063,660
Royal Caribbean Cruises Ltd.(b)
 
 
14,886
 
 
4,269,751
Starbucks Corp.
 
 
67,097
 
 
5,426,134
Tapestry, Inc.
 
 
12,280
 
 
1,348,590
Tesla Motors, Inc.(a)
 
 
166,505
 
 
76,019,523
TJX Cos., Inc.
 
 
65,814
 
 
9,223,174
Tractor Supply Co.(b)
 
 
31,260
 
 
1,691,479
Ulta Beauty, Inc.(a)
 
 
2,656
 
 
1,380,801
Williams-Sonoma, Inc.
 
 
7,258
 
 
1,410,520
Wynn Resorts Ltd.
 
 
4,982
 
 
592,808
Yum! Brands, Inc.(b)
 
 
16,389
 
 
2,265,124
 
 
 
 
364,539,463
Consumer Staples - 4.7%
 
 
 
 
Altria Group, Inc.
 
 
99,100
 
 
5,587,258
Archer-Daniels-Midland Co.
 
 
28,349
 
 
1,715,965
Brown-Forman Corp. - Class B(b)
 
 
10,389
 
 
282,892
Bunge Global SA
 
 
8,246
 
 
780,072
Campbell’s Co.(b)
 
 
11,613
 
 
349,900
Church & Dwight Co., Inc.
 
 
14,356
 
 
1,258,878
Clorox Co.
 
 
7,218
 
 
811,736
Coca-Cola Co.
 
 
230,108
 
 
15,854,441
Colgate-Palmolive Co.
 
 
47,657
 
 
3,671,972
Conagra Brands, Inc.
 
 
28,239
 
 
485,428
Constellation Brands, Inc. - Class A
 
 
8,421
 
 
1,106,351
Costco Wholesale Corp.
 
 
26,313
 
 
23,982,984
Dollar General Corp.
 
 
12,983
 
 
1,280,903
Dollar Tree, Inc.(a)
 
 
11,462
 
 
1,136,113
Estee Lauder Cos., Inc. - Class A(b)
 
 
13,853
 
 
1,339,447
General Mills, Inc.
 
 
31,513
 
 
1,468,821
Hershey Co.
 
 
8,741
 
 
1,482,736
Hormel Foods Corp.
 
 
17,182
 
 
370,959
J M Smucker Co.
 
 
6,295
 
 
651,847
Kellanova
 
 
15,859
 
 
1,317,249
Kenvue, Inc.
 
 
113,186
 
 
1,626,483
Keurig Dr Pepper, Inc.(b)
 
 
80,025
 
 
2,173,479
Kimberly-Clark Corp.
 
 
19,558
 
 
2,341,288
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
56
 
PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Consumer Staples - (Continued)
Kroger Co.
 
 
35,897
 
 
$2,284,126
Lamb Weston Holdings, Inc.(b)
 
 
8,211
 
 
506,865
McCormick & Co., Inc.
 
 
14,916
 
 
957,011
Molson Coors Beverage Co. - Class B
 
 
9,984
 
 
436,500
Mondelez International, Inc. - Class A
 
 
76,286
 
 
4,383,394
Monster Beverage Corp.(a)
 
 
42,032
 
 
2,808,999
PepsiCo, Inc.
 
 
81,601
 
 
11,921,090
Philip Morris International, Inc.(b)
 
 
93,233
 
 
13,456,319
Procter & Gamble Co.
 
 
139,119
 
 
20,919,324
Sysco Corp.
 
 
28,164
 
 
2,092,022
Target Corp.
 
 
26,806
 
 
2,485,452
The Kraft Heinz Co.
 
 
50,198
 
 
1,241,397
Tyson Foods, Inc. - Class A
 
 
16,852
 
 
866,361
Walmart, Inc.
 
 
260,703
 
 
26,377,929
 
 
 
 
161,813,991
Energy - 2.8%
 
 
 
 
APA Corp.(b)
 
 
21,076
 
 
477,371
Baker Hughes Co.
 
 
58,166
 
 
2,815,816
Chevron Corp.
 
 
114,301
 
 
18,027,554
ConocoPhillips
 
 
73,665
 
 
6,545,872
Coterra Energy, Inc.
 
 
45,033
 
 
1,065,481
Devon Energy Corp.
 
 
37,470
 
 
1,217,400
Diamondback Energy, Inc.
 
 
11,087
 
 
1,587,548
EOG Resources, Inc.
 
 
32,211
 
 
3,409,212
EQT Corp.
 
 
36,815
 
 
1,972,548
Expand Energy Corp.
 
 
14,048
 
 
1,451,299
Exxon Mobil Corp.
 
 
254,471
 
 
29,101,304
Halliburton Co.
 
 
50,268
 
 
1,349,193
Kinder Morgan, Inc.
 
 
115,447
 
 
3,023,557
Marathon Petroleum Corp.
 
 
17,911
 
 
3,491,033
Occidental Petroleum Corp.
 
 
42,382
 
 
1,746,138
ONEOK, Inc.(b)
 
 
37,220
 
 
2,493,740
Phillips 66
 
 
23,862
 
 
3,248,573
SLB Ltd.
 
 
87,988
 
 
3,172,847
Targa Resources Corp.
 
 
12,709
 
 
1,957,694
Texas Pacific Land Corp.
 
 
1,160
 
 
1,094,321
Valero Energy Corp.
 
 
18,325
 
 
3,107,187
Williams Cos., Inc.
 
 
72,069
 
 
4,170,633
 
 
 
 
96,526,321
Financials - 12.8%
 
 
 
 
Aflac, Inc.
 
 
28,394
 
 
3,043,553
Allstate Corp.
 
 
15,539
 
 
2,976,029
American Express Co.
 
 
32,053
 
 
11,562,479
American International Group, Inc.
 
 
32,693
 
 
2,581,439
Ameriprise Financial, Inc.
 
 
5,555
 
 
2,515,137
Aon PLC - Class A
 
 
12,730
 
 
4,336,856
Apollo Global Management, Inc.
 
 
27,149
 
 
3,374,892
Arch Capital Group Ltd.
 
 
21,914
 
 
1,891,397
Arthur J Gallagher & Co.
 
 
15,116
 
 
3,771,291
Assurant, Inc.
 
 
2,986
 
 
632,196
Bank of America Corp.
 
 
404,679
 
 
21,630,093
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Bank of New York Mellon Corp.
 
 
41,585
 
 
$4,488,269
Berkshire Hathaway, Inc. - Class B(a)
 
 
108,856
 
 
51,983,094
Blackrock, Inc.
 
 
8,501
 
 
9,204,968
Blackstone, Inc.
 
 
43,465
 
 
6,373,708
Block, Inc.(a)
 
 
32,446
 
 
2,463,949
Brown & Brown, Inc.
 
 
17,273
 
 
1,377,349
Capital One Financial Corp.
 
 
37,713
 
 
8,296,483
Cboe Global Markets, Inc.
 
 
6,165
 
 
1,514,371
Charles Schwab Corp.
 
 
100,606
 
 
9,509,279
Chubb Ltd.
 
 
21,864
 
 
6,055,016
Cincinnati Financial Corp.
 
 
9,236
 
 
1,427,793
Citigroup, Inc.
 
 
108,604
 
 
10,993,983
Citizens Financial Group, Inc.
 
 
25,443
 
 
1,294,285
CME Group, Inc.
 
 
21,261
 
 
5,644,583
Coinbase Global, Inc. - Class A(a)
 
 
13,268
 
 
4,561,273
Corpay, Inc.(a)
 
 
4,179
 
 
1,088,003
Erie Indemnity Co. - Class A
 
 
1,493
 
 
436,912
Everest Group Ltd.
 
 
2,476
 
 
778,752
FactSet Research Systems, Inc.(b)
 
 
2,236
 
 
596,565
Fidelity National Information Services, Inc.(b)
 
 
30,837
 
 
1,927,929
Fifth Third Bancorp(b)
 
 
39,036
 
 
1,624,678
Fiserv, Inc.(a)
 
 
32,096
 
 
2,140,482
Franklin Resources, Inc.(b)
 
 
18,055
 
 
408,224
Global Payments, Inc.
 
 
14,316
 
 
1,113,212
Globe Life, Inc.
 
 
4,782
 
 
628,881
Goldman Sachs Group, Inc.
 
 
18,126
 
 
14,308,121
Hartford Financial Services Group, Inc.
 
 
16,594
 
 
2,060,643
Huntington Bancshares, Inc.(b)
 
 
86,430
 
 
1,334,479
Interactive Brokers Group, Inc. - Class A
 
 
26,256
 
 
1,847,372
Intercontinental Exchange, Inc.
 
 
33,786
 
 
4,942,554
Invesco Ltd.
 
 
26,308
 
 
623,500
Jack Henry & Associates, Inc.
 
 
4,309
 
 
641,782
JPMorgan Chase & Co.
 
 
163,270
 
 
50,796,562
KeyCorp.
 
 
54,970
 
 
966,922
KKR & Co., Inc.
 
 
40,435
 
 
4,784,674
Loews Corp.
 
 
10,041
 
 
999,682
M&T Bank Corp.
 
 
9,226
 
 
1,696,385
Marsh & McLennan Cos., Inc.
 
 
28,999
 
 
5,166,172
Mastercard, Inc. - Class A
 
 
48,985
 
 
27,039,230
MetLife, Inc.
 
 
32,946
 
 
2,629,750
Moody’s Corp.
 
 
9,121
 
 
4,380,816
Morgan Stanley
 
 
72,672
 
 
11,918,208
MSCI, Inc.
 
 
4,552
 
 
2,679,080
Nasdaq, Inc.
 
 
26,736
 
 
2,285,661
Northern Trust Corp.
 
 
11,287
 
 
1,452,298
PayPal Holdings, Inc.(a)
 
 
56,378
 
 
3,905,304
PNC Financial Services Group, Inc.
 
 
23,217
 
 
4,238,263
Principal Financial Group, Inc.
 
 
11,950
 
 
1,004,278
Progressive Corp.
 
 
34,574
 
 
7,122,244
Prudential Financial, Inc.
 
 
20,771
 
 
2,160,184
Raymond James Financial, Inc.
 
 
10,489
 
 
1,664,290
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
57
 
PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - (Continued)
Regions Financial Corp.
 
 
52,604
 
 
$1,273,017
Robinhood Markets, Inc. - Class A(a)
 
 
45,636
 
 
6,698,452
S&P Global, Inc.
 
 
18,435
 
 
8,981,716
State Street Corp.
 
 
16,732
 
 
1,935,223
Synchrony Financial
 
 
21,959
 
 
1,633,310
T Rowe Price Group, Inc.(b)
 
 
12,957
 
 
1,328,481
Travelers Cos., Inc.(b)
 
 
13,283
 
 
3,568,079
Truist Financial Corp.
 
 
76,121
 
 
3,397,280
US Bancorp
 
 
91,787
 
 
4,284,617
Visa, Inc. - Class A
 
 
100,855
 
 
34,365,333
W R Berkley Corp.
 
 
17,682
 
 
1,261,434
Wells Fargo & Co.
 
 
190,152
 
 
16,537,519
Willis Towers Watson PLC
 
 
5,745
 
 
1,798,760
 
 
 
 
443,959,078
Health Care - 9.0%
 
 
 
 
Abbott Laboratories
 
 
103,329
 
 
12,773,531
AbbVie, Inc.
 
 
104,915
 
 
22,875,667
Agilent Technologies, Inc.
 
 
16,722
 
 
2,447,432
Align Technology, Inc.(a)
 
 
3,979
 
 
548,624
Amgen, Inc.
 
 
31,718
 
 
9,465,603
Baxter International, Inc.
 
 
30,285
 
 
559,364
Becton Dickinson & Co.
 
 
16,892
 
 
3,018,769
Biogen, Inc.(a)
 
 
8,641
 
 
1,333,047
Bio-Techne Corp.
 
 
9,246
 
 
578,522
Boston Scientific Corp.(a)
 
 
87,403
 
 
8,803,230
Bristol-Myers Squibb Co.
 
 
119,956
 
 
5,526,373
Cardinal Health, Inc.
 
 
14,098
 
 
2,689,475
Cencora, Inc.
 
 
11,442
 
 
3,865,222
Centene Corp.(a)
 
 
27,526
 
 
973,595
Charles River Laboratories International, Inc.(a)
 
 
2,916
 
 
525,084
Cigna Group
 
 
15,734
 
 
3,845,547
Cooper Cos., Inc.(a)
 
 
11,760
 
 
822,142
CVS Health Corp.
 
 
74,763
 
 
5,842,728
Danaher Corp.
 
 
37,625
 
 
8,103,672
DaVita, Inc.(a)(b)
 
 
2,106
 
 
250,656
DexCom, Inc.(a)
 
 
23,107
 
 
1,345,290
Edwards Lifesciences Corp.(a)
 
 
34,644
 
 
2,856,398
Elevance Health, Inc.
 
 
13,278
 
 
4,211,782
Eli Lilly & Co.
 
 
47,184
 
 
40,713,186
GE HealthCare Technologies, Inc.
 
 
26,906
 
 
2,016,605
Gilead Sciences, Inc.
 
 
73,192
 
 
8,767,670
HCA Healthcare, Inc.
 
 
9,663
 
 
4,441,888
Henry Schein, Inc.(a)
 
 
6,080
 
 
384,256
Hologic, Inc.(a)
 
 
13,123
 
 
969,921
Humana, Inc.
 
 
7,088
 
 
1,971,811
Idexx Laboratories, Inc.(a)
 
 
4,712
 
 
2,966,251
Incyte Corp.(a)
 
 
9,654
 
 
902,456
Insulet Corp.(a)
 
 
4,159
 
 
1,301,809
Intuitive Surgical, Inc.(a)
 
 
21,161
 
 
11,305,899
IQVIA Holdings, Inc.(a)
 
 
10,024
 
 
2,169,795
Johnson & Johnson
 
 
143,048
 
 
27,017,476
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Labcorp Holdings, Inc.
 
 
4,902
 
 
$1,244,912
McKesson Corp.
 
 
7,338
 
 
5,953,613
Medtronic PLC
 
 
75,608
 
 
6,857,646
Merck & Co., Inc.
 
 
148,350
 
 
12,755,133
Mettler-Toledo International, Inc.(a)
 
 
1,234
 
 
1,747,702
Moderna, Inc.(a)
 
 
20,406
 
 
554,227
Molina Healthcare, Inc.(a)(b)
 
 
3,189
 
 
488,108
Pfizer, Inc.
 
 
334,943
 
 
8,256,345
Quest Diagnostics, Inc.
 
 
6,605
 
 
1,162,150
Regeneron Pharmaceuticals, Inc.
 
 
5,995
 
 
3,907,541
ResMed, Inc.
 
 
8,641
 
 
2,133,290
Revvity, Inc.(b)
 
 
6,838
 
 
639,968
Solventum Corp.(a)
 
 
8,691
 
 
600,027
STERIS PLC
 
 
5,795
 
 
1,365,881
Stryker Corp.
 
 
20,313
 
 
7,236,303
Thermo Fisher Scientific, Inc.
 
 
22,533
 
 
12,784,999
UnitedHealth Group, Inc.
 
 
53,754
 
 
18,360,216
Universal Health Services, Inc. - Class B
 
 
3,329
 
 
722,426
Vertex Pharmaceuticals, Inc.(a)
 
 
15,126
 
 
6,437,172
Viatris, Inc.
 
 
68,663
 
 
711,349
Waters Corp.(a)
 
 
3,499
 
 
1,223,250
West Pharmaceutical Services, Inc.
 
 
4,249
 
 
1,198,515
Zimmer Biomet Holdings, Inc.
 
 
11,702
 
 
1,176,753
Zoetis, Inc.
 
 
26,138
 
 
3,766,224
 
 
 
 
309,474,526
Industrials - 8.1%
 
 
 
 
3M Co.
 
 
31,410
 
 
5,229,765
A O Smith Corp.
 
 
6,750
 
 
445,432
Allegion PLC
 
 
5,072
 
 
840,785
AMETEK, Inc.
 
 
13,633
 
 
2,755,366
Automatic Data Processing, Inc.
 
 
23,892
 
 
6,219,088
Axon Enterprise, Inc.(a)
 
 
4,607
 
 
3,373,384
Boeing Co.(a)
 
 
44,628
 
 
8,971,121
Broadridge Financial Solutions, Inc.
 
 
6,918
 
 
1,524,727
Builders FirstSource, Inc.(a)
 
 
6,527
 
 
758,242
Carrier Global Corp.
 
 
47,209
 
 
2,808,463
Caterpillar, Inc.
 
 
27,909
 
 
16,110,749
CH Robinson Worldwide, Inc.
 
 
6,958
 
 
1,071,462
Cintas Corp.
 
 
20,223
 
 
3,706,269
Copart, Inc.(a)
 
 
52,484
 
 
2,257,337
CSX Corp.
 
 
109,987
 
 
3,961,732
Cummins, Inc.
 
 
8,111
 
 
3,550,022
Dayforce, Inc.(a)
 
 
9,414
 
 
647,118
Deere & Co.
 
 
14,866
 
 
6,862,592
Delta Air Lines, Inc.
 
 
38,243
 
 
2,194,383
Dover Corp.
 
 
8,081
 
 
1,466,378
Eaton Corp. PLC
 
 
22,937
 
 
8,751,842
EMCOR Group, Inc.
 
 
2,636
 
 
1,781,356
Emerson Electric Co.
 
 
33,201
 
 
4,633,864
Equifax, Inc.
 
 
7,308
 
 
1,542,719
Expeditors International of Washington, Inc.
 
 
8,021
 
 
977,760
Fastenal Co.(b)
 
 
67,652
 
 
2,783,880
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
58
 
PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
FedEx Corp.
 
 
12,825
 
 
$3,255,241
Fortive Corp.
 
 
19,968
 
 
1,005,189
GE Vernova, Inc.
 
 
16,049
 
 
9,390,912
Generac Holdings, Inc.(a)
 
 
3,459
 
 
581,181
General Dynamics Corp.
 
 
14,896
 
 
5,137,630
General Electric Co.
 
 
62,908
 
 
19,435,427
Honeywell International, Inc.
 
 
37,455
 
 
7,540,815
Howmet Aerospace, Inc.
 
 
23,787
 
 
4,898,933
Hubbell, Inc.
 
 
3,129
 
 
1,470,630
Huntington Ingalls Industries, Inc.
 
 
2,306
 
 
742,578
IDEX Corp.
 
 
4,432
 
 
759,911
Illinois Tool Works, Inc.(b)
 
 
15,639
 
 
3,814,665
Ingersoll Rand, Inc.(b)
 
 
21,341
 
 
1,628,958
Jacobs Solutions, Inc.
 
 
7,048
 
 
1,098,149
JB Hunt Trasport Services, Inc.
 
 
4,502
 
 
760,208
Johnson Controls International PLC
 
 
38,638
 
 
4,419,801
L3Harris Technologies, Inc.
 
 
11,037
 
 
3,190,797
Leidos Holdings, Inc.
 
 
7,568
 
 
1,441,477
Lennox International, Inc.
 
 
1,876
 
 
947,380
Lockheed Martin Corp.
 
 
12,120
 
 
5,961,586
Masco Corp.(b)
 
 
12,350
 
 
799,786
Nordson Corp.
 
 
3,159
 
 
732,730
Norfolk Southern Corp.
 
 
13,233
 
 
3,749,968
Northrop Grumman Corp.
 
 
7,953
 
 
4,640,178
Old Dominion Freight Line, Inc.
 
 
10,897
 
 
1,530,157
Otis Worldwide Corp.
 
 
23,147
 
 
2,147,116
PACCAR, Inc.
 
 
30,965
 
 
3,046,956
Parker-Hannifin Corp.
 
 
7,538
 
 
5,825,593
Paychex, Inc.
 
 
19,125
 
 
2,238,199
Paycom Software, Inc.
 
 
2,956
 
 
553,038
Pentair PLC
 
 
9,664
 
 
1,027,766
Quanta Services, Inc.
 
 
8,781
 
 
3,943,810
Republic Services, Inc.
 
 
11,970
 
 
2,492,633
Rockwell Automation, Inc.
 
 
6,645
 
 
2,447,752
Rollins, Inc.
 
 
16,599
 
 
956,268
RTX Corp.
 
 
79,703
 
 
14,226,985
Snap-On, Inc.
 
 
3,085
 
 
1,035,172
Southwest Airlines Co.
 
 
30,995
 
 
939,148
Stanley Black & Decker, Inc.(b)
 
 
9,141
 
 
619,028
Textron, Inc.
 
 
10,497
 
 
848,263
Trane Technologies PLC
 
 
13,123
 
 
5,887,634
TransDigm Group, Inc.
 
 
3,309
 
 
4,329,860
Uber Technologies, Inc.(a)
 
 
124,935
 
 
12,056,227
Union Pacific Corp.
 
 
34,999
 
 
7,712,730
United Airlines Holdings, Inc.(a)
 
 
19,100
 
 
1,796,164
United Parcel Service, Inc. - Class B
 
 
43,425
 
 
4,187,038
United Rentals, Inc.
 
 
3,799
 
 
3,309,613
Veralto Corp.(b)
 
 
14,636
 
 
1,444,280
Verisk Analytics, Inc.
 
 
8,241
 
 
1,802,801
W.W. Grainger, Inc.
 
 
2,606
 
 
2,551,274
Waste Management, Inc.
 
 
21,854
 
 
4,365,774
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Westinghouse Air Brake Technologies Corp.
 
 
10,084
 
 
$2,061,573
Xylem, Inc.
 
 
14,366
 
 
2,167,111
 
 
 
 
280,179,929
Information Technology - 36.2%(c)
 
 
 
 
Accenture PLC - Class A
 
 
36,740
 
 
9,188,674
Adobe, Inc.(a)
 
 
25,027
 
 
8,516,938
Advanced Micro Devices, Inc.(a)
 
 
96,314
 
 
24,667,942
Akamai Technologies, Inc.(a)(b)
 
 
8,451
 
 
634,670
Amphenol Corp. - Class A
 
 
71,994
 
 
10,031,644
Analog Devices, Inc.
 
 
29,262
 
 
6,851,112
Apple, Inc.
 
 
881,459
 
 
238,320,070
Applied Materials, Inc.
 
 
47,339
 
 
11,034,721
AppLovin Corp. - Class A(a)
 
 
16,204
 
 
10,327,295
Arista Networks, Inc.(a)
 
 
60,782
 
 
9,584,714
Autodesk, Inc.(a)
 
 
12,620
 
 
3,802,911
Broadcom, Inc.
 
 
280,510
 
 
103,684,911
Cadence Design System, Inc.(a)
 
 
16,059
 
 
5,439,023
CDW Corp.
 
 
7,738
 
 
1,233,205
Cisco Systems, Inc.
 
 
235,834
 
 
17,241,824
Cognizant Technology Solutions Corp. - Class A
 
 
28,824
 
 
2,100,693
Corning, Inc.
 
 
46,011
 
 
4,098,660
Crowdstrike Holdings, Inc. -
Class A(a)
 
 
14,698
 
 
7,981,161
Datadog, Inc. - Class A(a)
 
 
19,067
 
 
3,104,298
Dell Technologies, Inc. - Class C
 
 
17,893
 
 
2,898,845
EPAM Systems, Inc.(a)
 
 
3,279
 
 
536,248
F5, Inc.(a)
 
 
3,379
 
 
855,056
Fair Isaac Corp.(a)
 
 
1,423
 
 
2,361,511
First Solar, Inc.(a)(b)
 
 
6,315
 
 
1,685,726
Fortinet, Inc.(a)
 
 
38,453
 
 
3,323,493
Gartner, Inc.(a)
 
 
4,462
 
 
1,108,093
Gen Digital, Inc.
 
 
33,036
 
 
870,829
GoDaddy, Inc. - Class A(a)
 
 
8,161
 
 
1,086,474
Hewlett Packard Enterprise Co.
 
 
77,329
 
 
1,888,374
HP, Inc.
 
 
55,405
 
 
1,533,056
Intel Corp.(a)
 
 
260,164
 
 
10,403,958
International Business Machines Corp.
 
 
55,575
 
 
17,084,311
Intuit, Inc.
 
 
16,697
 
 
11,146,082
Jabil, Inc.
 
 
6,335
 
 
1,399,338
Keysight Technologies, Inc.(a)
 
 
10,174
 
 
1,861,435
KLA Corp.
 
 
7,788
 
 
9,413,667
Lam Research Corp.
 
 
74,657
 
 
11,755,491
Microchip Technology, Inc.
 
 
31,828
 
 
1,986,704
Micron Technology, Inc.
 
 
66,825
 
 
14,953,430
Microsoft Corp.
 
 
441,235
 
 
228,475,895
Monolithic Power Systems, Inc.
 
 
2,826
 
 
2,840,130
Motorola Solutions, Inc.
 
 
9,834
 
 
3,999,586
NetApp, Inc.
 
 
11,800
 
 
1,389,804
NVIDIA Corp.
 
 
1,448,402
 
 
293,286,921
NXP Semiconductors NV
 
 
14,866
 
 
3,108,778
ON Semiconductor Corp.(a)
 
 
24,110
 
 
1,207,429
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
59
 
PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Oracle Corp.
 
 
98,372
 
 
$25,833,471
Palantir Technologies, Inc. -
Class A(a)
 
 
134,961
 
 
27,055,632
Palo Alto Networks, Inc.(a)
 
 
39,426
 
 
8,683,182
PTC, Inc.(a)
 
 
7,058
 
 
1,401,295
Qualcomm, Inc.
 
 
63,601
 
 
11,505,421
Roper Technologies, Inc.
 
 
6,345
 
 
2,830,822
salesforce.com, Inc.
 
 
56,758
 
 
14,780,351
Seagate Technology Holdings PLC
 
 
12,550
 
 
3,211,294
ServiceNow, Inc.(a)
 
 
12,270
 
 
11,279,566
Skyworks Solutions, Inc.(b)
 
 
8,766
 
 
681,294
Super Micro Computer, Inc.(a)
 
 
29,562
 
 
1,536,042
Synopsys, Inc.(a)
 
 
10,903
 
 
4,947,999
TE Connectivity PLC
 
 
17,422
 
 
4,303,408
Teledyne Technologies, Inc.(a)
 
 
2,776
 
 
1,462,452
Teradyne, Inc.
 
 
9,384
 
 
1,705,636
Texas Instruments, Inc.
 
 
53,644
 
 
8,661,360
Trimble, Inc.(a)
 
 
14,048
 
 
1,120,328
Tyler Technologies, Inc.(a)
 
 
2,556
 
 
1,217,321
VeriSign, Inc.
 
 
4,952
 
 
1,187,490
Western Digital Corp.
 
 
20,451
 
 
3,071,945
Workday, Inc. - Class A(a)(b)
 
 
12,750
 
 
3,058,980
Zebra Technologies Corp. - Class A(a)
 
 
3,006
 
 
809,365
 
 
 
 
1,250,649,784
Materials - 1.7%
 
 
 
 
Air Products & Chemicals, Inc.
 
 
13,123
 
 
3,183,508
Albemarle Corp.(b)
 
 
6,938
 
 
681,520
Amcor PLC(b)
 
 
135,970
 
 
1,074,163
Avery Dennison Corp.
 
 
4,602
 
 
804,844
Ball Corp.
 
 
16,054
 
 
754,538
CF Industries Holdings, Inc.(b)
 
 
9,554
 
 
795,753
Corteva, Inc.
 
 
40,071
 
 
2,461,962
Dow, Inc.(b)
 
 
41,842
 
 
997,932
DuPont de Nemours, Inc.
 
 
24,730
 
 
2,019,204
Eastman Chemical Co.
 
 
6,787
 
 
403,962
Ecolab, Inc.
 
 
15,056
 
 
3,860,358
Freeport-McMoRan, Inc.
 
 
84,697
 
 
3,531,865
International Flavors & Fragrances, Inc.
 
 
15,126
 
 
952,484
International Paper Co.(b)
 
 
31,165
 
 
1,204,216
Linde PLC
 
 
27,834
 
 
11,642,962
LyondellBasell Industries NV -
Class A
 
 
15,196
 
 
705,398
Martin Marietta Materials, Inc.
 
 
3,559
 
 
2,182,023
Mosaic Co.
 
 
18,715
 
 
513,727
Newmont Goldcorp Corp.
 
 
64,777
 
 
5,244,994
Nucor Corp.
 
 
13,543
 
 
2,032,127
Packaging Corp. of America
 
 
5,282
 
 
1,034,004
PPG Industries, Inc.
 
 
13,313
 
 
1,301,346
Sherwin-Williams Co.
 
 
13,683
 
 
4,719,814
Smurfit WestRock PLC
 
 
30,780
 
 
1,136,398
Solstice Advanced Materials, Inc.(a)
 
 
9,364
 
 
422,024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Steel Dynamics, Inc.
 
 
8,151
 
 
$1,278,077
Vulcan Materials Co.
 
 
7,808
 
 
2,260,416
 
 
 
 
57,199,619
Real Estate - 0.1%
 
 
 
 
CBRE Group, Inc. - Class A(a)
 
 
17,292
 
 
2,635,820
CoStar Group, Inc.(a)
 
 
24,990
 
 
1,719,562
 
 
 
 
4,355,382
Utilities - 2.3%
 
 
 
 
AES Corp.
 
 
42,002
 
 
582,568
Alliant Energy Corp.
 
 
15,156
 
 
1,012,724
Ameren Corp.
 
 
15,949
 
 
1,627,117
American Electric Power Co., Inc.
 
 
31,538
 
 
3,792,760
American Water Works Co., Inc.
 
 
11,517
 
 
1,479,128
Atmos Energy Corp.
 
 
9,454
 
 
1,623,441
CenterPoint Energy, Inc.(b)
 
 
38,503
 
 
1,472,355
CMS Energy Corp.
 
 
17,672
 
 
1,299,776
Consolidated Edison, Inc.
 
 
21,291
 
 
2,073,956
Constellation Energy Corp.
 
 
18,395
 
 
6,934,915
Dominion Energy, Inc.(b)
 
 
50,298
 
 
2,951,990
DTE Energy Co.
 
 
12,250
 
 
1,660,365
Duke Energy Corp.
 
 
45,871
 
 
5,701,765
Edison International
 
 
22,699
 
 
1,257,071
Entergy Corp.
 
 
26,335
 
 
2,530,530
Evergy, Inc.
 
 
13,573
 
 
1,042,542
Eversource Energy
 
 
21,844
 
 
1,612,306
Exelon Corp.
 
 
59,574
 
 
2,747,553
FirstEnergy Corp.
 
 
30,645
 
 
1,404,460
NextEra Energy, Inc.
 
 
121,479
 
 
9,888,391
NiSource, Inc.
 
 
27,769
 
 
1,169,353
NRG Energy, Inc.
 
 
11,412
 
 
1,961,266
PG&E Corp.
 
 
129,370
 
 
2,064,745
Pinnacle West Capital Corp.(b)
 
 
7,033
 
 
622,561
PPL Corp.(b)
 
 
43,620
 
 
1,593,002
Public Service Enterprise Group, Inc.
 
 
29,442
 
 
2,371,847
Sempra(b)
 
 
38,504
 
 
3,540,058
Southern Co.
 
 
64,869
 
 
6,100,281
Vistra Corp.
 
 
18,790
 
 
3,538,157
WEC Energy Group, Inc.
 
 
18,995
 
 
2,122,311
Xcel Energy, Inc.
 
 
34,874
 
 
2,830,722
 
 
 
 
80,610,016
TOTAL COMMON STOCKS
(Cost $2,957,551,019)
 
 
 
 
3,398,481,666
REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7%
 
 
 
 
Real Estate - 1.7%
 
 
 
 
Alexandria Real Estate Equities, Inc.
 
 
9,191
 
 
535,100
American Tower Corp.
 
 
27,627
 
 
4,944,681
AvalonBay Communities, Inc.
 
 
8,391
 
 
1,459,363
BXP, Inc.(b)
 
 
8,681
 
 
618,000
Camden Property Trust
 
 
6,305
 
 
627,221
Crown Castle, Inc.(b)
 
 
25,673
 
 
2,316,218
Digital Realty Trust, Inc.
 
 
18,915
 
 
3,223,305
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
60
 
PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS -
COMMON - (Continued)
Real Estate - (Continued)
Equinix, Inc.
 
 
5,765
 
 
$4,877,248
Equity Residential
 
 
20,471
 
 
1,216,796
Essex Property Trust, Inc.
 
 
3,799
 
 
956,474
Extra Space Storage, Inc.
 
 
12,530
 
 
1,673,256
Federal Realty Investment Trust
 
 
4,622
 
 
444,590
Healthpeak Properties, Inc.
 
 
40,994
 
 
735,842
Host Hotels & Resorts, Inc.
 
 
37,718
 
 
604,242
Invitation Homes, Inc.
 
 
33,261
 
 
936,297
Iron Mountain, Inc.
 
 
17,422
 
 
1,793,595
Kimco Realty Corp.
 
 
39,951
 
 
825,388
Mid-America Apartment Communities, Inc.
 
 
6,888
 
 
883,248
Prologis, Inc.
 
 
54,767
 
 
6,796,037
Public Storage
 
 
9,304
 
 
2,591,722
Realty Income Corp.(b)
 
 
53,926
 
 
3,126,630
Regency Centers Corp.
 
 
9,634
 
 
664,264
SBA Communications Corp.
 
 
6,335
 
 
1,213,026
Simon Property Group, Inc.
 
 
19,243
 
 
3,382,150
UDR, Inc.
 
 
17,792
 
 
599,413
Ventas, Inc.
 
 
26,801
 
 
1,977,646
VICI Properties, Inc.(b)
 
 
62,813
 
 
1,883,762
Welltower, Inc.
 
 
39,433
 
 
7,138,950
Weyerhaeuser Co.
 
 
42,573
 
 
979,179
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $60,748,569)
 
 
 
 
59,023,643
RIGHTS - 0.0%(d)
 
 
 
 
Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00(a)(e)
 
 
43,781
 
 
0
TOTAL RIGHTS
(Cost $0)
 
 
 
 
0
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.4%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(f)
 
 
84,281,567
 
 
84,281,567
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $84,281,567)
 
 
 
 
84,281,567
TOTAL INVESTMENTS - 102.4%
(Cost $3,102,581,155)
 
 
 
 
$3,541,786,876
Liabilities in Excess of Other
Assets - (2.4)%
 
 
 
 
(82,198,067)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,459,588,809
 
 
 
 
 
 
 
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 $82,415,155.
(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)
Represents less than 0.05% of net assets.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of October 31, 2025.
(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.
 
61
 
PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 93.3%
 
 
 
 
Communication Services - 1.4%
 
 
 
 
EchoStar Corp. - Class A(a)(b)
 
 
17,254
 
 
$1,291,807
Frontier Communications Parent,
Inc.(a)
 
 
32,364
 
 
1,222,065
Iridium Communications, Inc.
 
 
13,613
 
 
260,689
New York Times Co. - Class A
 
 
20,813
 
 
1,186,133
Nexstar Media Group, Inc.
 
 
3,654
 
 
715,197
Warner Music Group Corp. -
Class A(b)
 
 
18,712
 
 
598,036
ZoomInfo Technologies, Inc.(a)
 
 
35,956
 
 
403,426
 
 
 
 
5,677,353
Consumer Discretionary - 11.8%
 
 
 
 
Abercrombie & Fitch Co. - Class A(a)
 
 
6,108
 
 
443,135
Aramark
 
 
34,022
 
 
1,288,753
Autoliv, Inc.
 
 
9,070
 
 
1,059,376
AutoNation, Inc.(a)
 
 
3,624
 
 
724,329
Bath & Body Works, Inc.
 
 
27,170
 
 
665,122
Boyd Gaming Corp.
 
 
7,622
 
 
593,525
Brunswick Corp.
 
 
8,398
 
 
555,192
Burlington Stores, Inc.(a)
 
 
8,070
 
 
2,207,871
Capri Holdings Ltd.(a)
 
 
15,287
 
 
317,205
Cava Group, Inc.(a)
 
 
12,794
 
 
687,422
Chewy, Inc. - Class A(a)
 
 
28,598
 
 
964,325
Choice Hotels International, Inc.(b)
 
 
2,664
 
 
247,645
Churchill Downs, Inc.
 
 
8,548
 
 
847,962
Columbia Sportswear Co.
 
 
3,304
 
 
163,977
Crocs, Inc.(a)
 
 
7,014
 
 
572,974
Dick’s Sporting Goods, Inc.
 
 
8,663
 
 
1,918,421
Duolingo, Inc.(a)(b)
 
 
5,089
 
 
1,377,287
Five Below, Inc.(a)
 
 
7,059
 
 
1,110,169
Floor & Decor Holdings, Inc.(a)(b)
 
 
13,837
 
 
864,536
GameStop Corp.(a)(b)
 
 
53,408
 
 
1,190,464
Gap, Inc.
 
 
29,226
 
 
667,814
Gentex Corp.
 
 
28,160
 
 
660,352
Goodyear Tire & Rubber Co.(a)
 
 
36,665
 
 
252,622
Graham Holdings Co. - Class B
 
 
443
 
 
448,374
Grand Canyon Education, Inc.(a)
 
 
3,570
 
 
672,231
H&R Block, Inc.
 
 
17,164
 
 
853,737
Harley-Davidson, Inc.
 
 
15,586
 
 
420,510
Hilton Grand Vacations, Inc.(a)
 
 
7,910
 
 
327,869
Hyatt Hotels Corp. - Class A(b)
 
 
5,436
 
 
746,961
KB Home
 
 
8,742
 
 
545,676
Lear Corp.
 
 
6,830
 
 
714,759
Light & Wonder, Inc.(a)(b)
 
 
10,783
 
 
783,924
Lithia Motors, Inc.(b)
 
 
3,296
 
 
1,035,208
Macy’s, Inc.
 
 
34,846
 
 
679,149
Marriott Vacations Worldwide Corp.
 
 
3,560
 
 
234,889
Mattel, Inc.(a)
 
 
41,342
 
 
759,866
Murphy USA, Inc.
 
 
2,260
 
 
809,532
Ollie’s Bargain Outlet Holdings, Inc.(a)
 
 
7,920
 
 
956,815
Penske Automotive Group, Inc.
 
 
2,380
 
 
380,967
Planet Fitness, Inc. - Class A(a)
 
 
10,778
 
 
977,457
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Polaris, Inc.
 
 
6,860
 
 
$453,446
PVH Corp.
 
 
6,178
 
 
483,923
RH(a)(b)
 
 
1,982
 
 
341,875
Service Corp. International
 
 
18,107
 
 
1,512,116
Somnigroup International, Inc.
 
 
26,999
 
 
2,142,101
Taylor Morrison Home Corp.(a)
 
 
12,694
 
 
752,373
Texas Roadhouse, Inc.
 
 
8,623
 
 
1,410,550
Thor Industries, Inc.
 
 
6,830
 
 
712,710
Toll Brothers, Inc.
 
 
12,725
 
 
1,717,239
TopBuild Corp.(a)
 
 
3,600
 
 
1,520,928
Travel + Leisure Co.
 
 
8,338
 
 
523,460
Under Armour, Inc. - Class A(a)
 
 
24,238
 
 
111,737
Under Armour, Inc. - Class C(a)(b)
 
 
15,566
 
 
69,113
Vail Resorts, Inc.(b)
 
 
4,774
 
 
708,127
Valvoline, Inc.(a)
 
 
16,328
 
 
538,987
VF Corp.
 
 
42,128
 
 
591,477
Visteon Corp.
 
 
3,497
 
 
374,738
Whirlpool Corp.(b)
 
 
7,184
 
 
514,590
Wingstop, Inc.
 
 
3,590
 
 
777,702
Wyndham Hotels & Resorts, Inc.
 
 
9,802
 
 
719,761
YETI Holdings, Inc.(a)
 
 
10,424
 
 
354,312
 
 
 
 
47,059,667
Consumer Staples - 4.5%
 
 
 
 
Albertsons Cos., Inc. - Class A(b)
 
 
51,746
 
 
915,387
BellRing Brands, Inc.(a)
 
 
16,184
 
 
487,624
BJ’s Wholesale Club Holdings, Inc.(a)
 
 
17,134
 
 
1,512,247
Boston Beer Co., Inc. - Class A(a)
 
 
1,026
 
 
212,372
Casey’s General Stores, Inc.
 
 
4,787
 
 
2,456,640
Celsius Holdings, Inc.(a)
 
 
20,504
 
 
1,234,956
Coca-Cola Consolidated, Inc.(b)
 
 
7,686
 
 
1,002,101
Coty, Inc. - Class A(a)
 
 
47,009
 
 
186,626
Darling Ingredients, Inc.(a)
 
 
20,301
 
 
650,647
elf Beauty, Inc.(a)
 
 
7,707
 
 
941,333
Flowers Foods, Inc.
 
 
27,080
 
 
323,064
Ingredion, Inc.
 
 
8,244
 
 
951,440
Lancaster Colony Corp.
 
 
2,604
 
 
408,281
Maplebear, Inc.(a)
 
 
23,660
 
 
872,108
Performance Food Group Co.(a)
 
 
20,138
 
 
1,948,150
Pilgrim’s Pride Corp.
 
 
5,476
 
 
208,636
Post Holdings, Inc.(a)
 
 
6,128
 
 
636,883
Sprouts Farmers Market, Inc.(a)
 
 
12,548
 
 
990,790
US Foods Holding Corp.(a)
 
 
28,954
 
 
2,102,639
 
 
 
 
18,041,924
Energy - 3.9%
 
 
 
 
Antero Midstream Corp.
 
 
42,975
 
 
741,319
Antero Resources Corp.(a)
 
 
37,994
 
 
1,174,395
Chord Energy Corp.
 
 
7,351
 
 
666,883
Civitas Resources, Inc.
 
 
10,718
 
 
309,000
CNX Resources Corp.(a)
 
 
18,150
 
 
610,929
DT Midstream, Inc.
 
 
13,112
 
 
1,435,633
HF Sinclair Corp.
 
 
20,410
 
 
1,053,156
Matador Resources Co.
 
 
15,024
 
 
592,847
Murphy Oil Corp.
 
 
17,224
 
 
487,439
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
62
 
PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Energy - (Continued)
NOV, Inc.
 
 
47,694
 
 
$696,332
Ovintiv, Inc.
 
 
33,004
 
 
1,237,980
PBF Energy, Inc. - Class A
 
 
10,544
 
 
360,288
Permian Resources Corp.
 
 
90,762
 
 
1,139,971
Range Resources Corp.
 
 
30,590
 
 
1,087,474
TechnipFMC PLC
 
 
52,886
 
 
2,186,836
Valaris Ltd.(a)(b)
 
 
8,508
 
 
477,469
Viper Energy, Inc. - Class A
 
 
21,659
 
 
813,512
Weatherford International PLC(b)
 
 
9,210
 
 
678,685
 
 
 
 
15,750,148
Financials - 15.3%
 
 
 
 
Affiliated Managers Group, Inc.
 
 
3,692
 
 
878,548
Ally Financial, Inc.
 
 
35,975
 
 
1,401,946
American Financial Group, Inc.
 
 
8,953
 
 
1,178,931
Associated Banc-Corp.
 
 
20,962
 
 
519,229
Bank OZK
 
 
13,590
 
 
611,414
Brighthouse Financial, Inc.(a)
 
 
7,418
 
 
423,345
Cadence Bank
 
 
23,904
 
 
902,137
Carlyle Group, Inc.
 
 
33,454
 
 
1,783,767
CNO Financial Group, Inc.
 
 
12,430
 
 
497,449
Columbia Banking System, Inc.
 
 
38,350
 
 
1,027,780
Comerica, Inc.
 
 
16,497
 
 
1,262,021
Commerce Bancshares, Inc.
 
 
15,920
 
 
837,870
Cullen Frost Bankers, Inc.
 
 
8,264
 
 
1,017,629
East West Bancorp, Inc.
 
 
17,792
 
 
1,807,667
Equitable Holdings, Inc.
 
 
38,530
 
 
1,903,382
Essent Group Ltd.
 
 
12,644
 
 
765,847
Euronet Worldwide, Inc.(a)
 
 
4,950
 
 
375,507
Evercore, Inc.
 
 
4,999
 
 
1,472,505
Federated Hermes, Inc.
 
 
9,488
 
 
459,978
Fidelity National Financial, Inc.
 
 
32,832
 
 
1,813,640
First American Financial Corp.
 
 
13,187
 
 
824,319
First Financial Bankshares, Inc.
 
 
16,716
 
 
516,357
First Horizon Corp.
 
 
65,888
 
 
1,407,368
FirstCash Holdings, Inc.
 
 
4,998
 
 
792,183
Flagstar Bank NA
 
 
38,390
 
 
438,414
FNB Corp.
 
 
46,078
 
 
724,346
Glacier Bancorp, Inc.
 
 
16,536
 
 
675,496
Hamilton Lane, Inc. - Class A
 
 
5,192
 
 
591,680
Hancock Whitney Corp.(b)
 
 
10,872
 
 
620,900
Hanover Insurance Group, Inc.
 
 
4,601
 
 
786,219
Home BancShares, Inc.
 
 
23,516
 
 
628,112
Houlihan Lokey, Inc.
 
 
7,049
 
 
1,262,335
International Bancshares Corp.(b)
 
 
6,940
 
 
460,677
Janus Henderson Group PLC
 
 
16,004
 
 
697,134
Jefferies Financial Group, Inc.
 
 
21,297
 
 
1,125,121
Kemper Corp.
 
 
8,040
 
 
361,720
Kinsale Capital Group, Inc.
 
 
2,848
 
 
1,137,691
MGIC Investment Corp.
 
 
29,574
 
 
810,919
Morningstar, Inc.
 
 
3,150
 
 
668,745
Old National Bancorp(b)
 
 
44,752
 
 
914,283
Old Republic International Corp.
 
 
29,571
 
 
1,166,872
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Pinnacle Financial Partners, Inc.
 
 
9,862
 
 
$840,341
Primerica, Inc.
 
 
4,162
 
 
1,081,579
Prosperity Bancshares, Inc.
 
 
12,186
 
 
802,083
Reinsurance Group of America, Inc.
 
 
8,562
 
 
1,562,223
RenaissanceRe Holdings Ltd.
 
 
6,080
 
 
1,544,867
RLI Corp.
 
 
11,768
 
 
693,841
Ryan Specialty Holdings, Inc.(b)
 
 
14,449
 
 
791,805
SEI Investments Co.
 
 
12,057
 
 
971,915
Selective Insurance Group, Inc.
 
 
7,816
 
 
588,857
Shift4 Payments, Inc. - Class A(a)(b)
 
 
8,642
 
 
597,162
SLM Corp.
 
 
26,752
 
 
718,291
SouthState Bank Corp.
 
 
13,085
 
 
1,159,985
Stifel Financial Corp.
 
 
13,262
 
 
1,570,619
Synovus Financial Corp.
 
 
17,806
 
 
794,860
Texas Capital Bancshares, Inc.(a)
 
 
5,864
 
 
491,638
UMB Financial Corp.
 
 
9,150
 
 
977,952
United Bankshares, Inc.
 
 
18,140
 
 
649,231
Unum Group
 
 
20,325
 
 
1,492,261
Valley National Bancorp
 
 
61,706
 
 
670,744
Voya Financial, Inc.
 
 
12,366
 
 
920,772
Webster Financial Corp.
 
 
21,326
 
 
1,216,435
Western Alliance Bancorp
 
 
13,398
 
 
1,036,335
WEX, Inc.(a)(b)
 
 
4,406
 
 
642,747
Wintrust Financial Corp.(b)
 
 
8,639
 
 
1,123,243
Zions Bancorp
 
 
18,926
 
 
986,234
 
 
 
 
61,477,503
Health Care - 8.9%
 
 
 
 
Avantor, Inc.(a)
 
 
87,392
 
 
1,032,973
BioMarin Pharmaceutical, Inc.(a)
 
 
24,638
 
 
1,319,858
Bio-Rad Laboratories, Inc. - Class A(a)(b)
 
 
2,350
 
 
750,942
Bruker Corp.
 
 
14,202
 
 
553,026
Chemed Corp.
 
 
1,872
 
 
807,394
Cytokinetics, Inc.(a)
 
 
15,332
 
 
974,962
Dentsply Sirona, Inc.
 
 
25,592
 
 
322,715
Doximity, Inc. - Class A(a)
 
 
17,498
 
 
1,154,868
Elanco Animal Health, Inc.(a)
 
 
63,712
 
 
1,411,221
Encompass Health Corp.
 
 
13,066
 
 
1,487,564
Ensign Group, Inc.
 
 
7,359
 
 
1,325,356
Envista Holdings Corp.(a)(b)
 
 
21,336
 
 
434,188
Exelixis, Inc.(a)
 
 
34,926
 
 
1,350,588
Globus Medical, Inc. - Class A(a)
 
 
14,446
 
 
872,394
Haemonetics Corp.(a)
 
 
6,188
 
 
309,462
Halozyme Therapeutics, Inc.(a)
 
 
15,024
 
 
979,415
HealthEquity, Inc.(a)
 
 
11,096
 
 
1,049,460
Hims & Hers Health, Inc.(a)(b)
 
 
26,552
 
 
1,207,054
Illumina, Inc.(a)
 
 
19,917
 
 
2,460,546
Jazz Pharmaceuticals PLC(a)
 
 
7,776
 
 
1,070,289
Lantheus Holdings, Inc.(a)
 
 
8,722
 
 
503,172
LivaNova PLC(a)
 
 
7,004
 
 
368,620
Masimo Corp.(a)(b)
 
 
5,924
 
 
833,211
Medpace Holdings, Inc.(a)
 
 
2,858
 
 
1,671,673
Neurocrine Biosciences, Inc.(a)
 
 
12,858
 
 
1,841,394
Option Care Health, Inc.(a)
 
 
20,818
 
 
541,892
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
63
 
PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
Penumbra, Inc.(a)
 
 
5,008
 
 
$1,138,669
Perrigo Co. PLC
 
 
17,652
 
 
366,102
Repligen Corp.(a)
 
 
6,833
 
 
1,018,527
Roivant Sciences Ltd.(a)(b)
 
 
55,180
 
 
1,103,048
Sotera Health Co.(a)
 
 
22,580
 
 
374,828
Tenet Healthcare Corp.(a)
 
 
11,365
 
 
2,346,759
United Therapeutics Corp.(a)
 
 
5,822
 
 
2,593,293
 
 
 
 
35,575,463
Industrials - 24.3%
 
 
 
 
AAON, Inc.(b)
 
 
8,672
 
 
853,238
Acuity, Inc.
 
 
3,925
 
 
1,432,821
Advanced Drainage Systems, Inc.
 
 
9,190
 
 
1,287,059
AECOM
 
 
17,026
 
 
2,287,443
AeroVironment, Inc.(a)
 
 
4,083
 
 
1,510,343
AGCO Corp.(b)
 
 
7,955
 
 
820,638
Alaska Air Group, Inc.(a)
 
 
14,800
 
 
617,604
American Airlines Group, Inc.(a)
 
 
84,654
 
 
1,111,507
API Group Corp.(a)
 
 
47,543
 
 
1,750,533
Applied Industrial Technologies, Inc.
 
 
4,897
 
 
1,258,970
ATI, Inc.(a)
 
 
17,895
 
 
1,771,068
Avis Budget Group, Inc.(a)(b)
 
 
2,168
 
 
295,000
Brink’s Co.
 
 
5,357
 
 
595,484
BWX Technologies, Inc.
 
 
11,759
 
 
2,511,840
CACI International, Inc. - Class A(a)
 
 
2,847
 
 
1,600,726
Carlisle Cos., Inc.
 
 
5,526
 
 
1,796,226
Carpenter Technology Corp.
 
 
6,407
 
 
2,023,971
Chart Industries, Inc.(a)(b)
 
 
5,675
 
 
1,132,844
Clean Harbors, Inc.(a)
 
 
6,482
 
 
1,364,526
CNH Industrial NV
 
 
114,932
 
 
1,205,637
Comfort Systems USA, Inc.
 
 
4,528
 
 
4,372,146
Concentrix Corp.
 
 
5,740
 
 
231,379
Core & Main, Inc. - Class A(a)
 
 
24,332
 
 
1,269,644
Crane Co.
 
 
6,288
 
 
1,194,720
Curtiss-Wright Corp.
 
 
4,847
 
 
2,887,503
Donaldson Co., Inc.
 
 
15,070
 
 
1,269,647
EnerSys
 
 
4,814
 
 
607,334
Esab Corp.
 
 
7,328
 
 
856,057
ExlService Holdings, Inc.(a)
 
 
20,718
 
 
810,074
Exponent, Inc.
 
 
6,492
 
 
459,699
Flowserve Corp.
 
 
16,786
 
 
1,145,644
Fluor Corp.(a)
 
 
20,778
 
 
1,013,343
Fortune Brands Innovations, Inc.
 
 
15,422
 
 
783,438
FTI Consulting, Inc.(a)
 
 
4,082
 
 
673,571
GATX Corp.
 
 
4,570
 
 
716,804
Genpact Ltd.
 
 
20,798
 
 
793,444
Graco, Inc.
 
 
21,306
 
 
1,742,192
GXO Logistics, Inc.(a)
 
 
14,687
 
 
825,556
Hexcel Corp.(b)
 
 
10,220
 
 
729,708
Insperity, Inc.
 
 
4,600
 
 
202,952
ITT, Inc.
 
 
10,116
 
 
1,872,168
KBR, Inc.
 
 
16,532
 
 
708,231
Kirby Corp.(a)
 
 
7,164
 
 
741,331
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Knight-Swift Transportation Holdings, Inc.
 
 
20,828
 
 
$939,759
Kratos Defense & Security Solutions, Inc.(a)
 
 
21,648
 
 
1,961,309
Landstar System, Inc.
 
 
4,446
 
 
571,000
Lincoln Electric Holdings, Inc.
 
 
7,134
 
 
1,672,566
MasTec, Inc.(a)
 
 
7,858
 
 
1,604,289
Maximus, Inc.
 
 
7,238
 
 
601,623
Middleby Corp.(a)
 
 
5,994
 
 
744,635
MSA Safety, Inc.
 
 
4,725
 
 
741,967
MSC Industrial Direct Co., Inc. - Class A
 
 
5,854
 
 
497,063
Mueller Industries, Inc.
 
 
14,316
 
 
1,515,635
Nextracker, Inc. - Class A(a)
 
 
19,002
 
 
1,923,382
nVent Electric PLC
 
 
20,690
 
 
2,365,901
Oshkosh Corp.(b)
 
 
8,224
 
 
1,013,937
Owens Corning(b)
 
 
10,807
 
 
1,375,839
Parsons Corp.(a)
 
 
6,850
 
 
569,509
Paylocity Holding Corp.(a)
 
 
5,720
 
 
808,064
RB Global, Inc.
 
 
23,882
 
 
2,369,572
RBC Bearings, Inc.(a)
 
 
4,072
 
 
1,744,974
Regal Rexnord Corp.(b)
 
 
8,528
 
 
1,201,510
Ryder System, Inc.
 
 
5,243
 
 
887,273
Saia, Inc.(a)
 
 
3,420
 
 
1,000,350
Science Applications International Corp.
 
 
6,024
 
 
564,509
Sensata Technologies Holding PLC
 
 
18,682
 
 
594,648
Simpson Manufacturing Co., Inc.
 
 
5,352
 
 
944,628
Terex Corp.
 
 
8,428
 
 
387,857
Tetra Tech, Inc.
 
 
33,716
 
 
1,078,238
Timken Co.(b)
 
 
8,134
 
 
638,600
Toro Co.
 
 
12,664
 
 
946,381
TransUnion
 
 
25,228
 
 
2,048,009
Trex Co., Inc.(a)
 
 
13,774
 
 
665,560
UFP Industries, Inc.
 
 
7,512
 
 
692,081
Valmont Industries, Inc.
 
 
2,534
 
 
1,047,632
Watsco, Inc.
 
 
4,520
 
 
1,663,405
Watts Water Technologies, Inc. - Class A
 
 
3,527
 
 
961,460
WESCO International, Inc.(b)
 
 
6,302
 
 
1,635,558
Woodward, Inc.
 
 
7,697
 
 
2,017,461
XPO Logistics, Inc.(a)
 
 
15,130
 
 
2,176,753
 
 
 
 
97,307,000
Information Technology - 14.4%
 
 
 
 
Allegro MicroSystems, Inc.(a)
 
 
15,890
 
 
475,429
Amkor Technology, Inc.
 
 
14,596
 
 
471,159
Appfolio, Inc. - Class A(a)
 
 
2,932
 
 
745,989
Arrow Electronics, Inc.(a)
 
 
6,616
 
 
738,015
ASGN, Inc.(a)
 
 
5,625
 
 
251,775
Avnet, Inc.
 
 
10,758
 
 
521,225
Belden, Inc.
 
 
5,088
 
 
619,973
Bentley Systems, Inc. - Class B(b)
 
 
19,155
 
 
973,649
BILL Holdings, Inc.(a)
 
 
11,778
 
 
584,895
Blackbaud, Inc.(a)
 
 
4,774
 
 
305,727
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
64
 
PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Ciena Corp.(a)
 
 
18,152
 
 
$3,447,428
Cirrus Logic, Inc.(a)
 
 
6,586
 
 
873,633
Cognex Corp.
 
 
21,550
 
 
891,954
Coherent Corp.(a)
 
 
19,967
 
 
2,634,845
Commvault Systems, Inc.(a)
 
 
5,710
 
 
794,946
Crane NXT Co.
 
 
6,342
 
 
401,131
Docusign, Inc.(a)
 
 
26,214
 
 
1,917,292
Dolby Laboratories, Inc. - Class A
 
 
7,856
 
 
521,010
Dropbox, Inc. - Class A(a)
 
 
23,760
 
 
689,040
Dynatrace, Inc.(a)
 
 
38,750
 
 
1,959,587
Entegris, Inc.(b)
 
 
19,427
 
 
1,778,930
Fabrinet(a)
 
 
4,609
 
 
2,030,587
Flex Ltd.(a)
 
 
48,206
 
 
3,013,839
Guidewire Software, Inc.(a)
 
 
10,827
 
 
2,529,620
IPG Photonics Corp.(a)
 
 
3,256
 
 
277,151
Kyndryl Holdings, Inc.(a)
 
 
29,664
 
 
857,883
Lattice Semiconductor Corp.(a)
 
 
17,572
 
 
1,282,053
Littelfuse, Inc.
 
 
3,176
 
 
772,753
Lumentum Holdings, Inc.(a)
 
 
9,051
 
 
1,824,320
MACOM Technology Solutions Holdings, Inc.(a)
 
 
8,314
 
 
1,231,553
Manhattan Associates, Inc.(a)
 
 
7,746
 
 
1,410,314
MKS, Inc.
 
 
8,612
 
 
1,237,630
Novanta, Inc.(a)
 
 
4,620
 
 
586,786
Nutanix, Inc. - Class A(a)
 
 
34,419
 
 
2,452,010
Okta, Inc.(a)
 
 
21,669
 
 
1,983,364
Onto Innovation, Inc.(a)
 
 
6,298
 
 
849,978
Pegasystems, Inc.
 
 
11,838
 
 
753,489
Power Integrations, Inc.
 
 
7,194
 
 
301,357
Pure Storage, Inc.(a)
 
 
39,904
 
 
3,938,525
Qualys, Inc.(a)
 
 
4,630
 
 
570,694
Rambus, Inc.(a)
 
 
13,810
 
 
1,420,220
Silicon Laboratories, Inc.(a)
 
 
4,222
 
 
553,420
Synaptics, Inc.(a)(b)
 
 
4,944
 
 
350,727
TD Synnex Corp.
 
 
9,946
 
 
1,556,449
Twilio, Inc. - Class A(a)
 
 
19,712
 
 
2,658,755
Universal Display Corp.
 
 
5,670
 
 
835,078
Vontier Corp.
 
 
18,832
 
 
725,032
 
 
 
 
57,601,219
Materials - 4.8%
 
 
 
 
Alcoa Corp.
 
 
33,236
 
 
1,222,752
AptarGroup, Inc.
 
 
8,463
 
 
981,793
Ashland, Inc.
 
 
5,864
 
 
286,750
Avient Corp.
 
 
11,748
 
 
376,758
Axalta Coating Systems Ltd.(a)
 
 
27,802
 
 
791,523
Cabot Corp.
 
 
6,840
 
 
461,563
Cleveland-Cliffs, Inc.(a)
 
 
63,468
 
 
788,907
Commercial Metals Co.
 
 
14,372
 
 
853,122
Crown Holdings, Inc.
 
 
14,866
 
 
1,444,678
Eagle Materials, Inc.
 
 
4,172
 
 
885,799
Graphic Packaging Holding Co.(b)
 
 
38,046
 
 
608,355
Greif, Inc. - Class A
 
 
3,366
 
 
191,492
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Knife River Corp.(a)(b)
 
 
7,258
 
 
$438,819
Louisiana-Pacific Corp.
 
 
8,134
 
 
708,553
MP Materials Corp.(a)(b)
 
 
17,258
 
 
1,088,807
NewMarket Corp.
 
 
1,006
 
 
772,507
Olin Corp.
 
 
14,720
 
 
304,704
Reliance, Inc.
 
 
6,820
 
 
1,926,173
Royal Gold, Inc.
 
 
9,738
 
 
1,702,105
RPM International, Inc.
 
 
16,515
 
 
1,804,759
Scotts Miracle-Gro Co.
 
 
5,700
 
 
305,064
Silgan Holdings, Inc.
 
 
11,390
 
 
439,882
Sonoco Products Co.
 
 
12,664
 
 
513,778
Westlake Chemical Corp.(b)
 
 
4,286
 
 
294,920
 
 
 
 
19,193,563
Real Estate - 0.5%
 
 
 
 
Jones Lang LaSalle, Inc.(a)
 
 
6,127
 
 
1,869,286
Utilities - 3.5%
 
 
 
 
ALLETE, Inc.
 
 
7,432
 
 
500,397
Black Hills Corp.
 
 
9,354
 
 
593,324
Essential Utilities, Inc.
 
 
36,282
 
 
1,416,087
IDACORP, Inc.(b)
 
 
6,940
 
 
895,399
National Fuel Gas Co.
 
 
11,604
 
 
915,672
New Jersey Resources Corp.
 
 
12,898
 
 
571,381
Northwestern Energy Group, Inc.
 
 
7,875
 
 
469,901
OGE Energy Corp.
 
 
25,846
 
 
1,140,842
ONE Gas, Inc.
 
 
7,706
 
 
617,944
Ormat Technologies, Inc.
 
 
7,786
 
 
828,197
Portland General Electric Co.
 
 
14,068
 
 
642,626
Southwest Gas Holdings, Inc.
 
 
8,214
 
 
653,013
Spire, Inc.
 
 
7,582
 
 
655,085
Talen Energy Corp.(a)
 
 
5,860
 
 
2,342,711
TXNM Energy, Inc.
 
 
12,176
 
 
691,597
UGI Corp.
 
 
27,568
 
 
921,598
 
 
 
 
13,855,774
TOTAL COMMON STOCKS
(Cost $367,581,483)
 
 
 
 
373,408,900
REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.7%
 
 
 
 
Financials - 0.6%
 
 
 
 
Annaly Capital Management, Inc.
 
 
82,522
 
 
1,746,991
Starwood Property Trust, Inc.
 
 
44,274
 
 
804,901
 
 
 
 
2,551,892
Real Estate - 6.1%
 
 
 
 
Agree Realty Corp.(b)
 
 
14,176
 
 
1,034,990
American Homes 4 Rent - Class A
 
 
42,169
 
 
1,332,541
Brixmor Property Group, Inc.
 
 
39,276
 
 
1,027,460
COPT Defense Properties(b)
 
 
14,466
 
 
407,507
Cousins Properties, Inc.
 
 
21,570
 
 
559,310
CubeSmart
 
 
29,270
 
 
1,102,601
EastGroup Properties, Inc.
 
 
6,897
 
 
1,203,734
EPR Properties(b)
 
 
9,772
 
 
479,024
Equity LifeStyle Properties, Inc.(b)
 
 
25,159
 
 
1,535,957
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
65
 
PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT
TRUSTS - COMMON - (Continued)
Real Estate - (Continued)
First Industrial Realty Trust, Inc.
 
 
16,990
 
 
$939,207
Gaming and Leisure Properties, Inc.
 
 
36,702
 
 
1,639,111
Healthcare Realty Trust, Inc.(b)
 
 
45,140
 
 
799,881
Independence Realty Trust, Inc.
 
 
29,952
 
 
477,135
Kilroy Realty Corp.
 
 
13,968
 
 
590,148
Kite Realty Group Trust(b)
 
 
28,210
 
 
624,569
Lamar Advertising Co. - Class A
 
 
11,227
 
 
1,331,410
National Storage Affiliates Trust
 
 
9,060
 
 
263,555
NNN REIT, Inc.(b)
 
 
24,218
 
 
979,860
Omega Healthcare Investors, Inc.(b)
 
 
38,280
 
 
1,608,908
Park Hotels & Resorts, Inc.
 
 
25,632
 
 
263,753
PotlatchDeltic Corp.
 
 
9,130
 
 
365,200
Rayonier, Inc.
 
 
18,210
 
 
401,895
Rexford Industrial Realty, Inc.
 
 
30,296
 
 
1,251,831
Sabra Health Care REIT, Inc.
 
 
30,764
 
 
548,215
STAG Industrial, Inc.
 
 
23,954
 
 
916,720
Vornado Realty Trust
 
 
20,700
 
 
785,358
WP Carey, Inc.
 
 
28,166
 
 
1,858,956
 
 
 
 
24,328,836
TOTAL REAL ESTATE INVESTMENT
TRUSTS - COMMON
(Cost $27,071,380)
 
 
 
 
26,880,728
 
 
Contracts
 
 
WARRANTS - 0.0%(c)
 
 
 
 
Consumer Discretionary - 0.0%(c)
 
 
 
 
GameStop Corp., Expires 10/30/2026, Exercise Price $32.00(a)
 
 
5,483
 
 
16,449
TOTAL WARRANTS
(Cost $0)
 
 
 
 
16,449
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.7%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
38,963,931
 
 
38,963,931
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $38,963,931)
 
 
 
 
38,963,931
TOTAL INVESTMENTS - 109.7%
(Cost $433,616,794)
 
 
 
 
$439,270,008
Liabilities in Excess of Other
Assets - (9.7)%
 
 
 
 
(38,749,064)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$400,520,944
 
 
 
 
 
 
 
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
REIT - Real Estate Investment Trust
(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 $38,399,039.
(c)
Represents less than 0.05% of 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.
 
66
 
Pacer US Cash Cows 100 ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 10.4%
 
 
 
 
AT&T, Inc.
 
 
12,072,315
 
 
$298,789,796
Comcast Corp. - Class A
 
 
10,493,751
 
 
292,093,559
Omnicom Group, Inc.(a)
 
 
1,399,841
 
 
105,016,072
Pinterest, Inc. - Class A(b)
 
 
1,723,801
 
 
57,057,813
Verizon Communications, Inc.
 
 
8,021,259
 
 
318,764,833
Walt Disney Co.
 
 
3,018,984
 
 
339,997,978
Warner Bros Discovery, Inc.(b)
 
 
21,144,492
 
 
474,693,846
 
 
 
 
1,886,413,897
Consumer Discretionary - 9.9%
 
 
 
 
Airbnb, Inc. - Class A(b)
 
 
2,164,627
 
 
273,911,901
Aptiv PLC(b)
 
 
1,339,861
 
 
108,662,727
Best Buy Co., Inc.(a)
 
 
1,115,893
 
 
91,659,451
Booking Holdings, Inc.
 
 
64,972
 
 
329,910,923
Deckers Outdoor Corp.(b)
 
 
456,627
 
 
37,215,100
DR Horton, Inc.(a)
 
 
963,025
 
 
143,567,767
Expedia Group, Inc.
 
 
584,281
 
 
128,541,820
Ford Motor Co.
 
 
30,314,180
 
 
398,025,183
Lululemon Athletica, Inc.(a)(b)
 
 
437,957
 
 
74,689,187
NVR, Inc.(b)
 
 
9,063
 
 
65,351,662
PulteGroup, Inc.(a)
 
 
610,865
 
 
73,224,388
Tapestry, Inc.
 
 
661,528
 
 
72,649,005
 
 
 
 
1,797,409,114
Consumer Staples - 9.3%
 
 
 
 
Altria Group, Inc.
 
 
5,349,687
 
 
301,615,353
Archer-Daniels-Midland Co.
 
 
4,102,710
 
 
248,337,036
Colgate-Palmolive Co.
 
 
2,487,338
 
 
191,649,393
Constellation Brands, Inc. - Class A(a)
 
 
876,037
 
 
115,093,741
Dollar General Corp.
 
 
1,065,643
 
 
105,136,338
Dollar Tree, Inc.(a)(b)
 
 
1,257,315
 
 
124,625,063
General Mills, Inc.
 
 
2,852,495
 
 
132,954,792
Target Corp.(a)
 
 
1,986,587
 
 
184,196,347
The Kraft Heinz Co.(a)
 
 
8,046,616
 
 
198,992,814
Tyson Foods, Inc. - Class A
 
 
1,452,674
 
 
74,681,970
 
 
 
 
1,677,282,847
Energy - 15.8%
 
 
 
 
Baker Hughes Co.(a)
 
 
2,989,127
 
 
144,703,638
Chevron Corp.
 
 
2,317,689
 
 
365,545,909
ConocoPhillips
 
 
3,832,718
 
 
340,575,322
Coterra Energy, Inc.(a)
 
 
3,881,945
 
 
91,846,819
Diamondback Energy, Inc.
 
 
1,883,474
 
 
269,694,642
EOG Resources, Inc.
 
 
2,411,107
 
 
255,191,565
EQT Corp.
 
 
2,579,580
 
 
138,213,896
Expand Energy Corp.
 
 
762,118
 
 
78,734,411
Exxon Mobil Corp.
 
 
3,259,973
 
 
372,810,512
Halliburton Co.
 
 
6,114,977
 
 
164,125,983
Occidental Petroleum Corp.(a)
 
 
6,540,337
 
 
269,461,884
SLB Ltd.
 
 
8,098,383
 
 
292,027,691
TechnipFMC PLC
 
 
2,138,577
 
 
88,430,159
 
 
 
 
2,871,362,431
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
Health Care - 20.7%
 
 
 
 
Amgen, Inc.
 
 
1,257,961
 
 
$375,413,301
Biogen, Inc.(b)
 
 
826,061
 
 
127,436,430
Bristol-Myers Squibb Co.
 
 
7,551,514
 
 
347,898,250
Cardinal Health, Inc.
 
 
778,318
 
 
148,479,725
Gilead Sciences, Inc.
 
 
3,093,531
 
 
370,574,078
HCA Healthcare, Inc.
 
 
848,054
 
 
389,833,463
Illumina, Inc.(b)
 
 
594,835
 
 
73,485,916
Incyte Corp.(b)
 
 
681,424
 
 
63,699,516
IQVIA Holdings, Inc.(b)
 
 
674,073
 
 
145,909,842
Labcorp Holdings, Inc.(a)
 
 
285,785
 
 
72,577,959
McKesson Corp.
 
 
519,375
 
 
421,389,713
Merck & Co., Inc.
 
 
4,202,532
 
 
361,333,701
Pfizer, Inc.
 
 
14,358,596
 
 
353,939,391
Quest Diagnostics, Inc.(a)
 
 
419,756
 
 
73,856,068
Regeneron Pharmaceuticals, Inc.
 
 
390,700
 
 
254,658,260
Tenet Healthcare Corp.(b)
 
 
498,252
 
 
102,884,055
United Therapeutics Corp.(b)
 
 
166,734
 
 
74,268,326
 
 
 
 
3,757,637,994
Industrials - 9.7%
 
 
 
 
AECOM
 
 
406,772
 
 
54,649,818
Builders FirstSource, Inc.(a)(b)
 
 
497,387
 
 
57,781,448
Carlisle Cos., Inc.(a)
 
 
133,913
 
 
43,528,421
EMCOR Group, Inc.
 
 
120,858
 
 
81,673,419
Expeditors International of Washington, Inc.
 
 
418,286
 
 
50,989,063
Fortive Corp.
 
 
1,825,831
 
 
91,912,333
General Dynamics Corp.
 
 
803,883
 
 
277,259,247
Leidos Holdings, Inc.
 
 
471,443
 
 
89,795,748
Masco Corp.(a)
 
 
663,165
 
 
42,946,565
PACCAR, Inc.
 
 
1,827,336
 
 
179,809,862
Pentair PLC
 
 
472,275
 
 
50,226,446
Snap-On, Inc.
 
 
196,018
 
 
65,773,840
SS&C Technologies Holdings, Inc.
 
 
822,063
 
 
69,809,590
Uber Technologies, Inc.(b)
 
 
3,921,414
 
 
378,416,451
United Airlines Holdings, Inc.(b)
 
 
2,383,167
 
 
224,113,025
 
 
 
 
1,758,685,276
Information Technology - 21.1%
 
 
 
 
Accenture PLC - Class A
 
 
1,399,965
 
 
350,131,247
Adobe, Inc.(b)
 
 
1,022,480
 
 
347,960,169
Applied Materials, Inc.
 
 
2,195,349
 
 
511,735,852
Cisco Systems, Inc.
 
 
5,333,447
 
 
389,928,310
Cognizant Technology Solutions Corp. - Class A
 
 
1,999,300
 
 
145,708,984
Docusign, Inc.(b)
 
 
731,553
 
 
53,505,786
F5, Inc.(b)
 
 
188,650
 
 
47,737,883
Flex Ltd.(b)
 
 
1,247,957
 
 
78,022,272
Gartner, Inc.(a)(b)
 
 
388,016
 
 
96,359,893
Gen Digital, Inc.
 
 
2,883,869
 
 
76,018,787
GlobalFoundries, Inc.(a)(b)
 
 
1,735,950
 
 
61,799,820
GoDaddy, Inc. - Class A(b)
 
 
631,270
 
 
84,040,975
HP, Inc.
 
 
6,105,642
 
 
168,943,114
Jabil, Inc.
 
 
346,113
 
 
76,452,901
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
67
 
Pacer US Cash Cows 100 ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Keysight Technologies, Inc.(b)
 
 
530,497
 
 
$97,059,731
NetApp, Inc.
 
 
878,008
 
 
103,411,782
Okta, Inc.(a)(b)
 
 
571,712
 
 
52,328,799
ON Semiconductor Corp.(b)
 
 
1,653,328
 
 
82,798,666
Qualcomm, Inc.
 
 
2,229,495
 
 
403,315,646
salesforce.com, Inc.
 
 
1,419,926
 
 
369,762,930
Twilio, Inc. - Class A(a)(b)
 
 
416,098
 
 
56,123,298
Zebra Technologies Corp. - Class A(b)
 
 
169,722
 
 
45,697,648
Zoom Communications, Inc. - Class A(b)
 
 
1,387,879
 
 
121,064,685
 
 
 
 
3,819,909,178
Materials - 3.0%
 
 
 
 
Corteva, Inc.
 
 
2,254,177
 
 
138,496,635
Newmont Goldcorp Corp.
 
 
4,421,493
 
 
358,008,288
Reliance, Inc.(a)
 
 
174,284
 
 
49,223,030
 
 
 
 
545,727,953
TOTAL COMMON STOCKS
(Cost $17,516,171,120)
 
 
 
 
18,114,428,690
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES
LENDING - 1.5%
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(c)
 
 
280,240,584
 
 
280,240,584
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $280,240,584)
 
 
 
 
280,240,584
TOTAL INVESTMENTS - 101.4%
(Cost $17,796,411,704)
 
 
 
 
$18,394,669,274
Liabilities in Excess of Other
Assets - (1.4)%
 
 
 
 
(258,095,188)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$18,136,574,086
 
 
 
 
 
 
 
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)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $275,343,086.
(b)
Non-income producing security.
(c)
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.
 
68
 
Pacer US Cash Cows Growth ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Consumer Discretionary - 32.2%(a)
 
 
 
 
Abercrombie & Fitch Co. - Class A(b)
 
 
4,715
 
 
$342,073
Airbnb, Inc. - Class A(b)
 
 
37,101
 
 
4,694,761
Booking Holdings, Inc.
 
 
827
 
 
4,199,291
Carnival Corp.(b)
 
 
135,048
 
 
3,893,434
Choice Hotels International, Inc.(c)
 
 
4,620
 
 
429,475
Crocs, Inc.(b)(c)
 
 
5,460
 
 
446,027
Deckers Outdoor Corp.(b)
 
 
14,936
 
 
1,217,284
Expedia Group, Inc.
 
 
12,446
 
 
2,738,120
Grand Canyon Education, Inc.(b)
 
 
2,810
 
 
529,123
H&R Block, Inc.(c)
 
 
13,421
 
 
667,561
PulteGroup, Inc.
 
 
19,844
 
 
2,378,700
Tapestry, Inc.
 
 
20,926
 
 
2,298,093
Toll Brothers, Inc.
 
 
9,717
 
 
1,311,309
TopBuild Corp.(b)(c)
 
 
2,822
 
 
1,192,239
Travel + Leisure Co.
 
 
6,500
 
 
408,070
Williams-Sonoma, Inc.
 
 
12,251
 
 
2,380,859
 
 
 
 
29,126,419
Consumer Staples - 1.3%
 
 
 
 
Coca-Cola Consolidated, Inc.(c)
 
 
8,739
 
 
1,139,391
Energy - 4.1%
 
 
 
 
CNX Resources Corp.(b)
 
 
14,147
 
 
476,188
DT Midstream, Inc.
 
 
10,223
 
 
1,119,316
TechnipFMC PLC
 
 
41,367
 
 
1,710,525
Valaris Ltd.(b)(c)
 
 
7,123
 
 
399,743
 
 
 
 
3,705,772
Health Care - 12.3%
 
 
 
 
DaVita, Inc.(b)(c)
 
 
7,197
 
 
856,587
Exelixis, Inc.(b)
 
 
27,080
 
 
1,047,184
Globus Medical, Inc. - Class A(b)(c)
 
 
13,524
 
 
816,714
Halozyme Therapeutics, Inc.(b)
 
 
11,706
 
 
763,114
Lantheus Holdings, Inc.(b)(c)
 
 
6,802
 
 
392,407
Medpace Holdings, Inc.(b)
 
 
2,818
 
 
1,648,276
ResMed, Inc.
 
 
14,727
 
 
3,635,802
United Therapeutics Corp.(b)
 
 
4,546
 
 
2,024,925
 
 
 
 
11,185,009
Industrials - 29.7%(a)
 
 
 
 
Acuity, Inc.
 
 
3,083
 
 
1,125,449
American Airlines Group, Inc.(b)
 
 
66,485
 
 
872,948
Applied Industrial Technologies, Inc.
 
 
3,799
 
 
976,685
Carlisle Cos., Inc.
 
 
4,306
 
 
1,399,665
Delta Air Lines, Inc.
 
 
65,673
 
 
3,768,317
EMCOR Group, Inc.
 
 
4,500
 
 
3,041,010
Kirby Corp.(b)
 
 
5,587
 
 
578,143
Mueller Industries, Inc.
 
 
11,134
 
 
1,178,757
Owens Corning(c)
 
 
8,413
 
 
1,071,059
Parsons Corp.(b)(c)
 
 
10,700
 
 
889,598
Tetra Tech, Inc.
 
 
26,425
 
 
845,071
Uber Technologies, Inc.(b)
 
 
47,376
 
 
4,571,784
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
United Airlines Holdings, Inc.(b)
 
 
32,524
 
 
$3,058,557
Westinghouse Air Brake Technologies Corp.
 
 
17,204
 
 
3,517,186
 
 
 
 
26,894,229
Information Technology - 20.4%
 
 
 
 
Docusign, Inc.(b)
 
 
20,220
 
 
1,478,891
GoDaddy, Inc. - Class A(b)
 
 
13,926
 
 
1,853,968
International Business Machines Corp.
 
 
17,893
 
 
5,500,487
Okta, Inc.(b)
 
 
17,721
 
 
1,622,003
Pegasystems, Inc.
 
 
17,207
 
 
1,095,226
salesforce.com, Inc.
 
 
18,728
 
 
4,876,959
Twilio, Inc. - Class A(b)
 
 
15,423
 
 
2,080,254
 
 
 
 
18,507,788
TOTAL COMMON STOCKS
(Cost $80,865,674)
 
 
 
 
90,558,608
 
 
Units
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
7,090,572
 
 
7,090,572
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $7,090,572)
 
 
 
 
7,090,572
TOTAL INVESTMENTS - 107.8%
(Cost $87,956,246)
 
 
 
 
$97,649,180
Liabilities in Excess of Other
Assets - (7.8)%
 
 
 
 
(7,042,004)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$90,607,176
 
 
 
 
 
 
 
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)
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)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $6,935,416.
(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.
 
69
 
PACER US EXPORT LEADERS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 4.7%
 
 
 
 
Alphabet, Inc. - Class A
 
 
1,401
 
 
$393,947
Iridium Communications, Inc.
 
 
18,950
 
 
362,893
Meta Platforms, Inc. - Class A
 
 
444
 
 
287,867
Netflix, Inc.(a)
 
 
284
 
 
317,756
News Corp. - Class A
 
 
11,530
 
 
305,545
 
 
 
 
1,668,008
Consumer Discretionary - 13.5%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
2,753
 
 
348,365
Aptiv PLC(a)
 
 
4,060
 
 
329,266
Autoliv, Inc.
 
 
2,658
 
 
310,454
Booking Holdings, Inc.
 
 
62
 
 
314,820
Carnival Corp.(a)
 
 
10,629
 
 
306,434
Duolingo, Inc.(a)(b)
 
 
1,094
 
 
296,080
Garmin Ltd.
 
 
1,408
 
 
301,227
Lear Corp.
 
 
3,190
 
 
333,833
McDonald’s Corp.(b)
 
 
1,104
 
 
329,467
NIKE, Inc. - Class B(b)
 
 
4,591
 
 
296,533
Ralph Lauren Corp.
 
 
1,063
 
 
339,799
Royal Caribbean Cruises Ltd.
 
 
996
 
 
285,683
Tesla Motors, Inc.(a)
 
 
847
 
 
386,706
Visteon Corp.
 
 
2,700
 
 
289,332
Wynn Resorts Ltd.
 
 
2,762
 
 
328,650
 
 
 
 
4,796,649
Consumer Staples - 3.7%
 
 
 
 
Archer-Daniels-Midland Co.
 
 
5,471
 
 
331,160
Coty, Inc. - Class A(a)
 
 
82,421
 
 
327,211
Darling Ingredients, Inc.(a)
 
 
10,673
 
 
342,070
Ingredion, Inc.
 
 
2,672
 
 
308,375
 
 
 
 
1,308,816
Energy - 7.0%
 
 
 
 
APA Corp.(b)
 
 
14,754
 
 
334,178
Baker Hughes Co.
 
 
7,230
 
 
350,005
Chevron Corp.
 
 
2,146
 
 
338,467
Exxon Mobil Corp.
 
 
2,986
 
 
341,479
TechnipFMC PLC
 
 
8,462
 
 
349,904
Valaris Ltd.(a)(b)
 
 
6,452
 
 
362,086
Weatherford International PLC
 
 
5,393
 
 
397,410
 
 
 
 
2,473,529
Health Care - 14.6%
 
 
 
 
Abbott Laboratories
 
 
2,522
 
 
311,770
Agilent Technologies, Inc.
 
 
2,720
 
 
398,099
Align Technology, Inc.(a)
 
 
2,559
 
 
352,835
BioMarin Pharmaceutical, Inc.(a)(b)
 
 
6,239
 
 
334,223
Bio-Rad Laboratories, Inc. -
Class A(a)(b)
 
 
1,195
 
 
381,862
Cooper Cos., Inc.(a)
 
 
5,035
 
 
351,997
Elanco Animal Health, Inc.(a)
 
 
18,164
 
 
402,333
Envista Holdings Corp.(a)(b)
 
 
16,035
 
 
326,312
IQVIA Holdings, Inc.(a)
 
 
1,790
 
 
387,463
Merck & Co., Inc.
 
 
4,044
 
 
347,703
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Mettler-Toledo International, Inc.(a)
 
 
267
 
 
$378,150
Regeneron Pharmaceuticals, Inc.
 
 
600
 
 
391,080
Repligen Corp.(a)(b)
 
 
2,954
 
 
440,323
Thermo Fisher Scientific, Inc.
 
 
703
 
 
398,875
 
 
 
 
5,203,025
Industrials - 10.7%
 
 
 
 
AGCO Corp.
 
 
3,075
 
 
317,217
Brink’s Co.
 
 
2,910
 
 
323,476
CNH Industrial NV
 
 
30,693
 
 
321,969
Flowserve Corp.
 
 
5,975
 
 
407,794
General Electric Co.
 
 
1,196
 
 
369,504
Genpact Ltd.
 
 
7,929
 
 
302,491
GXO Logistics, Inc.(a)(b)
 
 
6,590
 
 
370,424
Howmet Aerospace, Inc.
 
 
1,803
 
 
371,328
Ingersoll Rand, Inc.(b)
 
 
4,279
 
 
326,616
Uber Technologies, Inc.(a)
 
 
3,516
 
 
339,294
Westinghouse Air Brake Technologies Corp.
 
 
1,788
 
 
365,539
 
 
 
 
3,815,652
Information Technology - 38.6%(c)
 
 
 
 
Accenture PLC - Class A
 
 
1,411
 
 
352,891
Advanced Micro Devices, Inc.(a)
 
 
2,127
 
 
544,767
Amphenol Corp.
 
 
2,841
 
 
395,865
Analog Devices, Inc.
 
 
1,366
 
 
319,822
Applied Materials, Inc.
 
 
2,006
 
 
467,599
Broadcom, Inc.
 
 
932
 
 
344,495
Cadence Design System, Inc.(a)
 
 
982
 
 
332,593
Cirrus Logic, Inc.(a)
 
 
2,879
 
 
381,899
Dolby Laboratories, Inc. - Class A
 
 
4,705
 
 
312,036
Fabrinet(a)(b)
 
 
939
 
 
413,695
Flex Ltd.(a)
 
 
5,849
 
 
365,679
Fortinet, Inc.(a)(b)
 
 
4,217
 
 
364,475
Jabil, Inc.
 
 
1,574
 
 
347,681
Keysight Technologies, Inc.(a)
 
 
1,977
 
 
361,712
KLA Corp.
 
 
349
 
 
421,850
Kyndryl Holdings, Inc.(a)
 
 
10,529
 
 
304,499
Lam Research Corp.(b)
 
 
2,880
 
 
453,485
Lattice Semiconductor Corp.(a)(b)
 
 
5,218
 
 
380,705
Littelfuse, Inc.
 
 
1,274
 
 
309,977
MACOM Technology Solutions Holdings, Inc.(a)
 
 
2,544
 
 
376,843
Micron Technology, Inc.
 
 
2,145
 
 
479,987
Microsoft Corp.
 
 
659
 
 
341,237
MKS, Inc.(b)
 
 
2,924
 
 
420,208
Monolithic Power Systems, Inc.
 
 
402
 
 
404,010
NetApp, Inc.
 
 
2,721
 
 
320,479
Novanta, Inc.(a)
 
 
2,920
 
 
370,869
NVIDIA Corp.
 
 
1,885
 
 
381,694
ON Semiconductor Corp.(a)
 
 
6,972
 
 
349,158
Onto Innovation, Inc.(a)
 
 
3,031
 
 
409,064
PTC, Inc.(a)
 
 
1,632
 
 
324,017
Qualcomm, Inc.
 
 
2,071
 
 
374,644
Rambus, Inc.(a)
 
 
3,914
 
 
402,516
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
70
 
PACER US EXPORT LEADERS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Synopsys, Inc.(a)
 
 
792
 
 
$359,425
TE Connectivity PLC
 
 
1,607
 
 
396,945
Teledyne Technologies, Inc.(a)
 
 
606
 
 
319,253
Western Digital Corp.
 
 
3,441
 
 
516,873
 
 
 
 
13,722,947
Materials - 7.2%
 
 
 
 
Alcoa Corp.
 
 
10,113
 
 
372,057
Corteva, Inc.
 
 
4,537
 
 
278,753
Crown Holdings, Inc.(b)
 
 
3,492
 
 
339,353
Freeport-McMoRan, Inc.
 
 
7,537
 
 
314,293
NewMarket Corp.
 
 
401
 
 
307,928
Newmont Goldcorp Corp.
 
 
4,240
 
 
343,313
Royal Gold, Inc.
 
 
1,780
 
 
311,126
Smurfit WestRock PLC
 
 
7,602
 
 
280,666
 
 
 
 
2,547,489
TOTAL COMMON STOCKS
(Cost $30,195,033)
 
 
 
 
35,536,115
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 14.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
5,262,487
 
 
5,262,487
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $5,262,487)
 
 
 
 
5,262,487
TOTAL INVESTMENTS - 114.8%
(Cost $35,457,520)
 
 
 
 
$40,798,602
Liabilities in Excess of Other
Assets - (14.8)%
 
 
 
 
(5,260,461)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$35,538,141
 
 
 
 
 
 
 
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 $5,193,935.
(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.
 
71
 
Pacer US Large Cap Cash Cows Growth Leaders ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 5.6%
 
 
 
 
Iridium Communications, Inc.
 
 
371,074
 
 
$7,106,067
Match Group, Inc.
 
 
780,363
 
 
25,236,939
Meta Platforms, Inc. - Class A
 
 
31,507
 
 
20,427,564
Nexstar Media Group, Inc.
 
 
155,382
 
 
30,412,919
Pinterest, Inc. - Class A(a)
 
 
407,884
 
 
13,500,960
Reddit, Inc. - Class A(a)
 
 
198,172
 
 
41,408,039
Trade Desk, Inc. - Class A(a)
 
 
176,727
 
 
8,885,834
 
 
 
 
146,978,322
Consumer Discretionary - 4.2%
 
 
 
 
ADT, Inc.
 
 
2,324,806
 
 
20,551,285
Airbnb, Inc. - Class A(a)
 
 
107,451
 
 
13,596,850
Booking Holdings, Inc.
 
 
4,457
 
 
22,631,487
Duolingo, Inc.(a)
 
 
51,053
 
 
13,816,984
Grand Canyon Education, Inc.(a)
 
 
122,358
 
 
23,040,011
McDonald’s Corp.
 
 
53,725
 
 
16,033,152
 
 
 
 
109,669,769
Consumer Staples - 2.1%
 
 
 
 
Altria Group, Inc.
 
 
479,246
 
 
27,019,890
Monster Beverage Corp.(a)
 
 
428,458
 
 
28,633,848
 
 
 
 
55,653,738
Energy - 3.2%
 
 
 
 
Antero Midstream Corp.
 
 
1,047,112
 
 
18,062,682
Diamondback Energy, Inc.
 
 
94,942
 
 
13,594,745
DT Midstream, Inc.
 
 
208,422
 
 
22,820,125
EQT Corp.
 
 
412,562
 
 
22,105,072
Texas Pacific Land Corp.
 
 
8,319
 
 
7,847,978
 
 
 
 
84,430,602
Health Care - 14.7%
 
 
 
 
AbbVie, Inc.
 
 
76,737
 
 
16,731,735
Amgen, Inc.
 
 
46,161
 
 
13,775,827
Bristol-Myers Squibb Co.
 
 
200,642
 
 
9,243,577
Corcept Therapeutics, Inc.(a)
 
 
397,248
 
 
29,185,810
Doximity, Inc. - Class A(a)
 
 
205,507
 
 
13,563,462
Exelixis, Inc.(a)
 
 
380,296
 
 
14,706,046
Gilead Sciences, Inc.
 
 
133,552
 
 
15,998,194
Halozyme Therapeutics, Inc.(a)
 
 
462,740
 
 
30,166,021
Jazz Pharmaceuticals PLC(a)(b)
 
 
90,545
 
 
12,462,614
Medpace Holdings, Inc.(a)
 
 
108,338
 
 
63,367,980
QIAGEN NV(b)
 
 
684,156
 
 
32,052,709
Regeneron Pharmaceuticals, Inc.
 
 
17,864
 
 
11,643,755
ResMed, Inc.
 
 
106,595
 
 
26,316,174
Royalty Pharma PLC - Class A
 
 
574,386
 
 
21,562,450
United Therapeutics Corp.(a)
 
 
34,342
 
 
15,296,957
Veeva Systems, Inc. - Class A(a)
 
 
116,083
 
 
33,803,370
Vertex Pharmaceuticals, Inc.(a)
 
 
24,932
 
 
10,610,311
Zoetis, Inc.
 
 
85,674
 
 
12,344,767
 
 
 
 
382,831,759
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Industrials - 2.8%
 
 
 
 
AMETEK, Inc.
 
 
78,937
 
 
$15,953,957
Copart, Inc.(a)
 
 
241,573
 
 
10,390,055
Graco, Inc.
 
 
174,785
 
 
14,292,170
Paychex, Inc.
 
 
93,046
 
 
10,889,173
Union Pacific Corp.
 
 
55,259
 
 
12,177,426
Verisk Analytics, Inc.
 
 
44,754
 
 
9,790,385
 
 
 
 
73,493,166
Information Technology - 60.1%(c)
 
 
 
 
Adobe, Inc.(a)
 
 
28,283
 
 
9,624,988
Analog Devices, Inc.
 
 
91,542
 
 
21,432,728
Apple, Inc.
 
 
58,796
 
 
15,896,674
AppLovin Corp. - Class A(a)
 
 
110,290
 
 
70,291,126
Arista Networks, Inc.(a)
 
 
377,388
 
 
59,510,314
Astera Labs, Inc.(a)
 
 
524,864
 
 
97,981,612
Atlassian Corp. - Class A(a)
 
 
40,991
 
 
6,944,695
Autodesk, Inc.(a)
 
 
83,414
 
 
25,135,975
Bentley Systems, Inc. - Class B(b)
 
 
691,647
 
 
35,156,417
Broadcom, Inc.
 
 
166,839
 
 
61,668,700
Cadence Design System, Inc.(a)
 
 
137,643
 
 
46,618,308
Crowdstrike Holdings, Inc. - Class A(a)(b)
 
 
53,251
 
 
28,915,825
Datadog, Inc. - Class A(a)
 
 
215,878
 
 
35,147,097
Docusign, Inc.(a)
 
 
158,641
 
 
11,603,003
Dolby Laboratories, Inc. - Class A
 
 
156,633
 
 
10,387,901
Dropbox, Inc. - Class A(a)
 
 
830,583
 
 
24,086,907
Dynatrace, Inc.(a)
 
 
230,607
 
 
11,661,796
Enphase Energy, Inc.(a)
 
 
187,240
 
 
5,712,692
F5, Inc.(a)
 
 
65,824
 
 
16,656,763
Fair Isaac Corp.(a)
 
 
6,336
 
 
10,514,782
Fortinet, Inc.(a)
 
 
106,946
 
 
9,243,343
Gartner, Inc.(a)
 
 
24,362
 
 
6,050,059
Gen Digital, Inc.
 
 
802,993
 
 
21,166,895
GoDaddy, Inc. - Class A(a)
 
 
69,891
 
 
9,304,589
Intuit, Inc.
 
 
32,851
 
 
21,929,685
Keysight Technologies, Inc.(a)
 
 
103,483
 
 
18,933,250
KLA Corp.
 
 
37,754
 
 
45,634,770
Lam Research Corp.
 
 
392,214
 
 
61,758,016
Lattice Semiconductor Corp.(a)
 
 
307,354
 
 
22,424,548
Manhattan Associates, Inc.(a)
 
 
153,657
 
 
27,976,330
Microsoft Corp.
 
 
76,639
 
 
39,684,441
Monolithic Power Systems, Inc.
 
 
52,773
 
 
53,036,865
NetApp, Inc.
 
 
216,910
 
 
25,547,660
Nutanix, Inc. - Class A(a)
 
 
161,096
 
 
11,476,479
NVIDIA Corp.
 
 
287,089
 
 
58,132,652
Okta, Inc.(a)
 
 
190,165
 
 
17,405,802
Palantir Technologies, Inc. - Class A(a)
 
 
558,256
 
 
111,913,580
Palo Alto Networks, Inc.(a)
 
 
82,101
 
 
18,081,924
Pegasystems, Inc.
 
 
841,375
 
 
53,553,519
PTC, Inc.(a)
 
 
188,921
 
 
37,508,375
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
72
 
Pacer US Large Cap Cash Cows Growth Leaders ETF
Schedule of Investments
October 31, 2025 (Unaudited) (Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Qualcomm, Inc.
 
 
107,985
 
 
$19,534,486
Roper Technologies, Inc.
 
 
23,207
 
 
10,353,803
salesforce.com, Inc.
 
 
43,543
 
 
11,339,033
ServiceNow, Inc.(a)
 
 
16,674
 
 
15,328,075
Skyworks Solutions, Inc.
 
 
336,556
 
 
26,157,132
Tyler Technologies, Inc.(a)
 
 
22,783
 
 
10,850,632
Ubiquiti, Inc.
 
 
105,157
 
 
82,777,487
VeriSign, Inc.
 
 
97,713
 
 
23,431,577
Workday, Inc. - Class A(a)
 
 
49,002
 
 
11,756,560
Zoom Communications, Inc. - Class A(a)
 
 
282,900
 
 
24,677,367
Zscaler, Inc.(a)
 
 
179,724
 
 
59,513,805
 
 
 
 
1,571,431,042
Materials - 6.3%
 
 
 
 
CF Industries Holdings, Inc.(b)
 
 
244,852
 
 
20,393,723
Newmont Goldcorp Corp.
 
 
1,004,488
 
 
81,333,393
Royal Gold, Inc.
 
 
180,689
 
 
31,582,630
Southern Copper Corp.
 
 
227,808
 
 
31,619,751
 
 
 
 
164,929,497
Utilities - 0.9%
 
 
 
 
Clearway Energy, Inc. - Class C(b)
 
 
706,859
 
 
22,570,008
TOTAL COMMON STOCKS
(Cost $2,342,482,584)
 
 
 
 
2,611,987,903
 
 
Units
 
 
INVESTMENTS PURCHASED
WITH PROCEEDS FROM
SECURITIES LENDING - 1.3%
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
32,690,243
 
 
32,690,243
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $32,690,243)
 
 
 
 
32,690,243
TOTAL INVESTMENTS - 101.2%
(Cost $2,375,172,827)
 
 
 
 
$2,644,678,146
Liabilities in Excess of Other
Assets - (1.2)%
 
 
 
 
(31,651,702)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,613,026,444
 
 
 
 
 
 
 
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 $32,265,366.
(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.
 
73
 
PACER US SMALL CAP CASH COWS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.4%
 
 
 
 
Communication Services - 10.1%
 
 
 
 
Angi, Inc.(a)
 
 
186,300
 
 
$2,472,201
Cars.com, Inc.(a)
 
 
357,765
 
 
3,842,396
EverQuote, Inc. - Class A(a)
 
 
151,166
 
 
3,256,116
Fox Corp. - Class A
 
 
1,301,587
 
 
84,147,599
FuboTV, Inc. - Class A(a)(b)
 
 
1,317,071
 
 
4,978,528
Gray Media, Inc.
 
 
783,690
 
 
3,581,463
IDT Corp. - Class B
 
 
66,839
 
 
3,386,064
Integral Ad Science Holding Corp.(a)
 
 
553,162
 
 
5,647,784
Interpublic Group of Cos., Inc.
 
 
1,366,700
 
 
35,069,522
Iridium Communications, Inc.
 
 
787,154
 
 
15,073,999
Match Group, Inc.
 
 
1,029,687
 
 
33,300,078
MediaAlpha, Inc. - Class A(a)
 
 
234,007
 
 
2,983,589
Nexstar Media Group, Inc.
 
 
260,027
 
 
50,895,085
Omnicom Group, Inc.
 
 
982,460
 
 
73,704,149
Playtika Holding Corp.
 
 
492,551
 
 
1,807,662
QuinStreet, Inc.(a)
 
 
193,759
 
 
2,865,696
TEGNA, Inc.
 
 
1,175,060
 
 
23,113,430
TripAdvisor, Inc.(a)
 
 
409,928
 
 
6,583,444
YELP, Inc.(a)
 
 
395,959
 
 
13,058,728
Ziff Davis, Inc.(a)(b)
 
 
270,533
 
 
9,171,069
 
 
 
 
378,938,602
Consumer Discretionary - 19.3%
 
 
 
 
Abercrombie & Fitch Co.(a)
 
 
169,282
 
 
12,281,409
ADT, Inc.
 
 
4,272,718
 
 
37,770,827
A-Mark Precious Metals, Inc.(b)
 
 
177,829
 
 
4,726,695
American Public Education, Inc.(a)
 
 
59,864
 
 
2,004,845
Bath & Body Works, Inc.
 
 
1,237,286
 
 
30,288,761
Best Buy Co., Inc.
 
 
765,881
 
 
62,909,465
Biglari Holdings, Inc. - Class B(a)
 
 
6,194
 
 
2,237,954
BorgWarner, Inc.(b)
 
 
1,154,982
 
 
49,618,027
Brunswick Corp.
 
 
338,096
 
 
22,351,527
Buckle, Inc.
 
 
150,513
 
 
8,248,112
Carter’s, Inc.(b)
 
 
201,736
 
 
6,334,510
Columbia Sportswear Co.(b)
 
 
203,859
 
 
10,117,522
Coursera, Inc.(a)
 
 
302,425
 
 
2,546,419
Crocs, Inc.(a)(b)
 
 
426,380
 
 
34,830,982
Dillard’s, Inc. - Class A
 
 
27,769
 
 
16,663,622
Ethan Allen Interiors, Inc.
 
 
73,577
 
 
1,778,356
Etsy, Inc.(a)(b)
 
 
454,407
 
 
28,173,234
Expedia Group, Inc.
 
 
341,173
 
 
75,058,060
GameStop Corp. - Class A(a)(b)
 
 
830,245
 
 
18,506,161
Garrett Motion, Inc.
 
 
1,081,167
 
 
18,314,969
GigaCloud Technology, Inc. - Class A(a)(b)
 
 
227,914
 
 
6,377,034
G-III Apparel Group Ltd.(a)
 
 
363,581
 
 
9,762,150
Graham Holdings Co. - Class B
 
 
15,114
 
 
15,297,333
Groupon, Inc.(a)(b)
 
 
120,962
 
 
2,434,965
H&R Block, Inc.(b)
 
 
502,244
 
 
24,981,617
Harley-Davidson, Inc.(b)
 
 
1,036,210
 
 
27,956,946
Helen of Troy Ltd.(a)
 
 
197,222
 
 
3,674,246
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Hovnanian Enterprises, Inc. - Class A(a)
 
 
32,962
 
 
$3,963,021
LCI Industries(b)
 
 
127,319
 
 
13,176,243
Leggett & Platt, Inc.
 
 
1,091,685
 
 
10,196,338
Mattel, Inc.(a)
 
 
1,281,430
 
 
23,552,683
Monro, Inc.
 
 
195,169
 
 
2,859,226
ODP Corp.(a)
 
 
194,776
 
 
5,430,355
Peloton Interactive, Inc. - Class A(a)
 
 
1,834,356
 
 
13,317,425
Perdoceo Education Corp.
 
 
250,644
 
 
7,960,453
Polaris, Inc.(b)
 
 
364,176
 
 
24,072,034
Signet Jewelers Ltd.(b)
 
 
214,196
 
 
21,173,275
Strattec Security Corp.(a)
 
 
40,354
 
 
2,476,121
Sturm Ruger & Co., Inc.
 
 
43,731
 
 
1,854,632
Thor Industries, Inc.(b)
 
 
220,338
 
 
22,992,270
Tri Pointe Homes, Inc.(a)
 
 
479,817
 
 
15,282,171
Visteon Corp.
 
 
114,138
 
 
12,231,028
YETI Holdings, Inc.(a)(b)
 
 
239,889
 
 
8,153,827
 
 
 
 
723,936,850
Consumer Staples - 4.8%
 
 
 
 
Boston Beer Co., Inc. - Class A(a)
 
 
44,359
 
 
9,181,869
Cal-Maine Foods, Inc.
 
 
408,872
 
 
35,898,962
Conagra Brands, Inc.
 
 
2,918,052
 
 
50,161,314
Flowers Foods, Inc.(b)
 
 
1,167,228
 
 
13,925,030
Fresh Del Monte Produce, Inc.
 
 
173,588
 
 
6,136,336
Ingredion, Inc.
 
 
273,340
 
 
31,546,169
Maplebear, Inc.(a)
 
 
723,141
 
 
26,654,977
Nu Skin Enterprises, Inc. - Class A
 
 
207,215
 
 
2,221,345
Seneca Foods Corp. - Class A(a)
 
 
42,352
 
 
4,567,028
 
 
 
 
180,293,030
Energy - 16.2%
 
 
 
 
APA Corp.(b)
 
 
2,946,583
 
 
66,740,105
Ardmore Shipping Corp.
 
 
278,012
 
 
3,500,171
Cactus, Inc. - Class A(b)
 
 
251,619
 
 
11,114,011
California Resources Corp.
 
 
404,177
 
 
19,065,029
Chord Energy Corp.
 
 
395,691
 
 
35,897,088
Civitas Resources, Inc.
 
 
806,993
 
 
23,265,608
CNX Resources Corp.(a)(b)
 
 
675,590
 
 
22,740,359
Crescent Energy Co. - Class A(b)
 
 
1,744,696
 
 
14,707,787
Expro Group Holdings NV(a)
 
 
385,556
 
 
5,235,851
Gulfport Energy Corp.(a)
 
 
70,460
 
 
13,106,265
Halliburton Co.
 
 
3,412,912
 
 
91,602,558
Helix Energy Solutions Group, Inc.(a)
 
 
738,411
 
 
4,962,122
Innovex International, Inc.(a)
 
 
362,416
 
 
7,273,689
International Seaways, Inc.
 
 
180,892
 
 
9,267,097
Magnolia Oil & Gas Corp. - Class A
 
 
587,224
 
 
13,189,051
Murphy Oil Corp.
 
 
749,766
 
 
21,218,378
National Energy Services Reunited Corp.(a)(b)
 
 
513,008
 
 
6,474,161
NOV, Inc.
 
 
3,027,532
 
 
44,201,967
Ovintiv, Inc.
 
 
1,732,726
 
 
64,994,552
RPC, Inc.
 
 
794,765
 
 
4,132,778
Scorpio Tankers, Inc.
 
 
301,916
 
 
18,628,217
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
74
 
PACER US SMALL CAP CASH COWS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Energy - (Continued)
TechnipFMC PLC
 
 
1,422,711
 
 
$58,829,100
Teekay Corp. Ltd.
 
 
509,729
 
 
4,903,593
Teekay Tankers Ltd.
 
 
161,180
 
 
9,831,980
Tidewater, Inc.(a)
 
 
207,842
 
 
10,514,727
Weatherford International PLC(b)
 
 
325,218
 
 
23,965,315
 
 
 
 
609,361,559
Health Care - 14.6%
 
 
 
 
AdaptHealth Corp.(a)
 
 
989,560
 
 
8,896,144
Align Technology, Inc.(a)
 
 
205,948
 
 
28,396,110
Alkermes PLC(a)(b)
 
 
764,185
 
 
23,460,480
AMN Healthcare Services, Inc.(a)
 
 
358,926
 
 
7,067,253
Astrana Health, Inc.(a)
 
 
172,802
 
 
5,393,150
Avanos Medical, Inc.(a)
 
 
305,843
 
 
3,397,916
Biogen, Inc.(a)
 
 
523,075
 
 
80,694,780
BioMarin Pharmaceutical, Inc.(a)(b)
 
 
548,938
 
 
29,406,609
Catalyst Pharmaceuticals, Inc.(a)
 
 
595,175
 
 
12,659,372
Collegium Pharmaceutical, Inc.(a)
 
 
229,920
 
 
8,277,120
Dynavax Technologies Corp.(a)
 
 
298,356
 
 
3,061,133
Emergent BioSolutions, Inc.(a)(b)
 
 
509,607
 
 
6,359,895
Exelixis, Inc.(a)
 
 
826,941
 
 
31,977,809
GoodRx Holdings, Inc. - Class A(a)
 
 
827,544
 
 
2,788,823
Harmony Biosciences Holdings,
Inc.(a)
 
 
345,491
 
 
9,870,678
Incyte Corp.(a)
 
 
488,215
 
 
45,638,338
Indivior PLC(a)
 
 
357,888
 
 
10,511,171
Innoviva, Inc.(a)
 
 
430,771
 
 
7,840,032
Jazz Pharmaceuticals PLC(a)
 
 
421,751
 
 
58,049,808
Lantheus Holdings, Inc.(a)(b)
 
 
386,312
 
 
22,286,339
National HealthCare Corp.
 
 
48,628
 
 
5,808,128
Nutex Health, Inc.(a)(b)
 
 
30,366
 
 
3,736,840
Pacira BioSciences, Inc.(a)
 
 
183,467
 
 
3,922,525
Pediatrix Medical Group, Inc.(a)
 
 
590,357
 
 
10,018,358
Premier, Inc.(b)
 
 
515,069
 
 
14,483,740
Progyny, Inc.(a)
 
 
359,194
 
 
6,720,520
PTC Therapeutics, Inc.(a)
 
 
478,574
 
 
32,691,390
Rigel Pharmaceuticals, Inc.(a)(b)
 
 
73,616
 
 
2,324,793
Supernus Pharmaceuticals, Inc.(a)(b)
 
 
173,807
 
 
9,581,980
United Therapeutics Corp.(a)
 
 
113,175
 
 
50,411,540
 
 
 
 
545,732,774
Industrials - 10.8%
 
 
 
 
Alamo Group, Inc.
 
 
38,408
 
 
6,864,278
Allison Transmission Holdings, Inc.
 
 
315,722
 
 
26,062,851
Astec Industries, Inc.
 
 
70,959
 
 
3,301,722
Atkore, Inc.
 
 
183,511
 
 
12,708,137
AZZ, Inc.
 
 
140,556
 
 
14,034,517
Blue Bird Corp.(a)
 
 
104,980
 
 
5,244,801
DNOW, Inc.(a)(b)
 
 
584,472
 
 
8,591,738
Fortive Corp.
 
 
1,219,934
 
 
61,411,478
Genpact Ltd.
 
 
567,516
 
 
21,650,735
Healthcare Services Group, Inc.(a)(b)
 
 
241,148
 
 
4,309,315
Janus International Group, Inc.(a)
 
 
703,320
 
 
6,751,872
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Kforce, Inc.
 
 
84,593
 
 
$2,140,203
Korn/Ferry International
 
 
166,291
 
 
10,759,028
Legalzoom.com, Inc.(a)
 
 
526,362
 
 
5,247,829
Lyft, Inc. - Class A(a)
 
 
2,292,307
 
 
46,900,601
Primoris Services Corp.
 
 
175,865
 
 
24,888,415
Robert Half, Inc.
 
 
345,397
 
 
9,045,947
Sun Country Airlines Holdings, Inc.(a)
 
 
369,147
 
 
4,533,125
TriNet Group, Inc.
 
 
284,447
 
 
17,066,820
Tutor Perini Corp.(a)
 
 
379,947
 
 
25,593,230
United Airlines Holdings, Inc.(a)
 
 
711,435
 
 
66,903,347
Upwork, Inc.(a)(b)
 
 
501,700
 
 
7,997,098
V2X, Inc.(a)
 
 
133,603
 
 
7,627,395
Vestis Corp.
 
 
1,077,611
 
 
5,657,458
 
 
 
 
405,291,940
Information Technology - 16.8%
 
 
 
 
Adeia, Inc.
 
 
498,718
 
 
8,498,155
ASGN, Inc.(a)
 
 
283,157
 
 
12,674,107
Avnet, Inc.
 
 
463,602
 
 
22,461,517
Cerence, Inc.(a)
 
 
170,904
 
 
1,833,800
Cirrus Logic, Inc.(a)
 
 
166,135
 
 
22,037,808
Clear Secure, Inc. - Class A
 
 
351,235
 
 
10,702,131
CTS Corp.
 
 
89,198
 
 
3,702,609
Daily Journal Corp.(a)
 
 
1,300
 
 
526,552
Daktronics, Inc.(a)
 
 
155,700
 
 
2,925,603
Digi International, Inc.(a)
 
 
122,936
 
 
4,509,293
Diodes, Inc.(a)
 
 
131,948
 
 
7,040,745
Dolby Laboratories, Inc. - Class A
 
 
263,482
 
 
17,474,126
DoubleVerify Holdings, Inc.(a)
 
 
489,236
 
 
5,567,506
Dropbox, Inc. - Class A(a)
 
 
1,230,424
 
 
35,682,296
DXC Technology Co.(a)
 
 
1,718,397
 
 
24,401,237
Enphase Energy, Inc.(a)
 
 
425,786
 
 
12,990,731
ePlus, Inc.
 
 
58,008
 
 
4,243,865
Gartner, Inc.(a)
 
 
262,591
 
 
65,211,849
Grid Dynamics Holdings, Inc.(a)
 
 
147,630
 
 
1,378,864
Harmonic, Inc.(a)
 
 
506,803
 
 
5,422,792
Kulicke & Soffa Industries, Inc.
 
 
133,288
 
 
5,322,190
LiveRamp Holdings, Inc.(a)
 
 
238,265
 
 
6,514,165
NetApp, Inc.
 
 
574,317
 
 
67,643,056
NetScout Systems, Inc.(a)
 
 
423,480
 
 
11,772,744
OneSpan, Inc.
 
 
149,656
 
 
1,706,078
PagerDuty, Inc.(a)
 
 
278,632
 
 
4,474,830
Penguin Solutions, Inc.(a)(b)
 
 
250,921
 
 
5,588,011
Plexus Corp.(a)
 
 
78,594
 
 
10,995,301
Qorvo, Inc.(a)(b)
 
 
290,259
 
 
27,551,384
Ralliant Corp.
 
 
437,175
 
 
19,200,726
Rapid7, Inc.(a)
 
 
354,150
 
 
6,555,317
RingCentral, Inc. - Class A(a)
 
 
685,278
 
 
20,640,573
ScanSource, Inc.(a)
 
 
99,501
 
 
4,269,090
Skyworks Solutions, Inc.(b)
 
 
764,126
 
 
59,387,873
Sprinklr, Inc. - Class A(a)
 
 
641,958
 
 
4,955,916
Tenable Holdings, Inc.(a)
 
 
357,627
 
 
10,378,336
Teradata Corp.(a)
 
 
534,971
 
 
11,154,145
Xerox Holdings Corp.(b)
 
 
1,096,820
 
 
3,641,442
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
75
 
PACER US SMALL CAP CASH COWS ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Zoom Communications, Inc. - Class A(a)
 
 
903,023
 
 
$78,770,696
 
 
 
 
629,807,459
Materials - 5.7%
 
 
 
 
CF Industries Holdings, Inc.
 
 
885,810
 
 
73,779,115
Compass Minerals International, Inc.(a)(b)
 
 
275,582
 
 
4,778,592
Crown Holdings, Inc.(b)
 
 
595,461
 
 
57,866,900
Smurfit WestRock PLC
 
 
1,712,743
 
 
63,234,471
SunCoke Energy, Inc.
 
 
793,770
 
 
6,358,098
Sylvamo Corp.
 
 
188,540
 
 
7,654,724
 
 
 
 
213,671,900
Real Estate - 0.1%
 
 
 
 
eXp World Holdings, Inc.(b)
 
 
478,487
 
 
4,899,707
TOTAL COMMON STOCKS
(Cost $3,563,721,852)
 
 
 
 
3,691,933,821
REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.6%
 
 
 
 
Real Estate - 1.6%
 
 
 
 
Innovative Industrial Properties, Inc.
 
 
138,098
 
 
6,925,615
Vornado Realty Trust(b)
 
 
1,394,380
 
 
52,902,777
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $68,292,018)
 
 
 
 
59,828,392
 
 
Contracts
 
 
WARRANTS - 0.0%(c)
 
 
 
 
Consumer Discretionary - 0.0%(c)
 
 
 
 
GameStop Corp., Expires 10/30/2026, Exercise Price $32.00(a)
 
 
86,617
 
 
259,851
TOTAL WARRANTS
(Cost $0)
 
 
 
 
259,851
 
 
Units
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.2%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
309,339,141
 
 
309,339,141
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $309,339,141)
 
 
 
 
309,339,141
TOTAL INVESTMENTS - 108.2%
(Cost $3,941,353,011)
 
 
 
 
$4,061,361,205
Liabilities in Excess of Other
Assets - (8.2)%
 
 
 
 
(306,302,497)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,755,058,708
 
 
 
 
 
 
 
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 $301,494,477.
(c)
Represents less than 0.05% of 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.
 
76
 
Pacer US Small Cap Cash Cows Growth Leaders ETF
Schedule of Investments
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 2.5%
 
 
 
 
Cargurus, Inc.(a)
 
 
4,794
 
 
$168,365
Cars.com, Inc.(a)
 
 
9,774
 
 
104,973
YELP, Inc.(a)
 
 
3,593
 
 
118,497
Ziff Davis, Inc.(a)(b)
 
 
3,095
 
 
104,921
 
 
 
 
496,756
Consumer Discretionary - 8.7%
 
 
 
 
Adtalem Global Education, Inc.(a)
 
 
2,111
 
 
206,920
Buckle, Inc.
 
 
6,141
 
 
336,527
Etsy, Inc.(a)(b)
 
 
2,569
 
 
159,278
Frontdoor, Inc.(a)
 
 
4,850
 
 
322,185
Monarch Casino & Resort, Inc.
 
 
2,007
 
 
180,770
Perdoceo Education Corp.
 
 
8,302
 
 
263,672
Stride, Inc.(a)(b)
 
 
1,510
 
 
102,740
United Parks & Resorts, Inc.(a)
 
 
3,074
 
 
148,782
 
 
 
 
1,720,874
Consumer Staples - 3.8%
 
 
 
 
Cal-Maine Foods, Inc.
 
 
2,599
 
 
228,192
National Beverage Corp.(a)
 
 
4,132
 
 
141,604
Tootsie Roll Industries, Inc.
 
 
8,035
 
 
283,555
WD-40 Co.
 
 
506
 
 
98,306
 
 
 
 
751,657
Energy - 8.9%
 
 
 
 
Cactus, Inc. - Class A(b)
 
 
2,156
 
 
95,230
California Resources Corp.
 
 
3,667
 
 
172,972
Crescent Energy Co. - Class A(b)
 
 
9,227
 
 
77,784
Dorian LPG Ltd.
 
 
14,345
 
 
413,853
Innovex International, Inc.(a)
 
 
7,108
 
 
142,658
International Seaways, Inc.
 
 
7,150
 
 
366,294
Kinetik Holdings, Inc.(b)
 
 
1,717
 
 
66,122
Magnolia Oil & Gas Corp. - Class A
 
 
6,971
 
 
156,569
Tidewater, Inc.(a)
 
 
5,281
 
 
267,166
 
 
 
 
1,758,648
Health Care - 23.3%
 
 
 
 
ADMA Biologics, Inc.(a)(b)
 
 
9,966
 
 
154,274
Alkermes PLC(a)(b)
 
 
3,487
 
 
107,051
Amphastar Pharmaceuticals, Inc.(a)
 
 
6,195
 
 
157,972
ANI Pharmaceuticals, Inc.(a)
 
 
4,298
 
 
389,399
Avanos Medical, Inc.(a)
 
 
6,995
 
 
77,714
Catalyst Pharmaceuticals, Inc.(a)
 
 
5,289
 
 
112,497
Certara, Inc.(a)
 
 
9,479
 
 
110,241
Collegium Pharmaceutical, Inc.(a)
 
 
8,604
 
 
309,744
Corcept Therapeutics, Inc.(a)
 
 
2,956
 
 
217,177
Dynavax Technologies Corp.(a)
 
 
8,203
 
 
84,163
Embecta Corp.
 
 
11,434
 
 
152,530
Harmony Biosciences Holdings, Inc.(a)
 
 
5,629
 
 
160,821
Innoviva, Inc.(a)
 
 
10,884
 
 
198,089
Krystal Biotech, Inc.(a)
 
 
627
 
 
123,839
LeMaitre Vascular, Inc.
 
 
1,664
 
 
144,119
Ligand Pharmaceuticals, Inc.(a)
 
 
1,898
 
 
363,106
Merit Medical Systems, Inc.(a)
 
 
1,203
 
 
105,311
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Pacira BioSciences, Inc.(a)
 
 
7,118
 
 
$152,183
Premier, Inc.
 
 
13,978
 
 
393,061
Prestige Brands Holdings, Inc.(a)
 
 
1,375
 
 
83,325
Progyny, Inc.(a)
 
 
7,069
 
 
132,261
Supernus Pharmaceuticals, Inc.(a)
 
 
7,961
 
 
438,890
Teleflex, Inc.
 
 
918
 
 
114,263
UFP Technologies, Inc.(a)
 
 
556
 
 
107,108
Veracyte, Inc.(a)
 
 
3,228
 
 
116,466
Waystar Holding Corp.(a)(b)
 
 
2,660
 
 
95,361
 
 
 
 
4,600,965
Industrials - 25.0%(c)
 
 
 
 
Armstrong World Industries, Inc.
 
 
1,458
 
 
277,647
AZZ, Inc.
 
 
1,964
 
 
196,105
CSG Systems International, Inc.(b)
 
 
2,091
 
 
163,663
CSW Industrials, Inc.
 
 
416
 
 
104,175
Enerpac Tool Group Corp.
 
 
2,564
 
 
105,227
Enpro, Inc.
 
 
1,099
 
 
254,979
ESCO Technologies, Inc.
 
 
1,224
 
 
268,631
Hayward Holdings, Inc.(a)
 
 
12,342
 
 
209,444
Kadant, Inc.(b)
 
 
311
 
 
86,041
Lindsay Corp.
 
 
1,097
 
 
122,030
Mercury Systems, Inc.(a)
 
 
5,900
 
 
456,719
Mueller Water Products, Inc. - Class A
 
 
5,822
 
 
149,392
OPENLANE, Inc.(a)
 
 
10,385
 
 
274,372
Proto Labs, Inc.(a)
 
 
5,513
 
 
274,327
Sterling Infrastructure, Inc.(a)(b)
 
 
2,563
 
 
968,558
Verra Mobility Corp.(a)
 
 
7,265
 
 
168,621
Vicor Corp.(a)
 
 
1,724
 
 
156,418
Worthington Enterprises, Inc.
 
 
7,095
 
 
397,958
Zurn Elkay Water Solutions Corp.
 
 
6,218
 
 
292,930
 
 
 
 
4,927,237
Information Technology - 26.2%(c)
 
 
 
 
A10 Networks, Inc.
 
 
5,479
 
 
97,745
ACI Worldwide, Inc.(a)
 
 
1,939
 
 
92,355
Adeia, Inc.
 
 
7,735
 
 
131,804
Agilysys, Inc.(a)
 
 
3,094
 
 
388,173
Alarm.com Holdings, Inc.(a)
 
 
2,509
 
 
123,493
Axcelis Technologies, Inc.(a)
 
 
4,592
 
 
365,339
Badger Meter, Inc.
 
 
558
 
 
100,691
BlackLine, Inc.(a)
 
 
3,728
 
 
213,428
Box, Inc. - Class A(a)(b)
 
 
4,168
 
 
133,751
Clear Secure, Inc. - Class A
 
 
11,582
 
 
352,903
CTS Corp.
 
 
2,860
 
 
118,719
Digi International, Inc.(a)
 
 
5,801
 
 
212,781
DoubleVerify Holdings, Inc.(a)
 
 
17,405
 
 
198,069
Enphase Energy, Inc.(a)
 
 
1,823
 
 
55,620
Harmonic, Inc.(a)
 
 
11,510
 
 
123,157
InterDigital, Inc.(b)
 
 
882
 
 
319,249
Knowles Corp.(a)
 
 
13,275
 
 
313,423
Kulicke & Soffa Industries, Inc.
 
 
3,330
 
 
132,967
LiveRamp Holdings, Inc.(a)
 
 
4,341
 
 
118,683
N-able, Inc.(a)
 
 
10,584
 
 
82,873
NetScout Systems, Inc.(a)
 
 
7,643
 
 
212,475
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
77
 
Pacer US Small Cap Cash Cows Growth Leaders ETF
Schedule of Investments
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Progress Software Corp.(a)
 
 
2,252
 
 
$96,025
Q2 Holdings, Inc.(a)
 
 
1,289
 
 
79,609
Qorvo, Inc.(a)
 
 
3,127
 
 
296,815
Semtech Corp.(a)
 
 
7,078
 
 
480,313
Sprinklr, Inc. - Class A(a)
 
 
18,713
 
 
144,464
SPS Commerce, Inc.(a)
 
 
861
 
 
70,809
Teradata Corp.(a)
 
 
4,787
 
 
99,809
 
 
 
 
5,155,542
Materials - 0.6%
 
 
 
 
Balchem Corp.
 
 
727
 
 
111,514
Utilities - 1.0%
 
 
 
 
Clearway Energy, Inc. - Class C(b)
 
 
5,839
 
 
186,439
TOTAL COMMON STOCKS
(Cost $18,449,710)
 
 
 
 
19,709,632
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.6%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(d)
 
 
2,686,749
 
 
2,686,749
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $2,686,749)
 
 
 
 
2,686,749
TOTAL INVESTMENTS - 113.6%
(Cost $21,136,459)
 
 
 
 
$22,396,381
Liabilities in Excess of Other
Assets - (13.6)%
 
 
 
 
(2,675,657)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$19,720,724
 
 
 
 
 
 
 
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 $2,598,718.
(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.
 
78
 
PACER WEALTHSHIELD ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 6.1%
 
 
 
 
Alphabet, Inc. - Class A
 
 
1,191
 
 
$334,897
Alphabet, Inc. - Class C
 
 
952
 
 
268,293
Meta Platforms, Inc. - Class A
 
 
680
 
 
440,878
Netflix, Inc.(a)
 
 
408
 
 
456,495
ROBLOX Corp. - Class A(a)
 
 
1,280
 
 
145,562
 
 
 
 
1,646,125
Consumer Discretionary - 24.4%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
1,213
 
 
153,493
Amazon.com, Inc.(a)
 
 
10,466
 
 
2,556,007
Aptiv PLC(a)
 
 
186
 
 
15,085
AutoZone, Inc.(a)(b)
 
 
15
 
 
55,116
Best Buy Co., Inc.(b)
 
 
168
 
 
13,800
Booking Holdings, Inc.
 
 
70
 
 
355,442
CarMax, Inc.(a)(b)
 
 
130
 
 
5,448
Carnival Corp.(a)
 
 
923
 
 
26,610
Carvana Co.(a)(b)
 
 
273
 
 
83,685
Chipotle Mexican Grill, Inc.(a)
 
 
1,138
 
 
36,063
Darden Restaurants, Inc.
 
 
99
 
 
17,835
Deckers Outdoor Corp.(a)
 
 
128
 
 
10,432
Domino’s Pizza, Inc.
 
 
28
 
 
11,157
DoorDash, Inc. - Class A(a)
 
 
1,048
 
 
266,580
DR Horton, Inc.(b)
 
 
237
 
 
35,332
DraftKings, Inc.(a)(b)
 
 
975
 
 
29,825
Duolingo, Inc.(a)(b)
 
 
79
 
 
21,381
eBay, Inc.
 
 
1,292
 
 
105,053
Expedia Group, Inc.
 
 
101
 
 
22,220
Flutter Entertainment PLC(a)
 
 
349
 
 
81,174
Ford Motor Co.
 
 
3,319
 
 
43,578
Garmin Ltd.(b)
 
 
140
 
 
29,952
General Motors Co.
 
 
809
 
 
55,894
Genuine Parts Co.
 
 
119
 
 
15,150
Hasbro, Inc.
 
 
113
 
 
8,623
Hilton Worldwide Holdings, Inc.
 
 
201
 
 
51,649
Home Depot, Inc.
 
 
843
 
 
319,994
Las Vegas Sands Corp.
 
 
263
 
 
15,609
Lennar Corp. - Class A
 
 
193
 
 
23,888
LKQ Corp.
 
 
220
 
 
7,031
Lowe’s Cos., Inc.
 
 
478
 
 
113,826
Lululemon Athletica, Inc.(a)
 
 
94
 
 
16,031
Marriott International, Inc.
 
 
194
 
 
50,553
McDonald’s Corp.(b)
 
 
608
 
 
181,445
MGM Resorts International(a)
 
 
175
 
 
5,605
Mohawk Industries, Inc.(a)
 
 
46
 
 
5,227
NIKE, Inc. - Class B(b)
 
 
1,008
 
 
65,107
Norwegian Cruise Line Holdings Ltd.(a)
 
 
386
 
 
8,654
NVR, Inc.(a)
 
 
3
 
 
21,632
O’Reilly Automotive, Inc.(a)(b)
 
 
720
 
 
67,997
Pool Corp.
 
 
30
 
 
8,012
PulteGroup, Inc.(b)
 
 
168
 
 
20,138
Ralph Lauren Corp.
 
 
32
 
 
10,229
Ross Stores, Inc.
 
 
278
 
 
44,180
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Royal Caribbean Cruises Ltd.
 
 
215
 
 
$61,668
Starbucks Corp.(b)
 
 
966
 
 
78,120
Tapestry, Inc.
 
 
176
 
 
19,328
Tesla Motors, Inc.(a)
 
 
2,385
 
 
1,088,896
TJX Cos., Inc.
 
 
947
 
 
132,713
Tractor Supply Co.(b)
 
 
450
 
 
24,349
Ulta Beauty, Inc.(a)
 
 
39
 
 
20,275
Williams-Sonoma, Inc.
 
 
105
 
 
20,406
Wynn Resorts Ltd.
 
 
73
 
 
8,686
Yum! Brands, Inc.(b)
 
 
237
 
 
32,756
 
 
 
 
6,578,939
Financials - 0.5%
 
 
 
 
PayPal Holdings, Inc.(a)
 
 
1,890
 
 
130,920
Health Care - 22.0%
 
 
 
 
AbbVie, Inc.
 
 
448
 
 
97,682
Abiomed, Inc.(a)(c)
 
 
64
 
 
0
Acadia Pharmaceuticals, Inc.(a)
 
 
2,299
 
 
52,187
ADMA Biologics, Inc.(a)(b)
 
 
4,203
 
 
65,062
Agios Pharmaceuticals, Inc.(a)
 
 
804
 
 
34,765
Akebia Therapeutics, Inc.(a)
 
 
5,666
 
 
12,522
Akero Therapeutics, Inc.(a)
 
 
1,589
 
 
86,124
Alkermes PLC(a)(b)
 
 
2,123
 
 
65,176
Alnylam Pharmaceuticals, Inc.(a)
 
 
202
 
 
92,120
Altimmune, Inc.(a)
 
 
1,843
 
 
7,464
Amgen, Inc.
 
 
341
 
 
101,765
Amicus Therapeutics, Inc.(a)
 
 
4,467
 
 
40,337
AnaptysBio, Inc.(a)
 
 
353
 
 
12,913
Anavex Life Sciences Corp.(a)(b)
 
 
1,280
 
 
10,202
Apellis Pharmaceuticals, Inc.(a)
 
 
1,985
 
 
42,618
Apogee Therapeutics, Inc.(a)
 
 
779
 
 
44,084
Arbutus Biopharma Corp.(a)
 
 
625
 
 
2,956
Arcellx, Inc.(a)(b)
 
 
580
 
 
52,345
Arcturus Therapeutics Holdings, Inc.(a)
 
 
426
 
 
4,247
Arcus Biosciences, Inc.(a)
 
 
821
 
 
16,190
Arcutis Biotherapeutics, Inc.(a)
 
 
1,751
 
 
44,318
Ardelyx, Inc.(a)
 
 
3,714
 
 
22,507
ArriVent Biopharma, Inc.(a)
 
 
405
 
 
7,586
Arrowhead Pharmaceuticals, Inc.(a)
 
 
1,349
 
 
57,184
ARS Pharmaceuticals, Inc.(a)
 
 
1,444
 
 
12,938
aTyr Pharma, Inc.(a)
 
 
2,014
 
 
1,744
Avidity Biosciences, Inc.(a)
 
 
2,047
 
 
142,983
Beam Therapeutics, Inc.(a)
 
 
1,617
 
 
40,441
BioCryst Pharmaceuticals, Inc.(a)
 
 
4,356
 
 
31,886
Biogen, Inc.(a)
 
 
667
 
 
102,898
Biohaven Ltd.(a)
 
 
1,931
 
 
33,213
BioMarin Pharmaceutical, Inc.(a)(b)
 
 
1,745
 
 
93,480
Bridgebio Pharma, Inc.(a)(b)
 
 
1,793
 
 
112,313
CareDx, Inc.(a)
 
 
1,090
 
 
16,350
Catalyst Pharmaceuticals, Inc.(a)
 
 
1,855
 
 
39,456
Celcuity, Inc.(a)
 
 
97
 
 
7,484
Celldex Therapeutics, Inc.(a)
 
 
1,150
 
 
30,739
CG oncology, Inc.(a)
 
 
728
 
 
31,501
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
79
 
PACER WEALTHSHIELD ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
Cidara Therapeutics, Inc.(a)
 
 
371
 
 
$40,528
Cogent Biosciences, Inc.(a)
 
 
1,756
 
 
28,623
Compass Therapeutics, Inc.(a)
 
 
837
 
 
3,130
CRISPR Therapeutics AG(a)
 
 
1,820
 
 
116,462
Cullinan Therapeutics, Inc.(a)
 
 
481
 
 
4,165
Cytokinetics, Inc.(a)
 
 
1,203
 
 
76,499
Day One Biopharmaceuticals, Inc.(a)
 
 
1,505
 
 
11,197
Denali Therapeutics, Inc.(a)(b)
 
 
2,159
 
 
35,148
Dianthus Therapeutics, Inc.(a)
 
 
206
 
 
7,206
Disc Medicine, Inc.(a)
 
 
440
 
 
37,937
Dynavax Technologies Corp.(a)
 
 
1,938
 
 
19,884
Dyne Therapeutics, Inc.(a)
 
 
2,512
 
 
56,721
Emergent BioSolutions, Inc.(a)(b)
 
 
1,112
 
 
13,878
Exact Sciences Corp.(a)
 
 
1,734
 
 
112,172
Exelixis, Inc.(a)
 
 
2,519
 
 
97,410
Geron Corp.(a)
 
 
11,599
 
 
14,615
Gilead Sciences, Inc.
 
 
825
 
 
98,827
GRAIL, Inc.(a)
 
 
508
 
 
46,700
Halozyme Therapeutics, Inc.(a)
 
 
1,253
 
 
81,683
Ideaya Biosciences, Inc.(a)
 
 
1,098
 
 
34,982
ImmunityBio, Inc.(a)
 
 
5,319
 
 
12,766
Immunome, Inc.(a)
 
 
1,021
 
 
16,407
Immunovant, Inc.(a)
 
 
1,200
 
 
29,616
Incyte Corp.(a)
 
 
1,103
 
 
103,108
Insmed, Inc.(a)(b)
 
 
651
 
 
123,430
Intellia Therapeutics, Inc.(a)
 
 
2,160
 
 
27,259
Ionis Pharmaceuticals, Inc.(a)
 
 
1,486
 
 
110,410
Iovance Biotherapeutics, Inc.(a)
 
 
5,688
 
 
11,205
Janux Therapeutics, Inc.(a)
 
 
896
 
 
25,724
KalVista Pharmaceuticals, Inc.(a)
 
 
684
 
 
7,462
Keros Therapeutics, Inc.(a)
 
 
520
 
 
7,914
Krystal Biotech, Inc.(a)
 
 
409
 
 
80,782
Kura Oncology, Inc.(a)
 
 
1,337
 
 
13,731
Kymera Therapeutics, Inc.(a)
 
 
806
 
 
49,843
Madrigal Pharmaceuticals, Inc.(a)
 
 
220
 
 
92,158
MannKind Corp.(a)
 
 
2,470
 
 
13,807
Metsera, Inc.(a)(b)
 
 
1,221
 
 
76,972
MiMedx Group, Inc.(a)
 
 
782
 
 
5,982
Mineralys Therapeutics, Inc.(a)
 
 
374
 
 
15,282
Mirum Pharmaceuticals, Inc.(a)
 
 
391
 
 
28,406
Moderna, Inc.(a)(b)
 
 
3,907
 
 
106,114
Myriad Genetics, Inc.(a)
 
 
1,330
 
 
10,693
Natera, Inc.(a)(b)
 
 
561
 
 
111,600
Neurocrine Biosciences, Inc.(a)(b)
 
 
672
 
 
96,237
Novavax, Inc.(a)
 
 
3,050
 
 
25,620
Nurix Therapeutics, Inc.(a)
 
 
1,090
 
 
14,105
Nuvalent, Inc. - Class A(a)
 
 
565
 
 
56,116
ORIC Pharmaceuticals, Inc.(a)
 
 
1,008
 
 
13,265
Oruka Therapeutics, Inc.(a)
 
 
151
 
 
4,254
Praxis Precision Medicines, Inc.(a)
 
 
443
 
 
88,051
Precigen, Inc.(a)
 
 
1,212
 
 
5,018
Protagonist Therapeutics, Inc.(a)
 
 
882
 
 
69,343
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
PTC Therapeutics, Inc.(a)
 
 
1,191
 
 
$81,357
Recursion Pharmaceuticals, Inc. -
Class A(a)
 
 
8,840
 
 
48,797
Regeneron Pharmaceuticals, Inc.
 
 
170
 
 
110,806
REGENXBIO, Inc.(a)
 
 
777
 
 
9,922
Relay Therapeutics, Inc.(a)
 
 
1,789
 
 
12,773
Replimune Group, Inc.(a)
 
 
1,280
 
 
12,454
Revolution Medicines, Inc.(a)
 
 
2,125
 
 
125,035
Rezolute, Inc.(a)
 
 
624
 
 
5,816
Rhythm Pharmaceuticals, Inc.(a)
 
 
656
 
 
74,627
Rigel Pharmaceuticals, Inc.(a)(b)
 
 
161
 
 
5,084
Roivant Sciences Ltd.(a)(b)
 
 
5,529
 
 
110,525
Sana Biotechnology, Inc.(a)
 
 
3,164
 
 
15,662
Sarepta Therapeutics, Inc.(a)
 
 
2,067
 
 
49,629
Scholar Rock Holding Corp.(a)(b)
 
 
1,669
 
 
49,436
Soleno Therapeutics, Inc.(a)(b)
 
 
1,091
 
 
73,272
Spyre Therapeutics, Inc.(a)
 
 
705
 
 
17,244
Stoke Therapeutics, Inc.(a)(b)
 
 
417
 
 
12,527
Summit Therapeutics, Inc.(a)(b)
 
 
4,001
 
 
75,659
Syndax Pharmaceuticals, Inc.(a)
 
 
1,674
 
 
22,934
Tango Therapeutics, Inc.(a)
 
 
1,713
 
 
13,892
Taysha Gene Therapies, Inc.(a)
 
 
2,832
 
 
14,047
TG Therapeutics, Inc.(a)(b)
 
 
2,502
 
 
87,020
Travere Therapeutics, Inc.(a)
 
 
1,066
 
 
37,481
Twist Bioscience Corp.(a)
 
 
1,346
 
 
44,270
Ultragenyx Pharmaceutical, Inc.(a)
 
 
1,847
 
 
63,906
uniQure NV(a)
 
 
976
 
 
66,065
United Therapeutics Corp.(a)(b)
 
 
239
 
 
106,458
Upstream Bio, Inc.(a)
 
 
408
 
 
10,547
Vaxcyte, Inc.(a)
 
 
1,762
 
 
79,783
Veeva Systems, Inc. - Class A(a)(b)
 
 
299
 
 
87,069
Vera Therapeutics, Inc.(a)
 
 
1,033
 
 
29,399
Veracyte, Inc.(a)
 
 
1,116
 
 
40,265
Verastem, Inc.(a)
 
 
1,084
 
 
10,244
Vericel Corp.(a)
 
 
818
 
 
28,679
Vertex Pharmaceuticals, Inc.(a)
 
 
245
 
 
104,265
Viking Therapeutics, Inc.(a)
 
 
2,352
 
 
89,564
Vir Biotechnology, Inc.(a)
 
 
1,356
 
 
8,082
Viridian Therapeutics, Inc.(a)
 
 
802
 
 
18,951
Xencor, Inc.(a)
 
 
826
 
 
12,150
 
 
 
 
5,925,923
Industrials - 19.6%
 
 
 
 
3M Co.
 
 
580
 
 
96,570
A O Smith Corp.(b)
 
 
124
 
 
8,183
Allegion PLC
 
 
95
 
 
15,748
AMETEK, Inc.
 
 
254
 
 
51,336
Automatic Data Processing, Inc.
 
 
444
 
 
115,573
Axon Enterprise, Inc.(a)
 
 
86
 
 
62,972
Boeing Co.(a)
 
 
823
 
 
165,439
Broadridge Financial Solutions, Inc.
 
 
127
 
 
27,991
Builders FirstSource, Inc.(a)(b)
 
 
120
 
 
13,940
Carrier Global Corp.
 
 
873
 
 
51,935
Caterpillar, Inc.
 
 
513
 
 
296,134
CH Robinson Worldwide, Inc.(b)
 
 
130
 
 
20,019
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
80
 
PACER WEALTHSHIELD ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Cintas Corp.
 
 
374
 
 
$68,543
Copart, Inc.(a)
 
 
2,730
 
 
117,417
CSX Corp.
 
 
2,035
 
 
73,301
Cummins, Inc.
 
 
151
 
 
66,090
Dayforce, Inc.(a)
 
 
172
 
 
11,823
Deere & Co.
 
 
275
 
 
126,948
Delta Air Lines, Inc.(b)
 
 
696
 
 
39,937
Dover Corp.
 
 
148
 
 
26,856
Eaton Corp. PLC
 
 
425
 
 
162,163
EMCOR Group, Inc.
 
 
48
 
 
32,437
Emerson Electric Co.
 
 
613
 
 
85,556
Equifax, Inc.(b)
 
 
133
 
 
28,076
Expeditors International of Washington, Inc.
 
 
146
 
 
17,797
Fastenal Co.(b)
 
 
1,253
 
 
51,561
FedEx Corp.
 
 
239
 
 
60,663
Fortive Corp.
 
 
364
 
 
18,324
GE Vernova, Inc.
 
 
298
 
 
174,372
Generac Holdings, Inc.(a)
 
 
66
 
 
11,089
General Dynamics Corp.
 
 
276
 
 
95,192
General Electric Co.
 
 
1,154
 
 
356,528
Honeywell International, Inc.
 
 
692
 
 
139,320
Howmet Aerospace, Inc.
 
 
440
 
 
90,618
Hubbell, Inc.
 
 
58
 
 
27,260
Huntington Ingalls Industries, Inc.
 
 
44
 
 
14,169
IDEX Corp.
 
 
81
 
 
13,888
Illinois Tool Works, Inc.(b)
 
 
289
 
 
70,493
Ingersoll Rand, Inc.(b)
 
 
388
 
 
29,616
Jacobs Solutions, Inc.
 
 
128
 
 
19,944
JB Hunt Trasport Services, Inc.
 
 
83
 
 
14,015
Johnson Controls International PLC
 
 
715
 
 
81,789
L3Harris Technologies, Inc.
 
 
206
 
 
59,555
Leidos Holdings, Inc.
 
 
140
 
 
26,666
Lennox International, Inc.(b)
 
 
35
 
 
17,675
Lockheed Martin Corp.
 
 
224
 
 
110,181
Masco Corp.(b)
 
 
225
 
 
14,571
Nordson Corp.
 
 
59
 
 
13,685
Norfolk Southern Corp.
 
 
245
 
 
69,428
Northrop Grumman Corp.
 
 
147
 
 
85,767
Old Dominion Freight Line, Inc.(b)
 
 
198
 
 
27,803
Otis Worldwide Corp.
 
 
421
 
 
39,052
PACCAR, Inc.
 
 
573
 
 
56,383
Parker-Hannifin Corp.
 
 
140
 
 
108,196
Paychex, Inc.
 
 
355
 
 
41,546
Paycom Software, Inc.
 
 
153
 
 
28,625
Pentair PLC
 
 
176
 
 
18,718
Quanta Services, Inc.
 
 
162
 
 
72,759
Republic Services, Inc.
 
 
223
 
 
46,438
Rockwell Automation, Inc.
 
 
122
 
 
44,940
Rollins, Inc.
 
 
303
 
 
17,456
RTX Corp.
 
 
1,460
 
 
260,610
Snap-On, Inc.
 
 
57
 
 
19,126
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Southwest Airlines Co.
 
 
563
 
 
$17,059
Stanley Black & Decker, Inc.(b)
 
 
167
 
 
11,309
Textron, Inc.
 
 
194
 
 
15,677
Trane Technologies PLC
 
 
243
 
 
109,022
TransDigm Group, Inc.
 
 
62
 
 
81,128
Uber Technologies, Inc.(a)
 
 
2,270
 
 
219,055
Union Pacific Corp.(b)
 
 
648
 
 
142,800
United Airlines Holdings, Inc.(a)
 
 
349
 
 
32,820
United Parcel Service, Inc. - Class B
 
 
804
 
 
77,522
United Rentals, Inc.
 
 
71
 
 
61,854
Veralto Corp.(b)
 
 
267
 
 
26,348
Verisk Analytics, Inc.
 
 
151
 
 
33,033
W.W. Grainger, Inc.
 
 
48
 
 
46,992
Waste Management, Inc.
 
 
405
 
 
80,907
Westinghouse Air Brake Technologies Corp.
 
 
185
 
 
37,821
Xylem, Inc.
 
 
262
 
 
39,523
 
 
 
 
5,263,675
Information Technology - 27.3%(d)
 
 
 
 
Accenture PLC - Class A
 
 
163
 
 
40,766
Adobe, Inc.(a)
 
 
111
 
 
37,774
Advanced Micro Devices, Inc.(a)
 
 
424
 
 
108,595
Akamai Technologies, Inc.(a)
 
 
321
 
 
24,107
Amphenol Corp.
 
 
322
 
 
44,867
Analog Devices, Inc.
 
 
130
 
 
30,437
Apple, Inc.
 
 
3,858
 
 
1,043,087
Applied Materials, Inc.
 
 
210
 
 
48,951
AppLovin Corp. - Class A(a)
 
 
71
 
 
45,250
Arista Networks, Inc.(a)
 
 
1,798
 
 
283,527
Atlassian Corp. - Class A(a)(b)
 
 
325
 
 
55,062
Autodesk, Inc.(a)
 
 
56
 
 
16,875
Box, Inc.(a)(b)
 
 
285
 
 
9,146
Broadcom, Inc.
 
 
1,227
 
 
453,536
Cadence Design System, Inc.(a)
 
 
73
 
 
24,724
CDW Corp.
 
 
37
 
 
5,897
Ciena Corp.(a)
 
 
277
 
 
52,608
Cisco Systems, Inc.
 
 
4,826
 
 
352,829
Cloudflare, Inc. - Class A(a)(b)
 
 
621
 
 
157,299
Cognizant Technology Solutions Corp.
 
 
135
 
 
9,839
Confluent, Inc. - Class A(a)
 
 
574
 
 
13,414
CoreWeave, Inc. - Class A(a)
 
 
430
 
 
57,495
Corning, Inc.
 
 
203
 
 
18,083
Crowdstrike Holdings, Inc. - Class A(a)(b)
 
 
65
 
 
35,296
Datadog, Inc. - Class A(a)
 
 
722
 
 
117,549
Dell Technologies, Inc. - Class C
 
 
79
 
 
12,799
Docusign, Inc.(a)
 
 
398
 
 
29,110
Dropbox, Inc. - Class A(a)
 
 
365
 
 
10,585
EPAM Systems, Inc.(a)
 
 
16
 
 
2,617
F5, Inc.(a)
 
 
128
 
 
32,390
Fair Isaac Corp.(a)
 
 
7
 
 
11,617
First Solar, Inc.(a)(b)
 
 
28
 
 
7,474
Fortinet, Inc.(a)(b)
 
 
170
 
 
14,693
Gartner, Inc.(a)(b)
 
 
21
 
 
5,215
Gen Digital, Inc.
 
 
155
 
 
4,086
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
81
 
PACER WEALTHSHIELD ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
GoDaddy, Inc. - Class A(a)
 
 
311
 
 
$41,403
Hewlett Packard Enterprise Co.
 
 
361
 
 
8,816
HP, Inc.
 
 
258
 
 
7,139
HubSpot, Inc.(a)
 
 
105
 
 
51,652
Intel Corp.(a)
 
 
1,142
 
 
45,669
International Business Machines Corp.
 
 
244
 
 
75,008
Intuit, Inc.
 
 
73
 
 
48,731
Jabil, Inc.
 
 
31
 
 
6,848
Keysight Technologies, Inc.(a)
 
 
45
 
 
8,233
KLA Corp.
 
 
35
 
 
42,306
Lam Research Corp.(b)
 
 
331
 
 
52,119
MARA Holdings, Inc.(a)(b)
 
 
726
 
 
13,264
Microchip Technology, Inc.
 
 
149
 
 
9,301
Micron Technology, Inc.
 
 
292
 
 
65,341
Microsoft Corp.
 
 
1,933
 
 
1,000,927
Monolithic Power Systems, Inc.
 
 
13
 
 
13,065
Motorola Solutions, Inc.(b)
 
 
44
 
 
17,895
NetApp, Inc.
 
 
57
 
 
6,713
Nutanix, Inc.(a)
 
 
527
 
 
37,544
NVIDIA Corp.
 
 
6,338
 
 
1,283,382
NXP Semiconductors NV
 
 
66
 
 
13,802
Okta, Inc.(a)(b)
 
 
329
 
 
30,113
ON Semiconductor Corp.(a)
 
 
112
 
 
5,609
Oracle Corp.
 
 
433
 
 
113,710
Palantir Technologies, Inc. - Class A(a)(b)
 
 
594
 
 
119,079
Palo Alto Networks, Inc.(a)
 
 
177
 
 
38,982
PTC, Inc.(a)
 
 
33
 
 
6,552
Qualcomm, Inc.
 
 
283
 
 
51,195
Roper Technologies, Inc.
 
 
28
 
 
12,492
salesforce.com, Inc.
 
 
1,197
 
 
311,711
Seagate Technology Holdings PLC
 
 
56
 
 
14,329
ServiceNow, Inc.(a)
 
 
55
 
 
50,560
Skyworks Solutions, Inc.(b)
 
 
42
 
 
3,264
Snowflake, Inc.(a)(b)
 
 
659
 
 
181,146
Super Micro Computer, Inc.(a)(b)
 
 
139
 
 
7,222
Synopsys, Inc.(a)
 
 
49
 
 
22,237
TE Connectivity PLC
 
 
80
 
 
19,761
Teledyne Technologies, Inc.(a)
 
 
13
 
 
6,849
Teradyne, Inc.
 
 
46
 
 
8,361
Texas Instruments, Inc.
 
 
240
 
 
38,750
Trimble, Inc.(a)
 
 
66
 
 
5,264
Tyler Technologies, Inc.(a)
 
 
12
 
 
5,715
VeriSign, Inc.
 
 
190
 
 
45,562
Western Digital Corp.
 
 
90
 
 
13,519
Workday, Inc. - Class A(a)
 
 
486
 
 
116,601
Zebra Technologies Corp.(a)
 
 
14
 
 
3,770
Zoom Communications, Inc. - Class A(a)
 
 
513
 
 
44,749
 
 
 
 
7,343,859
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Materials - 0.0%(e)
 
 
 
 
Solstice Advanced Materials, Inc.(a)
 
 
173
 
 
$7,797
TOTAL COMMON STOCKS
(Cost $24,562,282)
 
 
 
 
26,897,238
RIGHTS - 0.0%(e)
 
 
 
 
Health Care - 0.0%(e)
 
 
 
 
Roche Holding AG, Expires 10/28/2026, Exercise Price $1.00(a)(c)
 
 
2,242
 
 
762
TOTAL RIGHTS
(Cost $0)
 
 
 
 
762
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.0%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.24%(f)
 
 
3,242,555
 
 
3,242,555
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $3,242,555)
 
 
 
 
3,242,555
TOTAL INVESTMENTS - 111.9%
(Cost $27,804,837)
 
 
 
 
$30,140,555
Liabilities in Excess of Other
Assets - (11.9)%
 
 
 
 
(3,207,599)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$26,932,956
 
 
 
 
 
 
 
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 $3,198,585.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $762 or 0.0% of net assets as of October 31, 2025.
(d)
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.
(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.
 
82
 
PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Aristotle
Pacific Floating
Rate High
Income ETF
 
 
Pacer Cash
Cows Fund of
Funds ETF
 
 
Pacer CFRA-
Stovall Equal
Weight Seasonal
Rotation ETF
 
 
Pacer Data &
Infrastructure
Real Estate ETF
 
 
Pacer Data
and Digital
Revolution ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at value
 
 
$567,083,976
 
 
$14,373,000
 
 
$14,569,526
 
 
$453,261,193
 
 
$ 330,237,756
Investments in affiliated securities, at value
 
 
—
 
 
87,807,780
 
 
—
 
 
—
 
 
—
Cash and cash equivalents
 
 
34,008,498
 
 
18,497
 
 
9,491
 
 
317,522
 
 
241,443
Interest receivable
 
 
3,417,874
 
 
120
 
 
22
 
 
1,081
 
 
466
Receivable for investments sold
 
 
2,249,510
 
 
—
 
 
11,971,319
 
 
—
 
 
—
Security lending income receivable
 
 
1,639
 
 
26,344
 
 
597
 
 
29,340
 
 
1,963
Dividends receivable
 
 
267
 
 
—
 
 
20,409
 
 
223,495
 
 
25,755
Dividend tax reclaims receivable
 
 
—
 
 
—
 
 
—
 
 
—
 
 
8,788
Prepaid expenses and other assets
 
 
1,673
 
 
—
 
 
1
 
 
—
 
 
—
Total assets
 
 
606,763,437
 
 
102,225,741
 
 
26,571,365
 
 
453,832,631
 
 
330,516,171
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for investments purchased
 
 
30,117,435
 
 
—
 
 
11,923,797
 
 
203
 
 
28,888
Payable upon return of securities
loaned
 
 
​7,050,439
 
 
14,373,000
 
 
2,646,709
 
 
28,834,365
 
 
13,140,105
Payable for capital shares redeemed
 
 
1,889,804
 
 
—
 
 
—
 
 
—
 
 
—
Payable to adviser
 
 
290,026
 
 
11,093
 
 
6,996
 
 
179,691
 
 
102,331
Payable to custodian foreign currency, at value
 
 
—
 
 
—
 
 
—
 
 
241
 
 
65,677
Payable for expenses and other
liabilities
 
 
57
 
 
—
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
39,347,761
 
 
14,384,093
 
 
14,577,502
 
 
29,014,500
 
 
13,337,001
NET ASSETS
 
 
$ 567,415,676
 
 
$87,841,648
 
 
$11,993,863
 
 
$424,818,131
 
 
$ 317,179,170
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$ 572,547,692
 
 
$73,488,226
 
 
$41,486,120
 
 
$727,157,814
 
 
$ 262,340,158
Total distributable earnings/(accumulated losses)
 
 
(5,132,016)
 
 
14,353,422
 
 
(29,492,257)
 
 
(302,339,683)
 
 
54,839,012
Total net assets
 
 
$ 567,415,676
 
 
$87,841,648
 
 
$11,993,863
 
 
$424,818,131
 
 
$ 317,179,170
Net assets
 
 
$ 567,415,676
 
 
$87,841,648
 
 
$11,993,863
 
 
$424,818,131
 
 
$ 317,179,170
Shares issued and outstanding(a)
 
 
12,010,000
 
 
2,050,000
 
 
350,000
 
 
13,650,000
 
 
4,340,000
Net asset value per share
 
 
$47.25
 
 
$42.85
 
 
$34.27
 
 
$31.12
 
 
$73.08
Cost:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at cost
 
 
$ 568,244,057
 
 
$​14,373,000
 
 
$14,570,505
 
 
$453,371,362
 
 
$279,511,320
Investments in affiliated securities,
at cost
 
 
$—
 
 
$​75,045,762
 
 
$—
 
 
$—
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$—
 
 
$—
 
 
$—
 
 
$161
 
 
$66,906
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$6,902,514
 
 
$14,116,935
 
 
$—
 
 
$27,917,455
 
 
$13,096,882
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
83
 
PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Developed
Markets
International
Cash Cows 100
ETF
 
 
Pacer Emerging
Markets Cash
Cows 100 ETF
 
 
Pacer Global
Cash Cows
Dividend ETF
 
 
Pacer Industrial
Real Estate ETF
 
 
Pacer
Industrials and
Logistics ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$ 1,362,504,436
 
 
$ 121,423,974
 
 
$2,478,118,295
 
 
$ 140,588,888
 
 
$ 645,932
Receivable for fund shares sold
 
 
5,693,460
 
 
—
 
 
—
 
 
—
 
 
—
Dividends receivable
 
 
3,325,892
 
 
325,001
 
 
6,940,242
 
 
83,274
 
 
515
Dividend tax reclaims receivable
 
 
2,723,096
 
 
6,340
 
 
4,977,622
 
 
277,953
 
 
1,772
Cash and cash equivalents
 
 
741,758
 
 
185,450
 
 
1,518,304
 
 
73,168
 
 
393
Receivable for investments sold
 
 
95,845
 
 
—
 
 
—
 
 
312,762
 
 
790
Security lending income receivable
 
 
5,313
 
 
—
 
 
5,263
 
 
765
 
 
8
Interest receivable
 
 
3,314
 
 
1,473
 
 
5,202
 
 
213
 
 
2
Foreign currency, at value
 
 
—
 
 
12
 
 
3,268,155
 
 
37,718
 
 
320
Prepaid expenses and other assets
 
 
64
 
 
28
 
 
99
 
 
4
 
 
—
Total assets
 
 
1,375,093,178
 
 
121,942,278
 
 
2,494,833,182
 
 
141,374,745
 
 
649,732
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities
loaned
 
 
17,182,115
 
 
—
 
 
10,311,601
 
 
24,723,428
 
 
71,862
Payable for investments purchased
 
 
5,584,721
 
 
34,991
 
 
—
 
 
—
 
 
—
Payable to adviser
 
 
721,398
 
 
68,695
 
 
1,264,172
 
 
51,076
 
 
291
Payable to custodian foreign currency, at value
 
 
354,647
 
 
—
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
23,842,881
 
 
103,686
 
 
11,575,773
 
 
24,774,504
 
 
72,153
NET ASSETS
 
 
$ 1,351,250,297
 
 
$ 121,838,592
 
 
$ 2,483,257,409
 
 
$116,600,241
 
 
$ 577,579
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$ 1,148,382,017
 
 
$ 108,026,657
 
 
$ 2,227,677,167
 
 
$ 187,574,247
 
 
$ 444,177
Total distributable earnings/(accumulated losses)
 
 
202,868,280
 
 
13,811,935
 
 
255,580,242
 
 
(70,974,006)
 
 
133,402
Total net assets
 
 
$ 1,351,250,297
 
 
$ 121,838,592
 
 
$ 2,483,257,409
 
 
$116,600,241
 
 
$ 577,579
Net assets
 
 
$ 1,351,250,297
 
 
$ 121,838,592
 
 
$ 2,483,257,409
 
 
$116,600,241
 
 
$ 577,579
Shares issued and outstanding(a)
 
 
35,600,000
 
 
4,900,000
 
 
62,350,000
 
 
3,100,000
 
 
20,000
Net asset value per share
 
 
$37.96
 
 
$24.87
 
 
$39.83
 
 
$37.61
 
 
$28.88
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$ 1,154,998,976
 
 
$ 103,242,092
 
 
$ 2,239,490,647
 
 
$ 147,221,226
 
 
$ 658,564
Foreign currency, at cost
 
 
$—
 
 
$0
 
 
$3,314,288
 
 
$38,065
 
 
$321
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$358,901
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$16,746,753
 
 
$—
 
 
$9,819,865
 
 
$24,053,552
 
 
$70,727
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
84
 
PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Lunt
Large Cap
Alternator ETF
 
 
Pacer Lunt
Large Cap
Multi-Factor
Alternator ETF
 
 
Pacer Lunt
MidCap Multi-
Factor Alternator
ETF
 
 
Pacer MSCI
World Industry
Advantage ETF
 
 
Pacer Nasdaq
100 Top 50 Cash
Cows Growth
Leaders ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$117,924,060
 
 
$ 296,675,734
 
 
$65,051,735
 
 
$ 1,167,681
 
 
$ 9,930,656
Receivable for investments sold
 
 
2,213,276
 
 
2,575,042
 
 
—
 
 
—
 
 
—
Cash and cash equivalents
 
 
55,833
 
 
191,479
 
 
40,704
 
 
427
 
 
6,124
Dividends receivable
 
 
50,443
 
 
206,323
 
 
44,970
 
 
729
 
 
—
Security lending income receivable
 
 
1,239
 
 
945
 
 
1,050
 
 
18
 
 
145
Interest receivable
 
 
98
 
 
290
 
 
202
 
 
2
 
 
13
Dividend tax reclaims receivable
 
 
—
 
 
—
 
 
—
 
 
39
 
 
—
Foreign currency, at value
 
 
—
 
 
—
 
 
—
 
 
387
 
 
—
Prepaid expenses and other assets
 
 
2
 
 
5
 
 
—
 
 
—
 
 
—
Total assets
 
 
120,244,951
 
 
299,649,818
 
 
65,138,661
 
 
1,169,283
 
 
9,936,938
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities
loaned
 
 
8,978,009
 
 
23,952,630
 
 
7,908,768
 
 
156,099
 
 
1,520,060
Payable for capital shares redeemed
 
 
2,224,225
 
 
2,595,832
 
 
—
 
 
—
 
 
—
Payable to adviser
 
 
55,616
 
 
143,069
 
 
29,786
 
 
549
 
 
3,424
Total liabilities
 
 
11,257,850
 
 
26,691,531
 
 
7,938,554
 
 
156,648
 
 
1,523,484
NET ASSETS
 
 
$108,987,101
 
 
$ 272,958,287
 
 
$57,200,107
 
 
$ 1,012,635
 
 
$ 8,413,454
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$340,445,930
 
 
$ 318,333,696
 
 
$67,451,112
 
 
$798,822
 
 
$7,448,211
Total distributable earnings/(accumulated losses)
 
 
(231,458,829)
 
 
(45,375,409)
 
 
(10,251,005)
 
 
213,813
 
 
965,243
Total net assets
 
 
$108,987,101
 
 
$ 272,958,287
 
 
$57,200,107
 
 
$ 1,012,635
 
 
$ 8,413,454
Net assets
 
 
$108,987,101
 
 
$ 272,958,287
 
 
$57,200,107
 
 
$ 1,012,635
 
 
$ 8,413,454
Shares issued and outstanding(a)
 
 
2,450,000
 
 
5,300,000
 
 
1,250,000
 
 
40,000
 
 
340,000
Net asset value per share
 
 
$44.48
 
 
$51.50
 
 
$45.76
 
 
$25.32
 
 
$24.75
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$95,531,856
 
 
$ 285,035,495
 
 
$66,382,170
 
 
$ 1,017,233
 
 
$ 8,803,563
Foreign currency, at cost
 
 
$—
 
 
$—
 
 
$—
 
 
$393
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$8,791,821
 
 
$23,497,355
 
 
$7,760,326
 
 
$152,553
 
 
$ 1,496,299
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
85
 
PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Nasdaq
International
Patent Leaders
ETF
 
 
Pacer
Trendpilot®
100 ETF
 
 
Pacer Trendpilot®
European Index
ETF
 
 
Pacer
Trendpilot®
Fund of
Funds ETF
 
 
Pacer
Trendpilot®
International
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at
value
 
 
$ 18,543,673
 
 
$ 1,350,542,428
 
 
$35,857,234
 
 
$—
 
 
$ 164,997,733
Investments in affiliated securities, at
value
 
 
—
 
 
—
 
 
—
 
 
54,663,534
 
 
—
Dividends receivable
 
 
39,454
 
 
153,923
 
 
25,832
 
 
—
 
 
392,465
Cash and cash equivalents
 
 
11,020
 
 
747,449
 
 
24,871
 
 
14,478
 
 
21,500
Dividend tax reclaims receivable
 
 
7,026
 
 
—
 
 
264,544
 
 
—
 
 
238,736
Interest receivable
 
 
34
 
 
1,497
 
 
46
 
 
116
 
 
279
Security lending income receivable
 
 
1
 
 
2,236
 
 
—
 
 
275
 
 
1,226
Receivable for investments sold
 
 
—
 
 
—
 
 
—
 
 
—
 
 
5,894
Prepaid expenses and other assets
 
 
1
 
 
29
 
 
1
 
 
2
 
 
5
Total assets
 
 
18,601,209
 
 
1,351,447,562
 
 
36,172,528
 
 
54,678,405
 
 
165,657,838
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable to adviser
 
 
10,049
 
 
712,013
 
 
20,051
 
 
7,545
 
 
90,887
Payable to custodian foreign currency, at value
 
 
142
 
 
—
 
 
56,180
 
 
—
 
 
513,323
Payable for investments purchased
 
 
—
 
 
—
 
 
1
 
 
—
 
 
3
Payable upon return of securities loaned
 
 
—
 
 
26,139,080
 
 
—
 
 
—
 
 
2,199,322
Total liabilities
 
 
10,191
 
 
26,851,093
 
 
76,232
 
 
7,545
 
 
2,803,535
NET ASSETS
 
 
$ 18,591,018
 
 
$ 1,324,596,469
 
 
$36,096,296
 
 
$ 54,670,860
 
 
$ 162,854,303
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$ 14,551,226
 
 
$ 1,165,444,865
 
 
$77,758,092
 
 
$ 48,420,501
 
 
$ 174,786,130
Total distributable earnings/(accumulated losses)
 
 
4,039,792
 
 
159,151,604
 
 
(41,661,796)
 
 
6,250,359
 
 
(11,931,827)
Total net assets
 
 
$ 18,591,018
 
 
$ 1,324,596,469
 
 
$36,096,296
 
 
$ 54,670,860
 
 
$ 162,854,303
Net assets
 
 
$ 18,591,018
 
 
$ 1,324,596,469
 
 
$36,096,296
 
 
$ 54,670,860
 
 
$ 162,854,303
Shares issued and outstanding(a)
 
 
680,000
 
 
16,300,000
 
 
1,200,000
 
 
1,600,000
 
 
5,200,000
Net asset value per share
 
 
$27.34
 
 
$81.26
 
 
$30.08
 
 
$34.17
 
 
$31.32
Cost:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities,
at cost
 
 
$ 14,546,360
 
 
$ 1,125,695,340
 
 
$31,778,450
 
 
$—
 
 
$145,999,311
Investments in affiliated securities, at cost
 
 
$—
 
 
$—
 
 
$—
 
 
$ 50,678,324
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$143
 
 
$—
 
 
$56,517
 
 
$—
 
 
$525,613
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$—
 
 
$25,885,017
 
 
$—
 
 
$—
 
 
$2,132,673
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
86
 
PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot®
US Bond ETF
 
 
Pacer Trendpilot®
US Large Cap
ETF
 
 
Pacer Trendpilot®
US Mid Cap
ETF
 
 
Pacer US
Cash Cows
100 ETF
 
 
Pacer US
Cash Cows
Growth ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$123,382,085
 
 
$ 3,541,786,876
 
 
$ 439,270,008
 
 
$ 18,394,669,274
 
 
$ 97,649,180
Receivable for investments sold
 
 
7,074,023
 
 
—
 
 
—
 
 
29,107,834
 
 
—
Interest receivable
 
 
1,654,302
 
 
3,146
 
 
599
 
 
28,704
 
 
131
Cash and cash equivalents.
 
 
210,153
 
 
2,223,701
 
 
284,666
 
 
8,064,688
 
 
63,822
Security lending income receivable
 
 
1,206
 
 
6,793
 
 
5,766
 
 
25,089
 
 
968
Dividends receivable
 
 
—
 
 
1,576,337
 
 
131,278
 
 
21,314,938
 
 
28,914
Dividend tax reclaims receivable
 
 
—
 
 
15,057
 
 
—
 
 
590,765
 
 
—
Prepaid expenses and other assets
 
 
72
 
 
60
 
 
11
 
 
3,093
 
 
2
Total assets
 
 
132,321,841
 
 
3,545,611,970
 
 
439,692,328
 
 
18,453,804,385
 
 
97,743,017
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for investments purchased
 
 
7,067,957
 
 
—
 
 
—
 
 
—
 
 
—
Payable to adviser
 
 
64,956
 
 
1,741,594
 
 
207,453
 
 
7,718,570
 
 
45,269
Payable for capital shares redeemed
 
 
—
 
 
—
 
 
—
 
 
29,271,145
 
 
—
Payable upon return of securities loaned
 
 
—
 
 
84,281,567
 
 
38,963,931
 
 
280,240,584
 
 
7,090,572
Total liabilities
 
 
7,132,913
 
 
86,023,161
 
 
39,171,384
 
 
317,230,299
 
 
7,135,841
NET ASSETS
 
 
$125,188,928
 
 
$ 3,459,588,809
 
 
$ 400,520,944
 
 
$ 18,136,574,086
 
 
$ 90,607,176
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$388,957,747
 
 
$ 3,258,568,515
 
 
$ 485,677,836
 
 
$ 18,757,921,131
 
 
$ 85,081,334
Total distributable earnings/(accumulated losses)
 
 
(263,768,819)
 
 
201,020,294
 
 
(85,156,892)
 
 
(621,347,045)
 
 
5,525,842
Total net assets
 
 
$125,188,928
 
 
$ 3,459,588,809
 
 
$ 400,520,944
 
 
$ 18,136,574,086
 
 
$ 90,607,176
Net assets
 
 
$125,188,928
 
 
$ 3,459,588,809
 
 
$ 400,520,944
 
 
$ 18,136,574,086
 
 
$ 90,607,176
Shares issued and outstanding(a)
 
 
6,400,000
 
 
61,700,000
 
 
11,250,000
 
 
312,900,000
 
 
1,700,000
Net asset value per share
 
 
$19.56
 
 
$56.07
 
 
$35.60
 
 
$57.96
 
 
$53.30
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$124,491,945
 
 
$ 3,102,581,155
 
 
$ 433,616,794
 
 
$17,796,411,704
 
 
$ 87,956,246
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$—
 
 
$82,415,155
 
 
$38,399,039
 
 
$275,343,086
 
 
$6,935,416
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
87
 
PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer US
Export Leaders
ETF
 
 
Pacer US Large
Cap Cash
Cows Growth
Leaders ETF
 
 
Pacer US
Small Cap
Cash Cows ETF
 
 
Pacer US Small
Cap Cash Cows
Growth Leaders
ETF
 
 
Pacer
WealthShield
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$ 40,798,602
 
 
$ 2,644,678,146
 
 
$4,061,361,205
 
 
$ 22,396,381
 
 
$30,140,555
Cash and cash equivalents.
 
 
11,205
 
 
1,385,712
 
 
2,339,764
 
 
16,338
 
 
11,628
Dividends receivable
 
 
8,175
 
 
567,164
 
 
2,591,899
 
 
4,158
 
 
5,013
Dividend tax reclaims receivable
 
 
623
 
 
—
 
 
—
 
 
—
 
 
78
Security lending income receivable
 
 
513
 
 
7,063
 
 
33,840
 
 
329
 
 
677
Interest receivable
 
 
24
 
 
3,459
 
 
3,840
 
 
24
 
 
37
Receivable for investments sold
 
 
—
 
 
—
 
 
3,914
 
 
—
 
 
32,509
Receivable for fund shares sold
 
 
—
 
 
8,222,805
 
 
—
 
 
—
 
 
—
Prepaid expenses and other assets
 
 
—
 
 
66
 
 
—
 
 
—
 
 
1
Total assets
 
 
40,819,142
 
 
2,654,864,415
 
 
4,066,334,462
 
 
22,417,230
 
 
30,190,498
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities loaned
 
 
5,262,487
 
 
32,690,243
 
 
309,339,141
 
 
2,686,749
 
 
3,242,555
Payable to adviser
 
 
18,514
 
 
1,060,483
 
 
1,936,613
 
 
9,757
 
 
14,987
Payable for investments purchased
 
 
—
 
 
8,087,245
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
5,281,001
 
 
41,837,971
 
 
311,275,754
 
 
2,696,506
 
 
3,257,542
NET ASSETS
 
 
$ 35,538,141
 
 
$ 2,613,026,444
 
 
$3,755,058,708
 
 
$ 19,720,724
 
 
$26,932,956
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$ 29,163,724
 
 
$ 2,360,248,304
 
 
$4,831,845,281
 
 
$ 20,421,282
 
 
$49,336,557
Total distributable earnings/(accumulated losses)
 
 
6,374,417
 
 
252,778,140
 
 
(1,076,786,573)
 
 
(700,558)
 
 
(22,403,601)
Total net assets
 
 
$ 35,538,141
 
 
$ 2,613,026,444
 
 
$3,755,058,708
 
 
$ 19,720,724
 
 
$26,932,956
Net assets
 
 
$ 35,538,141
 
 
$ 2,613,026,444
 
 
$3,755,058,708
 
 
$ 19,720,724
 
 
$26,932,956
Shares issued and outstanding(a)
 
 
600,000
 
 
71,500,000
 
 
86,500,000
 
 
775,000
 
 
800,000
Net asset value per share
 
 
$59.23
 
 
$36.55
 
 
$43.41
 
 
$25.45
 
 
$33.67
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$ 35,457,520
 
 
$ 2,375,172,827
 
 
$3,941,353,011
 
 
$ 21,136,459
 
 
$27,804,837
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$5,193,935
 
 
$32,265,366
 
 
$301,494,477
 
 
$2,598,718
 
 
$3,198,585
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
88
 
PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Aristotle
Pacific Floating
Rate High
Income ETF
 
 
Pacer Cash
Cows Fund of
Funds ETF
 
 
Pacer CFRA-
Stovall Equal
Weight Seasonal
Rotation ETF
 
 
Pacer Data &
Infrastructure
Real Estate ETF
 
 
Pacer Data
and Digital
Revolution ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income from unaffiliated securities
 
 
$278,023
 
 
$—
 
 
$180,584
 
 
$6,776,853
 
 
$377,793
Less: Dividend withholding taxes
 
 
—
 
 
—
 
 
—
 
 
(309,022 )
 
 
(6,572)
Dividend income from affiliated securities
 
 
—
 
 
735,677
 
 
—
 
 
—
 
 
—
Less: Issuance fees
 
 
—
 
 
—
 
 
—
 
 
(11,041)
 
 
(902)
Interest income
 
 
20,061,148
 
 
908
 
 
367
 
 
7,821
 
 
1,718
Securities lending income
 
 
15,664
 
 
94,906
 
 
2,599
 
 
192,504
 
 
8,168
Other income
 
 
112,683
 
 
—
 
 
—
 
 
—
 
 
—
Total investment income
 
 
20,467,518
 
 
831,491
 
 
183,550
 
 
6,657,115
 
 
380,205
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
1,601,468
 
 
65,389
 
 
51,184
 
 
1,246,012
 
 
318,636
Total expenses
 
 
1,601,468
 
 
65,389
 
 
51,184
 
 
1,246,012
 
 
318,636
Expense reimbursement by Adviser
 
 
—
 
 
—
 
 
—
 
 
(72,962)
 
 
—
Net expenses
 
 
1,601,468
 
 
65,389
 
 
51,184
 
 
1,173,050
 
 
318,636
NET INVESTMENT INCOME
 
 
18,866,050
 
 
766,102
 
 
132,366
 
 
5,484,065
 
 
61,569
REALIZED AND UNREALIZED
GAIN (LOSS)
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
362,954
 
 
—
 
 
(21,677)
 
 
2,938,470
 
 
5,060,221
Investments in affiliated securities
 
 
—
 
 
1,741,162
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
10,892
 
 
(6,410)
Net realized gain (loss)
 
 
362,954
 
 
1,741,162
 
 
(21,677)
 
 
2,949,362
 
 
5,053,811
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
4,813,090
 
 
—
 
 
1,171
 
 
(402,100)
 
 
47,582,832
Investments in affiliated securities
 
 
—
 
 
11,267,459
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
323
 
 
1,118
Net change in unrealized appreciation (depreciation)
 
 
4,813,090
 
 
11,267,459
 
 
1,171
 
 
(401,777)
 
 
47,583,950
Net realized and unrealized gain (loss)
 
 
5,176,044
 
 
13,008,621
 
 
(20,506)
 
 
2,547,585
 
 
52,637,761
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$24,042,094
 
 
$13,774,723
 
 
$111,860
 
 
$8,031,650
 
 
$52,699,330
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
89
 
PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Developed
Markets
International
Cash Cows 100
ETF
 
 
Pacer Emerging
Markets Cash
Cows 100 ETF
 
 
Pacer Global
Cash Cows
Dividend ETF
 
 
Pacer Industrial
Real Estate ETF
 
 
Pacer
Industrials and
Logistics ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$27,189,168
 
 
$3,257,698
 
 
$60,143,720
 
 
$2,869,711
 
 
$14,520
Less: Issuance fees
 
 
(51,975)
 
 
(3,212)
 
 
(184,329)
 
 
—
 
 
(11)
Less: Dividend withholding taxes
 
 
(2,513,900)
 
 
(355,329)
 
 
(3,540,574)
 
 
(88,070)
 
 
(1,389)
Interest income
 
 
43,732
 
 
7,066
 
 
81,010
 
 
3,008
 
 
22
Securities lending income
 
 
61,645
 
 
1,921
 
 
180,110
 
 
5,045
 
 
50
Total investment income
 
 
24,728,670
 
 
2,908,144
 
 
56,679,937
 
 
2,789,694
 
 
13,192
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
3,906,099
 
 
358,883
 
 
7,198,745
 
 
372,945
 
 
2,456
Total expenses
 
 
3,906,099
 
 
358,883
 
 
7,198,745
 
 
372,945
 
 
2,456
Expense reimbursement by Adviser
 
 
—
 
 
—
 
 
—
 
 
(22,287)
 
 
—
Net expenses
 
 
3,906,099
 
 
358,883
 
 
7,198,745
 
 
350,658
 
 
2,456
NET INVESTMENT INCOME
 
 
20,822,571
 
 
2,549,261
 
 
49,481,192
 
 
2,439,036
 
 
10,736
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
38,563,253
 
 
1,964,000
 
 
77,589,652
 
 
(1,017,774)
 
 
147,686
Foreign currency translation
 
 
169,642
 
 
(6,714)
 
 
858,900
 
 
(1,396)
 
 
(412)
Net realized gain (loss)
 
 
38,732,895
 
 
1,957,286
 
 
78,448,552
 
 
(1,019,170)
 
 
147,274
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
165,488,676
 
 
16,829,173
 
 
95,908,919
 
 
5,986,158
 
 
(41,402 )
Foreign currency translation
 
 
(208,760)
 
 
7,811
 
 
(247,439)
 
 
(19,843)
 
 
(69)
Net change in unrealized appreciation (depreciation)
 
 
165,279,916
 
 
16,836,984
 
 
95,661,480
 
 
5,966,315
 
 
(41,471)
Net realized and unrealized gain (loss)
 
 
204,012,811
 
 
18,794,270
 
 
174,110,032
 
 
4,947,145
 
 
105,803
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$224,835,382
 
 
$21,343,531
 
 
$223,591,224
 
 
$7,386,181
 
 
$116,539
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
90
 
PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Lunt
Large Cap
Alternator ETF
 
 
Pacer Lunt
Large Cap
Multi-Factor
Alternator ETF
 
 
Pacer Lunt
MidCap Multi-
Factor Alternator
ETF
 
 
Pacer MSCI
World Industry
Advantage ETF
 
 
Pacer Nasdaq
100 Top 50 Cash
Cows Growth
Leaders ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$724,670
 
 
$2,575,175
 
 
$645,543
 
 
$5,165
 
 
$16,233
Less: Dividend withholding taxes
 
 
(1,004)
 
 
—
 
 
(268)
 
 
(464)
 
 
—
Less: Issuance fees
 
 
—
 
 
(18)
 
 
(25)
 
 
—
 
 
—
Interest income
 
 
1,391
 
 
3,890
 
 
1,049
 
 
16
 
 
103
Securities lending income
 
 
7,090
 
 
5,821
 
 
6,232
 
 
67
 
 
474
Other income
 
 
—
 
 
—
 
 
—
 
 
13
 
 
—
Total investment income
 
 
732,147
 
 
2,584,868
 
 
652,531
 
 
4,797
 
 
16,810
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
349,491
 
 
873,985
 
 
188,838
 
 
3,031
 
 
15,504
Total expenses
 
 
349,491
 
 
873,985
 
 
188,838
 
 
3,031
 
 
15,504
NET INVESTMENT INCOME
 
 
382,656
 
 
1,710,883
 
 
463,693
 
 
1,766
 
 
1,306
REALIZED AND UNREALIZED
GAIN (LOSS)
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
4,462,886
 
 
7,570,853
 
 
4,878,782
 
 
5,486
 
 
(55,558)
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
(63)
 
 
—
Net realized gain (loss)
 
 
4,462,886
 
 
7,570,853
 
 
4,878,782
 
 
5,423
 
 
(55,558)
Net change in unrealized appreciation
(depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
26,270,223
 
 
19,844,485
 
 
2,034,858
 
 
198,286
 
 
1,138,605
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
(37)
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
26,270,223
 
 
19,844,485
 
 
2,034,858
 
 
198,249
 
 
1,138,605
Net realized and unrealized gain (loss)
 
 
30,733,109
 
 
27,415,338
 
 
6,913,640
 
 
203,672
 
 
1,083,047
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$31,115,765
 
 
$29,126,221
 
 
$7,377,333
 
 
$205,438
 
 
$1,084,353
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
91
 
PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Nasdaq
International
Patent Leaders
ETF
 
 
Pacer
Trendpilot®
100 ETF
 
 
Pacer Trendpilot®
European Index
ETF
 
 
Pacer
Trendpilot®
Fund of
Funds ETF
 
 
Pacer
Trendpilot®
International
ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income from unaffiliated securities
 
 
$152,203
 
 
$3,563,941
 
 
$673,458
 
 
$—
 
 
$2,360,373
Less: Dividend withholding taxes
 
 
(18,932)
 
 
(11,678)
 
 
(98,309)
 
 
—
 
 
(216,636)
Dividend income from affiliated securities
 
 
—
 
 
—
 
 
—
 
 
318,391
 
 
—
Less: Issuance fees
 
 
—
 
 
(1,533)
 
 
—
 
 
—
 
 
(9,920)
Interest income
 
 
368
 
 
2,724,445
 
 
1,247
 
 
674
 
 
88,782
Securities lending income
 
 
11
 
 
16,083
 
 
47
 
 
10,453
 
 
9,298
Total investment income
 
 
133,650
 
 
6,291,258
 
 
576,443
 
 
329,518
 
 
2,231,897
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
44,306
 
 
4,098,777
 
 
117,258
 
 
43,518
 
 
522,447
Total expenses
 
 
44,306
 
 
4,098,777
 
 
117,258
 
 
43,518
 
 
522,447
NET INVESTMENT INCOME
 
 
89,344
 
 
2,192,481
 
 
459,185
 
 
286,000
 
 
1,709,450
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
(19,012)
 
 
10,166,674
 
 
264,222
 
 
(2)
 
 
1,053,395
Investments in affiliated securities
 
 
—
 
 
—
 
 
—
 
 
2,848,642
 
 
—
Foreign currency translation
 
 
(1,490)
 
 
—
 
 
2,976
 
 
—
 
 
(172,351)
Net realized gain (loss)
 
 
(20,502)
 
 
10,166,674
 
 
267,198
 
 
2,848,640
 
 
881,044
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
3,587,871
 
 
224,887,316
 
 
3,625,096
 
 
—
 
 
18,989,281
Investments in affiliated securities
 
 
—
 
 
—
 
 
—
 
 
2,463,361
 
 
—
Foreign currency translation
 
 
(1,235)
 
 
—
 
 
1,309
 
 
—
 
 
(9,353)
Net change in unrealized appreciation (depreciation)
 
 
3,586,636
 
 
224,887,316
 
 
3,626,405
 
 
2,463,361
 
 
18,979,928
Net realized and unrealized gain (loss)
 
 
3,566,134
 
 
235,053,990
 
 
3,893,603
 
 
5,312,001
 
 
19,860,972
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$3,655,478
 
 
$237,246,471
 
 
$4,352,788
 
 
$5,598,001
 
 
$21,570,422
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
92
 
PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot®
US Bond ETF
 
 
Pacer Trendpilot®
US Large Cap
ETF
 
 
Pacer Trendpilot®
US Mid Cap
ETF
 
 
Pacer US
Cash Cows
100 ETF
 
 
Pacer US
Cash Cows
Growth ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$—
 
 
$17,367,439
 
 
$1,690,561
 
 
$264,702,865
 
 
$311,157
Less: Dividend withholding taxes
 
 
​—
 
 
​(4,788)
 
 
​(1,165)
 
 
​—
 
 
​—
Less: Issuance fees
 
 
—
 
 
(191)
 
 
(23)
 
 
—
 
 
—
Interest income
 
 
4,312,242
 
 
7,233,626
 
 
3,418,314
 
 
368,204
 
 
666
Securities lending income
 
 
19,545
 
 
94,622
 
 
22,750
 
 
175,378
 
 
5,149
Other income
 
 
132
 
 
—
 
 
—
 
 
—
 
 
—
Total investment income
 
 
4,331,919
 
 
24,690,708
 
 
5,130,437
 
 
265,246,447
 
 
316,972
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
420,751
 
 
10,070,093
 
 
1,280,598
 
 
49,623,443
 
 
245,336
Total expenses
 
 
420,751
 
 
10,070,093
 
 
1,280,598
 
 
49,623,443
 
 
245,336
NET INVESTMENT INCOME
 
 
3,911,168
 
 
14,620,615
 
 
3,849,839
 
 
215,623,004
 
 
71,636
REALIZED AND UNREALIZED
GAIN (LOSS)
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(694,358)
 
 
20,231,303
 
 
1,239,373
 
 
1,044,621,197
 
 
5,251,689
Net realized gain (loss)
 
 
(694,358)
 
 
20,231,303
 
 
1,239,373
 
 
1,044,621,197
 
 
5,251,689
Net change in unrealized appreciation
(depreciation) on:
Investments
 
 
(2,251,919)
 
 
439,268,068
 
 
5,669,071
 
 
1,157,957,687
 
 
8,761,400
Net change in unrealized appreciation (depreciation)
 
 
(2,251,919)
 
 
439,268,068
 
 
5,669,071
 
 
1,157,957,687
 
 
8,761,400
Net realized and unrealized gain (loss)
 
 
(2,946,277)
 
 
459,499,371
 
 
6,908,444
 
 
2,202,578,884
 
 
14,013,089
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$964,891
 
 
$474,119,986
 
 
$10,758,283
 
 
$2,418,201,888
 
 
$14,084,725
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
93
 
PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer US
Export Leaders
ETF
 
 
Pacer US Large
Cap Cash
Cows Growth
Leaders ETF
 
 
Pacer US
Small Cap
Cash Cows ETF
 
 
Pacer US
Small Cap Cash
Cows Growth
Leaders ETF
 
 
Pacer
WealthShield
ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$194,140
 
 
$9,112,614
 
 
$39,302,295
 
 
$71,310
 
 
$127,852
Less: Dividend withholding taxes
 
 
—
 
 
(17,427)
 
 
—
 
 
—
 
 
(1)
Less: Issuance fees
 
 
(47)
 
 
—
 
 
(2,405)
 
 
—
 
 
—
Interest income
 
 
370
 
 
38,114
 
 
74,983
 
 
178
 
 
126,615
Securities lending income
 
 
2,726
 
 
36,198
 
 
214,246
 
 
1,579
 
 
1,964
Total investment income
 
 
197,189
 
 
9,169,499
 
 
39,589,119
 
 
73,067
 
 
256,430
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
110,518
 
 
5,433,232
 
 
12,285,125
 
 
55,953
 
 
83,332
Total expenses
 
 
110,518
 
 
5,433,232
 
 
12,285,125
 
 
55,953
 
 
83,332
NET INVESTMENT INCOME
 
 
86,671
 
 
3,736,267
 
 
27,303,994
 
 
17,114
 
 
173,098
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
3,462,656
 
 
23,854,857
 
 
246,177,979
 
 
87,748
 
 
243,251
Net realized gain (loss)
 
 
3,462,656
 
 
23,854,857
 
 
246,177,979
 
 
87,748
 
 
243,251
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
6,581,317
 
 
236,879,732
 
 
575,366,078
 
 
1,673,909
 
 
2,322,780
Net change in unrealized appreciation (depreciation)
 
 
6,581,317
 
 
236,879,732
 
 
575,366,078
 
 
1,673,909
 
 
2,322,780
Net realized and unrealized gain (loss)
 
 
10,043,973
 
 
260,734,589
 
 
821,544,057
 
 
1,761,657
 
 
2,566,031
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$10,130,644
 
 
$264,470,856
 
 
$848,848,051
 
 
$1,778,771
 
 
$2,739,129
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
94
 
PACER FUNDS
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
Pacer Aristotle Pacific Floating
Rate High Income ETF
 
 
Pacer Cash Cows
Fund of Funds ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$18,866,050
 
 
$30,668,503
 
 
$766,102
 
 
$2,079,362
Net realized gain (loss)
 
 
362,954
 
 
(3,000,384)
 
 
1,741,162
 
 
4,062,943
Net change in unrealized appreciation (depreciation)
 
 
4,813,090
 
 
(8,678,270)
 
 
11,267,459
 
 
(5,802,723)
Net increase (decrease) in net assets from operations
 
 
24,042,094
 
 
18,989,849
 
 
13,774,723
 
 
339,582
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(17,752,048)
 
 
(30,026,014)
 
 
(739,864)
 
 
(2,079,362)
From return of capital
 
 
—
 
 
—
 
 
—
 
 
(11,498)
Total distributions to shareholders
 
 
(17,752,048)
 
 
(30,026,014)
 
 
(739,864)
 
 
(2,090,860)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
113,755,672
 
 
325,508,316
 
 
1,986,345
 
 
21,048,080
Shares redeemed
 
 
(23,706,330)
 
 
(91,817,470)
 
 
(10,097,235)
 
 
(30,416,545)
Net increase (decrease) in net assets from capital transactions
 
 
90,049,342
 
 
233,690,846
 
 
(8,110,890)
 
 
(9,368,465)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
96,339,388
 
 
222,654,681
 
 
4,923,969
 
 
(11,119,743)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
471,076,288
 
 
248,421,607
 
 
82,917,679
 
 
94,037,422
End of the period
 
 
$ 567,415,676
 
 
$471,076,288
 
 
$87,841,648
 
 
$82,917,679
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
2,400,000
 
 
6,840,000
 
 
50,000
 
 
550,000
Shares redeemed
 
 
(500,000)
 
 
(1,960,000)
 
 
(250,000)
 
 
(800,000)
Total increase (decrease) in shares outstanding
 
 
1,900,000
 
 
4,880,000
 
 
(200,000)
 
 
(250,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
95
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer CFRA-Stovall Equal Weight
Seasonal Rotation ETF
 
 
Pacer Data & Infrastructure
Real Estate ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$132,366
 
 
$395,999
 
 
$5,484,065
 
 
$8,913,453
Net realized gain (loss)
 
 
(21,677)
 
 
(1,934,212)
 
 
2,949,362
 
 
(24,027,355)
Net change in unrealized appreciation (depreciation)
 
 
1,171
 
 
6,247
 
 
(401,777)
 
 
93,264,010
Net increase (decrease) in net assets from operations
 
 
111,860
 
 
(1,531,966)
 
 
8,031,650
 
 
78,150,108
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(94,425)
 
 
(381,571)
 
 
(3,549,374)
 
 
(7,675,002)
Total distributions to shareholders
 
 
(94,425)
 
 
(381,571)
 
 
(3,549,374)
 
 
(7,675,002)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
—
 
 
4,725,285
 
 
42,453,770
Shares redeemed
 
 
(8,638,650)
 
 
(16,611,710)
 
 
(16,973,055)
 
 
(101,559,955)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
492
 
 
52,704
Net increase (decrease) in net assets from capital transactions
 
 
(8,638,650)
 
 
(16,611,710)
 
 
(12,247,278)
 
 
(59,053,481)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(8,621,215)
 
 
(18,525,247)
 
 
(7,765,002)
 
 
11,421,625
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
20,615,078
 
 
39,140,325
 
 
432,583,133
 
 
421,161,508
End of the period
 
 
$11,993,863
 
 
$20,615,078
 
 
$424,818,131
 
 
$432,583,133
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
—
 
 
150,000
 
 
1,400,000
Shares redeemed
 
 
(250,000)
 
 
(450,000)
 
 
(550,000)
 
 
(3,350,000)
Total increase (decrease) in shares
outstanding
 
 
(250,000)
 
 
(450,000)
 
 
(400,000)
 
 
(1,950,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
96
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Data and Digital
Revolution ETF
 
 
Pacer Developed Markets
International Cash Cows 100 ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$61,569
 
 
$64,698
 
 
$20,822,571
 
 
$41,232,763
Net realized gain (loss)
 
 
5,053,811
 
 
1,107,831
 
 
38,732,895
 
 
23,397,082
Net change in unrealized appreciation (depreciation)
 
 
47,583,950
 
 
1,553,080
 
 
165,279,916
 
 
(19,997,482)
Net increase (decrease) in net assets from operations
 
 
52,699,330
 
 
2,725,609
 
 
224,835,382
 
 
44,632,363
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings
 
 
—
 
 
(154,338)
 
 
(14,490,666)
 
 
(63,128,996)
Total distributions to shareholders
 
 
—
 
 
(154,338)
 
 
(14,490,666)
 
 
(63,128,996)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
222,326,712
 
 
28,678,978
 
 
258,326,815
 
 
221,721,448
Shares redeemed
 
 
(12,335,540)
 
 
(5,574,412)
 
 
(167,475,000)
 
 
(558,583,800)
ETF transaction fees (See Note 1)
 
 
794
 
 
—
 
 
21,221
 
 
193,091
Net increase (decrease) in net assets from capital transactions
 
 
209,991,966
 
 
23,104,566
 
 
90,873,036
 
 
(336,669,261)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
262,691,296
 
 
25,675,837
 
 
301,217,752
 
 
(355,165,894)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
54,487,874
 
 
28,812,037
 
 
1,050,032,545
 
 
1,405,198,439
End of the period
 
 
$ 317,179,170
 
 
$54,487,874
 
 
$1,351,250,297
 
 
$1,050,032,545
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
3,360,000
 
 
580,000
 
 
7,550,000
 
 
7,200,000
Shares redeemed
 
 
(200,000)
 
 
(120,000)
 
 
(5,000,000)
 
 
(18,650,000)
Total increase (decrease) in shares
outstanding
 
 
3,160,000
 
 
460,000
 
 
2,550,000
 
 
(11,450,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
97
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Emerging Markets
Cash Cows 100 ETF
 
 
Pacer Global Cash Cows
Dividend ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$2,549,261
 
 
$4,280,802
 
 
$49,481,192
 
 
$88,815,013
Net realized gain (loss)
 
 
1,957,286
 
 
6,476,221
 
 
78,448,552
 
 
55,002,536
Net change in unrealized appreciation (depreciation)
 
 
16,836,984
 
 
(4,414,552)
 
 
95,661,480
 
 
80,805,962
Net increase (decrease) in net assets from operations
 
 
21,343,531
 
 
6,342,471
 
 
223,591,224
 
 
224,623,511
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(1,835,527)
 
 
(6,888,072)
 
 
(37,111,130)
 
 
(82,367,486)
Total distributions to shareholders
 
 
(1,835,527)
 
 
(6,888,072)
 
 
(37,111,130)
 
 
(82,367,486)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
38,558,255
 
 
36,547,535
 
 
578,506,215
 
 
580,566,230
Shares redeemed
 
 
(17,017,440)
 
 
(52,366,335)
 
 
(471,257,500)
 
 
(450,027,535)
ETF transaction fees (See Note 1)
 
 
40,765
 
 
27,029
 
 
12,476
 
 
37,927
Net increase (decrease) in net assets from capital transactions
 
 
21,581,580
 
 
(15,791,771)
 
 
107,261,191
 
 
130,576,622
NET INCREASE (DECREASE) IN NET ASSETS
 
 
41,089,584
 
 
(16,337,372)
 
 
293,741,285
 
 
272,832,647
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
80,749,008
 
 
97,086,380
 
 
2,189,516,124
 
 
1,916,683,477
End of the period
 
 
$ 121,838,592
 
 
$80,749,008
 
 
$2,483,257,409
 
 
$2,189,516,124
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
1,750,000
 
 
1,750,000
 
 
15,250,000
 
 
16,650,000
Shares redeemed
 
 
(800,000)
 
 
(2,550,000)
 
 
(12,500,000)
 
 
(13,150,000)
Total increase (decrease) in shares outstanding
 
 
950,000
 
 
(800,000)
 
 
2,750,000
 
 
3,500,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
98
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Industrial Real
Estate ETF
 
 
Pacer Industrials and
Logistics ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$2,439,036
 
 
$5,457,171
 
 
$10,736
 
 
$19,010
Net realized gain (loss)
 
 
(1,019,170)
 
 
(270,695)
 
 
147,274
 
 
10,480
Net change in unrealized appreciation (depreciation)
 
 
5,966,315
 
 
6,586,805
 
 
(41,471)
 
 
(35,165)
Net increase (decrease) in net assets from operations
 
 
7,386,181
 
 
11,773,281
 
 
116,539
 
 
(5,675)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(1,586,887)
 
 
(4,737,411)
 
 
(9,883)
 
 
(28,143)
Total distributions to shareholders
 
 
(1,586,887)
 
 
(4,737,411)
 
 
(9,883)
 
 
(28,143)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
1,836,520
 
 
—
 
 
547,708
 
 
—
Shares redeemed
 
 
(29,318,180)
 
 
(63,521,880)
 
 
(1,098,464)
 
 
—
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
133
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
(27,481,660)
 
 
(63,521,880)
 
 
(550,623)
 
 
—
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(21,682,366)
 
 
(56,486,010)
 
 
(443,967)
 
 
(33,818)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
138,282,607
 
 
194,768,617
 
 
1,021,546
 
 
1,055,364
End of the period
 
 
$116,600,241
 
 
$138,282,607
 
 
$577,579
 
 
$1,021,546
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
50,000
 
 
—
 
 
20,000
 
 
—
Shares redeemed
 
 
(800,000)
 
 
(1,650,000)
 
 
(40,000)
 
 
—
Total increase (decrease) in shares
outstanding
 
 
(750,000)
 
 
(1,650,000)
 
 
(20,000)
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
99
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Lunt Large Cap
Alternator ETF
 
 
Pacer Lunt Large Cap
Multi-Factor Alternator ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$382,656
 
 
$2,800,046
 
 
$1,710,883
 
 
$3,392,514
Net realized gain (loss)
 
 
4,462,886
 
 
14,483,981
 
 
7,570,853
 
 
38,204,437
Net change in unrealized appreciation (depreciation)
 
 
26,270,223
 
 
(4,389,021)
 
 
19,844,485
 
 
(23,082,113)
Net increase (decrease) in net assets from operations
 
 
31,115,765
 
 
12,895,006
 
 
29,126,221
 
 
18,514,838
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(347,769)
 
 
(2,916,487)
 
 
(1,227,751)
 
 
(3,109,855)
Total distributions to shareholders
 
 
(347,769)
 
 
(2,916,487)
 
 
(1,227,751)
 
 
(3,109,855)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
—
 
 
4,916,380
 
 
309,970,905
Shares redeemed
 
 
(50,948,445)
 
 
(137,440,600)
 
 
(49,969,260)
 
 
(332,341,605)
Net increase (decrease) in net assets from capital transactions
 
 
(50,948,445)
 
 
(137,440,600)
 
 
(45,052,880)
 
 
(22,370,700)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(20,180,449)
 
 
(127,462,081)
 
 
(17,154,410)
 
 
(6,965,717)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
129,167,550
 
 
256,629,631
 
 
290,112,697
 
 
297,078,414
End of the period
 
 
$ 108,987,101
 
 
$129,167,550
 
 
$272,958,287
 
 
$290,112,697
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
—
 
 
100,000
 
 
6,250,000
Shares redeemed
 
 
(1,350,000)
 
 
(3,750,000)
 
 
(1,000,000)
 
 
(6,750,000)
Total increase (decrease) in shares outstanding
 
 
(1,350,000)
 
 
(3,750,000)
 
 
(900,000)
 
 
(500,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
100
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Lunt MidCap
Multi-Factor Alternator ETF
 
 
Pacer MSCI World
Industry Advantage ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Period Ended
April 30, 2025(a)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$463,693
 
 
$795,107
 
 
$1,766
 
 
$2,744
Net realized gain (loss)
 
 
4,878,782
 
 
688,794
 
 
5,423
 
 
55,765
Net change in unrealized appreciation
(depreciation)
 
 
2,034,858
 
 
(6,259,429)
 
 
198,249
 
 
(47,819)
Net increase (decrease) in net assets from operations
 
 
7,377,333
 
 
(4,775,528)
 
 
205,438
 
 
10,690
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(229,859)
 
 
(583,598)
 
 
(1,044)
 
 
(1,271)
Total distributions to shareholders
 
 
(229,859)
 
 
(583,598)
 
 
(1,044)
 
 
(1,271)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
65,046,150
 
 
—
 
 
1,225,746
Shares redeemed
 
 
(13,404,230)
 
 
(52,038,800)
 
 
—
 
 
(427,030)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
—
 
 
106
Net increase (decrease) in net assets from capital transactions
 
 
(13,404,230)
 
 
13,007,350
 
 
—
 
 
798,822
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(6,256,756)
 
 
7,648,224
 
 
204,394
 
 
808,241
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
63,456,863
 
 
55,808,639
 
 
808,241
 
 
—
End of the period
 
 
$57,200,107
 
 
$63,456,863
 
 
$1,012,635
 
 
$808,241
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
1,400,000
 
 
—
 
 
60,000
Shares redeemed
 
 
(300,000)
 
 
(1,150,000)
 
 
—
 
 
(20,000)
Total increase (decrease) in shares
outstanding
 
 
(300,000)
 
 
250,000
 
 
—
 
 
40,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 16, 2024.
The accompanying notes are an integral part of these financial statements.
 
101
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Nasdaq 100 Top 50
Cash Cows Growth Leaders ETF
 
 
Pacer Nasdaq International
Patent Leaders ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Period Ended
April 30, 2025(a)
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Period Ended
April 30, 2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$1,306
 
 
$2,584
 
 
$89,344
 
 
$19,348
Net realized gain (loss)
 
 
(55,558)
 
 
(16,259)
 
 
(20,502)
 
 
(2,983)
Net change in unrealized appreciation
(depreciation)
 
 
1,138,605
 
 
(11,512)
 
 
3,586,636
 
 
409,519
Net increase (decrease) in net assets from operations
 
 
1,084,353
 
 
(25,187)
 
 
3,655,478
 
 
425,884
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(1,870)
 
 
(2,004)
 
 
(39,236)
 
 
(2,334)
Total distributions to shareholders
 
 
(1,870)
 
 
(2,004)
 
 
(39,236)
 
 
(2,334)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
4,117,996
 
 
4,121,698
 
 
5,249,578
 
 
9,292,858
Shares redeemed
 
 
(442,590)
 
 
(438,942)
 
 
—
 
 
—
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
3,560
 
 
5,230
Net increase (decrease) in net assets from capital transactions
 
 
3,675,406
 
 
3,682,756
 
 
5,253,138
 
 
9,298,088
NET INCREASE (DECREASE) IN NET ASSETS
 
 
4,757,889
 
 
3,655,565
 
 
8,869,380
 
 
9,721,638
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
3,655,565
 
 
—
 
 
9,721,638
 
 
—
End of the period
 
 
$ 8,413,454
 
 
$3,655,565
 
 
$18,591,018
 
 
$9,721,638
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
180,000
 
 
200,000
 
 
220,000
 
 
460,000
Shares redeemed
 
 
(20,000)
 
 
(20,000)
 
 
—
 
 
—
Total increase (decrease) in shares
outstanding
 
 
160,000
 
 
180,000
 
 
220,000
 
 
460,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 19, 2024.
(b)
Inception date of the Fund was September 16, 2024.
The accompanying notes are an integral part of these financial statements.
 
102
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot® 100 ETF
 
 
Pacer Trendpilot® European
Index ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$2,192,481
 
 
$26,734,566
 
 
$459,185
 
 
$811,451
Net realized gain (loss)
 
 
10,166,674
 
 
136,154,749
 
 
267,198
 
 
3,520,111
Net change in unrealized appreciation (depreciation)
 
 
224,887,316
 
 
(149,512,111)
 
 
3,626,405
 
 
(2,485,462)
Net increase (decrease) in net assets from operations
 
 
237,246,471
 
 
13,377,204
 
 
4,352,788
 
 
1,846,100
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
—
 
 
(26,511,031)
 
 
—
 
 
(918,289)
Total distributions to shareholders
 
 
—
 
 
(26,511,031)
 
 
—
 
 
(918,289)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
13,549,855
 
 
585,578,760
 
 
4,157,325
 
 
1,379,650
Shares redeemed
 
 
(154,192,675)
 
 
(525,921,580)
 
 
(2,872,415)
 
 
(11,939,435)
Net increase (decrease) in net assets from capital transactions
 
 
(140,642,820)
 
 
59,657,180
 
 
1,284,910
 
 
(10,559,785)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
96,603,651
 
 
46,523,353
 
 
5,637,698
 
 
(9,631,974)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
1,227,992,818
 
 
1,181,469,465
 
 
30,458,598
 
 
40,090,572
End of the period
 
 
$ 1,324,596,469
 
 
$1,227,992,818
 
 
$36,096,296
 
 
$30,458,598
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
200,000
 
 
8,350,000
 
 
150,000
 
 
50,000
Shares redeemed
 
 
(2,150,000)
 
 
(7,700,000)
 
 
(100,000)
 
 
(450,000)
Total increase (decrease) in shares outstanding
 
 
(1,950,000)
 
 
650,000
 
 
50,000
 
 
(400,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
103
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot® Fund of Funds ETF
 
 
Pacer Trendpilot® International ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$286,000
 
 
$1,197,584
 
 
$1,709,450
 
 
$3,139,314
Net realized gain (loss)
 
 
2,848,640
 
 
656,341
 
 
881,044
 
 
14,855,855
Net change in unrealized appreciation (depreciation)
 
 
2,463,361
 
 
(248,009)
 
 
18,979,928
 
 
(18,242,758)
Net increase (decrease) in net assets from operations
 
 
5,598,001
 
 
1,605,916
 
 
21,570,422
 
 
(247,589)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
—
 
 
(1,236,269)
 
 
—
 
 
(3,741,817)
Total distributions to shareholders
 
 
—
 
 
(1,236,269)
 
 
—
 
 
(3,741,817)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
8,056,960
 
 
8,248,890
 
 
4,157,710
 
 
98,887,365
Shares redeemed
 
 
(14,741,675)
 
 
(3,154,950)
 
 
(10,624,680)
 
 
(97,821,615)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
2,398
 
 
522
Net increase (decrease) in net assets from capital transactions
 
 
(6,684,715)
 
 
5,093,940
 
 
(6,464,572)
 
 
1,066,272
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(1,086,714)
 
 
5,463,587
 
 
15,105,850
 
 
(2,923,134)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
55,757,574
 
 
50,293,987
 
 
147,748,453
 
 
150,671,587
End of the period
 
 
$54,670,860
 
 
$55,757,574
 
 
$162,854,303
 
 
$147,748,453
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
250,000
 
 
250,000
 
 
150,000
 
 
3,600,000
Shares redeemed
 
 
(450,000)
 
 
(100,000)
 
 
(350,000)
 
 
(3,550,000)
Total increase (decrease) in shares outstanding
 
 
(200,000)
 
 
150,000
 
 
(200,000)
 
 
50,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
104
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot® US Bond ETF
 
 
Pacer Trendpilot® US Large Cap ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$3,911,168
 
 
$9,740,761
 
 
$14,620,615
 
 
$32,851,979
Net realized gain (loss)
 
 
(694,358)
 
 
(675,094)
 
 
20,231,303
 
 
525,578,640
Net change in unrealized appreciation (depreciation)
 
 
(2,251,919)
 
 
220,612
 
 
439,268,068
 
 
(410,553,943)
Net increase (decrease) in net assets from operations
 
 
964,891
 
 
9,286,279
 
 
474,119,986
 
 
147,876,676
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(3,801,953)
 
 
(9,614,449)
 
 
—
 
 
(22,354,127)
Total distributions to shareholders
 
 
(3,801,953)
 
 
(9,614,449)
 
 
—
 
 
(22,354,127)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
26,277,780
 
 
53,559,830
 
 
1,881,251,920
Shares redeemed
 
 
(33,475,100)
 
 
(42,467,240)
 
 
(281,778,080)
 
 
(1,412,869,140)
ETF transaction fees (See Note 1)
 
 
—
 
 
(2,250)
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
(33,475,100)
 
 
(16,191,710)
 
 
(228,218,250)
 
 
468,382,780
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(36,312,162)
 
 
(16,519,880)
 
 
245,901,736
 
 
593,905,329
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
161,501,090
 
 
178,020,970
 
 
3,213,687,073
 
 
2,619,781,744
End of the period
 
 
$ 125,188,928
 
 
$161,501,090
 
 
$3,459,588,809
 
 
$3,213,687,073
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
1,300,000
 
 
1,100,000
 
 
37,300,000
Shares redeemed
 
 
(1,700,000)
 
 
(2,100,000)
 
 
(5,450,000)
 
 
(28,450,000)
Total increase (decrease) in shares outstanding
 
 
(1,700,000)
 
 
(800,000)
 
 
(4,350,000)
 
 
8,850,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
105
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot® US Mid Cap ETF
 
 
Pacer US Cash Cows 100 ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$3,849,839
 
 
$5,285,070
 
 
$215,623,004
 
 
$484,477,318
Net realized gain (loss)
 
 
1,239,373
 
 
37,488,719
 
 
1,044,621,197
 
 
1,067,700,982
Net change in unrealized appreciation (depreciation)
 
 
5,669,071
 
 
(31,960,626)
 
 
1,157,957,687
 
 
(2,471,540,844)
Net increase (decrease) in net assets from operations
 
 
10,758,283
 
 
10,813,163
 
 
2,418,201,888
 
 
(919,362,544)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
—
 
 
(3,747,410)
 
 
(169,290,444)
 
 
(441,193,276)
Total distributions to shareholders
 
 
—
 
 
(3,747,410)
 
 
(169,290,444)
 
 
(441,193,276)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
29,571,870
 
 
72,696,705
 
 
116,422,215
 
 
12,304,155,970
Shares redeemed
 
 
(63,049,775)
 
 
(40,990,795)
 
 
(5,194,437,895)
 
 
(12,619,807,555)
Net increase (decrease) in net assets from capital transactions
 
 
(33,477,905)
 
 
31,705,910
 
 
(5,078,015,680)
 
 
(315,651,585)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(22,719,622)
 
 
38,771,663
 
 
(2,829,104,236)
 
 
(1,676,207,405)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
423,240,566
 
 
384,468,903
 
 
20,965,678,322
 
 
22,641,885,727
End of the period
 
 
$ 400,520,944
 
 
$423,240,566
 
 
$18,136,574,086
 
 
$20,965,678,322
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
850,000
 
 
2,000,000
 
 
2,050,000
 
 
217,750,000
Shares redeemed
 
 
(1,800,000)
 
 
(1,150,000)
 
 
(92,800,000)
 
 
(227,100,000)
Total increase (decrease) in shares outstanding
 
 
(950,000)
 
 
850,000
 
 
(90,750,000)
 
 
(9,350,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
106
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer US Cash Cows Growth ETF
 
 
Pacer US Export Leaders ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$71,636
 
 
$308,701
 
 
$86,671
 
 
$289,470
Net realized gain (loss)
 
 
5,251,689
 
 
7,612,281
 
 
3,462,656
 
 
5,109,168
Net change in unrealized appreciation
(depreciation)
 
 
8,761,400
 
 
(3,658,084)
 
 
6,581,317
 
 
(6,359,555)
Net increase (decrease) in net assets from operations
 
 
14,084,725
 
 
4,262,898
 
 
10,130,644
 
 
(960,917)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(71,136)
 
 
(138,341)
 
 
(73,294)
 
 
(260,011)
Total distributions to shareholders
 
 
(71,136)
 
 
(138,341)
 
 
(73,294)
 
 
(260,011)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
7,982,375
 
 
88,382,680
 
 
5,746,390
 
 
17,312,920
Shares redeemed
 
 
(2,532,570)
 
 
(67,775,085)
 
 
(20,786,270)
 
 
(36,765,530)
Net increase (decrease) in net assets from capital transactions
 
 
5,449,805
 
 
20,607,595
 
 
(15,039,880)
 
 
(19,452,610)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
19,463,394
 
 
24,732,152
 
 
(4,982,530)
 
 
(20,673,538)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
71,143,782
 
 
46,411,630
 
 
40,520,671
 
 
61,194,209
End of the period
 
 
$ 90,607,176
 
 
$71,143,782
 
 
$35,538,141
 
 
$40,520,671
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
150,000
 
 
1,950,000
 
 
100,000
 
 
350,000
Shares redeemed
 
 
(50,000)
 
 
(1,500,000)
 
 
(400,000)
 
 
(750,000)
Total increase (decrease) in shares
outstanding
 
 
100,000
 
 
450,000
 
 
(300,000)
 
 
(400,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
107
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer US Large Cap Cash Cows
Growth Leaders ETF
 
 
Pacer US Small Cap Cash Cows ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$3,736,267
 
 
$2,031,544
 
 
$27,303,994
 
 
$94,623,246
Net realized gain (loss)
 
 
23,854,857
 
 
(13,965,841)
 
 
246,177,979
 
 
(951,870,472)
Net change in unrealized appreciation (depreciation)
 
 
236,879,732
 
 
29,885,244
 
 
575,366,078
 
 
(741,547,757)
Net increase (decrease) in net assets from operations
 
 
264,470,856
 
 
17,950,947
 
 
848,848,051
 
 
(1,598,794,983)
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings
 
 
(2,948,022)
 
 
(1,361,850)
 
 
(23,644,919)
 
 
(86,496,425)
Total distributions to shareholders
 
 
(2,948,022)
 
 
(1,361,850)
 
 
(23,644,919)
 
 
(86,496,425)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
1,063,603,155
 
 
1,379,070,988
 
 
53,996,770
 
 
2,290,326,815
Shares redeemed
 
 
(152,520,240)
 
 
(75,581,485)
 
 
(1,309,811,255)
 
 
(5,819,056,550)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
12
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
911,082,915
 
 
1,303,489,503
 
 
(1,255,814,473)
 
 
(3,528,729,735)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
1,172,605,749
 
 
1,320,078,600
 
 
(430,611,341)
 
 
(5,214,021,143)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
1,440,420,695
 
 
120,342,095
 
 
4,185,670,049
 
 
9,399,691,192
End of the period
 
 
$ 2,613,026,444
 
 
$1,440,420,695
 
 
$3,755,058,708
 
 
$4,185,670,049
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
30,525,000
 
 
42,950,000
 
 
1,300,000
 
 
51,100,000
Shares redeemed
 
 
(4,400,000)
 
 
(2,475,000)
 
 
(32,050,000)
 
 
(138,950,000)
Total increase (decrease) in shares outstanding
 
 
26,125,000
 
 
40,475,000
 
 
(30,750,000)
 
 
(87,850,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
108
 
PACER FUNDS
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer US Small Cap Cash Cows
Growth Leaders ETF
 
 
Pacer WealthShield ETF
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$17,114
 
 
$64,824
 
 
$173,098
 
 
$410,139
Net realized gain (loss)
 
 
87,748
 
 
(195,515)
 
 
243,251
 
 
3,033,255
Net change in unrealized appreciation (depreciation)
 
 
1,673,909
 
 
(445,993)
 
 
2,322,780
 
 
(1,038,458)
Net increase (decrease) in net assets from operations
 
 
1,778,771
 
 
(576,684)
 
 
2,739,129
 
 
2,404,936
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(13,530)
 
 
(54,584)
 
 
(174,453)
 
 
(281,926)
Total distributions to shareholders
 
 
(13,530)
 
 
(54,584)
 
 
(174,453)
 
 
(281,926)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
2,507,575
 
 
18,663,390
 
 
3,113,510
 
 
7,672,770
Shares redeemed
 
 
(2,425,730)
 
 
(9,328,743)
 
 
(4,930,635)
 
 
(3,057,930)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
—
 
 
1,059
Net increase (decrease) in net assets from capital transactions
 
 
81,845
 
 
9,334,647
 
 
(1,817,125)
 
 
4,615,899
NET INCREASE (DECREASE) IN NET ASSETS
 
 
1,847,086
 
 
8,703,379
 
 
747,551
 
 
6,738,909
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
17,873,638
 
 
9,170,259
 
 
26,185,405
 
 
19,446,496
End of the period
 
 
$ 19,720,724
 
 
$17,873,638
 
 
$26,932,956
 
 
$26,185,405
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
100,000
 
 
750,000
 
 
100,000
 
 
250,000
Shares redeemed
 
 
(100,000)
 
 
(375,000)
 
 
(150,000)
 
 
(100,000)
Total increase (decrease) in shares
outstanding
 
 
—
 
 
375,000
 
 
(50,000)
 
 
150,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
109
 
Pacer Aristotle Pacific Floating Rate High Income ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2022(f)
 
 
Year Ended
June 30,
2021
 
2025
 
 
2024
 
 
2023
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$46.60
 
 
$47.50
 
 
$45.71
 
 
$47.76
 
 
$48.90
 
 
$46.52
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
1.69
 
 
3.64
 
 
4.23
 
 
3.34
 
 
1.47
 
 
1.47
Net realized and unrealized gain (loss) on investments(b)
 
 
0.53
 
 
(1.00)
 
 
1.58
 
 
(2.10)
 
 
(1.29)
 
 
2.47
Total from investment operations
 
 
2.22
 
 
2.64
 
 
5.81
 
 
1.24
 
 
0.18
 
 
3.94
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(1.57)
 
 
(3.54)
 
 
(4.02)
 
 
(3.29)
 
 
(1.32)
 
 
(1.56)
Total distributions
 
 
(1.57)
 
 
(3.54)
 
 
(4.02)
 
 
(3.29)
 
 
(1.32)
 
 
(1.56)
Net asset value, end of period
 
 
$47.25
 
 
$46.60
 
 
$47.50
 
 
$45.71
 
 
$47.76
 
 
$48.90
TOTAL RETURN(c)
 
 
4.80%
 
 
5.67%
 
 
13.25%
 
 
2.91%
 
 
0.34%
 
 
8.63%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)
 
 
$567,416
 
 
$471,076
 
 
$248,422
 
 
$100,095
 
 
$81,663
 
 
$31,788
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/
recoupment(d)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.62%
 
 
0.68%
After expense reimbursement/
recoupment(d)
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
 
 
0.86%
Ratio of net investment income (loss) to average net assets(d)
 
 
7.07%
 
 
7.66%
 
 
9.01%
 
 
7.36%
 
 
3.63%
 
 
3.04%
Portfolio turnover rate(c)(e)
 
 
17%
 
 
65%
 
 
43%
 
 
79%
 
 
37%
 
 
35%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
(f)
For the period July 1, 2021 to April 30, 2022.
The accompanying notes are an integral part of these financial statements.
 
110
 
Pacer Cash Cows Fund of Funds ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$36.85
 
 
$37.61
 
 
$33.53
 
 
$33.44
 
 
$33.44
 
 
$20.83
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)(h)
 
 
0.36
 
 
0.87
 
 
0.94
 
 
0.76
 
 
0.79
 
 
0.55
Net realized and unrealized gain (loss) on investments(b)
 
 
5.99
 
 
(0.74)
 
 
4.13
 
 
0.11
 
 
—
 
 
12.56
Total from investment operations
 
 
6.35
 
 
0.13
 
 
5.07
 
 
0.87
 
 
0.79
 
 
13.11
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.35)
 
 
(0.89)
 
 
(0.99)
 
 
(0.78)
 
 
(0.79)
 
 
(0.50)
Net realized gains
 
 
—
 
 
—
 
 
(0.00)(c)
 
 
(0.00)(c)
 
 
—
 
 
—
Return of capital
 
 
—
 
 
(0.00)(c)
 
 
(0.00)(c)
 
 
(0.00)(c)
 
 
—
 
 
—
Total distributions
 
 
(0.35)
 
 
(0.89)
 
 
(0.99)
 
 
(0.78)
 
 
(0.79)
 
 
(0.50)
Net asset value, end of period
 
 
$42.85
 
 
$36.85
 
 
$37.61
 
 
$33.53
 
 
$33.44
 
 
$33.44
TOTAL RETURN(d)
 
 
17.27%
 
 
0.29%
 
 
15.38%
 
 
2.81%
 
 
2.29%
 
 
63.73%
SUPPLEMENTAL DATA AND RATIOS:(e)
Net assets, end of period (in thousands)
 
 
$87,842
 
 
$82,918
 
 
$94,037
 
 
$48,618
 
 
$8,361
 
 
$1,672
Ratio of expenses to average net assets(f)
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.16%
 
 
0.15%
Ratio of net investment income (loss) to average net assets(f)
 
 
1.76%
 
 
2.27%
 
 
2.64%
 
 
2.33%
 
 
2.27%
 
 
2.09%
Portfolio turnover rate(d)(g)
 
 
2%
 
 
6%
 
 
4%
 
 
8%
 
 
26%
 
 
9%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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)
Portfolio turnover rate excludes in-kind transactions.
(h)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
 
111
 
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$34.36
 
 
$37.28
 
 
$36.60
 
 
$34.95
 
 
$37.16
 
 
$25.23
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.27
 
 
0.45
 
 
0.41
 
 
0.40
 
 
0.34
 
 
0.26
Net realized and unrealized gain (loss) on investments(b)
 
 
(0.16)
 
 
(2.94)
 
 
0.70
 
 
1.65
 
 
(2.21)
 
 
11.95
Total from investment operations
 
 
0.11
 
 
(2.49)
 
 
1.11
 
 
2.05
 
 
(1.87)
 
 
12.21
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.20)
 
 
(0.43)
 
 
(0.43)
 
 
(0.40)
 
 
(0.34)
 
 
(0.28)
Total distributions
 
 
(0.20)
 
 
(0.43)
 
 
(0.43)
 
 
(0.40)
 
 
(0.34)
 
 
(0.28)
Net asset value, end of period
 
 
$34.27
 
 
$34.36
 
 
$37.28
 
 
$36.60
 
 
$34.95
 
 
$37.16
TOTAL RETURN(c)(f)
 
 
0.31%
 
 
−6.81%
 
 
3.13%
 
 
5.95%
 
 
−5.11%
 
 
48.66%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)
 
 
$11,994
 
 
$20,615
 
 
$39,140
 
 
$78,680
 
 
$80,388
 
 
$66,883
Ratio of expenses to average net assets(d)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(d)
 
 
1.55%
 
 
1.20%
 
 
1.16%
 
 
1.16%
 
 
0.89%
 
 
0.89%
Portfolio turnover rate(c)(e)
 
 
207%
 
 
190%
 
 
185%
 
 
227%
 
 
225%
 
 
217%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
(f)
Total return was calculated using the traded NAV due to the re-balancing of the portfolio at April 30, 2022.
The accompanying notes are an integral part of these financial statements.
 
112
 
Pacer Data & Infrastructure Real Estate ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$30.79
 
 
$26.32
 
 
$29.68
 
 
$37.50
 
 
$38.48
 
 
$33.27
INVESTMENT OPERATIONS:
Net investment income(a)
 
 
0.40
 
 
0.61
 
 
0.71
 
 
0.77
 
 
0.32
 
 
0.36
Net realized and unrealized gain (loss) on investments(b)
 
 
0.18
 
 
4.37
 
 
(2.98)
 
 
(7.92)
 
 
(0.91)
 
 
5.39
Total from investment operations
 
 
0.58
 
 
4.98
 
 
(2.27)
 
 
(7.15)
 
 
(0.59)
 
 
5.75
LESS DISTRIBUTIONS FROM:
Net investment income
 
 
(0.25)
 
 
(0.51)
 
 
(1.09)
 
 
(0.61)
 
 
(0.33)
 
 
(0.37)
Net realized gains
 
 
—
 
 
—
 
 
—
 
 
(0.06)
 
 
(0.06)
 
 
—
Return of capital
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(0.17)
Total distributions
 
 
(0.25)
 
 
(0.51)
 
 
(1.09)
 
 
(0.67)
 
 
(0.39)
 
 
(0.54)
ETF transaction fees per share (See Note 1)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
—
 
 
—
Net asset value, end of period
 
 
$31.12
 
 
$30.79
 
 
$26.32
 
 
$29.68
 
 
$37.50
 
 
$38.48
TOTAL RETURN(d)
 
 
1.91%
 
 
19.05%
 
 
−7.74%
 
 
−19.11%
 
 
−1.63%
 
 
17.46%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)
 
 
$424,818
 
 
$432,583
 
 
$421,162
 
 
$700,548
 
 
$1,299,321
 
 
$1,119,810
Ratio of expenses to average net assets(g):
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/
recoupment(e)
 
 
0.56%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.62%
 
 
0.60%
After expense reimbursement/
recoupment(e) (See Note 3)
 
 
0.53%
 
 
0.55%
 
 
0.55%
 
 
0.58%
 
 
N/A
 
 
N/A
Ratio of net investment income (loss) to average net assets(e)
 
 
2.48%
 
 
2.04%
 
 
2.57%
 
 
2.43%
 
 
0.81%
 
 
1.02%
Portfolio turnover rate(d)(f)
 
 
12%
 
 
40%
 
 
68%
 
 
51%
 
 
23%
 
 
30%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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)
Effective August 29, 2025 the investment advisory fee changed from 0.60% to 0.49%
The accompanying notes are an integral part of these financial statements.
 
113
 
Pacer Data and Digital Revolution ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2023(a)
 
 
 
2025
 
 
2024
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$46.18
 
 
$40.02
 
 
$25.36
 
 
$25.31
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.03
 
 
0.07
 
 
0.10
 
 
0.15
Net realized and unrealized gain (loss) on investments(c)
 
 
26.87
 
 
6.29
 
 
14.62
 
 
0.04
Total from investment operations
 
 
26.90
 
 
6.36
 
 
14.72
 
 
0.19
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
—
 
 
(0.05)
 
 
(0.06)
 
 
(0.14)
Net realized gains
 
 
—
 
 
(0.15)
 
 
—
 
 
—
Total distributions
 
 
—
 
 
(0.20)
 
 
(0.06)
 
 
(0.14)
ETF transaction fees per share (See Note 1)
 
 
0.00(d)
 
 
—
 
 
0.00(d)
 
 
—
Net asset value, end of period
 
 
$73.08
 
 
$46.18
 
 
$40.02
 
 
$25.36
TOTAL RETURN(e)
 
 
58.27%
 
 
15.90%
 
 
58.06%
 
 
0.84%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$317,179
 
 
$54,488
 
 
$28,812
 
 
$1,014
Ratio of expenses to average net assets(f)(h)
 
 
0.52%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net
assets(f)
 
 
0.10%
 
 
0.14%
 
 
0.27%
 
 
0.73%
Portfolio turnover rate(e)(g)
 
 
13%
 
 
36%
 
 
27%
 
 
9%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 8, 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.
 
114
 
Pacer Developed Markets International Cash Cows 100 ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$31.77
 
 
$31.58
 
 
$29.82
 
 
$29.69
 
 
$31.95
 
 
$20.99
INVESTMENT OPERATIONS:
Net investment income(a)
 
 
0.61
 
 
1.00
 
 
1.19
 
 
1.52
 
 
1.03
 
 
0.66
Net realized and unrealized gain (loss) on investments(b)
 
 
6.00
 
 
0.66
 
 
1.72
 
 
(0.18)
 
 
(2.43)
 
 
10.98
Total from investment operations
 
 
6.61
 
 
1.66
 
 
2.91
 
 
1.34
 
 
(1.40)
 
 
11.64
LESS DISTRIBUTIONS FROM:
Net investment income
 
 
(0.42)
 
 
(1.47)
 
 
(1.16)
 
 
(1.23)
 
 
(0.87)
 
 
(0.68)
Total distributions
 
 
(0.42)
 
 
(1.47)
 
 
(1.16)
 
 
(1.23)
 
 
(0.87)
 
 
(0.68)
ETF transaction fees per share (See Note 1)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.01
 
 
0.02
 
 
0.01
 
 
0.00(c)
Net asset value, end of period
 
 
$37.96
 
 
$31.77
 
 
$31.58
 
 
$29.82
 
 
$29.69
 
 
$31.95
TOTAL RETURN(d)
 
 
20.96%
 
 
5.53%
 
 
10.00%
 
 
5.26%
 
 
−4.48%
 
 
56.41%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)
 
 
$1,351,250
 
 
$1,050,033
 
 
$1,405,198
 
 
$554,584
 
 
$111,346
 
 
$20,769
Ratio of expenses to average net assets(e)
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(e)
 
 
3.47%
 
 
3.25%
 
 
3.89%
 
 
5.43%
 
 
3.28%
 
 
2.52%
Portfolio turnover rate(d)(f)
 
 
36%
 
 
79%
 
 
67%
 
 
59%
 
 
71%
 
 
83%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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.
 
115
 
Pacer Emerging Markets Cash Cows 100 ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$20.44
 
 
$20.44
 
 
$19.32
 
 
$22.14
 
 
$25.94
 
 
$19.11
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.57
 
 
0.90
 
 
1.03
 
 
1.12
 
 
1.36
 
 
0.72
Net realized and unrealized gain (loss) on investments(b)
 
 
4.26
 
 
0.49
 
 
1.15
 
 
(2.70)
 
 
(4.03)
 
 
6.91
Total from investment operations
 
 
4.83
 
 
1.39
 
 
2.18
 
 
(1.58)
 
 
(2.67)
 
 
7.63
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.41)
 
 
(1.40)
 
 
(1.07)
 
 
(1.30)
 
 
(1.14)
 
 
(0.85)
Total distributions
 
 
(0.41)
 
 
(1.40)
 
 
(1.07)
 
 
(1.30)
 
 
(1.14)
 
 
(0.85)
ETF transaction fees per share (See Note 1)
 
 
0.01
 
 
0.01
 
 
0.01
 
 
0.06
 
 
0.01
 
 
0.05
Net asset value, end of period
 
 
$24.87
 
 
$20.44
 
 
$20.44
 
 
$19.32
 
 
$22.14
 
 
$25.94
TOTAL RETURN(c)
 
 
23.84%
 
 
7.07%
 
 
11.79%
 
 
−6.43%
 
 
−10.67%
 
 
41.19%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)
 
 
$121,839
 
 
$80,749
 
 
$97,086
 
 
$55,051
 
 
$11,070
 
 
$3,891
Ratio of expenses to average net assets(d)
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.71%
 
 
0.70%
Ratio of net investment income (loss) to average net assets(d)
 
 
4.97%
 
 
4.35%
 
 
5.28%
 
 
5.93%
 
 
5.50%
 
 
3.12%
Portfolio turnover rate(c)(e)
 
 
46%
 
 
94%
 
 
73%
 
 
66%
 
 
97%
 
 
109%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
116
 
Pacer Global Cash Cows Dividend ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$36.74
 
 
$34.17
 
 
$34.15
 
 
$32.83
 
 
$31.10
 
 
$24.63
INVESTMENT OPERATIONS:
Net investment income(a)
 
 
0.81
 
 
1.56
 
 
1.75
 
 
1.94
 
 
1.39
 
 
1.17
Net realized and unrealized gain (loss) on investments(b)
 
 
2.88
 
 
2.46
 
 
0.27
 
 
0.65
 
 
1.69
 
 
6.51
Total from investment operations
 
 
3.69
 
 
4.02
 
 
2.02
 
 
2.59
 
 
3.08
 
 
7.68
LESS DISTRIBUTIONS FROM:
Net investment income
 
 
(0.60)
 
 
(1.45)
 
 
(2.00)
 
 
(1.28)
 
 
(1.35)
 
 
(1.21)
Total distributions
 
 
(0.60)
 
 
(1.45)
 
 
(2.00)
 
 
(1.28)
 
 
(1.35)
 
 
(1.21)
ETF transaction fees per share (See Note 1)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.01
 
 
0.00(c)
 
 
—
Net asset value, end of period
 
 
$39.83
 
 
$36.74
 
 
$34.17
 
 
$34.15
 
 
$32.83
 
 
$31.10
TOTAL RETURN(d)
 
 
10.13%
 
 
12.14%
 
 
6.17%
 
 
8.50%
 
 
10.22%
 
 
32.05%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)
 
 
$2,483,257
 
 
$2,189,516
 
 
$1,916,683
 
 
$1,579,560
 
 
$351,302
 
 
$135,269
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
4.12%
 
 
4.42%
 
 
5.21%
 
 
6.07%
 
 
4.32%
 
 
4.32%
Portfolio turnover rate(d)(f)
 
 
42%
 
 
49%
 
 
65%
 
 
47%
 
 
39%
 
 
76%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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.
 
117
 
Pacer Industrial Real Estate ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$35.92
 
 
$35.41
 
 
$40.73
 
 
$47.82
 
 
$42.12
 
 
$30.09
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.69
 
 
1.15
 
 
1.18
 
 
0.90
 
 
0.78
 
 
0.63
Net realized and unrealized gain (loss) on investments(b)
 
 
1.46
 
 
0.34
 
 
(4.94)
 
 
(6.99)
 
 
5.48
 
 
12.08
Total from investment operations
 
 
2.15
 
 
1.49
 
 
(3.76)
 
 
(6.09)
 
 
6.26
 
 
12.71
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.46)
 
 
(0.98)
 
 
(1.56)
 
 
(1.00)
 
 
(0.57)
 
 
(0.58)
Return of capital
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(0.10)
Total distributions
 
 
(0.46)
 
 
(0.98)
 
 
(1.56)
 
 
(1.00)
 
 
(0.57)
 
 
(0.68)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
0.01
 
 
0.00(c)
Net asset value, end of period
 
 
$37.61
 
 
$35.92
 
 
$35.41
 
 
$40.73
 
 
$47.82
 
 
$42.12
TOTAL RETURN(d)
 
 
6.04%
 
 
4.05%
 
 
−9.31%
 
 
−12.56%
 
 
14.88%
 
 
42.70%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)
 
 
$116,600
 
 
$138,283
 
 
$194,769
 
 
$219,932
 
 
$384,990
 
 
$200,086
Ratio of expenses to average net assets(g):
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/
recoupment(e)
 
 
0.56%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.61%
 
 
0.60%
After expense reimbursement/
recoupment(e) (See Note 3)
 
 
0.53%
 
 
0.55%
 
 
0.55%
 
 
0.58%
 
 
N/A
 
 
N/A
Ratio of net investment income (loss) to average net assets(e)
 
 
3.69%
 
 
2.99%
 
 
3.12%
 
 
2.25%
 
 
1.60%
 
 
1.75%
Portfolio turnover rate(d)(f)
 
 
7%
 
 
22%
 
 
19%
 
 
92%
 
 
43%
 
 
13%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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)
Effective August 29, 2025 the investment advisory fee changed from 0.60% to 0.49%
The accompanying notes are an integral part of these financial statements.
 
118
 
Pacer Industrials and Logistics ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2023(a)
 
 
 
2025
 
 
2024
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$25.54
 
 
$26.38
 
 
$25.24
 
 
$24.87
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.37
 
 
0.48
 
 
0.59
 
 
0.43
Net realized and unrealized gain (loss) on investments(c)
 
 
3.19
 
 
(0.62)
 
 
1.29
 
 
0.24
Total from investment operations
 
 
3.56
 
 
(0.14)
 
 
1.88
 
 
0.67
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.22)
 
 
(0.70)
 
 
(0.74)
 
 
(0.30)
Total distributions
 
 
(0.22)
 
 
(0.70)
 
 
(0.74)
 
 
(0.30)
ETF transaction fees per share (See Note 1)
 
 
0.00(d)
 
 
—
 
 
—
 
 
—
Net asset value, end of period
 
 
$28.88
 
 
$25.54
 
 
$26.38
 
 
$25.24
TOTAL RETURN(e)
 
 
13.97%
 
 
−0.62%
 
 
7.54%
 
 
2.90%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$578
 
 
$1,022
 
 
$1,055
 
 
$1,010
Ratio of expenses to average net assets(f)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(f)
 
 
2.62%
 
 
1.76%
 
 
2.26%
 
 
2.01%
Portfolio turnover rate(e)(g)
 
 
18%
 
 
37%
 
 
26%
 
 
10%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 8, 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.
The accompanying notes are an integral part of these financial statements.
 
119
 
Pacer Lunt Large Cap Alternator ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$33.99
 
 
$33.99
 
 
$36.46
 
 
$43.15
 
 
$40.74
 
 
$23.58
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.13
 
 
0.52
 
 
0.42
 
 
0.44
 
 
0.48
 
 
0.41
Net realized and unrealized gain (loss) on investments(c)
 
 
10.48
 
 
(0.01)
 
 
(2.47)
 
 
(6.67)
 
 
2.36
 
 
17.16
Total from investment operations
 
 
10.61
 
 
0.51
 
 
(2.05)
 
 
(6.23)
 
 
2.84
 
 
17.57
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.12)
 
 
(0.51)
 
 
(0.42)
 
 
(0.44)
 
 
(0.43)
 
 
(0.41)
Return of capital
 
 
—
 
 
—
 
 
—
 
 
(0.02)
 
 
—
 
 
—
Total distributions
 
 
(0.12)
 
 
(0.51)
 
 
(0.42)
 
 
(0.46)
 
 
(0.43)
 
 
(0.41)
Net asset value, end of period
 
 
$44.48
 
 
$33.99
 
 
$33.99
 
 
$36.46
 
 
$43.15
 
 
$40.74
TOTAL RETURN(d)
 
 
31.28%
 
 
1.42%
 
 
−5.65%
 
 
−14.49%
 
 
6.97%
 
 
74.99%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$108,987
 
 
$129,168
 
 
$256,630
 
 
$776,680
 
 
$554,454
 
 
$130,353
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.66%
 
 
1.41%
 
 
1.19%
 
 
1.11%
 
 
1.09%
 
 
1.59%
Portfolio turnover rate(d)(f)
 
 
147%
 
 
246%
 
 
597%
 
 
384%
 
 
722%
 
 
193%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 24, 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)
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.
 
120
 
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$46.79
 
 
$44.34
 
 
$34.95
 
 
$36.34
 
 
$37.61
 
 
$24.42
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.29
 
 
0.49
 
 
0.34
 
 
0.54
 
 
0.39
 
 
0.32
Net realized and unrealized gain (loss) on investments(c)
 
 
4.63
 
 
2.40
 
 
9.36
 
 
(1.38)
 
 
(1.33)
 
 
13.14
Total from investment operations
 
 
4.92
 
 
2.89
 
 
9.70
 
 
(0.84)
 
 
(0.94)
 
 
13.46
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.21)
 
 
(0.44)
 
 
(0.31)
 
 
(0.55)
 
 
(0.33)
 
 
(0.27)
Total distributions
 
 
(0.21)
 
 
(0.44)
 
 
(0.31)
 
 
(0.55)
 
 
(0.33)
 
 
(0.27)
Net asset value, end of period
 
 
$51.50
 
 
$46.79
 
 
$44.34
 
 
$34.95
 
 
$36.34
 
 
$37.61
TOTAL RETURN(d)
 
 
10.53%
 
 
6.48%
 
 
27.83%
 
 
−2.26%
 
 
−2.58%
 
 
55.41%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$272,958
 
 
$290,113
 
 
$297,078
 
 
$206,191
 
 
$267,095
 
 
$43,253
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.17%
 
 
1.00%
 
 
0.84%
 
 
1.54%
 
 
0.98%
 
 
1.19%
Portfolio turnover rate(d)(f)
 
 
187%
 
 
493%
 
 
417%
 
 
629%
 
 
434%
 
 
304%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 24, 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)
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.
 
121
 
Pacer Lunt MidCap Multi-Factor Alternator ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2021(a)
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$40.94
 
 
$42.93
 
 
$33.19
 
 
$32.19
 
 
$37.07
 
 
$23.84
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.33
 
 
0.55
 
 
0.25
 
 
0.37
 
 
0.20
 
 
0.07
Net realized and unrealized gain (loss) on investments(c)
 
 
4.65
 
 
(2.13)
 
 
9.73
 
 
1.01
 
 
(4.87)
 
 
13.26
Total from investment operations
 
 
4.98
 
 
(1.58)
 
 
9.98
 
 
1.38
 
 
(4.67)
 
 
13.33
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.16)
 
 
(0.41)
 
 
(0.24)
 
 
(0.36)
 
 
(0.19)
 
 
(0.07)
Return of capital
 
 
—
 
 
—
 
 
—
 
 
(0.02)
 
 
(0.02)
 
 
(0.03)
Total distributions
 
 
(0.16)
 
 
(0.41)
 
 
(0.24)
 
 
(0.38)
 
 
(0.21)
 
 
(0.10)
Net asset value, end of period
 
 
$45.76
 
 
$40.94
 
 
$42.93
 
 
$33.19
 
 
$32.19
 
 
$37.07
TOTAL RETURN(d)
 
 
12.17%
 
 
−3.79%
 
 
30.16%
 
 
4.43%
 
 
−12.66%
 
 
56.04%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$57,200
 
 
$63,457
 
 
$55,809
 
 
$34,852
 
 
$35,406
 
 
$35,219
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.61%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.47%
 
 
1.22%
 
 
0.66%
 
 
1.14%
 
 
0.55%
 
 
0.27%
Portfolio turnover rate(d)(f)
 
 
304%
 
 
475%
 
 
367%
 
 
569%
 
 
529%
 
 
322%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 24, 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)
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.
 
122
 
Pacer MSCI World Industry Advantage ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Period Ended
April 30,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$20.21
 
 
$20.09
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.04
 
 
0.07
Net realized and unrealized gain (loss) on investments(c)
 
 
5.10
 
 
0.08
Total from investment operations
 
 
5.14
 
 
0.15
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.03)
 
 
(0.03)
Total distributions
 
 
(0.03)
 
 
(0.03)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
0.00(d)
Net asset value, end of period
 
 
$25.32
 
 
$20.21
TOTAL RETURN(e)
 
 
25.43%
 
 
0.73%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,013
 
 
$808
Ratio of expenses to average net assets(f)
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.38%
 
 
0.53%
Portfolio turnover rate(e)(g)
 
 
6%
 
 
33%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 16, 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.
 
123
 
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Period Ended
April 30,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$20.31
 
 
$20.78
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.00(c)
 
 
0.02
Net realized and unrealized gain (loss) on investments(d)
 
 
4.45
 
 
(0.47)
Total from investment operations
 
 
4.45
 
 
(0.45)
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.01)
 
 
(0.02)
Total distributions
 
 
(0.01)
 
 
(0.02)
Net asset value, end of period
 
 
$24.75
 
 
$20.31
TOTAL RETURN(e)
 
 
21.89%
 
 
−2.16%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$8,413
 
 
$3,656
Ratio of expenses to average net assets(f)
 
 
0.49%
 
 
0.49%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.04%
 
 
0.17%
Portfolio turnover rate(e)(g)
 
 
34%
 
 
51%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 19, 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.
 
124
 
Pacer Nasdaq International Patent Leaders ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Period Ended
April 30,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$21.13
 
 
$20.10
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.16
 
 
0.24
Net realized and unrealized gain (loss) on investments(c)
 
 
6.12
 
 
0.78
Total from investment operations
 
 
6.28
 
 
1.02
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.08)
 
 
(0.06)
Total distributions
 
 
(0.08)
 
 
(0.06)
ETF transaction fees per share (See Note 1)
 
 
0.01
 
 
0.07
Net asset value, end of period
 
 
$27.34
 
 
$21.13
TOTAL RETURN(d)
 
 
29.82%
 
 
5.45%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$18,591
 
 
$9,722
Ratio of expenses to average net assets(e)
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.31%
 
 
1.93%
Portfolio turnover rate(d)(f)
 
 
2%
 
 
3%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 16, 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)
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.
 
125
 
Pacer Trendpilot® 100 ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$67.29
 
 
$67.13
 
 
$55.22
 
 
$52.18
 
 
$54.01
 
 
$37.91
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
0.13
 
 
1.49
 
 
1.43
 
 
0.48
 
 
(0.13)
 
 
0.01
Net realized and unrealized gain (loss) on investments(b)
 
 
13.84
 
 
0.12
 
 
11.44
 
 
2.87
 
 
(1.70)
 
 
16.17
Total from investment operations
 
 
13.97
 
 
1.61
 
 
12.87
 
 
3.35
 
 
(1.83)
 
 
16.18
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
—
 
 
(1.45)
 
 
(0.96)
 
 
(0.31)
 
 
—
 
 
(0.08)
Total distributions
 
 
—
 
 
(1.45)
 
 
(0.96)
 
 
(0.31)
 
 
—
 
 
(0.08)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
0.00(c)
Net asset value, end of period
 
 
$81.26
 
 
$67.29
 
 
$67.13
 
 
$55.22
 
 
$52.18
 
 
$54.01
TOTAL RETURN(d)
 
 
20.77%
 
 
2.17%
 
 
23.36%
 
 
6.47%
 
 
−3.38%
 
 
42.69%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,324,596
 
 
$1,227,993
 
 
$1,181,469
 
 
$750,925
 
 
$688,816
 
 
$783,124
Ratio of expenses to average net assets(e)
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.35%
 
 
2.06%
 
 
2.24%
 
 
0.93%
 
 
(0.22)%
 
 
0.01%
Portfolio turnover rate(d)(f)
 
 
2%
 
 
5%
 
 
20%
 
 
6%
 
 
7%
 
 
6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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.
 
126
 
Pacer Trendpilot® European Index ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$26.49
 
 
$25.86
 
 
$26.57
 
 
$22.40
 
 
$24.33
 
 
$23.76
INVESTMENT OPERATIONS:
Net investment income(a)
 
 
0.37
 
 
0.68
 
 
0.68
 
 
0.34
 
 
0.34
 
 
0.10
Net realized and unrealized gain (loss) on investments(b)
 
 
3.22
 
 
0.78
 
 
(0.71)
 
 
3.99
 
 
(1.89)
 
 
0.47
Total from investment operations
 
 
3.59
 
 
1.46
 
 
(0.03)
 
 
4.33
 
 
(1.55)
 
 
0.57
LESS DISTRIBUTIONS FROM:
Net investment income
 
 
—
 
 
(0.83)
 
 
(0.68)
 
 
(0.16)
 
 
(0.38)
 
 
—
Total distributions
 
 
—
 
 
(0.83)
 
 
(0.68)
 
 
(0.16)
 
 
(0.38)
 
 
—
ETF transaction fees per share (See Note 1)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
0.00(c)
 
 
—
Net asset value, end of period
 
 
$30.08
 
 
$26.49
 
 
$25.86
 
 
$26.57
 
 
$22.40
 
 
$24.33
TOTAL RETURN(d)
 
 
13.57%
 
 
5.94%
 
 
−0.02%
 
 
19.43%
 
 
−6.47%
 
 
2.38%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$36,096
 
 
$30,459
 
 
$40,091
 
 
$43,843
 
 
$45,925
 
 
$54,741
Ratio of expenses to average net assets(e)
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.66%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(e)
 
 
2.55%
 
 
2.56%
 
 
2.68%
 
 
1.48%
 
 
1.39%
 
 
0.43%
Portfolio turnover rate(d)(f)
 
 
5%
 
 
153%
 
 
111%
 
 
5%
 
 
7%
 
 
506%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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.
 
127
 
Pacer Trendpilot® Fund of Funds ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$30.98
 
 
$30.48
 
 
$27.80
 
 
$27.81
 
 
$29.82
 
 
$23.81
INVESTMENT OPERATIONS:
Net investment income(a)(g)
 
 
0.16
 
 
0.74
 
 
0.77
 
 
0.48
 
 
0.35
 
 
0.22
Net realized and unrealized gain (loss) on investments(b)
 
 
3.03
 
 
0.51
 
 
2.66
 
 
(0.03)
 
 
(2.07)
 
 
5.96
Total from investment operations
 
 
3.19
 
 
1.25
 
 
3.43
 
 
0.45
 
 
(1.72)
 
 
6.18
LESS DISTRIBUTIONS FROM:
Net investment income
 
 
—
 
 
(0.75)
 
 
(0.75)
 
 
(0.46)
 
 
(0.29)
 
 
(0.17)
Total distributions
 
 
—
 
 
(0.75)
 
 
(0.75)
 
 
(0.46)
 
 
(0.29)
 
 
(0.17)
Net asset value, end of period
 
 
$34.17
 
 
$30.98
 
 
$30.48
 
 
$27.80
 
 
$27.81
 
 
$29.82
TOTAL RETURN(c)
 
 
10.31%
 
 
3.96%
 
 
12.39%
 
 
1.71%
 
 
−5.87%
 
 
26.02%
SUPPLEMENTAL DATA AND RATIOS:(d)
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$54,671
 
 
$55,758
 
 
$50,294
 
 
$52,819
 
 
$63,968
 
 
$44,728
Ratio of expenses to average net assets(e)
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.15%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.99%
 
 
2.26%
 
 
2.61%
 
 
1.77%
 
 
1.16%
 
 
0.82%
Portfolio turnover rate(c)(f)
 
 
2%
 
 
8%
 
 
6%
 
 
6%
 
 
5%
 
 
29%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
Not annualized for periods less than one year.
(d)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
 
128
 
Pacer Trendpilot® International ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$27.36
 
 
$28.16
 
 
$26.91
 
 
$24.40
 
 
$28.22
 
 
$23.42
INVESTMENT OPERATIONS:
Net investment income(a)
 
 
0.31
 
 
0.62
 
 
0.65
 
 
0.45
 
 
0.44
 
 
0.28
Net realized and unrealized gain (loss) on investments(b)
 
 
3.65
 
 
(0.68)
 
 
1.18
 
 
2.16
 
 
(3.57)
 
 
4.72
Total from investment operations
 
 
3.96
 
 
(0.06)
 
 
1.83
 
 
2.61
 
 
(3.13)
 
 
5.00
LESS DISTRIBUTIONS FROM:
Net investment income
 
 
—
 
 
(0.74)
 
 
(0.58)
 
 
(0.10)
 
 
(0.69)
 
 
(0.20)
Total distributions
 
 
—
 
 
(0.74)
 
 
(0.58)
 
 
(0.10)
 
 
(0.69)
 
 
(0.20)
ETF transaction fees per share (See Note 1)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
—
Net asset value, end of period
 
 
$31.32
 
 
$27.36
 
 
$28.16
 
 
$26.91
 
 
$24.40
 
 
$28.22
TOTAL RETURN(d)
 
 
14.46%
 
 
−0.26%
 
 
6.85%
 
 
10.75%
 
 
−11.46%
 
 
21.46%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)
 
 
$162,854
 
 
$147,748
 
 
$150,672
 
 
$125,141
 
 
$130,527
 
 
$131,228
Ratio of expenses to average net assets(e)
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(e)
 
 
2.13%
 
 
2.13%
 
 
2.38%
 
 
1.82%
 
 
1.56%
 
 
1.15%
Portfolio turnover rate(d)(f)
 
 
9%
 
 
74%
 
 
58%
 
 
3%
 
 
202%
 
 
161%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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.
 
129
 
Pacer Trendpilot® US Bond ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$19.94
 
 
$20.00
 
 
$20.20
 
 
$23.33
 
 
$27.45
 
 
$25.77
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.55
 
 
1.17
 
 
1.41
 
 
1.11
 
 
0.80
 
 
1.09
Net realized and unrealized gain (loss) on investments(b)
 
 
(0.37)
 
 
(0.07)
 
 
(0.19)
 
 
(2.83)
 
 
(4.17)
 
 
1.34
Total from investment operations
 
 
0.18
 
 
1.10
 
 
1.22
 
 
(1.72)
 
 
(3.37)
 
 
2.43
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.56)
 
 
(1.16)
 
 
(1.42)
 
 
(1.41)
 
 
(0.75)
 
 
(0.75)
Total distributions
 
 
(0.56)
 
 
(1.16)
 
 
(1.42)
 
 
(1.41)
 
 
(0.75)
 
 
(0.75)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
—
 
 
0.00(c)
 
 
—
 
 
—
 
 
0.00(c)
Net asset value, end of period
 
 
$19.56
 
 
$19.94
 
 
$20.00
 
 
$20.20
 
 
$23.33
 
 
$27.45
Total return(d)
 
 
0.91%
 
 
5.58%
 
 
6.30%
 
 
−7.30%
 
 
−12.54%
 
 
9.53%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$125,189
 
 
$161,501
 
 
$178,021
 
 
$232,340
 
 
$949,550
 
 
$839,970
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
5.58%
 
 
5.80%
 
 
7.03%
 
 
5.26%
 
 
3.01%
 
 
4.04%
Portfolio turnover rate(d)(f)
 
 
316%
 
 
431%
 
 
131%
 
 
711%
 
 
652%
 
 
55%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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.
 
130
 
Pacer Trendpilot® US Large Cap ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$48.66
 
 
$45.80
 
 
$38.63
 
 
$37.54
 
 
$36.54
 
 
$26.99
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.23
 
 
0.54
 
 
0.42
 
 
0.66
 
 
0.28
 
 
0.25
Net realized and unrealized gain (loss) on investments(b)
 
 
7.18
 
 
2.68
 
 
7.26
 
 
0.90
 
 
1.03
 
 
9.65
Total from investment operations
 
 
7.41
 
 
3.22
 
 
7.68
 
 
1.56
 
 
1.31
 
 
9.90
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
—
 
 
(0.36)
 
 
(0.51)
 
 
(0.47)
 
 
(0.31)
 
 
(0.35)
Total distributions
 
 
—
 
 
(0.36)
 
 
(0.51)
 
 
(0.47)
 
 
(0.31)
 
 
(0.35)
Net asset value, end of period
 
 
$56.07
 
 
$48.66
 
 
$45.80
 
 
$38.63
 
 
$37.54
 
 
$36.54
Total return(c)
 
 
15.24%
 
 
6.94%
 
 
19.96%
 
 
4.20%
 
 
3.48%
 
 
36.86%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$3,459,589
 
 
$3,213,687
 
 
$2,619,782
 
 
$2,039,609
 
 
$1,841,243
 
 
$1,894,772
Ratio of expenses to average net assets(d)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(d)
 
 
0.87%
 
 
1.04%
 
 
0.98%
 
 
1.75%
 
 
0.71%
 
 
0.83%
Portfolio turnover rate(c)(e)
 
 
2%
 
 
3%
 
 
51%
 
 
1%
 
 
58%
 
 
6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
131
 
Pacer Trendpilot® US Mid Cap ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$34.69
 
 
$33.87
 
 
$32.25
 
 
$34.52
 
 
$35.63
 
 
$28.35
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.32
 
 
0.46
 
 
0.56
 
 
0.39
 
 
0.00(b)
 
 
0.09
Net realized and unrealized gain (loss) on investments(c)
 
 
0.59
 
 
0.68
 
 
1.69
 
 
(2.41)
 
 
(1.07)
 
 
7.36
Total from investment operations
 
 
0.91
 
 
1.14
 
 
2.25
 
 
(2.02)
 
 
(1.07)
 
 
7.45
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
—
 
 
(0.32)
 
 
(0.63)
 
 
(0.25)
 
 
(0.04)
 
 
(0.17)
Total distributions
 
 
—
 
 
(0.32)
 
 
(0.63)
 
 
(0.25)
 
 
(0.04)
 
 
(0.17)
Net asset value, end of period
 
 
$35.60
 
 
$34.69
 
 
$33.87
 
 
$32.25
 
 
$34.52
 
 
$35.63
Total return(d)
 
 
2.62%
 
 
3.30%
 
 
7.02%
 
 
−5.81%
 
 
−2.98%
 
 
26.34%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$400,521
 
 
$423,241
 
 
$384,469
 
 
$390,252
 
 
$441,894
 
 
$452,474
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.80%
 
 
1.25%
 
 
1.72%
 
 
1.19%
 
 
0.01%
 
 
0.30%
Portfolio turnover rate(d)(f)
 
 
6%
 
 
14%
 
 
262%
 
 
441%
 
 
16%
 
 
304%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
Amount represents less than $0.005 per share.
(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.
The accompanying notes are an integral part of these financial statements.
 
132
 
Pacer US Cash Cows 100 ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$51.94
 
 
$54.82
 
 
$46.73
 
 
$47.94
 
 
$41.95
 
 
$25.17
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.60
 
 
1.12
 
 
1.10
 
 
1.08
 
 
0.84
 
 
0.71
Net realized and unrealized gain (loss) on investments(b)
 
 
5.89
 
 
(2.99)
 
 
8.02
 
 
(1.32)
 
 
5.87
 
 
16.76
Total from investment operations
 
 
6.49
 
 
(1.87)
 
 
9.12
 
 
(0.24)
 
 
6.71
 
 
17.47
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.47)
 
 
(1.01)
 
 
(1.03)
 
 
(0.97)
 
 
(0.72)
 
 
(0.69)
Total distributions
 
 
(0.47)
 
 
(1.01)
 
 
(1.03)
 
 
(0.97)
 
 
(0.72)
 
 
(0.69)
Net asset value, end of period
 
 
$57.96
 
 
$51.94
 
 
$54.82
 
 
$46.73
 
 
$47.94
 
 
$41.95
Total return(c)
 
 
12.54%
 
 
−3.52%
 
 
19.70%
 
 
−0.38%
 
 
16.08%
 
 
70.43%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$18,136,574
 
 
$20,965,678
 
 
$22,641,886
 
 
$13,219,876
 
 
$4,554,750
 
 
$432,113
Ratio of expenses to average
net assets(d)
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
Ratio of net investment income (loss) to average net assets(d)
 
 
2.13%
 
 
1.99%
 
 
2.15%
 
 
2.30%
 
 
1.78%
 
 
2.23%
Portfolio turnover rate(c)(e)
 
 
47%
 
 
151%
 
 
77%
 
 
90%
 
 
114%
 
 
104%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
133
 
Pacer US Cash Cows Growth ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$44.46
 
 
$40.36
 
 
$35.00
 
 
$35.44
 
 
$36.21
 
 
$22.89
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.04
 
 
0.21
 
 
0.56
 
 
0.60
 
 
0.04
 
 
0.14
Net realized and unrealized gain (loss) on investments(b)
 
 
8.85
 
 
3.99
 
 
5.43
 
 
(0.65)
 
 
(0.75)
 
 
13.37
Total from investment operations
 
 
8.89
 
 
4.20
 
 
5.99
 
 
(0.05)
 
 
(0.71)
 
 
13.51
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.05)
 
 
(0.10)
 
 
(0.62)
 
 
(0.39)
 
 
(0.04)
 
 
(0.19)
Return of capital
 
 
—
 
 
—
 
 
(0.01)
 
 
—
 
 
(0.02)
 
 
—
Total distributions
 
 
(0.05)
 
 
(0.10)
 
 
(0.63)
 
 
(0.39)
 
 
(0.06)
 
 
(0.19)
Net asset value, end of period
 
 
$53.30
 
 
$44.46
 
 
$40.36
 
 
$35.00
 
 
$35.44
 
 
$36.21
Total return(c)
 
 
19.97%
 
 
10.41%
 
 
17.34%
 
 
−0.07%
 
 
−1.98%
 
 
59.29%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$90,607
 
 
$71,144
 
 
$46,412
 
 
$38,500
 
 
$8,859
 
 
$3,621
Ratio of expenses to average net assets(d)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(d)
 
 
0.18%
 
 
0.47%
 
 
1.52%
 
 
1.69%
 
 
0.10%
 
 
0.43%
Portfolio turnover rate(c)(e)
 
 
44%
 
 
137%
 
 
123%
 
 
182%
 
 
76%
 
 
170%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
134
 
Pacer US Export Leaders ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$45.02
 
 
$47.07
 
 
$39.95
 
 
$38.27
 
 
$40.41
 
 
$25.15
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.13
 
 
0.24
 
 
0.21
 
 
0.25
 
 
0.12
 
 
0.14
Net realized and unrealized gain (loss) on investments(b)
 
 
14.18
 
 
(2.08)
 
 
7.12
 
 
1.67
 
 
(2.13)
 
 
15.27
Total from investment operations
 
 
14.31
 
 
(1.84)
 
 
7.33
 
 
1.92
 
 
(2.01)
 
 
15.41
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.10)
 
 
(0.21)
 
 
(0.21)
 
 
(0.24)
 
 
(0.12)
 
 
(0.15)
Return of capital
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(0.01)
 
 
—
Total distributions
 
 
(0.10)
 
 
(0.21)
 
 
(0.21)
 
 
(0.24)
 
 
(0.13)
 
 
(0.15)
Net asset value, end of period
 
 
$59.23
 
 
$45.02
 
 
$47.07
 
 
$39.95
 
 
$38.27
 
 
$40.41
Total return(c)
 
 
31.81%
 
 
−3.95%
 
 
18.40%
 
 
5.06%
 
 
−5.00%
 
 
61.47%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$35,538
 
 
$40,521
 
 
$61,194
 
 
$19,976
 
 
$3,827
 
 
$2,021
Ratio of expenses to average net assets(d)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.61%
 
 
0.60%
Ratio of net investment income (loss) to average
net assets(d)
 
 
0.47%
 
 
0.48%
 
 
0.47%
 
 
0.64%
 
 
0.29%
 
 
0.43%
Portfolio turnover rate(c)(e)
 
 
39%
 
 
71%
 
 
75%
 
 
74%
 
 
79%
 
 
111%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
135
 
Pacer US Large Cap Cash Cows Growth Leaders ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2023(a)
 
2025
 
 
2024
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$31.74
 
 
$24.56
 
 
$20.07
 
 
$20.36
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.06
 
 
0.13
 
 
0.12
 
 
0.03
Net realized and unrealized gain (loss) on investments(c)
 
 
4.79
 
 
7.16
 
 
4.48
 
 
(0.30)
Total from investment operations
 
 
4.85
 
 
7.29
 
 
4.60
 
 
(0.27)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.04)
 
 
(0.11)
 
 
(0.11)
 
 
(0.02)
Total distributions
 
 
(0.04)
 
 
(0.11)
 
 
(0.11)
 
 
(0.02)
Net asset value, end of period
 
 
$36.55
 
 
$31.74
 
 
$24.56
 
 
$20.07
Total return(d)
 
 
15.27%
 
 
29.72%
 
 
22.96%
 
 
−1.30%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$2,613,026
 
 
$1,440,421
 
 
$120,342
 
 
$19,571
Ratio of expenses to average net assets(e)
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.34%
 
 
0.42%
 
 
0.53%
 
 
0.44%
Portfolio turnover rate(d)(f)
 
 
65%
 
 
108%
 
 
111%
 
 
30%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 21, 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)
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.
 
136
 
Pacer US Small Cap Cash Cows ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$35.70
 
 
$45.83
 
 
$37.05
 
 
$38.06
 
 
$41.82
 
 
$20.76
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.27
 
 
0.51
 
 
0.54
 
 
0.51
 
 
0.72
 
 
0.11
Net realized and unrealized gain (loss) on investments(b)
 
 
7.68
 
 
(10.18)
 
 
8.76
 
 
(1.09)
 
 
(3.37)
 
 
21.13
Total from investment operations
 
 
7.95
 
 
(9.67)
 
 
9.30
 
 
(0.58)
 
 
(2.65)
 
 
21.24
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.24)
 
 
(0.46)
 
 
(0.52)
 
 
(0.43)
 
 
(0.67)
 
 
(0.14)
Return of capital
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(0.44)
 
 
(0.04)
Total distributions
 
 
(0.24)
 
 
(0.46)
 
 
(0.52)
 
 
(0.43)
 
 
(1.11)
 
 
(0.18)
ETF transaction fees per share (See Note 1)
 
 
0.00(c)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Net asset value, end of period
 
 
$43.41
 
 
$35.70
 
 
$45.83
 
 
$37.05
 
 
$38.06
 
 
$41.82
Total return(d)
 
 
22.29%
 
 
−21.28%
 
 
25.18%
 
 
−1.46%
 
 
−6.57%
 
 
102.70%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$3,755,059
 
 
$4,185,670
 
 
$9,399,691
 
 
$2,035,764
 
 
$831,675
 
 
$271,840
Ratio of expenses to average net assets(e)
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.60%
 
 
0.59%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.31%
 
 
1.16%
 
 
1.20%
 
 
1.36%
 
 
1.70%
 
 
0.33%
Portfolio turnover rate(d)(f)
 
 
63%
 
 
146%
 
 
108%
 
 
101%
 
 
133%
 
 
123%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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.
 
137
 
Pacer US Small Cap Cash Cows Growth Leaders ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended
April 30,
2025
 
 
Period Ended
April 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$23.06
 
 
$22.93
 
 
$20.18
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.02
 
 
0.10
 
 
0.13
Net realized and unrealized gain (loss) on investments(c)
 
 
2.39
 
 
0.11
 
 
2.75
Total from investment operations
 
 
2.41
 
 
0.21
 
 
2.88
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.02)
 
 
(0.08)
 
 
(0.13)
Return of capital
 
 
—
 
 
—
 
 
(0.00)(d)
Total distributions
 
 
(0.02)
 
 
(0.08)
 
 
(0.13)
Net asset value, end of period
 
 
$25.45
 
 
$23.06
 
 
$22.93
Total return(e)
 
 
10.41%
 
 
0.94%
 
 
14.26%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$19,721
 
 
$17,874
 
 
$9,170
Ratio of expenses to average net assets(f)
 
 
0.59%
 
 
0.59%
 
 
0.59%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.18%
 
 
0.39%
 
 
0.59%
Portfolio turnover rate(e)(g)
 
 
64%
 
 
136%
 
 
152%
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 1, 2023.
(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.
 
138
 
Pacer WealthShield ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
October 31,
2025
(Unaudited)
 
 
Year Ended April 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$30.81
 
 
$27.78
 
 
$27.16
 
 
$30.16
 
 
$32.10
 
 
$23.92
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.19
 
 
0.61
 
 
0.39
 
 
0.64
 
 
0.26
 
 
0.14
Net realized and unrealized gain (loss) on investments(b)
 
 
2.87
 
 
2.85
 
 
0.71
 
 
(3.07)
 
 
(1.94)
 
 
8.20
Total from investment operations
 
 
3.06
 
 
3.46
 
 
1.10
 
 
(2.43)
 
 
(1.68)
 
 
8.34
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.20)
 
 
(0.43)
 
 
(0.48)
 
 
(0.57)
 
 
(0.26)
 
 
(0.16)
Total distributions
 
 
(0.20)
 
 
(0.43)
 
 
(0.48)
 
 
(0.57)
 
 
(0.26)
 
 
(0.16)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
0.00(c)
 
 
—
 
 
—
 
 
0.00(c)
 
 
—
Net asset value, end of period
 
 
$33.67
 
 
$30.81
 
 
$27.78
 
 
$27.16
 
 
$30.16
 
 
$32.10
Total return(d)
 
 
9.99%
 
 
12.45%
 
 
4.06%
 
 
−8.09%
 
 
−5.30%
 
 
35.00%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$26,933
 
 
$26,185
 
 
$19,446
 
 
$24,446
 
 
$33,172
 
 
$48,143
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.61%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.25%
 
 
2.01%
 
 
1.42%
 
 
2.19%
 
 
0.79%
 
 
0.53%
Portfolio turnover rate(d)(f)
 
 
184%
 
 
514%
 
 
315%
 
 
669%
 
 
448%
 
 
227%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(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)
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.
 
139
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)
NOTE 1 – ORGANIZATION
Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, ODDS, BULD, QQWZ, EAFG, QSIX, QDPL, PEVC, LCOW, MCOW, SCOW, FOWF, PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ, PSMO and MILK fiscal year end is October 31st 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”).
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”), or the NYSE Arca, Inc. (“NYSE”). 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 50,000 shares except PTBD which generally consist of 100,000 shares, COWG and CAFG which generally consist of 25,000 shares, and FLRT, TRFK, SHPP, GLBL, QQQG and PATN 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 each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s 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. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement 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 with respect to such Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Ticker
 
 
Commencement of Operations
 
 
Exchange
 
 
Transaction
Fees
Pacer Aristotle Pacific Floating Rate High Income ETF*
 
 
FLRT
 
 
February 18, 2015
 
 
NYSE
 
 
$300
Pacer Cash Cows Fund of Funds ETF
 
 
HERD
 
 
May 3, 2019
 
 
Nasdaq
 
 
300
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF
 
 
SZNE
 
 
July 23, 2018
 
 
NYSE
 
 
500
Pacer Data & Infrastructure Real Estate ETF
 
 
SRVR
 
 
May 15, 2018
 
 
NYSE
 
 
300
Pacer Data and Digital Revolution ETF
 
 
TRFK
 
 
June 8, 2022
 
 
NYSE
 
 
500
Pacer Developed Markets International Cash Cows 100 ETF
 
 
ICOW
 
 
June 16, 2017
 
 
Cboe
 
 
1,000
Pacer Emerging Markets Cash Cows 100 ETF
 
 
ECOW
 
 
May 2, 2019
 
 
Nasdaq
 
 
1,750
Pacer Global Cash Cows Dividend ETF
 
 
GCOW
 
 
February 22, 2016
 
 
Cboe
 
 
1,000
Pacer Industrial Real Estate ETF
 
 
INDS
 
 
May 14, 2018
 
 
NYSE
 
 
300
 
 
 
 
 
 
 
 
 
 
 
 
 
 
140
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Ticker
 
 
Commencement of Operations
 
 
Exchange
 
 
Transaction
Fees
Pacer Industrials & Logistics ETF
 
 
SHPP
 
 
June 8, 2022
 
 
NYSE
 
 
750
Pacer Lunt Large Cap Alternator ETF
 
 
ALTL
 
 
June 24, 2020
 
 
NYSE
 
 
300
Pacer Lunt Large Cap Multi-Factor Alternator ETF
 
 
PALC
 
 
June 24, 2020
 
 
NYSE
 
 
300
Pacer Lunt MidCap Multi-Factor Alternator ETF
 
 
PAMC
 
 
June 24, 2020
 
 
NYSE
 
 
300
Pacer MSCI World Industry Advantage ETF
 
 
GLBL
 
 
September 16, 2024
 
 
Cboe
 
 
1,250
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
 
 
QQQG
 
 
August 19, 2024
 
 
Nasdaq
 
 
300
Pacer Nasdaq International Patent Leaders ETF
 
 
PATN
 
 
September 16, 2024
 
 
Nasdaq
 
 
500
Pacer Trendpilot® 100 ETF
 
 
PTNQ
 
 
June 11, 2015
 
 
Nasdaq
 
 
300
Pacer Trendpilot® European Index ETF
 
 
PTEU
 
 
December 14, 2015
 
 
Cboe
 
 
1,250**
Pacer Trendpilot® Fund of Funds ETF
 
 
TRND
 
 
May 3, 2019
 
 
NYSE
 
 
300
Pacer Trendpilot® International ETF
 
 
PTIN
 
 
May 2, 2019
 
 
NYSE
 
 
4,000**
Pacer Trendpilot® US Bond ETF
 
 
PTBD
 
 
October 22, 2019
 
 
NYSE
 
 
500
Pacer Trendpilot® US Large Cap ETF
 
 
PTLC
 
 
June 11, 2015
 
 
Cboe
 
 
500**
Pacer Trendpilot® US Mid Cap ETF
 
 
PTMC
 
 
June 11, 2015
 
 
Cboe
 
 
300**
Pacer US Cash Cows 100 ETF
 
 
COWZ
 
 
December 16, 2016
 
 
Cboe
 
 
300
Pacer US Cash Cows Growth ETF
 
 
BUL
 
 
May 2, 2019
 
 
NYSE
 
 
300
Pacer US Export Leaders ETF
 
 
PEXL
 
 
July 23, 2018
 
 
NYSE
 
 
300
Pacer US Large Cap Cash Cows Growth Leaders ETF
 
 
COWG
 
 
December 21, 2022
 
 
Nasdaq
 
 
300
Pacer US Small Cap Cash Cows ETF
 
 
CALF
 
 
June 16, 2017
 
 
Cboe
 
 
300
Pacer US Small Cap Cash Cows Growth Leaders ETF
 
 
CAFG
 
 
May 1, 2023
 
 
Nasdaq
 
 
300
Pacer WealthShield ETF
 
 
PWS
 
 
December 11, 2017
 
 
Cboe
 
 
500
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Effective 8/29/2025, the Fund changed its name from Pacer Pacific Asset Floating Rate High Income ETF to Pacer Aristotle Pacific Floating Rate High Income ETF. No changes were made to the Fund’s investment objectives, principal investment strategies, or principal risks as a result of this name change.
**
For the PTLC, PTMC, PTEU and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills.
The investment objectives of the following Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.
 
 
 
 
 
 
 
Ticker
 
 
Index
 
 
Diversification
HERD
 
 
Pacer Cash Cows Fund of Funds Index
 
 
Diversified
SZNE
 
 
CFRA-Stovall Equal Weight Seasonal Rotation Index
 
 
Diversified
SRVR
 
 
Solactive GPR Data & Infrastructure Real Estate Index
 
 
Non-Diversified
TRFK
 
 
Pacer Data Transmission and Communication Revolution Index
 
 
Non-Diversified
ICOW
 
 
Pacer Developed Markets International Cash Cows 100 Index
 
 
Diversified
ECOW
 
 
Pacer Emerging Markets Cash Cows 100 Index
 
 
Diversified
GCOW
 
 
Pacer Global Cash Cows Dividend Index
 
 
Diversified
INDS
 
 
Solactive GPR Industrial Real Estate Index
 
 
Non-Diversified
SHPP
 
 
Pacer Global Supply Chain Infrastructure Index
 
 
Non-Diversified
ALTL
 
 
Lunt Capital U.S. Large Cap Equity Rotation Index
 
 
Diversified
PALC
 
 
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index
 
 
Non-Diversified
PAMC
 
 
Lunt Capital U.S. MidCap Multi-Factor Rotation Index
 
 
Diversified
GLBL
 
 
MSCI World Ricardo Comparative Advantage Select Index
 
 
Non-Diversified
QQQG
 
 
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders Index
 
 
Non-Diversified
PATN
 
 
Nasdaq International Patent Leaders Index
 
 
Non-Diversified
PTNQ
 
 
Pacer NASDAQ-100 Trendpilot® Index
 
 
Non-Diversified
 
 
 
 
 
 
 
 
141
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
Ticker
 
 
Index
 
 
Diversification
PTEU
 
 
Pacer Trendpilot® European Index
 
 
Diversified
TRND
 
 
Pacer Trendpilot® Fund of Funds Index
 
 
Diversified
PTIN
 
 
Pacer Trendpilot® International Index
 
 
Diversified
PTBD
 
 
Pacer Trendpilot® US Bond Index
 
 
Diversified
PTLC
 
 
Pacer Trendpilot® US Large Cap Index
 
 
Diversified
PTMC
 
 
Pacer Trendpilot® US Mid Cap Index
 
 
Diversified
COWZ
 
 
Pacer US Cash Cows 100 Index
 
 
Diversified
BUL
 
 
Pacer US Cash Cows Growth Index
 
 
Non-Diversified
PEXL
 
 
Pacer US Export Leaders Index
 
 
Diversified
COWG
 
 
Pacer US Large Cap Cash Cows Growth Leaders Index
 
 
Non-Diversified
CALF
 
 
Pacer US Small Cap Cash Cows Index
 
 
Diversified
CAFG
 
 
Pacer US Small Cap Cash Cows Growth Leaders Index
 
 
Non-Diversified
PWS
 
 
Pacer WealthShield Index
 
 
Diversified
 
 
 
 
 
 
 
The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a diversified 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.
 
142
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
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.
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.
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 accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.
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.
 
143
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2025:
FLRT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Bank Loans
 
 
$—
 
 
$327,322,678
 
 
$—
 
 
$327,322,678
Collateralized Loan Obligations
 
 
—
 
 
180,439,258
 
 
—
 
 
180,439,258
Corporate Bonds
 
 
—
 
 
43,873,397
 
 
—
 
 
43,873,397
Exchange Traded Funds
 
 
8,386,374
 
 
—
 
 
—
 
 
8,386,374
Closed-End Funds
 
 
11,830
 
 
—
 
 
—
 
 
11,830
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
7,050,439
Total Investments
 
 
$8,398,204
 
 
$551,635,333
 
 
$—
 
 
$567,083,976
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $7,050,439 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
HERD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Affiliated Exchange Traded Funds
 
 
$87,807,780
 
 
$—
 
 
$—
 
 
$87,807,780
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
14,373,000
Total Investments
 
 
$87,807,780
 
 
$—
 
 
$—
 
 
$102,180,780
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $14,373,000 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
SZNE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$11,922,817
 
 
$—
 
 
$—
 
 
$11,922,817
Rights
 
 
—
 
 
—
 
 
0
 
 
0
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
2,646,709
Total Investments
 
 
$11,922,817
 
 
$—
 
 
$0
 
 
$14,569,526
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $2,646,709 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
144
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SZNE(a)
 
 
Balance as of
4/30/2025
 
 
Net Realized
Gain (Loss)
 
 
Change in Net
Unrealized
Appreciation
(Depreciation)
 
 
Purchases
 
 
Sales
 
 
Transfers
Into
Level 3
 
 
Transfers
Out of
Level 3
 
 
Balance as of
10/31/2025
Rights
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
SZNE
 
 
Fair Value as of
10/31/2025
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Rights
 
 
$0
 
 
​Instrinsic Value
 
 
​Corporate Action
 
 
0.00 USD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one security: Sycamore Partners LLC which has been valued at 0.00 USD throughout the period.
SRVR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Real Estate Investment Trusts - Common
 
 
$269,649,262
 
 
$—
 
 
$—
 
 
$269,649,262
Common Stocks
 
 
154,777,566
 
 
—
 
 
—
 
 
154,777,566
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
28,834,365
Total Investments
 
 
$424,426,828
 
 
$—
 
 
$—
 
 
$453,261,193
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $28,834,365 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
TRFK
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$317,097,651
 
 
$—
 
 
$—
 
 
$317,097,651
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
13,140,105
Total Investments
 
 
$317,097,651
 
 
$—
 
 
$—
 
 
$330,237,756
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $13,140,105 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
145
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
ICOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,332,989,791
 
 
$—
 
 
$—
 
 
$1,332,989,791
Preferred Stocks
 
 
12,332,530
 
 
—
 
 
—
 
 
12,332,530
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
17,182,115
Total Investments
 
 
$1,345,322,321
 
 
$—
 
 
$—
 
 
$1,362,504,436
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $17,182,115 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
ECOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$114,823,895
 
 
$—
 
 
$0
 
 
$114,823,895
Preferred Stocks
 
 
6,600,079
 
 
—
 
 
—
 
 
6,600,079
Total Investments
 
 
$121,423,974
 
 
$—
 
 
$0
 
 
$121,423,974
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ECOW(a)
 
 
Balance as of
4/30/2025
 
 
Net Realized
Gain (Loss)
 
 
Change in Net
Unrealized
Appreciation
(Depreciation)
 
 
Purchases
 
 
Sales
 
 
Transfers
Into
Level 3
 
 
Transfers
Out of
Level 3
 
 
Balance as of
10/31/2025
Common Stocks
 
 
$0
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
ECOW
 
 
Fair Value as of
10/31/2025
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Common Stocks
 
 
$0
 
 
Market comparable companies
 
 
Discount for lack of marketability
 
 
$0
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one ten securities, which due to the Russian foreign exchange restrictions are not actively trading.
GCOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$2,467,806,694
 
 
$—
 
 
$—
 
 
$2,467,806,694
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
10,311,601
Total Investments
 
 
$2,467,806,694
 
 
$—
 
 
$—
 
 
$2,478,118,295
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $10,311,601 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
146
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
INDS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Real Estate Investment Trusts - Common
 
 
$112,273,198
 
 
$—
 
 
$—
 
 
$112,273,198
Common Stocks
 
 
3,592,262
 
 
—
 
 
—
 
 
3,592,262
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
24,723,428
Total Investments
 
 
$115,865,460
 
 
$—
 
 
$—
 
 
$140,588,888
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $24,723,428 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
SHPP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$574,070
 
 
$—
 
 
$—
 
 
$574,070
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
71,862
Total Investments
 
 
$574,070
 
 
$—
 
 
$—
 
 
$645,932
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $71,862 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
ALTL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$108,946,051
 
 
$—
 
 
$—
 
 
$108,946,051
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
8,978,009
Total Investments
 
 
$108,946,051
 
 
$—
 
 
$—
 
 
$117,924,060
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $8,978,009 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
147
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
PALC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$266,877,242
 
 
$—
 
 
$—
 
 
$266,877,242
Real Estate Investment Trusts - Common
 
 
5,845,862
 
 
—
 
 
—
 
 
5,845,862
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
23,952,630
Total Investments
 
 
$272,723,104
 
 
$—
 
 
$—
 
 
$296,675,734
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $23,952,630 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
PAMC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$48,154,763
 
 
$—
 
 
$—
 
 
$48,154,763
Real Estate Investment Trusts - Common
 
 
8,983,122
 
 
—
 
 
—
 
 
8,983,122
Warrants
 
 
5,082
 
 
—
 
 
—
 
 
5,082
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
7,908,768
Total Investments
 
 
$57,142,967
 
 
$—
 
 
$—
 
 
$65,051,735
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $7,908,768 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
GLBL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$982,908
 
 
$—
 
 
$—
 
 
$982,908
Real Estate Investment Trusts - Common
 
 
28,674
 
 
—
 
 
—
 
 
28,674
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
156,099
Total Investments
 
 
$1,011,582
 
 
$—
 
 
$—
 
 
$1,167,681
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $156,099 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
148
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
QQQG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$8,410,596
 
 
$—
 
 
$—
 
 
$8,410,596
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
1,520,060
Total Investments
 
 
$8,410,596
 
 
$—
 
 
$—
 
 
$9,930,656
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $1,520,060 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
PATN
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$18,509,578
 
 
$—
 
 
$—
 
 
$18,509,578
Preferred Stocks
 
 
34,095
 
 
—
 
 
—
 
 
34,095
Total Investments
 
 
$18,543,673
 
 
$—
 
 
$—
 
 
$18,543,673
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PTNQ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,324,403,348
 
 
$—
 
 
$—
 
 
$1,324,403,348
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
26,139,080
Total Investments
 
 
$1,324,403,348
 
 
$—
 
 
$—
 
 
$1,350,542,428
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $26,139,080 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
PTEU
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$35,434,449
 
 
$—
 
 
$6,966
 
 
$35,441,415
Preferred Stocks
 
 
227,418
 
 
—
 
 
—
 
 
227,418
Real Estate Investment Trusts - Common
 
 
188,401
 
 
—
 
 
—
 
 
188,401
Total Investments
 
 
$35,850,268
 
 
$—
 
 
$6,966
 
 
$35,857,234
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
 
149
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PTEU(a)
 
 
Balance as of
4/30/2025
 
 
Net Realized
Gain (Loss)
 
 
Change in Net
Unrealized
Appreciation
(Depreciation)
 
 
Purchases
 
 
Sales
 
 
Transfers
Into
Level 3
 
 
Transfers
Out of
Level 3
 
 
Balance as of
10/31/2025
Common Stocks
 
 
$6,846
 
 
$  —
 
 
$120
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$6,966
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
PTEU
 
 
Fair Value as of
10/31/2025
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Common Stocks
 
 
$6,966
 
 
Last Trade Price
 
 
Stale Data
 
 
4.8 EUR
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one security: FF Group, which has been valued at 4.8 EUR throughout the period.
TRND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Affiliated Exchange Traded Funds
 
 
$54,663,534
 
 
$—
 
 
$—
 
 
$54,663,534
Total Investments
 
 
$54,663,534
 
 
$—
 
 
$—
 
 
$54,663,534
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PTIN
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$​161,520,556
 
 
$—
 
 
$​—
 
 
$161,520,556
Preferred Stocks
 
 
734,495
 
 
—
 
 
—
 
 
734,495
Real Estate Investment Trusts - Common
 
 
543,360
 
 
—
 
 
—
 
 
543,360
Warrants
 
 
—
 
 
—
 
 
0
 
 
0
Rights
 
 
—
 
 
—
 
 
0
 
 
0
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
2,199,322
Total Investments
 
 
$​162,798,411
 
 
$—
 
 
$​0
 
 
$164,997,733
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $2,199,322 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PTIN(a)
 
 
Balance as of
4/30/2025
 
 
Net Realized
Gain (Loss)
 
 
Change in Net
Unrealized
Appreciation
(Depreciation)
 
 
Purchases
 
 
Sales
 
 
Transfers
Into
Level 3
 
 
Transfers
Out of
Level 3
 
 
Balance as of
10/31/2025
Warrants
 
 
$  —
 
 
$  —
 
 
$—
 
 
$—
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$0
Rights
 
 
$—
 
 
$—
 
 
$(1,238)
 
 
$1,238
 
 
$—
 
 
$—
 
 
$—
 
 
$0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
PTIN
 
 
Fair Value as of
10/31/2025
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Warrants
 
 
$0
 
 
US Line
 
 
Delisting
 
 
0.00 CAD
Rights
 
 
$0
 
 
​Instrinsic Value
 
 
​Corporate Action
 
 
​0.00 NOK
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for two securities: Constellation Software, Inc. which has been valued at 0.00 CAD throughout the period. As well as Vend Marketplaces ASA which has been valued at 0.00 NOK throughout the period.
PTBD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
U.S. Treasury Securities
 
 
$—
 
 
$123,136,762
 
 
$—
 
 
$123,136,762
Corporate Bonds
 
 
—
 
 
245,323
 
 
—
 
 
245,323
Total Investments
 
 
$—
 
 
$123,382,085
 
 
$—
 
 
$123,382,085
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
PTLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$3,398,481,666
 
 
$—
 
 
$—
 
 
$3,398,481,666
Real Estate Investment Trusts - Common
 
 
59,023,643
 
 
—
 
 
—
 
 
59,023,643
Rights
 
 
—
 
 
—
 
 
0
 
 
0
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
84,281,567
Total Investments
 
 
$3,457,505,309
 
 
$—
 
 
$0
 
 
$3,541,786,876
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $84,281,567 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PTLC(a)
 
 
Balance as of
4/30/2025
 
 
Net Realized
Gain (Loss)
 
 
Change in Net
Unrealized
Appreciation
(Depreciation)
 
 
Purchases
 
 
Sales
 
 
Transfers
Into
Level 3
 
 
Transfers
Out of
Level 3
 
 
Balance as of
10/31/2025
Rights
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
PTLC
 
 
Fair Value as of
10/31/2025
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Rights
 
 
$0
 
 
​Instrinsic Value
 
 
​Corporate Action
 
 
0.00 USD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one security: Sycamore Partners LLC which has been valued at 0.00 USD throughout the period.
 
151
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
PTMC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$373,408,900
 
 
$—
 
 
$—
 
 
$373,408,900
Real Estate Investment Trusts - Common
 
 
26,880,728
 
 
—
 
 
—
 
 
26,880,728
Warrants
 
 
16,449
 
 
—
 
 
—
 
 
16,449
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
38,963,931
Total Investments
 
 
$400,306,077
 
 
$—
 
 
$—
 
 
$439,270,008
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $38,963,931 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
COWZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$18,114,428,690
 
 
$—
 
 
$—
 
 
$18,114,428,690
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
280,240,584
Total Investments
 
 
$18,114,428,690
 
 
$—
 
 
$—
 
 
$18,394,669,274
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $280,240,584 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
BUL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$90,558,608
 
 
$—
 
 
$—
 
 
$90,558,608
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
7,090,572
Total Investments
 
 
$90,558,608
 
 
$—
 
 
$—
 
 
$97,649,180
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $7,090,572 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
152
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
PEXL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$35,536,115
 
 
$—
 
 
$—
 
 
$35,536,115
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
5,262,487
Total Investments
 
 
$35,536,115
 
 
$—
 
 
$—
 
 
$40,798,602
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $5,262,487 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
COWG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$2,611,987,903
 
 
$—
 
 
$—
 
 
$2,611,987,903
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
32,690,243
Total Investments
 
 
$2,611,987,903
 
 
$—
 
 
$—
 
 
$2,644,678,146
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $32,690,243 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
CALF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$3,691,933,821
 
 
$—
 
 
$—
 
 
$3,691,933,821
Real Estate Investment Trusts - Common
 
 
59,828,392
 
 
—
 
 
—
 
 
59,828,392
Warrants
 
 
259,851
 
 
—
 
 
—
 
 
259,851
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
309,339,141
Total Investments
 
 
$3,752,022,064
 
 
$—
 
 
$—
 
 
$4,061,361,205
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $309,339,141 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
153
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
CAFG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$19,709,632
 
 
$—
 
 
$—
 
 
$19,709,632
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
2,686,749
Total Investments
 
 
$19,709,632
 
 
$—
 
 
$—
 
 
$22,396,381
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $2,686,749 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
PWS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$26,897,238
 
 
$—
 
 
$0
 
 
$26,897,238
Rights
 
 
—
 
 
—
 
 
762
 
 
762
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
3,242,555
Total Investments
 
 
$26,897,238
 
 
$—
 
 
$762
 
 
$30,140,555
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $3,242,555 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PWS(a)
 
 
Balance as of
4/30/2025
 
 
Net Realized
Gain (Loss)
 
 
Change in Net
Unrealized
Appreciation
(Depreciation)
 
 
Purchases
 
 
Sales
 
 
Transfers
Into
Level 3
 
 
Transfers
Out of
Level 3
 
 
Balance as of
10/31/2025
Common Stocks
 
 
$0
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$0
Rights
 
 
$0
 
 
$—
 
 
$​762
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$762
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
PWS
 
 
Fair Value as of
10/31/2025
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Common Stocks
 
 
​$​0
 
 
Acquisition Price
 
 
Stale Data
 
 
0.00 USD
Rights
 
 
$762
 
 
​Instrinsic Value
 
 
​Corporate Action
 
 
​0.34 USD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for two securities: Abiomed, Inc. which has been valued at 0.00 USD throughout the period. As well as Roche Holding AG which has been valued at 0.34 USD throughout the period.
 
154
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
B.
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 results 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.
C.
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 period/year ended April 30, 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 period/year ended April 30, 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) or expected to be taken in each of the Fund’s 2025 tax returns. During the year/period ended April 30, 2025, the Funds did not incur any interest or penalties.
D.
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.
Distributions received from a Fund’s investments in Real Estate Investment Trusts (“REIT”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT 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. The actual character of distributions to the 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 REIT investments, a portion of the distributions received by the Fund’s shareholders may represent a return of capital.
E.
Distributions to Shareholders. Distributions to shareholders from net investment income for PTNQ, PTEU, TRND, PTIN, PTLC and PTMC, are declared and paid on an annual basis. HERD, SZNE, SRVR, TRFK, ICOW, ECOW, GCOW, INDS, SHPP, ALTL, PALC, PAMC, GLBL, QQQG, PATN, COWZ, BUL, PEXL, COWG, CALF, CAFG and PWS, are declared and paid on a quarterly basis. FLRT and PTBD are declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.
F.
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.
 
155
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
G.
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. Each Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s net asset value per share.
H.
Guarantees and Indemnifications. In the normal course of business, the Funds enter 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.
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 period/year ended April 30, 2025, the following table shows the reclassifications made:
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
(Accumulated Deficit)
 
 
Paid-In
Capital
FLRT
 
 
—
 
 
—
HERD
 
 
(4,009,302)
 
 
4,009,302
SZNE
 
 
(184,068)
 
 
184,068
SRVR
 
 
(12,812,872)
 
 
12,812,872
TRFK
 
 
(2,079,620)
 
 
2,079,620
ICOW
 
 
(47,599,588)
 
 
47,599,588
ECOW
 
 
(7,786,909)
 
 
7,786,909
GCOW
 
 
(91,191,292)
 
 
91,191,292
INDS
 
 
(1,944,888)
 
 
1,944,888
SHPP
 
 
—
 
 
—
ALTL
 
 
(7,831,728)
 
 
7,831,728
PALC
 
 
(53,960,741)
 
 
53,960,741
PAMC
 
 
(6,362,871)
 
 
6,362,871
GLBL
 
 
(71,037)
 
 
71,037
QQQG
 
 
(90,049)
 
 
90,049
PATN
 
 
—
 
 
—
PTNQ
 
 
(190,662,100)
 
 
190,662,100
PTEU
 
 
(726,781)
 
 
726,781
TRND
 
 
(687,110)
 
 
687,110
PTIN
 
 
(22,272,559)
 
 
22,272,559
PTBD
 
 
(331,897)
 
 
331,897
PTLC
 
 
(498,517,194)
 
 
498,517,194
PTMC
 
 
(3,987,554)
 
 
3,987,554
COWZ
 
 
(2,701,857,840)
 
 
2,701,857,840
BUL
 
 
(12,358,867)
 
 
12,358,867
PEXL
 
 
(6,286,369)
 
 
6,286,369
COWG
 
 
(26,071,688)
 
 
26,071,688
CALF
 
 
(433,660,038)
 
 
433,660,038
CAFG
 
 
(1,698,474)
 
 
1,698,474
PWS
 
 
(167,866)
 
 
167,866
 
 
 
 
 
 
 
 
156
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Pacer Advisors, Inc. (“the Adviser”) serves as the investment adviser to the Funds. 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 at the following annual rates based on each Fund’s average daily net assets:
 
 
 
 
 
 
 
Ticker
 
 
Current
Adviser Fee
 
 
Previous
Adviser Fee
FLRT
 
 
0.60%
 
 
0.60%
HERD
 
 
0.15%
 
 
0.15%
SZNE
 
 
0.60%
 
 
0.60%
SRVR
 
 
0.49%1
 
 
0.60%
TRFK
 
 
0.49%2
 
 
0.60%
ICOW
 
 
0.65%
 
 
0.65%
ECOW
 
 
0.70%
 
 
0.70%
GCOW
 
 
0.60%
 
 
0.60%
INDS
 
 
0.49%1
 
 
0.60%
SHPP
 
 
0.60%
 
 
0.60%
ALTL
 
 
0.60%
 
 
0.60%
PALC
 
 
0.60%
 
 
0.60%
PAMC
 
 
0.60%
 
 
0.60%
GLBL
 
 
0.65%
 
 
0.65%
QQQG
 
 
0.49%
 
 
0.49%
PATN
 
 
0.65%
 
 
0.65%
PTNQ
 
 
0.65%
 
 
0.65%
PTEU
 
 
0.65%
 
 
0.65%
TRND
 
 
0.15%
 
 
0.15%
PTIN
 
 
0.65%
 
 
0.65%
PTBD
 
 
0.60%
 
 
0.60%
PTLC
 
 
0.60%
 
 
0.60%
PTMC
 
 
0.60%
 
 
0.60%
COWZ
 
 
0.49%
 
 
0.49%
BUL
 
 
0.60%
 
 
0.60%
PEXL
 
 
0.60%
 
 
0.60%
COWG
 
 
0.49%
 
 
0.49%
CALF
 
 
0.59%
 
 
0.59%
CAFG
 
 
0.59%
 
 
0.59%
PWS
 
 
0.60%
 
 
0.60%
 
 
 
 
 
 
 
1
The new advisory fee took effect on August 29, 2025
2
The new advisory fee took effect on August 1, 2025
The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Asset Management (“Vident”) serves as the sub-adviser to PTBD and Aristotle Pacific Capital, LLC (“Aristotle Pacific”) serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident and Aristotle Pacific are paid by the Adviser.
 
157
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
Effective August 29, 2025, prior to the expiration of the contractual agreement on October 31, 2025, SRVR and INDS’ contractual agreement to waive a portion of its advisory fee was terminated. As a result, each Fund will bear the full advisory fee of 0.49% as set forth in its investment advisory agreement. For the year ended April 30, 2025, the Adviser’s management fee was reduced by $218,024 and $91,180 in SRVR and INDS, respectively. Per the contractual agreement, the Adviser is not entitled to recoup any fees that have been previously waived.
Pursuant to a Sub-Advisory Agreement between the Adviser and Vident (the “Sub-Advisory Agreement”), Vident is responsible for the day-to-day management of the Fund, 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 PTBD, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.
Effective April 12, 2023 and pursuant to a Sub-Advisory Agreement between the Adviser and the Aristotle Pacific (the “Sub-Advisory Agreement”), Aristotle Pacific is responsible for the day-to-day management of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Aristotle Pacific is compensated by the Adviser from the management fees paid by FLRT to the Adviser. Prior to April 12, 2023, pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset Management LLC (“Pacific Asset”) (the “Sub-Advisory Agreement”), Pacific Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated by the Adviser from the management fees paid by FLRT 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/period ended October 31, 2025.
Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.
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, the Funds in the following table 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 Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could
 
158
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
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 Funds bear the risk of loss associated with the investment of cash collateral received.
During the year/period ended October 31, 2025, the Funds (excluding ECOW, PATN, PTEU, TRND, and PTBD) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations, as applicable.
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*
FLRT
 
 
$​7,050,439
HERD
 
 
14,373,000
SZNE
 
 
2,646,709
SRVR
 
 
28,834,365
TRFK
 
 
13,140,105
ICOW
 
 
17,182,115
ECOW
 
 
—
GCOW
 
 
10,311,601
INDS
 
 
24,723,428
SHPP
 
 
71,862
ALTL
 
 
8,978,009
PALC
 
 
23,952,630
PAMC
 
 
7,908,768
GLBL
 
 
156,099
QQQG
 
 
1,520,060
PATN
 
 
—
PTNQ
 
 
26,139,080
PTEU
 
 
—
TRND
 
 
—
PTIN
 
 
2,199,322
PTBD
 
 
—
PTLC
 
 
84,281,567
PTMC
 
 
38,963,931
COWZ
 
 
280,240,584
BUL
 
 
7,090,572
PEXL
 
 
5,262,487
COWG
 
 
32,690,243
CALF
 
 
309,339,141
CAFG
 
 
2,686,749
PWS
 
 
3,242,555
 
 
 
 
*
Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).
 
159
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
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 – 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:
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
FLRT
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$7,050,439
 
 
$  —
 
 
$7,050,439
 
 
$7,050,439
 
 
$  —
 
 
$  —
HERD
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
14,373,000
 
 
—
 
 
14,373,000
 
 
14,373,000
 
 
—
 
 
—
SZNE
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
2,646,709
 
 
—
 
 
2,646,709
 
 
2,646,709
 
 
—
 
 
—
SRVR
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
28,834,365
 
 
—
 
 
28,834,365
 
 
28,834,365
 
 
—
 
 
—
TRFK
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
13,140,105
 
 
—
 
 
13,140,105
 
 
13,140,105
 
 
—
 
 
—
ICOW
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
17,182,115
 
 
—
 
 
17,182,115
 
 
17,182,115
 
 
—
 
 
—
ECOW
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
GCOW
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
10,311,601
 
 
—
 
 
10,311,601
 
 
10,311,601
 
 
—
 
 
—
INDS
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
24,723,428
 
 
—
 
 
24,723,428
 
 
24,723,428
 
 
—
 
 
—
SHPP
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
71,862
 
 
—
 
 
71,862
 
 
71,862
 
 
—
 
 
—
ALTL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
8,978,009
 
 
—
 
 
8,978,009
 
 
8,978,009
 
 
—
 
 
—
PALC
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
23,952,630
 
 
—
 
 
23,952,630
 
 
23,952,630
 
 
—
 
 
—
PAMC
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
7,908,768
 
 
—
 
 
7,908,768
 
 
7,908,768
 
 
—
 
 
—
GLBL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
156,099
 
 
—
 
 
156,099
 
 
156,099
 
 
—
 
 
—
QQQG
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
1,520,060
 
 
—
 
 
1,520,060
 
 
1,520,060
 
 
—
 
 
—
PATN
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
PTNQ
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
26,139,080
 
 
—
 
 
26,139,080
 
 
26,139,080
 
 
—
 
 
—
PTEU
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
TRND
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
160
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
PTIN
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$2,199,322
 
 
$—
 
 
$2,199,322
 
 
$2,199,322
 
 
$—
 
 
$—
PTBD
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
PTLC
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
84,281,567
 
 
—
 
 
84,281,567
 
 
84,281,567
 
 
—
 
 
—
PTMC
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
38,963,931
 
 
—
 
 
38,963,931
 
 
38,963,931
 
 
—
 
 
—
COWZ
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
280,240,584
 
 
—
 
 
280,240,584
 
 
280,240,584
 
 
—
 
 
—
BUL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
7,090,572
 
 
—
 
 
7,090,572
 
 
7,090,572
 
 
—
 
 
—
PEXL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
5,262,487
 
 
—
 
 
5,262,487
 
 
5,262,487
 
 
—
 
 
—
COWG
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
32,690,243
 
 
—
 
 
32,690,243
 
 
32,690,243
 
 
—
 
 
—
CALF
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
309,339,141
 
 
—
 
 
309,339,141
 
 
309,339,141
 
 
—
 
 
—
CAFG
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
2,686,749
 
 
—
 
 
2,686,749
 
 
2,686,749
 
 
—
 
 
—
PWS
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
3,242,555
 
 
—
 
 
3,242,555
 
 
3,242,555
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 8 – INVESTMENT TRANSACTIONS
For the year/period ended October 31, 2025, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
 
 
In-Kind
Purchases
 
 
In-Kind
Sales
 
 
U.S. Government
Purchases
 
 
U.S. Government
Sales
FLRT
 
 
$200,213,292
 
 
$89,040,986
 
 
$—
 
 
$—
 
 
$—
 
 
$—
HERD
 
 
1,692,809
 
 
1,702,344
 
 
1,986,004
 
 
10,084,891
 
 
—
 
 
—
SZNE
 
 
13,995,987
 
 
13,847,904
 
 
—
 
 
8,581,698
 
 
—
 
 
—
SRVR
 
 
55,074,743
 
 
52,727,389
 
 
4,422,629
 
 
16,824,787
 
 
—
 
 
—
TRFK
 
 
18,175,169
 
 
17,154,097
 
 
221,164,145
 
 
12,203,539
 
 
—
 
 
—
ICOW
 
 
505,858,656
 
 
428,561,503
 
 
189,358,828
 
 
168,706,502
 
 
—
 
 
—
ECOW
 
 
67,808,456
 
 
45,974,737
 
 
17,706,627
 
 
17,119,332
 
 
—
 
 
—
GCOW
 
 
1,051,836,409
 
 
979,332,074
 
 
524,546,959
 
 
472,496,813
 
 
—
 
 
—
INDS
 
 
9,400,422
 
 
8,578,782
 
 
1,824,499
 
 
29,159,715
 
 
—
 
 
—
SHPP
 
 
143,790
 
 
147,960
 
 
503,525
 
 
1,049,067
 
 
—
 
 
—
ALTL
 
 
172,323,253
 
 
174,047,849
 
 
—
 
 
50,769,683
 
 
—
 
 
—
PALC
 
 
538,865,599
 
 
538,660,680
 
 
4,945,549
 
 
49,509,080
 
 
—
 
 
—
PAMC
 
 
188,917,505
 
 
188,670,100
 
 
—
 
 
13,360,247
 
 
—
 
 
—
GLBL
 
 
60,597
 
 
58,734
 
 
—
 
 
—
 
 
—
 
 
—
QQQG
 
 
2,326,120
 
 
2,153,483
 
 
4,004,410
 
 
442,750
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
161
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
 
 
In-Kind
Purchases
 
 
In-Kind
Sales
 
 
U.S. Government
Purchases
 
 
U.S. Government
Sales
PATN
 
 
$2,109,546
 
 
$333,819
 
 
$3,499,291
 
 
$—
 
 
$—
 
 
$—
PTNQ
 
 
1,249,762,978
 
 
22,570,728
 
 
6,780,986
 
 
143,345,287
 
 
—
 
 
—
PTEU
 
 
2,639,249
 
 
1,787,307
 
 
4,046,461
 
 
2,813,872
 
 
—
 
 
—
TRND
 
 
1,765,665
 
 
1,410,315
 
 
8,050,468
 
 
14,726,929
 
 
—
 
 
—
PTIN
 
 
161,105,411
 
 
12,888,768
 
 
3,887,649
 
 
9,938,815
 
 
—
 
 
—
PTBD
 
 
423,074,594
 
 
424,200,520
 
 
—
 
 
32,067,135
 
 
195,428,588
 
 
226,138,718
PTLC
 
 
3,327,253,226
 
 
51,504,746
 
 
—
 
 
276,304,992
 
 
—
 
 
—
PTMC
 
 
461,782,838
 
 
23,271,893
 
 
6,868,247
 
 
51,925,970
 
 
—
 
 
—
COWZ
 
 
9,355,769,519
 
 
9,366,507,386
 
 
115,170,930
 
 
5,116,731,729
 
 
—
 
 
—
BUL
 
 
35,256,978
 
 
35,261,152
 
 
7,962,007
 
 
2,526,716
 
 
—
 
 
—
PEXL
 
 
14,605,859
 
 
14,381,929
 
 
5,712,283
 
 
20,769,802
 
 
—
 
 
—
COWG
 
 
1,441,064,420
 
 
1,414,914,819
 
 
1,045,250,431
 
 
148,116,819
 
 
—
 
 
—
CALF
 
 
2,566,932,728
 
 
2,583,024,588
 
 
53,489,910
 
 
1,289,609,022
 
 
—
 
 
—
CAFG
 
 
11,968,436
 
 
11,964,633
 
 
2,493,551
 
 
2,407,794
 
 
—
 
 
—
PWS
 
 
49,018,438
 
 
48,709,781
 
 
3,049,778
 
 
4,821,081
 
 
—
 
 
24,850,295
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES
The Pacer Trendpilot® Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Trendpilot® ETFs”). Each of the Trendpilot® ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the “Trendpilot® Indexes”). Each Trendpilot® Index other than the Pacer Trendpilot® US Bond Index (collectively, the “Trendpilot® Equity Indexes”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Underlying Component” specified in the table below, (ii) 50% to the applicable Underlying Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for each Underlying Component is based on the total return version of such Underlying Component and reflects the reinvestment of dividends paid by the securities in such Underlying Component.
The Pacer Trendpilot® US Bond Index (the “Trendpilot® Bond Index”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the iBoxx USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx USD Treasuries 7-10 Year Index, depending on the value of the iBoxx USD Liquid High Yield Index divided by the value of the iBoxx USD Treasuries 7-10 Year Index (the “Risk Ratio”).
 
 
 
 
 
 
 
 
 
 
Weight
 
 
Trendpilot® ETF
 
 
Trendpilot® Index
 
 
Equity Component
20%
 
 
Pacer Trendpilot® 100 ETF
 
 
Pacer NASDAQ-100 Trendpilot® Index
 
 
NASDAQ-100® Index
20%
 
 
Pacer Trendpilot® International ETF
 
 
Pacer Trendpilot® International Index
 
 
S&P Developed Ex-US Large Cap Index
20%
 
 
Pacer Trendpilot® US Bond ETF
 
 
Pacer Trendpilot® US Bond Index
 
 
iBoxx USD Liquid High Yield Index
20%
 
 
Pacer Trendpilot® US Large Cap ETF
 
 
Pacer Trendpilot® US Large Cap Index
 
 
S&P 500® Index
20%
 
 
Pacer Trendpilot® US Mid Cap ETF
 
 
Pacer Trendpilot® US Mid Cap Index
 
 
S&P MidCap 400® Index
 
 
 
 
 
 
 
 
 
 
 
162
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
TRND had the following transactions during the current fiscal period with affiliates:
 
 
 
 
 
 
 
Share Activity
Security Name
 
 
Balance
May 1,
2025
 
 
Purchases
 
 
Sales
 
 
Balance
October 31,
2025
PTNQ
 
 
161,335
 
 
23,958
 
 
(46,143)
 
 
139,150
PTIN
 
 
386,164
 
 
69,660
 
 
(102,336)
 
 
353,488
PTBD
 
 
582,464
 
 
112,815
 
 
(153,368)
 
 
541,911
PTLC
 
 
224,376
 
 
34,994
 
 
(62,432)
 
 
196,938
PTMC
 
 
335,781
 
 
57,295
 
 
(93,624)
 
 
299,452
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Security Name
 
 
Value
 
 
Dividend
Income
 
 
Gain (Loss)
Realized on
Sale of Shares
 
 
Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliates
PTNQ
 
 
$11,307,329
 
 
$—
 
 
$984,023
 
 
$1,164,406
PTIN
 
 
11,061,665
 
 
—
 
 
475,012
 
 
1,034,309
PTBD
 
 
10,587,857
 
 
318,391
 
 
(52,759)
 
 
(206,331)
PTLC
 
 
11,046,252
 
 
—
 
 
1,148,104
 
 
461,930
PTMC
 
 
10,660,431
 
 
—
 
 
294,262
 
 
9,047
Total
 
 
$54,663,534
 
 
$318,391
 
 
$2,848,642
 
 
$2,463,361
 
 
 
 
 
 
 
 
 
 
 
 
 
The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.
 
 
 
 
 
 
 
 
 
 
Weight
 
 
Cash Cows ETF
 
 
Cash Cows Index
 
 
Equity Universe
20%
 
 
Pacer Developed Markets International
Cash Cows 100 ETF
 
 
Pacer Developed Markets International
Cash Cows 100 Index
 
 
FTSE Developed ex US Index
20%
 
 
Pacer Global Cash Cows Dividend ETF
 
 
Pacer Global Cash Cows Dividend Index
 
 
FTSE All-World Developed Large Cap Index
20%
 
 
Pacer US Cash Cows 100 ETF
 
 
Pacer US Cash Cows 100 Index
 
 
Russell 1000 Index
20%
 
 
Pacer US Cash Cows Growth ETF
 
 
Pacer US Cash Cows Growth Index
 
 
S&P 900® Pure Growth Index
20%
 
 
Pacer US Small Cap Cash Cows ETF
 
 
Pacer US Small Cap Cash Cows Index
 
 
S&P Small Cap 600® Index
 
 
 
 
 
 
 
 
 
 
HERD had the following transactions during the current fiscal period with affiliates:
 
 
 
 
 
 
 
Share Activity
Security Name
 
 
Balance
May 1,
2025
 
 
Purchases
 
 
Sales
 
 
Balance
October 31,
2025
ICOW
 
 
534,129
 
 
12,369
 
 
(67,722)
 
 
478,776
GCOW
 
 
459,633
 
 
23,314
 
 
(41,376)
 
 
441,571
COWZ
 
 
310,475
 
 
20,199
 
 
(28,206)
 
 
302,468
BUL
 
 
382,490
 
 
16,699
 
 
(72,978)
 
 
326,211
CALF
 
 
447,577
 
 
10,046
 
 
(63,620)
 
 
394,003
 
 
 
 
 
 
 
 
 
 
 
 
 
 
163
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Security Name
 
 
Value
 
 
Dividend
Income
 
 
Gain (Loss)
Realized on
Sale of Shares
 
 
Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliates
ICOW
 
 
$18,198,275
 
 
$213,910
 
 
$290,842
 
 
$2,847,594
GCOW
 
 
17,601,020
 
 
265,955
 
 
224,206
 
 
1,169,601
COWZ
 
 
17,524,996
 
 
141,291
 
 
239,000
 
 
1,641,253
BUL
 
 
17,387,699
 
 
15,230
 
 
1,018,485
 
 
2,208,572
CALF
 
 
17,095,790
 
 
99,291
 
 
(31,371)
 
 
3,400,439
Total
 
 
$87,807,780
 
 
$735,677
 
 
$1,741,162
 
 
$11,267,459
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 10 – TAX COST BASIS
The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2025 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FLRT
 
 
HERD
 
 
SZNE
 
 
SRVR
 
 
TRFK
Tax cost of investments
 
 
$479,353,382
 
 
$83,781,305
 
 
$22,195,377
 
 
$462,661,273
 
 
$61,230,018
Gross tax unrealized
appreciation
 
 
1,531,210
 
 
5,164,904
 
 
849
 
 
44,041,543
 
 
8,245,151
Gross tax unrealized
depreciation
 
 
(8,094,571)
 
 
(3,826,278)
 
 
(2,150)
 
 
(50,096,259)
 
 
(5,776,522)
Net tax unrealized appreciation (depreciation)
 
 
(6,563,361)
 
 
1,338,626
 
 
(1,301)
 
 
(6,054,716)
 
 
2,468,629
Undistributed ordinary
income
 
 
1,135,939
 
 
—
 
 
22,945
 
 
3,653,593
 
 
41,991
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
1,135,939
 
 
—
 
 
22,945
 
 
3,653,593
 
 
41,991
Other accumulated (loss)
 
 
(5,994,640)
 
 
(20,063)
 
 
(29,531,336)
 
 
(304,420,836)
 
 
(370,938)
Total accumulated gain (loss)
 
 
$(11,422,062)
 
 
$1,318,563
 
 
$(29,509,692)
 
 
$(306,821,959)
 
 
$2,139,682
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ICOW
 
 
ECOW
 
 
GCOW
 
 
INDS
 
 
SHPP
Tax cost of investments
 
 
$1,051,041,093
 
 
$87,568,070
 
 
$2,300,840,210
 
 
$164,117,128
 
 
$1,032,329
Gross tax unrealized
appreciation
 
 
125,439,346
 
 
8,500,834
 
 
266,311,567
 
 
2,234,265
 
 
149,867
Gross tax unrealized
depreciation
 
 
(93,112,521)
 
 
(9,195,871)
 
 
(151,911,066)
 
 
(17,263,528)
 
 
(144,002)
Net tax unrealized appreciation (depreciation)
 
 
32,326,825
 
 
(695,037)
 
 
114,400,501
 
 
(15,029,263)
 
 
5,865
Undistributed ordinary income
 
 
7,513,731
 
 
1,263,689
 
 
28,793,592
 
 
966,438
 
 
13,262
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
7,619
Total distributable earnings
 
 
7,513,731
 
 
1,263,689
 
 
28,793,592
 
 
966,438
 
 
20,881
Other accumulated (loss)
 
 
(47,316,992)
 
 
(6,264,721)
 
 
(74,093,945)
 
 
(62,710,475)
 
 
—
Total accumulated gain (loss)
 
 
$(7,476,436)
 
 
$(5,696,069)
 
 
$69,100,148
 
 
$(76,773,300)
 
 
$26,746
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
164
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ALTL
 
 
PALC
 
 
PAMC
 
 
GLBL
 
 
QQQG
Tax cost of investments
 
 
$138,811,234
 
 
$311,642,881
 
 
$83,915,520
 
 
$959,211
 
 
$4,242,938
Gross tax unrealized
appreciation
 
 
1,882,126
 
 
4,940,368
 
 
948,307
 
 
17,579
 
 
231,764
Gross tax unrealized
depreciation
 
 
(5,761,975)
 
 
(19,753,960)
 
 
(5,399,622)
 
 
(77,687)
 
 
(268,974)
Net tax unrealized appreciation (depreciation)
 
 
(3,879,849)
 
 
(14,813,592)
 
 
(4,451,315)
 
 
(60,108)
 
 
(37,210)
Undistributed ordinary income
 
 
312,121
 
 
452,987
 
 
222,340
 
 
1,381
 
 
580
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
312,121
 
 
452,987
 
 
222,340
 
 
1,381
 
 
580
Other accumulated (loss)
 
 
(258,659,097)
 
 
(58,913,274)
 
 
(13,169,504)
 
 
(2,891)
 
 
(80,610)
Total accumulated gain (loss)
 
 
$(262,226,825)
 
 
$(73,273,879)
 
 
$(17,398,479)
 
 
$(61,618)
 
 
$(117,240)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PATN
 
 
PTNQ
 
 
PTEU
 
 
TRND
 
 
PTIN
Tax cost of investments
 
 
$9,297,977
 
 
$1,205,149,841
 
 
$31,293,662
 
 
$57,308,380
 
 
$144,203,541
Gross tax unrealized
appreciation
 
 
506,582
 
 
1,292
 
 
685,554
 
 
5,341,155
 
 
10,298
Gross tax unrealized
depreciation
 
 
(103,773)
 
 
(66,456)
 
 
(2,085,483)
 
 
(4,043,777)
 
 
(428)
Net tax unrealized appreciation (depreciation)
 
 
402,809
 
 
(65,164)
 
 
(1,399,929)
 
 
1,297,378
 
 
9,870
Undistributed ordinary income
 
 
20,708
 
 
8,793,728
 
 
25,572
 
 
174,953
 
 
1,406,179
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
20,708
 
 
8,793,728
 
 
25,572
 
 
174,953
 
 
1,406,179
Other accumulated (loss)
 
 
33
 
 
(86,823,431)
 
 
(44,640,227)
 
 
(819,973)
 
 
(34,918,298)
Total accumulated gain (loss)
 
 
$423,550
 
 
$(78,094,867)
 
 
$(46,014,584)
 
 
$652,358
 
 
$(33,502,249)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PTBD
 
 
PTLC
 
 
PTMC
 
 
COWZ
 
 
BUL
Tax cost of investments
 
 
$158,201,507
 
 
$3,174,981,563
 
 
$419,175,458
 
 
$21,790,957,953
 
 
$79,987,525
Gross tax unrealized
appreciation
 
 
1,318,815
 
 
8,782
 
 
11,501
 
 
847,710,267
 
 
5,900,489
Gross tax unrealized
depreciation
 
 
(210,364)
 
 
(115,448)
 
 
(15,865)
 
 
(1,510,187,933)
 
 
(5,639,701)
Net tax unrealized appreciation (depreciation)
 
 
1,108,451
 
 
(106,666)
 
 
(4,364)
 
 
(662,477,666)
 
 
260,788
Undistributed ordinary income
 
 
387,107
 
 
16,624,829
 
 
2,568,975
 
 
79,127,410
 
 
168,922
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
387,107
 
 
16,624,829
 
 
2,568,975
 
 
79,127,410
 
 
168,922
Other accumulated (loss)
 
 
(262,427,315)
 
 
(289,617,855)
 
 
(98,479,786)
 
 
(2,286,908,233)
 
 
(8,917,457)
Total accumulated gain (loss)
 
 
$(260,931,757)
 
 
$(273,099,692)
 
 
$(95,915,175)
 
 
$(2,870,258,489)
 
 
$(8,487,747)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
165
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PEXL
 
 
COWG
 
 
CALF
 
 
CAFG
 
 
PWS
Tax cost of investments
 
 
$45,004,771
 
 
$1,458,898,235
 
 
$5,040,353,856
 
 
$20,969,383
 
 
$26,082,787
Gross tax unrealized
appreciation
 
 
4,049,907
 
 
108,821,158
 
 
104,444,108
 
 
1,135,505
 
 
19,185
Gross tax unrealized
depreciation
 
 
(5,455,304)
 
 
(104,956,041)
 
 
(572,588,305)
 
 
(1,857,847)
 
 
(296,299)
Net tax unrealized appreciation (depreciation)
 
 
(1,405,397)
 
 
3,865,117
 
 
(468,144,197)
 
 
(722,342)
 
 
(277,114)
Undistributed ordinary income
 
 
30,534
 
 
687,863
 
 
13,234,168
 
 
10,241
 
 
129,885
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
30,534
 
 
687,863
 
 
13,234,168
 
 
10,241
 
 
129,885
Other accumulated (loss)
 
 
(2,308,070)
 
 
(13,297,674)
 
 
(1,447,079,676)
 
 
(1,753,698)
 
 
(24,821,048)
Total accumulated gain (loss)
 
 
$(3,682,933)
 
 
$(8,744,694)
 
 
$(1,901,989,705)
 
 
$(2,465,799)
 
 
$(24,968,277)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after April 30, 2025 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
At April 30, 2025, the Funds had the following capital loss carryforwards:
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term
 
 
Long-Term
 
 
Expires
FLRT
 
 
$(5,020,757)
 
 
$(973,883)
 
 
Indefinite
HERD
 
 
(5,717)
 
 
(14,346)
 
 
Indefinite
SZNE
 
 
(29,531,336)
 
 
—
 
 
Indefinite
SRVR
 
 
(41,616,260)
 
 
(262,804,576)
 
 
Indefinite
TRFK
 
 
(370,938)
 
 
—
 
 
Indefinite
ICOW
 
 
(24,911,220)
 
 
(22,405,772)
 
 
Indefinite
ECOW
 
 
(4,232,809)
 
 
(2,031,912)
 
 
Indefinite
GCOW
 
 
(6,346,437)
 
 
(67,747,508)
 
 
Indefinite
INDS
 
 
(47,250,099)
 
 
(15,460,376)
 
 
Indefinite
SHPP
 
 
—
 
 
—
 
 
Indefinite
ALTL
 
 
(258,659,097)
 
 
—
 
 
Indefinite
PALC
 
 
(57,673,053)
 
 
(1,240,221)
 
 
Indefinite
PAMC
 
 
(13,169,504)
 
 
—
 
 
Indefinite
GLBL
 
 
(2,909)
 
 
—
 
 
Indefinite
QQQG
 
 
(80,610)
 
 
—
 
 
Indefinite
PATN
 
 
—
 
 
—
 
 
Indefinite
PTNQ
 
 
(39,984,508)
 
 
(46,838,923)
 
 
Indefinite
PTEU
 
 
(37,100,477)
 
 
(7,478,435)
 
 
Indefinite
TRND
 
 
(560,190)
 
 
(259,783)
 
 
Indefinite
PTIN
 
 
(19,779,460)
 
 
(8,990,016)
 
 
Indefinite
PTBD
 
 
(262,427,315)
 
 
—
 
 
Indefinite
PTLC
 
 
(139,890,212)
 
 
(149,727,643)
 
 
Indefinite
PTMC
 
 
(98,479,786)
 
 
—
 
 
Indefinite
COWZ
 
 
(1,623,521,398)
 
 
(663,386,835)
 
 
Indefinite
BUL
 
 
(8,365,107)
 
 
(552,350)
 
 
Indefinite
PEXL
 
 
(1,419,505)
 
 
(888,565)
 
 
Indefinite
COWG
 
 
(13,297,674)
 
 
—
 
 
Indefinite
CALF
 
 
(951,140,094)
 
 
(495,939,582)
 
 
Indefinite
CAFG
 
 
(1,721,299)
 
 
(32,399)
 
 
Indefinite
PWS
 
 
(24,821,048)
 
 
—
 
 
Indefinite
 
 
 
 
 
 
 
 
 
 
 
166
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
The following Funds utilized capital loss carryforwards during the year ended April 30, 2025:
 
 
 
 
SHPP
 
 
$2,328
ALTL
 
 
$5,927,450
PTEU
 
 
$4,183,462
TRND
 
 
$123,961
PTMC
 
 
$33,375,147
PWS
 
 
$2,842,456
 
 
 
 
NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Funds during the fiscal year/period ended October 31, 2025, was as follows:
 
 
 
 
 
 
 
Ordinary
Income
FLRT
 
 
$17,752,048
HERD
 
 
739,864
SZNE
 
 
94,425
SRVR
 
 
3,549,374
TRFK
 
 
—
ICOW
 
 
14,490,666
ECOW
 
 
1,835,527
GCOW
 
 
37,111,130
INDS
 
 
1,586,887
SHPP
 
 
9,883
ALTL
 
 
347,769
PALC
 
 
1,227,751
PAMC
 
 
229,859
GLBL
 
 
1,044
QQQG
 
 
1,870
PATN
 
 
39,236
PTNQ
 
 
—
PTEU
 
 
—
TRND
 
 
—
PTIN
 
 
—
PTBD
 
 
3,801,953
PTLC
 
 
—
PTMC
 
 
—
COWZ
 
 
169,290,444
BUL
 
 
71,136
PEXL
 
 
73,294
COWG
 
 
2,948,022
CALF
 
 
23,644,919
CAFG
 
 
13,530
PWS
 
 
174,453
 
 
 
 
 
167
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2025 was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary Income
 
 
Capital Gains
 
 
Return of
Capital
FLRT
 
 
$30,026,014
 
 
$—
 
 
$—
HERD
 
 
2,079,362
 
 
—
 
 
11,498
SZNE
 
 
381,571
 
 
—
 
 
—
SRVR
 
 
7,675,002
 
 
—
 
 
—
TRFK
 
 
144,059
 
 
10,279
 
 
—
ICOW
 
 
63,128,996
 
 
—
 
 
—
ECOW
 
 
6,888,072
 
 
—
 
 
—
GCOW
 
 
82,367,486
 
 
—
 
 
—
INDS
 
 
4,737,411
 
 
—
 
 
—
SHPP
 
 
28,143
 
 
—
 
 
—
ALTL
 
 
2,916,487
 
 
—
 
 
—
PALC
 
 
3,109,855
 
 
—
 
 
—
PAMC
 
 
583,598
 
 
—
 
 
—
GLBL
 
 
1,271
 
 
—
 
 
—
QQQG
 
 
2,004
 
 
—
 
 
—
PATN
 
 
2,334
 
 
—
 
 
—
PTNQ
 
 
26,511,031
 
 
—
 
 
—
PTEU
 
 
918,289
 
 
—
 
 
—
TRND
 
 
1,236,269
 
 
—
 
 
—
PTIN
 
 
3,741,817
 
 
—
 
 
—
PTBD
 
 
9,614,449
 
 
—
 
 
—
PTLC
 
 
22,354,127
 
 
—
 
 
—
PTMC
 
 
3,747,410
 
 
—
 
 
—
COWZ
 
 
441,193,276
 
 
—
 
 
—
BUL
 
 
138,341
 
 
—
 
 
—
PEXL
 
 
260,011
 
 
—
 
 
—
COWG
 
 
1,361,850
 
 
—
 
 
—
CALF
 
 
86,496,425
 
 
—
 
 
—
CAFG
 
 
54,584
 
 
—
 
 
—
PWS
 
 
281,926
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
NOTE 12 – 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.
NOTE 13 – SUBSEQUENT EVENT
Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.
 
168
 
PACER FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
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
FLRT
 
 
$3,552,944
 
 
$0.29436155
PTBD
 
 
363,134
 
 
0.05856994
 
 
 
 
 
 
 
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
FLRT
 
 
$5,072,459
 
 
$0.41006136
PTBD
 
 
​944,633
 
 
​0.15485787
 
 
 
 
 
 
 
 
169
 
PACER FUNDS
ADDITIONAL INFORMATION (Unaudited)
NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.
NOTE 2 – FEDERAL TAX INFORMATION
Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains
For the fiscal year/period ended April 30, 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 following are the percentage of dividends declared from ordinary income designated as qualified dividend income (“QDI”), for corporate shareholders, the percent qualifying for the corporate dividends received deduction (“DRD”), and 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
QDI
 
 
DRD
 
 
STCG
FLRT
 
 
0.00%
 
 
0.00%
 
 
0.00%
HERD
 
 
90.76%
 
 
33.88%
 
 
0.00%
SZNE
 
 
100.00%
 
 
100.00%
 
 
0.00%
SRVR
 
 
39.57%
 
 
3.91%
 
 
0.00%
TRFK
 
 
71.85%
 
 
53.86%
 
 
70.71%
ICOW
 
 
82.07%
 
 
0.00%
 
 
0.00%
ECOW
 
 
54.10%
 
 
0.16%
 
 
0.00%
GCOW
 
 
96.70%
 
 
25.77%
 
 
0.00%
INDS
 
 
34.14%
 
 
0.25%
 
 
0.00%
SHPP
 
 
76.71%
 
 
26.54%
 
 
0.00%
ALTL
 
 
100.00%
 
 
100.00%
 
 
0.00%
PALC
 
 
100.00%
 
 
100.00%
 
 
0.00%
PAMC
 
 
87.37%
 
 
87.37%
 
 
0.00%
GLBL
 
 
100.00%
 
 
100.00%
 
 
0.00%
QQQG
 
 
0.00%
 
 
0.00%
 
 
0.00%
PATN
 
 
100.00%
 
 
0.00%
 
 
0.00%
PTNQ
 
 
21.96%
 
 
21.08%
 
 
0.00%
PTEU
 
 
100.00%
 
 
0.21%
 
 
0.00%
TRND
 
 
37.19%
 
 
10.45%
 
 
0.00%
PTIN
 
 
100.00%
 
 
0.27%
 
 
0.00%
PTBD
 
 
0.00%
 
 
0.00%
 
 
0.00%
PTLC
 
 
100.00%
 
 
100.00%
 
 
0.00%
PTMC
 
 
72.04%
 
 
68.84%
 
 
0.00%
COWZ
 
 
100.00%
 
 
100.00%
 
 
0.00%
BUL
 
 
100.00%
 
 
100.00%
 
 
0.00%
PEXL
 
 
100.00%
 
 
100.00%
 
 
0.00%
COWG
 
 
100.00%
 
 
100.00%
 
 
0.00%
CALF
 
 
100.00%
 
 
100.00%
 
 
0.00%
CAFG
 
 
100.00%
 
 
100.00%
 
 
0.00%
PWS
 
 
42.07%
 
 
42.06%
 
 
0.00%
 
 
 
 
 
 
 
 
 
 
 
170
 
PACER FUNDS
ADDITIONAL INFORMATION (Unaudited)(Continued)
Foreign Tax Credit Pass Through
Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per Share
Fund
 
 
Gross Foreign
Source Income
 
 
Foreign Taxes
Passthrough
 
 
Gross Foreign
Source Income
 
 
Foreign Taxes
Passthrough
FLRT
 
 
$—
 
 
$—
 
 
$—
 
 
$—
HERD
 
 
1,639,864
 
 
135,669
 
 
0.73
 
 
0.06
SZNE
 
 
—
 
 
—
 
 
—
 
 
—
SRVR
 
 
—
 
 
—
 
 
—
 
 
—
TRFK
 
 
—
 
 
—
 
 
—
 
 
—
ICOW
 
 
54,429,825
 
 
5,185,719
 
 
1.65
 
 
0.16
ECOW
 
 
5,571,723
 
 
588,054
 
 
1.41
 
 
0.15
GCOW
 
 
82,357,764
 
 
7,930,886
 
 
1.38
 
 
0.13
INDS
 
 
—
 
 
—
 
 
—
 
 
—
SHPP
 
 
18,978
 
 
3,483
 
 
0.47
 
 
0.09
ALTL
 
 
—
 
 
—
 
 
—
 
 
—
PALC
 
 
—
 
 
—
 
 
—
 
 
—
PAMC
 
 
—
 
 
—
 
 
—
 
 
—
GLBL
 
 
—
 
 
—
 
 
—
 
 
—
QQQG
 
 
—
 
 
—
 
 
—
 
 
—
PATN
 
 
29,892
 
 
4,459
 
 
0.06
 
 
0.01
PTNQ
 
 
—
 
 
—
 
 
—
 
 
—
PTEU
 
 
1,035,177
 
 
147,650
 
 
0.90
 
 
0.13
TRND
 
 
—
 
 
—
 
 
—
 
 
—
PTIN
 
 
—
 
 
—
 
 
—
 
 
—
PTBD
 
 
—
 
 
—
 
 
—
 
 
—
PTLC
 
 
—
 
 
—
 
 
—
 
 
—
PTMC
 
 
—
 
 
—
 
 
—
 
 
—
COWZ
 
 
—
 
 
—
 
 
—
 
 
—
BUL
 
 
—
 
 
—
 
 
—
 
 
—
PEXL
 
 
—
 
 
—
 
 
—
 
 
—
COWG
 
 
—
 
 
—
 
 
—
 
 
—
CALF
 
 
—
 
 
—
 
 
—
 
 
—
CAFG
 
 
—
 
 
—
 
 
—
 
 
—
PWS
 
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
171
 
PACER FUNDS
ADDITIONAL INFORMATION (Unaudited)(Continued)
NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS
The Funds file 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 without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC’s website at www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.
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 http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information on how the Fund 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
 
172
 
PACER FUNDS
ADDITIONAL INFORMATION (Unaudited)(Continued)
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 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.
 
173
 
PACER FUNDS
ADDITIONAL INFORMATION (Unaudited)(Continued)
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’ 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.
PTBD
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 “Trendpilot Bond ETF Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer Trendpilot US Bond ETF (“Trendpilot Bond ETF” or the “Fund”). The Board also considered the continuation of the investment sub-advisory agreement (the “Vident Sub-Advisory Agreement”) between the Adviser and Vident Investment Advisory, LLC (“Vident” or the “Sub-Adviser”) with respect to the Fund.
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Adviser 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 Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement.
Representatives from the Adviser and Vident presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and Vident’s services, fees and other aspects of the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Trendpilot Bond ETF Advisory Agreement and Vident 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 Sub-Adviser; (2) the cost of the services provided and the profits realized by the Adviser and/or Sub-Adviser 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, the Sub-Adviser and their respective affiliates resulting from services rendered to the Trust.
 
174
 
PACER FUNDS
ADDITIONAL INFORMATION (Unaudited)(Continued)
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (2) the Adviser’s and Vident’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (3) the Adviser’s and Vident’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Vident are prepared to provide to Trendpilot Bond ETF; (5) the advisory fee payable by the Trendpilot Bond ETF to the Adviser for its services and the sub-advisory fee payable to Vident by the Adviser under the Vident Sub-Advisory Agreement; (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) performance and tracking error information as it relates to the 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 and Vident.
In considering the approval of the Trendpilot Bond ETF Advisory Agreement and the Vident 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 Vident, including the performance of the Adviser and Vident with respect to the Trendpilot Bond ETF; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Trendpilot Bond ETF, of the advisory services to be provided to the Trendpilot Bond ETF; (iii) the fee paid to Vident by the Adviser; and (iv) potential economies of scale.
Nature, Extent and Quality of Services to be Provided by the Adviser and Vident.
The Board reviewed the scope of services provided by the Adviser under the Trendpilot Bond ETF Advisory Agreement and Vident under the Vident Sub-Advisory Agreement. In this regard, the Trustees reviewed PTBD’s investment goal and investment strategy, and each of the Adviser’s and Vident’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 Vident, the Board considered Vident’s ability to ensure compliance with PTBD’s strategies, policies, and limitations. The Board reviewed the Fund’s short- and longer-term performance relative to its underlying index. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. In addition, the Trustees reviewed the management team at the Adviser and Vident that is responsible for managing PTBD, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and Vident and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding Vident’s compliance program as such relates to the operation of PTBD.
Based on its review, the Board determined that each of the Adviser and Vident is capable of providing all necessary advisory and sub-advisory services required by PTBD, as indicated by the Adviser’s and Vident’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of PTBD relative to its underlying index and other products managed by the Adviser and Vident with similar investment objectives and strategies as PTBD (as applicable). The Board also considered other services provided to PTBD by the Adviser and Vident, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to PTBD’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 PTBD by the Adviser and Vident, respectively.
Costs and Benefits of Advisory Services to be Provided to PTBD.
In considering the advisory fees payable by the Trust to the Adviser and PTBD’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 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 Board compared PTBD’s expense ratio to the expense ratios of
 
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ADDITIONAL INFORMATION (Unaudited)(Continued)
funds in its Peer Group, focusing on whether PTBD 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 PTBD, 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 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 PTBD, 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 PTBD’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 Vident’s Sub-Advisory Advisory Services to be Provided to PTBD.
The Board noted that the sub-advisory fees paid to Vident are paid by the Adviser and would not be additional fees to be borne by PTBD. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and Vident. In considering the sub-advisory fees payable by the Adviser to Vident, the Board evaluated the compensation and benefits received or likely to be received by Vident from the Adviser relating to the services provided to PTBD. 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 Vident under the Vident 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 Fund may grow in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that the Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of the Fund. The Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Fund’s shareholders benefited from the Adviser’s commitment to pay the Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Fund 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 Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser and Vident’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and Vident, respectively, to the Fund; and (c) agreed to approve the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement as to the 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.
 
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Advisor
Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355
Index Provider
CFRA
One New York Plaza, 34th Floor
New York, NY 10004
FTSE International Limited
12th Floor, 10 Upper Bank Street
Canary Wharf, London E14 5NP
Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355
Lunt Capital Management, Inc.
215 S State St, Suite 100
Salt Lake City, UT 84111
Solactive AG
Platz der Einheit 1
60327 Frankfurt am Main
Germany
S&P Dow Jones Indices LLC
55 Water Street
New York, NY 10041
Custodian
U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212
Sub Adviser
Vident Asset Management
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009
Aristotle Pacific Capital, LLC
840 Newport Center Drive, 7th Floor
Newport Beach, CA 92660
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